HOW TO BECOME A SUCCESSFUL CRYPTO TRADER
BACKGROUND
In 1980, the idea of a currency that could be sent anonymously and without the need for centralized institutions (i.e. Banks) was first put forth. American cryptographer David Chaum introduced Digicash, an anonymous cryptocurrency, in 1995. These coins started gaining an audience in 2008 with the emergence of Bitcoin, which was created by an incognito programmer under name Satoshi Nagamoto. Chanpeng Zhao, the founder of cryptocurrency trading is estimated to be worth $14.9 billion as of May 2022 making him the richest person in cryptocurrencies and one of the richest men in the world.
WHO IS A GOOD CRYPTO TRADER?
A successful trader is one person who knows the technical know-how, the pros and cons of the market, and the difference between risk and reward. If you want to sustain your motivation to succeed, then you need to enjoy what you’re doing, build the necessary skillsets, and then aim for superior performance. The keys to success in forex trading include not just a good but sound trading strategy, but exceptional trading discipline, patience, and risk management.
HOW DO I BECOME A SUCCESSFUL CRYPTO TRADER?
A successful crypto trader is a title that every investor could be proud of after successfully taking a calculated risk and making an outstanding profit, for new crypto traders to be successful in this niche must do the following:
Do Your Research (DYOR) From Reputable Sources
With the ceaseless emergence of different coins in the cryptocurrency industry. It is important to have first hand information before getting on to the market. There are several reputable sources that one can give reference to before diving into the market which are;
CoinDesk:- Beginners can easily find helpful articles on Bitcoin, Ethereum and other digital currencies in CoinDesk. The news site is on the zenith of providing insightful information regarding the crypto world.
CoinMarketCap:- Are you thinking on taking the next bold step in the cryptocurrency world? CoinMarketCap is just for you. As the name implies Coin Market Cap, several crypto currency, Bitcoin and other Altcoins (Ethereum, litecoin, XRP, Luno, Solana, and others), Defi, NFTs, and others are carefully analyzed for ease of access.
CoinBase:- One of the most trusted cryptocurrency exchanges today is CoinBase, it offers users the ability to buy, sell and store cryptocurrency. Just as CoinMarketCap and CoinDesk, it is easy to use for Cryptocurrency beginners.
Other Notable Research platforms are: CoinTelegraph, Bitcoin Cash, Huobi, Kucoin among others.
Always Get Ready For Volatility
Cryptocurrency is largely considered to be volatile as it has possibility of noteworthy upward or downward stretch over a shorter period. Because of supply and demand, investor and user mood, governmental rules, media hype, and investor sentiment, the price of Bitcoin and other cryptocurrencies swings. Together, these elements contribute to price volatility.
Recognize the investment you are making
Either investing in Altcoin or Bitcoin, understand the technical know-how of what you’re investing on, ranging from the market cap of the coins, to the availability and the genuinety of personnel behind the projects.
CONCLUSION
In as much as cryptocurrency is highly rewarding but there is also a good chance to lose all your money.
Invest wisely
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