Jun 27, 2020
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5 Qualities of a Good Cryptocurrency Trader

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By AsianMarketCap Official on The Capital

The world of cryptocurrency is just growing by the minute. More and more people are flocking to become cryptocurrency traders. The market is expected to become bigger and bigger as time passes. Multiple altcoins and ICOs have entered the cryptocurrency fray and are posing as serious contenders to becoming the next Bitcoin in the market. Just as its size is growing, so are the risks as well since it is not regulated by any government-controlled central authority. The number of traders is increasing and so are the number of third-party hackers who are out there looking for easy targets.

Most crypto traders blew up in 2018 during the big market pullback. Cryptocurrency is an emerging market and believe it or not, there is still a lot of money to be made in the markets but one must be skilled and disciplined enough if he aims to gain a fortune from cryptocurrency. This article consists of a few traits a successful cryptocurrency trader should possess.

A Good Crypto Trader Knows How to Do and Create Balance

The cryptocurrency markets are open 24/7, hence it’s easy to let crypto trading consume your whole life as you constantly check the markets to make sure your positions are still intact. In order to become a successful crypto trader, one must learn to maintain a healthy balance between trading and enjoying personal life. To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. It is difficult to draw your attention away from the markets when you are trading a large portion of your net worth. Trade and invest with small enough positions so that you can divert your attention away from the markets for extended periods of time, so your life is not consumed by the crypto markets.

A Good Crypto Trader has a Lot of Patience

While crypto markets are open 24/7, big market moves take time to move and setup. A lot of the time there will be no open trades and the best option is to stay liquid. Losing crypto traders often overtrade because there are so many cryptos moving on in any given day. They lost patience. Becoming a profitable crypto trader is actually more knowing when not to trade versus actually trading.

A Good Crypto Trader is Decisive

Trading opportunities wait for no one. But it also means that you can always get on the next train if you missed the first ones. A good trader must have a good trading plan, ready to be implemented when the right time calls for it. Be decisive of when to enter and when to exit your positions. Losing traders are not decisive. They often gamble their trades and they do not have the training needed to become consistently profitable. Decisiveness comes from competence and understanding of what a high-quality trading opportunity looks like. The only way to be decisive enough in the markets to make money consistently is through careful planning and extensive market analysis. Hoping is not a trading strategy.

A Good Crypto Trader Stays Humble

Nothing stays the same. Cryptocurrency world is so volatile and nothing remains constant. Smart and humble traders realized that crypto markets move was not sustainable and sold when everything looked great. Being humble allows you to view market objectively and not allow your ego to get in the way of your ability to make the correct trading decision.

A Good Crypto Trader is Passionate

Passion is the energy that keeps us going. It keeps us filled with meaning, excitement, and happiness. It is the driving force in any endeavor. Cryptocurrency trading, like in anything we do, requires passion. Without passion, you will never be able to become a successful trader. You will not be able to put in the long hours to study and analyze your data if you are not passionate about cryptocurrency trading and blockchain technology. If something so rewarding was easy, everyone would do it.

Final Note

If you’ve ever planned to become a good cryptocurrency investor, you should find out what qualities you need to develop in yourself. Be sure to consider improving your habits and skills before you risk your fiat money on the volatile cryptocurrency market. Without them, you may not achieve the greatest potential of cryptocurrency investments.

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5 Qualities of a Good Cryptocurrency Trader was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.


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