What 10 things to know to become a Successful Bitcoin Trader?
A successful bitcoin trader is the one who makes the right transaction at the right time by deeply analyzing the market trends. In simple words, bitcoin trading means selling BTC at high rate and buy at low price in order to maximize profits. It is crucial that a trader should have complete knowledge of crypto market, trading is not an easy task 95% people fail within months.
1. Be Patient
A person should be very calm. He should analyze the market before buying and selling of coins as the market can change in hours like bitcoin prices decline due corona pandemic.
2. Have Variety of coins
An individual should invest in variety of coins, making your portfolio more diversified. It will help to reduce the risk factor as loss from one coin might be recovered from other coins’ profit.
3. Keep on analyzing your strategy
A successful trader would always try to invest in those which coins which are favorable in the market.
4. Do not invest recklessly
Experienced investors may exploit the beginners, they will suggests you to buy particular coins as they will moon just to increase the prices so that they can exit.
5. Learn from your mistakes
Never lose hope. Utilize your experience in deciding your next move. Great hard is require, sometime you feel that there is no solution but don’t get depressed because hard work is a key to success.
6. Loss is a part of trading
Profit and losses are the two elements of business. A successful trader has to face some losses to reach the highs. There is never enough research for finding the right strategy, you should keep working at it and try working on new strategies regularly to cope up in every market condition. No matter how smartly you take decisions, risk is involve. It is impossible to remove risks.
7. Don’t be greedy.
Greediness for more profits might increase risk factor and a trader can lost all his investment
8. News and rumors
Bitcoin-traders must keep themselves updated about latest news and trends. Since crypto market is highly volatile, market may change in seconds so, bitcoin trader should have complete knowledge of latest news so that he can take right decisions.
9. Developing a Trading Strategy
To become a successful trader, one must have a clear vision, or a good idea of possible market moves and your relevant actions. Smart actions can result in greater rewards
10. Have Enough Savings before Trading
Invest whatever you can bear to lose. Even before start trading, don’t use all of your savings to trade in crypto especially in Bitcoin. That’s the number one rule to become a successful crypto trader.
A bitcoin trader must have the above mentioned qualities, to enjoy greater rewards. One thing to remember is that Bitcoin is not a get rich quick scheme. It’s still in infancy. Many people have made huge profits but it wasn’t quick. With extreme patience & the power of HODLING results in big outcomes. Don’t get greedy and fall as a prey. Think and do the right thing at the right time. Those who became successful in making money were most likely lucky, not good. We don’t know that the claims of becoming rich are true or just a publicity to attract more investors. Another important facts, many hackers are tracking your actions so make sure that you investing in authentic platforms.