Which Skill Has Contributed Most to Your Success in Crypto?

[shawonngp]

I think most investors lose in crypto due to impatience and a lack of risk-management knowledge, which I have experienced throughout my long crypto journey. I have lost a lot in trading due to impatience. I cannot hold any coin for long, even if I sell it at a loss; my patience is very low. I think trading is a test of patience; the one who can hold in the long term is the winner in the end. Another big reason is risk management for loss in crypto. Any new investors are unable to analyse coins properly.

[SquallLeonhart]

Its usual habit from many people when trading or investing in cryptocurrency have mindset quick way to earn much profit lack patience waiting the progress of bitcoin or crypto assets price growing up, hurry up position when investing without make analyst surely at the right moment to buy or not and then speculation with much profit and quick way to earn.

Lack patience in trading not really good and bad habit, difficult to be success without have patience waiting for bitcoin when the moment have to buy or to sell, must understand well handle cryptocurrency for investment assets from the moment to buy, how long have to hold and most important about how much target profit earn to sell. Don't be greedy if investment assets have increasing much and have moment bitcoin or crypto coin at downtrend or uptrend moment.

Usually anyone who newly joins trading or cryptos for instance, they would have this very basic mindset that they can quickly make some profit and exit. They only assume this because they have seen a few examples in the past. A handful of people have really made a fortune in the past just within a small time interval so that makes others think they can do the same.

Well, the chances of winning are less than 1% so I would never risk money on this low chances of winning. I would hesitate even if there is a 50-50 chance of winning. We should not stop these people actually because they would shortly gain experience only after they make mistake or once they lose funds. Without loss, they would never take it seriously. Sometimes, we should let our experience teach us.

[icebar]

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.

To be successful in crypto, a person needs to have knowledge about various things. If he cannot acquire that knowledge, then it will be difficult to succeed in this area. An investor must know the things you mentioned. If someone wants to be successful, he must go through a lot of experience. But among the mentioned things, patience and discipline are very important. Everyone who has held Bitcoin for a long time through patience and discipline has benefited. There are some people who had good technical skills, could do market research well, but they did not have patience and failed to hold their Bitcoin before reaching the set goal. That is why this quality is especially important to me in the crypto space.

[Abu-Naim]

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?

The biggest problem is that you can’t impress crypto trading, while you are trying to use the knowledge you have to trade you will lose money regardless of your strategies and your risk management when market become really bad for traders; but if the market is going in favor of traders, even if you don’t have good fundamentals skills on trading, you will make profit from trading because every prediction might work in your favor.

However, having skills like computer science skills should help because you will understand everything and might be able to do the analysis better and if proper risk management is put in place, you will make good profit.