How do you become successful with cryptocurrency?
HOW TO BECOME A SUCCESSFUL CRYPTO TRADER
There is no other industry that can bring you huge profits in less time compared to crypto. That’s why there are many people who are putting their money in hoping for profits.
But the crypto market doesn’t only bring profit, but it also brings a huge risk. Hence, as a new investor or trader, you have to be careful with your steps. So the question is, how to become a successful crypto trader?
Things to Learn Be a Successful Crypto Trader
1. Use A Reputed Exchange
Before you start trading crypto, the first thing you need to do is choose a reputed exchange. It is extremely important because of a wide range of reasons. Among them, the top reason is definitely security.
Apart from security, you need to look for an exchange that supports almost all the known cryptocurrencies and not a few ones. This gives you variety, and you would be able to trade in multiple pairs.
2. Use Cold Wallet to Store excess funds
One of the best ways to earn money out of crypto is to HDOL or hold. But keeping your digital assets in your crypto exchange wallet can be risky. Or, if you are planning to hold your digital assets for a longer period of time, then cold wallets are the best option.
Cold storage is the best way to hold cryptocurrency offline. As a result, hackers will not be able to access your assets in any manner.
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Cryptocurrency for Beginners
When people think of cryptocurrency, “complicated” is probably one of the first things that come to mind. The concept has been around for over a decade, but many still don’t have a complete grasp of it—and who can blame them?
What is Cryptocurrency Anyway?
Before moving further along, it would be helpful to get on the same page. Simply put, cryptocurrency is a type of money that only exists electronically—digital money, if you will. The technology behind it aims to solve some of the most significant pain points about traditional banknotes.
For one, blockchain technologies eliminate the need for having a governing body, such as a bank, to print and issue it. Transfers are done from person to person, not having to go through an intermediary. This also spells out instantaneous transactions that do not get imposed with high fees. Let’s run through the different advantages of owning cryptocurrency below.
Top Advantages of Cryptocurrency
Swifter, cheaper transactions – Instead of having to go through all the legalities and unnecessary steps when sending money to another person, a crypto transfer is relatively simple and straightforward. No agents, brokerage fees, commissions, and extra fees are needed, which just makes way for a fast, easy, and cheap transaction.
Secure and confidential dealings – Any transaction done with cryptocurrency is encrypted, safe, and basically anonymous. No one can get the chance to spy on your financial activity or get your details from your account history, such as banks would. Only you have the power to view your recent transactions.
Financial freedom for the unbanked – Globally, there are around 7 billion unbanked adults. This means they have no account with any financial institution or mobile money provider. This could be because of the strict application process and requirements financial institutions require from their depositors, which can be a great hindrance to many. Since that does not exist with cryptocurrency, a person can easily make an account right away.
How To Become Rich by Investing in Crypto
There’s no denying that some cryptocurrency traders have become millionaires thanks to their successful investments. What’s not as often discussed is the great number of people who have lost significant sums trying to become rich by investing in crypto.
Unless you have an enormous risk tolerance, investing in cryptocurrency may not be a good choice for you. However, if you’re the type of investor who is willing to shoulder enormous risk in the hopes of becoming rich, you should at least consider employing some strategies to minimize risk while still offering significant upside. Here are a few ways to accomplish that.
Buy the Selloffs
If you’re a believer in the long-term viability of cryptocurrency, you should treat your portfolio like a portfolio of stocks. In other words, when there’s a significant dip in the crypto market — which happens quite regularly — that is your opportunity to scoop up additional coins or tokens. If you select cryptos that prove to be long-term winners, adding to your investment when prices are low can be a great way to build wealth.
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How long does it take to become a crypto trader
There is no specific time frame that can be given for it. Every single trader is unique and possesses their own distinct set of learning capabilities. So it depends. There is no one correct response that can be given to this question. Having said that, it is preferable to acquire as much knowledge as possible. Because an individual's level of knowledge and expertise is the primary factor that determines the amount of money they make in trading in the market.
Turning crypto trading into a full-time profession
Being a full-time trader is a dream profession for many. What’s better than waking up in your pajamas, making more money in two hours than you make in a week at your day job and being able to afford Rolex’s and Lamborghini’s?
Understanding trading
Most people will go from step 1 to step 3 and lose the game before it’s even started.
How to be a full time trader and the risks involved
After consistently outperforming the income from my day job and frequently making more money trading while still there, I decided it was time to quit and become a full-time trader. It was a hard decision.
Trading takes planning and strategy
Becoming a full time trader is a challenging journey of endurance. There are easy aspects like the enjoyment of being your own boss and not having to commute, but there are many difficult aspects as well like learning to hyper-manage your own money, being strictly disciplined, and understanding that full time trading is a long-term game of survival.
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How to Become a Cryptocurrency Trader
Cryptocurrencies are a digital form of currency which rely on levels of encryption to both generate and transfer funds without the need for a centralized bank. A career as a cryptocurrency trader could involve self-funded investment strategies, or, more likely, working as part of a team creating and implementing trading strategies on behalf of clients or an institutional portfolio.
Because of the relative infancy of the cryptocurrency markets, it may be difficult to find larger institutions that invest and trade actively in cryptocurrency. However, there are smaller financial firms and start-ups that currently offer or even specialize in cryptocurrency portfolio management and trading advice.
Required Education
Many cryptocurrency trading positions will require a minimum of a bachelor's degree in areas like computer science or electrical engineering. More traditional industry degrees, such as finance or economics, could also be beneficial for individuals interested in trading and cryptocurrency, as the general understanding of supply and demand, price fluctuations and more could be easily transferable to other financial assets or currency products. A master's degree may be required for advancement in this field.
Required Skills
A cryptocurrency trader will need excellent analysis skills, to create and implement profitable trading strategies. Some moderate programming skills may be required, as the development of automatic trading software becomes the norm. Also, in the fast-paced environment of a trading desk, attention to detail and focus is imperative. If traders are responsible for direct contact with clients and communicating trade details and recommendations, they may need good customer service and even sales skills. A great deal of market knowledge will likely be gained from personal experience, and prospective employers may look for individuals who have actively traded cryptocurrency or participated in an Initial Coin Offering (ICO), for example.
Career Outlook & Salary
Given the variable nature of the cryptocurrency environment, it is difficult to accurately predict a career outlook in this volatile industry. Some institutions believe cryptocurrency as a whole will become completely worthless, while other analysts see large potential. With that said, the degrees and skills obtained to pursue a career in cryptocurrency trading may prove relatively transferrable to other positions in the technology or financial industry.
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