Which Skill Has Contributed Most to Your Success in Crypto?

[Bobrox]

One thing I've noticed is that people don't all reach the same results in crypto for the same reasons.

Some people seem to excel because they're good at trading or that they are good at technical analysis or that they are good at digging into information and doing their own research. Others benefit more from patience, discipline, risk management, or simply knowing when to stay out of the market.

Looking back on your own journey, if you had to choose one skill that has made the biggest difference for you, what would it be?

I'm not asking what sounds best on paper, but what has genuinely had the biggest impact on your decisions and outcomes. i know it is likely not always the trading and technical skill that gives you all the positives you have had in crypto right?

Its all important skill having to be success in cryptocurrency as trading or investing, from patience, discipline, control well risk management and most important have to know when to stay or out of the market. The patience needed in cryptocurrency for short or long term trading not to be hype when entering the market because this classic problem facing by many people following to the other to buy crypto during have been raise higher price. Must to know about the right moment have to buy and patience is really require if want to be success in cryptocurrency trading.

I think you miss one point about avoid from greedy in trading, its another classic problem face by trader after their coins investment huge increasing and earn much profitable keep holding waiting for another higher price until loss that moment and price of assets decreasing significant.

[Hamza2424]

I'm not asking what sounds best on paper, but what has genuinely had the biggest impact on your decisions and outcomes. i know it is likely not always the trading and technical skill that gives you all the positives you have had in crypto right?

I think I did good. I was patient, disciplined and simple enough to do all my research, but at some points I did follow others and lost, but the loss was not big. I just wish I could have joined the industry earlier than I did. Because the earlier I came, the more money I could have made.

But one mistake I have to accept is that I always thought, and still think, DCA is best, but whenever BTC dumped in the bear market I was not buying more, not taking loans to buy more, not doing much but buying with my available cash, and selling whenever I needed it. I did not care about the money that much, but where I am right now I am good and grateful.

[HelliumZ]

One thing I've noticed is that people don't all reach the same results in crypto for the same reasons.

Some people seem to excel because they're good at trading or that they are good at technical analysis or that they are good at digging into information and doing their own research. Others benefit more from patience, discipline, risk management, or simply knowing when to stay out of the market.

You have already said everything that to achieve success in trading, you must have patience, a risk-taking mindset, and all the skills to analyze the market. To stay in crypto for a long time and to achieve success, you must not be greedy. I have seen many traders and investors who leave the market forever due to excessive greed. There are many who enter the crypto market with excessive passion and emotion and they cannot survive in the market for a long time. Again, there are many who invest in projects to get rich in crypto in a short time, which cheat investors after investing and disappear from the market forever. An investor must stay away from all these projects and be aware.

[alastantiger]

I see bankroll management and emotional control as my best skill yet, though I can't really say much about emotional control because it is being consistent that gets me back on after having a bad day at trading. If a trader truly has a target in mind and has the means in terms of finance to spare, and with all the knowledge and experience, success is much more guaranteed than when there's no foresight at all to begin with.

Emotional control is the skill that I focus most on when I was actively trading because I understood that being discipline is a very vital skill to acquire as a trader. Not many traders are disciplined and as such they are unable to control their emotion which make them either over trade or under trade at times. The market can become too scary that we exit the market earlier than we are supposed to do and also we can have so much FOMO that we enter the market when it isn't yet time and this can affect our trade seriously. Being in emotional control will help you strategize properly in attacking the market and this determines if you will come out of the trade successfully or have a bad trade.

[slaman29]

Not a skill but a realization for me. That trading wasn't for me. That 'investment' in altcoins are a falsehood.

I practically failed at crypto and before that forex until I started DCA and stopped trading 99%. It took some years to see results but I already enjoyed them. Paid off big portions of my lifelong debt and at this rate I think I can actually reach retirement age debt free, pre BTC I was probably going to be in debt til I died lol

[programmer3666]

One thing I've noticed is that people don't all reach the same results in crypto for the same reasons.

Some people seem to excel because they're good at trading or that they are good at technical analysis or that they are good at digging into information and doing their own research. Others benefit more from patience, discipline, risk management, or simply knowing when to stay out of the market.

Looking back on your own journey, if you had to choose one skill that has made the biggest difference for you, what would it be?

I'm not asking what sounds best on paper, but what has genuinely had the biggest impact on your decisions and outcomes. i know it is likely not always the trading and technical skill that gives you all the positives you have had in crypto right?

In my view the skill that has probably contributed the most is patience if I am to be specific. Because in crypto, many people lose money because they are always chasing the next big profit or trying to get rich overnight. Take Bitcoin holders who actually bought and held through the ups and downs instead of panic selling during crashes. Many of them ended up doing better than traders who were constantly buying and selling.

[Doan9269]

Others benefit more from patience, discipline, risk management, or simply knowing when to stay out of the market.

Doing the right thing will also make you to enjoy cryptocurrency because you maintain whatever you do within the required standard, can people have been unable to achieve what they wanted in crypto because they don't give it a professional practice and a lot of conditions code contributed to what they get in crypto, this is why we must be disciplined in everything you do and also apply professionalism in it.

[danherbias07]

I've had my wrong moves trading ICO coins, but I also did great on some of them. I bought a house for my family thanks to that.

I think it's effort and monitoring that have always contributed a lot to my success in my cryptocurrency life. It's not easy, that's the truth. I sometimes get lazy, but I still try to check it whenever I have time. Work plus monitoring can sometimes be sleepless nights.
I don't have any skills in reading the market, but the effort of checking it every day can really make your instincts get sharp. There's one that I regret not selling early, but it's all in the past, and moving on is the only choice.

[el kaka22]

I would say 'patience'. I mean that and research loving. I do not really mind researching things that much, I love doing that, so I can read the whitepaper, check the charts, read the comments, basically spend weeks on a token or a coin if I want to, it doesn't really matter to me. I love doing that, and it helps me.

And also, for "do not sell when it's down and wait until it goes up" is simple for me, because I literally do nothing when following that, it doesn't really feel bad, because some people may feel fear and sell out, but I just... don't care and do not look at it at all times until it recovers. Honestly it took more than a decade to trade like a Zen, yeah in my early days of trading cryptos, I was too aggressive and faced lots of frustrating moments which were the reason why and how I am able to hold my nerves nowadays.

[AGogi2003]

Trading will only make some people poor, it is not good to trade especially if you are losing all the time. Just stop trading and focus on investment is a very good solution.

Exactly, because trading is not something that is easy and if you’re not a lucky type you will always fail because not everything you will do and he will favour you out. Trading is difficult when you’re new to it and don’t have much experience About it, even the professional in trading lose too because he don’t have guaranteed of getting profit since is unpredictable and you need to have the experience before you can be successful, some thinking because is unpredictable they can change stake and see if he will give them profit, you need to have knowledge and experience before you can trade is not like investment.

Holding bitcoin has been what that helped me the most, which is not what I consider as a skill because it is very easy and not time consuming to invest in bitcoin.

Holding bitcoin is the best way to achieve your goal in it, because if you didn’t invest for long term you can’t succeed easily and you won’t reach your target. When i start to know more about crypto I fast hear about bitcoin first and I get knowledge through explanation and some research and now we’re getting more experience and getting some profit in it so what I can says is that if you don’t succeed in trading you can probably succeed through investing in bitcoin but you just need that patience.

[henmark]

One skill alone is not enough to succeed in Bitcoin investing. You will need several types of skills and without multiple skills, it is difficult for your investment to be successful.

But isn't investing the most easy way to earn in crypto? May be it was trading or gambling, is the one that needs a skill the most. In investing, you don't need a skill but you only need one good trait which was patience.

An architecture can never stand on one foundation. If you ask me to choose the main foundation, then I will choose discipline.

Usually they have one base or foundation, unless if it is a hybrid one. But that can be the same in investing in which there is a thing called diversifying on here. But yeah, discipline or patience, is the main foundation in investing. This comes before we choose an asset as our base in the business that we are building.

However, I do not think it would be wise to choose just one skill. Without discipline, you cannot move forward in investing

It is okay to go with one skill as long as it is effective and besides, having multiple can be stressful already. Anyways, I think discipline can also be the one that limits us. So it was also consistency is the other one that can make us going. We can do wrong things in repeat but there is still a chance to learn from them.

[Dr.Bitcoin_Strange]

I would say consistency is the reason for the little success I have experienced so far in the space, though I have not actually reach my expectations but if I had given up when I failed many times in the process, I would not have reached the level I'm in right now but because I stayed consistent, telling myself "let's try it again one more time" So gradually is working. Other factors like patients and discipline are still on the watch out.

Another thing that has helped is making fewer trades. I was trading too much, almost like gambling, years back. Now I make fewer trades and overall, my trading bankroll is way less than what it used to be in the past.

There is this guy that trades gold alone, he take two trade only person day, first trade at the opening of London session and the last trade at the close of New York session, although the timing can be different some days and he makes more wins than losses, so I actually learn towards such discipline, not more than two or three trades per day, that can help you to filter more potential trades instead of being confused and taking several wrong trade.