Crypto Trading = Not a Get Rich Quick Strategy...Here's why...

in cryptocurrency •  10 months ago

Certainly a misconception among many friends is that crypto trading looks like it's an easy get rich quick scheme but believe me trading crypto is certainly not a strategy to get rich quickly.

If it was as easy as buying low and selling high then I suspect most people could manage that and get rich. The same with buy the dip, sell the rally. Why don't people manage to achieve this consistently over long time periods.

It sure does look easy on the outside but of course it's not and that's why many fail with crypto trading. It is a challenge to stay consistently profitable and it certainly doesn't happen over night. You must always remember that day trading is difficult and will not make you rich quickly.

If you plan to succeed with crypto trading then it needs capital of time, energy, emotional, mental and of course financial capital. Prepare to lose in each during your learning curve and that learning curve depends on many factors such as discipline, determination, never giving up and a desire to succeed to name a few.

If you think you have what it takes then this is when your long journey into crypto trading begins, perhaps many months to start to see reliable and consistent profits.


Thank you for reading this post because I hope it is helpful for you should you wish to start cryptocurrency trading.

If you think this is a helpful post for beginners to the crypto currency space, would you please upvote this because it will help me share more insights to success and profit with digital currencies.😋

All my hopes and dreams.

Image Source

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

This was a really honest and useful piece. It would be great if all people who entered crypto understood. Fantastic post!

·

Glad it was useful @three14159 and thanks for your comment.

It's a two way thing, it can either make u rich overnight or poor because of its volatile nature. Often times the latter is the case because of greed and lacking the know how. Most people don't take out time to study what crypto is all about before venturing into it. If one can take time to analyze the crypto market and curtail the greed factor, u are sure of making something substantial from it. Don't expect to get rich by jumping on the bandwagon.

·

Exactly right @jerry815 and it's very much so to do with greed and knowledge or lack of. I appreciate your comment.