Are you a Bitcoin trader and have you been engaged in this noble occupation for a day or so at least? Well, congrats. Now, listen up because there are still lots of things you need to know to really make it in the Bitcoin and crypto world.
The top 10 things you and all other Bitcoin traders on the planet need to know are listed below in no particular order:
You are trading not investing: quite a few Bitcoin traders seem to forget that their job description is Bitcoin trading, rather than Bitcoin investment. Such traders, rather than buying and selling Bitcoin on the regular resort to hoarding it like its the bread of life, all in the hopes that the price will skyrocket and they can make a killing. If you are a Bitcoin trader, then you don’t need to be told as to how volatile Bitcoin is. As such, holding on to it long term can be as beneficial as getting in bed with a black mamba on a cold night and asking for a cuddle!
Open markets are bae!: perhaps the most exciting thing about crypto trading is that trades can be made 24/7. Perhaps the most dangerous thing about crypto trading is that trades can be made 24/7. Yes, it is worth remembering that just because you can trade at all hours of the day and night does not mean you should. Far better to set aside specific times to make a trade and stick to this schedule. Your sanity might depend on that.
Don’t be afraid to experiment: now, as you must know, there are more than a few ways to trade Bitcoin. You can opt to be a scalper, day trader or swing trader. You are expected to find out which trading style is best for you and stick to it. That however does not mean you should be afraid to experiment with the varied trading methods. Be brave, experiment away and you might discover a new trading method that could bless you with enough moolah to fund a trip to Mars!
Success takes time: success often seems to take all the time in the world! For the Bitcoin trader, this means that success in Bitcoin trading will only come after considerable expenditure of time and money. Expecting to become the richest bloke in the world just become you are a Bitcoin trader is usually a short path to rot and ruin!
Trade with analysis methods or else!: Bitcoin and crypto trading is not gambling, regardless of what detractors might say. Unfortunately, such detractors are often emboldened by the actions of some traders who trade Bitcoin in much the same way as they gamble on fantasy football at the local pub. Our advice is simply for you and all other Bitcoin traders to respect themselves and their profession by trading using widely recognized and proven trading methods, rather than turning Bitcoin trading into a form of gambling.
Price charts/graphs can make a difference: Bitcoin trading, just like other forms of financial trading employs price charts, graphs and the like. These help traders know where the price is going and where it might end up. Now, learning these charts is assuredly not the easiest thing in the world, but it sure is vital if you want your Bitcoin trading to be successful. Once these charts have been learned, constant practice is needed to keep your skills sharp. Do that and your money-making skills in 2020 might just get a big boost. So, don’t be afraid to put down that game controller and practice on your chart/graph interpretation/analyzation skills.
Trading terminologies are important: Bitcoin trading comes with a host of relevant technologies, some of which sound as arcane as an alien language. The terminologies used for Bitcoin trading are continually refined and replaced by others and it is important to keep abreast of the latest terms and changes or be left behind.
Bitcoin trading still comes with limitless risks: do you have an ulcer and a bad appetite for risks of all kinds? Then we make bold to say that Bitcoin trading is not for you. In fact, due to its inherent volatility and the uncertainties of the financial atmosphere, it is recommended not to make Bitcoin trading your sole source of income. Sure, it is possible to make lots of moolah from Bitcoin trading, but that is not easy or a risk-free endeavor.
Beware of trade advice: these days, people are very free with their advice. You can expect to find boatloads of Bitcoin advisers on virtually every social media platform, all touting their abilities and their success rate. It is worth asking yourself why if these people are so good as they say they foolishly choose to share the secrets of their supposed success. If you have been paying good money for such “advice” you should stop that in 2020. And next time you hear these advisers screeching about one thing or the other, be kind enough to tell them to where they can bug off.
It is OK to learn from the mistakes of others: there’s no shame in learning from the mistakes of others as regards Bitcoin trading. There is also no shame in others learning from your mistakes as regards to Bitcoin trading. However, be sure to do your best to reduce your mistakes to the barest minimum and never make the kind of mistakes a newborn would be hard pressed to. The most common mistakes in Bitcoin trading can usually be traced down to greed, fear and lack of proper planning. So, do your best to keep your emotions under control when crypto trading and have enough plans in place to make a field marshal jealous!