Trading Lessons #1: How To Excel As A Cryptocurrency Trader
How To Excel As An Online Trader In Cryptocurrencies
Excelling in cryptocurrency trading is a very easy feat to achieve, if these four simple rules are followed diligently. These rules are explained in details below:
Always follow and stay current on news, and events happening in the cryptocurrency world, and in the world at large. Major news events can drastically affect the direction of the price of a currency.
When you want to trade, always have a plan in mind. A plan should include at what price you want to enter the trade, how long you want to keep the trade open, at what price you want to close the trade, and how much profit you will make on the trade.
Keeping record of your trades is very important, one of the advantages of this is that it will help you do a proper self analysis on your trading system, and understand better your trading strengths and weaknesses. Details that must be included in your record keeping are dates of trades, details of opening and closing trades such as price, amount, profits or loss
Networking with other online traders is very useful, in learning and sharpening your trading skills, and also to help you gain exclusive trading insights you may not have access to on your own.
My trading lessons are brief, straight to the point and concise. The aim of these lessons is to build interest of readers in cryptocurrencies, by breaking down complex trading terminologies and concepts to simple terms which the layman, and newbie to trading can relate with and build sufficient interest to delve into the profitable world of online trading.
*For expert traders reading my posts, please I encourage you to scrutinize and constructively criticize my trading lessons, and where i may be erring, please correct me by dropping your comments
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Basic concepts of trading
Very nice advice column! You are in my following trail from @minnowsfaucet just wanted to check in...i am on my daughter's blog as she is very busy and overwhelmed so i wanted to give out some upvotes as she does not have time right now...She will be writing again soon though. I am at @joearnold,
Great article for crypto beginners...
Cheers for now,
Melissa
upvoted and followed you, if you like fitness please follow me
Thanks for that! I am following you now. I hope you enjoyed that brief lesson. Do read the previous lesson, its also very helpful, for getting your trading foundation right.
Couldn't agree more. Every single one of these advice are gold. Cheers!