Is It Possible To Make A Living From Cryptocurrency Trading?
Yes, that’s pretty much doable! Due to the recent crypto hype, people are learning more about the crypto culture and starting to get familiar with anything that goes with it. This means that people are starting to trade using crypto, gamble, and send money to virtually anyone! Naturally, when something has value this would end up being traded; and if you know how trading works then you know people in this business make serious paper. But, the question is, can you do it?
This question can be easily answered by a day trader since this is what they do for a living. It takes years to master the art of trading and a lot more to make a decent living out of it. Contrary to what people generally think wherein its pure luck and guts that get you through the trading business; it’s actually proper knowledge of the asset being traded coupled with the understanding of its volatility.
The Crypto Trading Ebook For Beginners – From Newbie to Pro in No Time
This book is likely the best source for crypto trading beginners so far: “Successful Crypto Trading For Beginners” teaches the whole field of crypto trading in detail, even very precise trading strategies with explanations of the exact market scenario, where to find entries and exits, and even how to effectively protect the trade from becoming a painful loss.
The major intention of the ebook is to teach the reader how profitable crypto trading actually works so the reader won’t stay dependent from any leaders in the field to tell them what to do.
This book is definitely worth every cent since the trader should be able to get the investment back quickly in the form of profitable trades.
Being a Successful Crypto Day Trader
How do we measure success? Success in day trading is measured by the money you are making just like any job in this world we live in. A professional day trader can do this without any issues at all since they just need to change their portfolio from what they are currently trading and change it to crypto; since they know what to do! If you’re just a regular person and you just recently read about crypto and now you want to be a trader then we suggest that you go through these several points mentioned below to give you an idea on how to be a successful crypto day trader.
- Demo Accounts/Money – Being successful is not something that you can do overnight and definitely not something that you will see results immediately. It takes time, patience, and resilience to actually earn in the world of cryptocurrency. Take advantage of trade/exchange websites that offer demo accounts and play money trades. This will teach you exactly what to buy when to buy, and how to sell without dipping into your life savings! Do this for at least a year until you’re sure on what you are doing.
- Only invest what you can afford to lose – This is something that you will be reading and hearing all the time when you enter the world of trading. In the crypto world wherein leverages are as common as pizza places in New York, you should always keep your guard up and never give into unnecessary instances where you feel like you will be ending up broke by the end of the day.
- Read! – Learning is constant, even the best doctors and engineers always read updates to keep them at par with the latest knowledge available. Updates in the crypto world like hack issues or information breaches would always automatically translate to a bear in the market; or a sudden technological advancement by one of the blockchain projects that skyrockets coin value. Things like these are often obtained by reading updates from news articles/reviews from privately owned blogs or public forums.
What are the Personal/Psychological Requirements for being a Crypto Day Trader?
- Strong-willed – Being a strongly-willed crypto day trader means that you have the focus when it comes to achieving your goal. And of course, when it comes to trading the ultimate goal is to earn as much as possible with every trade you make. Failure is always fuel to success, successful people, in general, know how to handle failure and use its experience to teach them lessons in life.
- Responsible – Be responsible when it comes to handling your resources. This doesn’t mean that you have been lucky or your plan has been working for a month this means that it’s fail-proof! Always make sure that you do not let your pride cloud your judgment which can easily result in being irresponsible.
- Self-discipline/control – Emotion is something really hard to control when it comes to things that you have been working so hard to acquire. This is exactly on point when talking about your hard-earned money. When it comes to trading, you do not let yourself be affected by emotions that can lead to your own demise. Most of the regrets today come out from wrong/failed judgment due to the lack of discipline and control.
Being a crypto day trader is just like any job in the world; it’s not something easy. You do need to arm yourself with the latest information available and get ready to turn of emotion when needed. It might be one of the most rewarding professions today but it requires a different level of focus and determination to get to where you want to be.
Please note: This post is not financial advice and should not be treated as such. The reader’s trading decisions are only up to him/her. This post doesn’t replace a personal financial advisor.