7 Things to Know to Become a Successful Crypto Trader

[bohr]

1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.

I disagree with this point, most coins are just copies of bitcoin with a few changes, they do not really offer any diversification, if you really want to diversify your capital then you need to invest in markets others than this one, the market of precious metals, real estate or stocks are good ways to actually diversify your portfolio, look at the market now, bitcoin is going down and altcoins are going down even faster so there is not really any protection taking place.

Just look at the title of this topic, guys. OP is talking about how to be a successful crypto trader, not a stock trader or anything else. Moreover, there are many coins that are not affected by Bitcoin. Even, there are always a few coins against the wave. The market is a series of surprises, do not assert when you can not understand it.

Bad advice is bad advice no matter how you slice it, to begin with if you can make profits in this market then you can make profits in any market so I do not see the need to limit ourselves to the market of cryptocurrencies, also he is describing diversification as a way to protect your investment, but there is no diversification to be had in this market, when bitcoin goes up altcoins go up and when bitcoin goes down altcoins go down so that is not real diversification at all and you need other markets for that.

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[Bagaji]

Your number 4 point is very important if one want to be successful in trading crypto currency. This is because when you loan money you will always be under pressure particularly when the market is moving against your direction and that will make you take desperate trading decision that will end you loosing your money.

[mann1983]

 

[EmmanuelGrand87]

Hello,
Thank you for this very useful post, I really saw myself in this and I'll try to implement all your advice. I also read some interesting mistakes not to do while trading cryptocurrencies on this useful site (https://www.digitalbusiness.fr), I think it is complementary of what you say. I hope it will also help someone 

[canamani]

Even if read 1 year or more i think i'm the worst trader on the world. Always i lose and can't profit from trading, only from holding.

[Slow death]

1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.

I do not consider  diversified portfolio invest in bitcoin and altcoins, for me to diversify portfolio would be:

1 - invest in bitcoin

2- Investing in gold

3 - invest in properties in real world

5) Losses are a part of the process
Traders and investors trading in crypto including the novice traders need to know like in any business ROI in crypto trading doesn’t come easy. It's important to remember that losing helps your learn, make changes in the strategy and improve your chances for better results. There is never enough research for finding the right strategy, you should keep working at it and try working on new strategies regularly to cope up in every market condition

Continue reading full article on:https://www.digitalticks.com/blogs/7-Things-to-Know-to-Become-a-Successful-Crypto-Trader.html

it hurts a lot to lose, but as you said, losing is part of the whole process

[dunfida]

1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.

I do not consider  diversified portfolio invest in bitcoin and altcoins, for me to diversify portfolio would be:

1 - invest in bitcoin

2- Investing in gold

3 - invest in properties in real world

I would prefer on this way rather than going all in with Crypto. Diversifying including those traditional physical or known investments is more ideal
rather than putting or going all in here on crypto space.Im not saying this hadn't the potential but its still risky for you to consider on putting large sums.
Diversifying is good but on things which are more worthy to spend on.

Success cant be achieved if we dont experience losses yet i hardly agree that its always been part of the process.Even how much we do hate it but losing is inevitable.

[Findingnemo]

Learn to minimize the risk of losing capital by using stop loss functions and avoid trading with bots if you don't have extensive knowledge about how it works.

And avoid trading shitcoins for long term.

[Becky666]

Be in control of your emotion: many have been dealt with because of their inability to have full control over their emotions during trade. Traders with such actions usually and up in lost, and they will tag their loose on market volatility. Emotions shouldn't be allow to come into play during trade because of it effect on traders.