This post is also available in: Deutsch (German)
Volatile industry, are you ready?
Crypto trading is not for the faint-hearted, it is not for the ones that cannot accept a potential loss. It is about the ones that dare to try the new, the unknown the one filled with excitement. There are many people like you who are like this, but they don’t know where to start or how to. Are you the next big unknown trader? Do you have what it takes to become a profitable trader? Read this article if you want to find out if you have the correct qualities for this industry.
Are you consistent?
If you are from the people who start something and never finish it off, you are bound to lose in this industry. You are bound to lose in trading as the most important thing is to be consistent. Consistent in your trading sessions, not quit if you make one or two very bad decisions, but stop, rethink and try again. If you fail, try again, fail better and harder again so you can learn even more. Consistency is the only thing that will make you successful, the willingness to keep learning and walking the tough path.
This industry doesn’t forgive – it is cruel
Crypto trading – but there is much more
Are you ready to read about trading as a whole, the same rules and indicators apply here too. Reading and practicing is the thing that will turn you into a profitable trader. Besides being interested in Crypto overall, you will need to be interested in reading trading terminology, about instruments, risk management, etc… If you want to read how to manage risk in the crypto industry you can read here. There are many factors to be considered and you need to keep yourself up to date. Read the news, read on what is happening in the industry, learn how to read indicators.
Trading has a deep learning curve, add that in the beginning, you may lose more than you win. Here what comes important is how you manage your positions. You need to learn how to properly adjust stop-loss, take-profit, etc… Most of the times it may not be the market that liquidates you prematurely, but a mismanaged position. If you want to read more on how leverage positions work you can read it here.
Choosing the right trading platform for you
Choosing the right platform and design of leverage is crucial. As you want to have a friendly environment according to your preferences. Especially if you plan to have long trading sessions day and night as the crypto industry is working 24/7. Are you ready to do your research on leverage trading platforms? If the answer is yes, we are ready to guide you with reviews to make the best choice.
Leverage crypto trading platforms
There are few very good platforms on the market with great design, security, and stability. Now it will fall down on you to choose which one suits you best. The best ones that we have reviewed for you are PrimeXBT, Bybit, Bitmex, and Deribit. After the hype cycle in 2017 where we saw Bitcoin and other cryptocurrencies going to amazing highs attracting smart people – some started building. Two of those platforms are newer and created during the bear market in 2018 with Bybit launched in March of 2018 and PrimeXBT at the end of 2018. They are new and being newer comes with better UI design and more innovative ideas. Like PrimeXBT is now preparing to add to its instruments Copy-trading.
Why am I mentioning copy-trading?
Copy-trading can be an instrument that people who don’t have the time to learn how to trade or just want to have another trader doing the work for them. This instrument can be used for diversifying your trading portfolio to another experienced trader. If you want to learn more about the copy-trading (fund management) module you can read this article here at cointelegraph. As for you to become a profitable trader you may need 1-3 years and a lot of reading. This will be an instrument for those who just can’t afford to set aside a few months or years to learn and practice trading.
With copy-trading, you will be able to use knowledge and years worth of experience from the start!
Obtaining knowledge and experience for trading is a big task, a task that not many are ready to take on. Trading crypto and any other type of asset sometimes involve a lot of stress. And until you don’t learn how to control your emotions and mitigate stress you will not be able to become a profitable trader. Why? Because you will make decisions based on emotions and in a volatile market like the crypto one is a very bad action. Never let your emotions run over you. Learn to manage your positions, risk management and emotions.
Are you ready to start trading crypto?
After reading on all of this, are you sure that you are ready to trade crypto? Are you sure that you want to live through the tough moments full of stress? I am certain that you wonder if it is worth it and is it all profitable. Trading is one of the hardest endeavors but it is also one of the most profitable if you manage it well. Read here to better understand if trading Bitcoin and other cryptocurrencies are profitable. I hope that this article will help you to decide to take the first step. Start small, learn and gradually you will trade with a bigger and bigger amount becoming a profitable trader in the process.