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Posted by on May 1, 2019

Most everyone who decides to start trading in cryptos is doing it to make money. They also start off with the best of intentions – to learn everything they can, and then make huge profits. Some of those people are actually interested in trading but many have been lured into it by promises of riches beyond belief.

Most newcomers to the world of cryptocurrency trading do spend some time learning to trade. At the very least, they’ll have learned some of the terms, and aren’t tempted to correct the word ‘hodling’ when they see it because they know it’s actually a legitimate crypto trading term that means ‘to hold onto a currency and wait for it to increase in value’. Many will have also invested in an account with a trading platform, and in a crypto wallet. They’ve probably also gone beyond learning the terms and learned how to use some of the trading tools that are available. These tools may include investing in:

·      automated trading algorithms like the Cyril Ramaphosa bitcoin trading platform

·      software that lets you connect with other traders to share information and insights

·      programs that list dead and scam coins

·      apps that allow you to access accurate market information at any time

·      programs that tell you which are the strongest cryptos currently available based on a heap of indicators including community interaction, developer activity, liquidity etc

·      apps that can collate data from numerous sources and make accurate predictions on things like coin pricing and economic trends

·      software that allows you to manage all your trading accounts from a single consol

·      software that provides you with access to the latest news and information about cryptos, and provides alerts about possible trends and coins that bear close attention

So, armed with these and other tools, our intrepid crypto trading newbies venture out into the fray expecting to make a killing. However, even with all these tools, many traders still fail to make any significant profit! Why is this so?

It often comes down to how well the operator can use those tools. Even the best tools usually won’t work in ignorant hands. There’s an old saying to this effect that goes something like this – ‘It’s not the sword that wins the battle, it’s the warrior wielding it.’ Therefore, you can equip yourself with the best trading tools available and they’ll either help you understand the market a bit better or make you more confused than ever. Nevertheless, unless you know how to apply them correctly, or use the knowledge they give you effectively, you’re not going to win too many battles.

To become a successful trader, you must be disciplined. You need a set trading method and then you need to execute your moves based on a good trading plan. A good trading plan is one that has effective entry and exit strategies such as pre-determined stop losses. A successful trader is someone who has one of these plans in place, and has the discipline to stick to it.

Posted in: Finance


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