Before we begin, let’s clarify what you’re about to read. We will not reveal a miracle recipe to become Warren Buffet in minutes. We prefer to think of our readers as rational and intelligent people.
When we say “how to learn crypto trading,” we talk about the general method to follow in thinking and implementing your strategy. We explain why you must necessarily go through a learning phase if you want to do things seriously.
We’ll explain this process. You must learn technical analysis, determine your trading profile, and know yourself. Above all, you must realize that this is a learnable job that requires time, effort, and intelligent management.
Understand That Studying Trading Takes Time
If you don’t have the patience to learn about crypto-currencies, there is also the possibility of using a Bitcoin robot to generate income from its operations on the market.
There is much information everywhere on indicators, chart patterns, and everything. But among the mass of information, there will be a lot of low quality.
There will be good information that will not offer you anything, simply because every trader is different. What works for so-and-so may not work for you.
And finally, there will be information that will help you develop your trading method. This last point interests us: Learning how to develop your strategy and where to find the right resources to eventually start on your own.
Learning to trade means learning technical analysis. Even if the crypto-currency market has some specificities (high volatility, open 24/7, for example), the basic principles of technical analysis usually used on the stock market or Forex are relevant in our case.
It is not enough to know the alphabet to be a great writer. Knowing how to draw lines or calculate percentages is not enough to be a good trader.
It takes years of practice to master this art. But one thing is sure. Your hard work will be rewarded if you feel you have the potential and like it. However, it’s not a game. More people than we think to start trading for adrenaline or unconsciously lose.
In summary, time is of the essence. You should calm down if you want to multiply your capital by 10 in three weeks.
Why You Should Be Interested In Technical Analysis
There are many books on trading, videos on YouTube, and experienced traders sharing their analyses on social networks (Twitter in particular). So, enjoy all this as soon as you have time.
At first, it will seem incomprehensible, but you will see that as the weeks go by, your level will mechanically increase.
You will feel affinities with this or that person or approach. This will help you find your trading strategy.
The cryptocurrency market is speculative and should be viewed from a technical analysis perspective.
Focus On Your Trading Strategy, Not Your Profits
In the beginning, forget about the money. Don’t chase it, no matter what your level and no matter what your income needs are.
Focus on developing your trading plan. Refine it over time, and find what works for you. Test it, don’t count the hours.
If your primary strategy is good and gives you an advantage over other traders on average, the results will come by themselves if you follow it.
At the risk of repeating ourselves, managing risk and emotions will ultimately make the difference between two traders with similar approaches.
All of this must work in synergy. Remember that you are your boss and that keeping a personal progress diary is very important. You can write down everything, especially your mistakes, ideas, and ways of improvement, as soon as they come to you.
Humility is not a lack of ambition, quite the contrary. It is the first step to self-control. Wanting to be a trader is already an extraordinary ambition. Many dream of it, but few achieve it. And even less will know how to last in this activity.
Take the time to learn. A trader could live 1000 years and still have a lot to discover.
Be persistent. Be curious. Be patient. Test to see if a strategy works in the long run, and try different strategies. Be willing to make mistakes once in actual trading conditions, and make them again. But always try to correct them and stay focused.
One day you’ll notice that you’re doing less and more relaxed and confident in your choices. You understand precisely what you are doing and what is the maximum risk you are taking. You are comfortable with your strategy and money management.
It’s only when you’re detached that you know the trade is in. Contrary to popular belief, the trader is not an overexcited person who stresses out every time he makes a decision; It is a person focused on reasoned management.