Nik Patel, a full-time trader, investor, writer, and advisor in the cryptocurrency space, has been actively involved in the cryptocurrency markets since 2013. This article will show you how to be a full time crypto trader according to his personal experience.
How to be a full time crypto trader?
Firstly, spend time learning about cryptocurrency. Then continually adapt and refine your strategies. Maybe it will take you a lot of time, but this is a must.
Secondly, you should be able to figure out what is a good trade and what is a bad trade. A good trade is one in which you followed your rules exactly. A bad trade is one where your rules went out the window, and you made an emotional decision, regardless of the result.
Thirdly, remember to consider both prices and historical contexts in your decision-making process. The key is to devise a good strategy and stick with it for the long term.
Fourthly, finding improvements in one’s strategy is a never-ending process and vital for any investor. Finding your edge is of vital importance. Journaling in great detail may help you learn to spot your weakness and strengths. It’s essential to track performance (especially when starting out) to reinforce strengths and identify weaknesses. Both multiple strategies and specific trade setups are important.
Fifthly, remember to take a look at on-chain transaction volume to differentiate it from speculative (exchange-based) volume. Checking the rich list (the top holders of a token) is also essential.
Sixthly, for longer-term positions, begin with fundamentals that you consider attractive and then make a decision based on technicals. For intra-week spot trades, base these solely on technical setups. Further, leveraged trades, also base these solely on technicals.
Seventhly, having a laptop, an extra monitor, a tablet, TradingView, and several brokers depending on the asset being traded. Not much else is needed.
Summary
How to be a full time crypto trader and how much does the average crypto trader make? It can be concluded into several tips.
Establish some ground rules and follow them - avoid trading with emotion. If your rules go out the window and you start making emotional decisions, your results will likely reflect that. Meticulously journal your trades and continuously look for improvements to your strategies. Sometimes, it might be worth it to stop and reflect on whether community biases are influencing your trades. Don’t overcomplicate things. A good strategy with a simple setup can go a long way.
How to be a full time crypto trader? How much does the average crypto trader make？ Hope this interview can offer you some new perspectives.
