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5 Steps towards Becoming a Cryptotrader (Video)

[vc_row][vc_column][vc_column_text]Trading cryptocurrency is not an overnight success process. It is a long process that requires hard work and determination. Therefore, I am going to break down the process for you into five simple steps which if followed, will lead you to the path of successful traders. Remember, these steps are merely a highlight of what must be done.
Let’s us dive deeper into each step
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1.     Create Accounts

This one is obvious. For you to trade, you need to have an account with a registered broker or exchange platform. Now there are many scam platforms out there; therefore, you need to be vigilant with your account broker selection.
The best way is to go through their sites and check the privacy and certifications. A legible platform should be registered under relevant authority in its native country.
Some of the most trusted cryptocurrency platforms are;

  • Binance
  • Denbit
  • BitMEX
  • BitMex Testnet

As a beginner, it is advisable to use BitMEX Testnet, which is user-friendly. It is also prudent to trade only paper and nothing else. After setting up an account, what next?

2. Education

After setting up your trading account, the next vital step is educating yourself with how-to of the crypto industry.
Luckily, there are hundreds of trusted sources of education over the internet. Most people prefer paid-up training services; however, unpaid learning from a reputable source is a great place to start.
Start with familiarizing yourself with basic market terminologies from Google and Investopedia. After wrapping your head around the common trading terms, it will be wise to enroll in a legit educator. Most educators charge a fee, but some offer their services for free or on a free trial. Either way, education is essential in the market, and the sooner you get it, the better.
You can also invest in some quality trading books as the market styles and techniques seldom change.
When you feel that you have learned enough, it is time now to try things out. Decide the category you are going to fall into; there are only two, a trader or an investor. Afterward, you will be free to proceed to the next step.

3. Back Testing

If your education was thorough enough, you should be familiar with backtesting. Nevertheless, backtesting is the process of trying/ gauging a strategy or skill to see if it works.
Backtesting helps you gauge your understanding of the concepts which you grasped in the education level. It also enables you to improve the learned concepts and customize them into your style of trading. Advice from mentors is backtested to see if it works.
Some great tools for backtesting are

  • Trading View
  • Chart Replay
  • Pine Editor
  • Fractal Trading

In all these stages, it is advisable to use paper trades and not real money.

4. Journaling

Journaling is basically, taking notes of your backtests. The learned concepts from the education step are backtested and then recorded (journaled).
Journaling is essential since it helps you monitor your progress. From your journal records, you can make adjustments by dropping concepts that do not work and adjusting the acceptable ones.
Once you have perfected your strategy, it is time to put it to test using your real money.

5. Risk Management

Since you are trading real money at the moment, having a risk management will help tremendously reduce the risks of losing your assets and making more profits.
There are dozens of risk management strategies on the internet, and you can select one, backtest, and customize it to your liking.
Well, those are the five magical steps of getting into crypto trading. Remember, there is no Holy Grail in trading; your passion, determination, and vigilance will determine if you will succeed or fail.

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