[THE SHARP TRADER LESSON #3]: Know Yourself ! What Kind Of Crypto Trader Are You?
What Kind Of Cryptocurrency Trader Are You?
Congratulations! You have made up your mind you want to be a cryptocurrency trader. Welcome to the most profitable online business anyone can venture into. Cryptocurrency trading much more than forex trading, is a highly profitable business anyone can do online.
Trading like investment, also carries some levels of risk, and with knowledge and expertise, these risks are greatly minimized while making profits are largely maximized. However being a good trader, requires right application of knowledge in trading, therefore it is very important to grasp the foundational blocks and the basic concepts of trading if one is to venture into trading and do very well in the online trading industry.
So you have decided you want to become an online trader, or maybe you want to take your online trading skills to a higher level of profitability. Then you need to ask yourself this question.
What Kind Of Trader Do You Think You Are?
I will briefly describe the kind of traders people are generally categorized into. Based on these descriptions it will be easy for you to determine what kind of trader you are or aspire to be.
Scalping trader:
The scalping trader, is an ultra-short term trader. A scalping trader is a day trader that only holds on to a trade for a few seconds to a few minutes at most. The strategy of this trader is to make profits on small price movements as many times as possible especially at the times when trading activities are very high. A scalping trader must spend almost all of his time in the day doing his trading analysis so as to detect profitable trends.Day trader:
The day trader is a short term trader. The difference between the scalping trader and the day trader is that the latter usually opens one or more trades at the beginning of the day, and closes them at the day's end, wether he makes a profit on the trade or not. The day trader doesnt leave his trades open overnight. The day trader also needs to spend most of his time everyday doing trading analysis so as to detect profitable trends early.Swing trader:
The swing trader is a long term trader. The swing trader opens and holds on to trades for several days to several weeks and months before closing the trades. The swing trader must be a very patient trader. People with very busy daily schedules do better as swing traders. A person can do very well as a swing trader, if he can make out each day 2 to 3 hours out of his very busy daily schedule (usually at night), to do his trading analysis.Position traders:
The position trader is an ultra-long term trader. The position trader opens and holds trades for really long periods of time, he can leave his trades open for many months to many years before closing the trades.
This type of trader is ultra patient and relies especially on fundamental analysis more than on technical analysis when making his trading decisions. The position traders does not need to spend much time in the day to do his daily trading analysis as other kinds of traders do, most of his trading analysis focuses on discovering new trading opportunities, and monitoring progress of already opened trades.
I'd have to say I'm a position trader. I don't have the time or the acute knowledge to be anything but.
Position traders make some of the largest gains in trading, because they buy up penny coins real early, and by the time they remember to sell them, such coins have increased over 1000 times.... However to be really good in position trading, you need to have a lot of loose cash you can leave in invested coins for a long time
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by abasinkanga from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
@abasinkanga got you a $1.49 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
Thanks for the goatee upvotee!
I am a scalping trader.
Really? You would need to be in front of your computer screen like all day, using a bunch of technical analysis tools to detect quick price movements and cash in on them....
Its an intensive trading activity, and its hard to take breaks during the daily trading sessions as you may miss out on juicy trade opportunities, just the moment you step out...
Most likely as a scalper you have a mobile app you use for trading, so you can always be in the know while on the go... Right?
I guess am a swing trader and this is why I joined Steemit so early in it's growth XD
Is my choice correct as am not really a trader XD
Swing trading is good, i think its the most comfortable form of trading as it allows a lot of flexibility for the trader to be involved in other activities without losing out on quality trades