As a new trader, finding your way around the chaotic crypto market can be both thrilling and stressful. Exciting because every waking day brings along its fair share of opportunities. And stressful because you have to keep a constant watch for bad trades, poor analysis, or the never-ending scams. That brings out a lot of emotions that can then be attributed to the reason why 90% never make it here. And any trader who claims not have made a bad trade is lying.
But what if you didn’t have to be part of these worrying statistics? What if you had within yourself all the ‘secrets’ and trading skills and access to strategies needed to score a place within the 10% winning group? All this is possible, and you need a little more dedication to mastering these markets and a little more hard work in analysis. Plus a pinch of luck because there is honestly no magical secret to making it here.
If there was any secret, it could be in the form of these four trading tips:
1. Avoid Day Trading
There is no more straightforward or more explicit way of saying this. Day trading has always been a pipe dream. But if you carried out a quick search on day trading, the results are millions of videos and articles, all by individuals claiming to have the holy grail to successful day trading. They will use ads and webinars to lure you into their channels and blogs. But they all have one thing in common; they are after your subscription fee. These are pure scams.
From my point of view, day trading is a big gamble. Just like gambling, there are green days where some people make a killing, but a majority of the days are red and teary.
2. Avoid Emotions, Employ Logic
Emotional trading is like a plague to new traders. A little market volatility shakes your nerves to the core, making you close your trades at a loss. Logic dictates that, if the market goes down, then it will turn around after some time. That explains why you need to learn how to sit on your hands – especially in volatile markets – if you are confident about your analysis.
3. Learn to ditch losing trades/investments
There is nonetheless a thin line between sitting on your hands and watching your finances run down the drain. And you need to be a logical trader to tell the difference. Everyone loses a coin or two once in a while. Learn how to jump off the ship before it drowns you – and your investments – with it.
That is referred to as risk mitigation, knowing how and when to dump a bad trade. To achieve this, you must learn how to detect sharp changes in market trends, when the markets defy your analysis and quit immediately.
4. Don’t get caught up in the get rich quick schemes
If you are to succeed in this game, you got to be strategic with your investments and patient with your growth. Avoid greed and shortcuts to success as they only tempt into reckless investments, and sooner or later, you will lose your funds.
Your journey into online trading will take various turns. There will be ups and downs. However, if you learn risk mitigation, market variables, and trust in your logic, you will be a successful trader. Happy hunting!
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