What kind of trader are you???
📚 What kind of trader are you???
Being a trader can be a very profitable way to make money but at the same time a quick way to lose a lot!
There are many different strategies in order to be successful in this field and in order to be good at it you need to find which one fits you. You have a crazy work schedule and you can not really spend time to be in front of a PC trading? Well, in this case Daily Trading is not for you. Daily traders make money with Quick Decisions because their profits is based on how many successful trades they do (this can be veru strussful for the amount of work done but mostly safe because you only need small amount of profit on each trade to be successful).
Maybe you are a Swing Trader, you are a patient kind of personality. You wait for a coin to drop and BUY low and you wait for it do go up and SELL high. Following big market trends. These kind of traders study the charts more carefully on Higher oTimeframes. They focus a lot on Fundamental Analysis and enter traders when the odds are very high to give you a profit. This strategy might be more Risky only because traders are looking for higher percentages of Profit and in Crypto we know that this can be hard in Bearish Market.
Or maybe you are not a Trader at all but you are an Investor? We are talking about LONG-TERM opportunity here. Park your coins in a wallet with a HIGH RISK strategy for bigger REWARDS. This means study the major trend of different projects, Invest your capital and forget about it. These long-term strategies might take years to be profitable but at the same time might totally fail if you are not really careful in what you are doing. We know Crypto is a crazy market that can go up 4000% in one year or either dump 90% of his value. There are many things to consider when it comes to INVEST your money into coins. Many scams, hacks, regulations, bans and manipulation can screw up all your studies in a matter of seconds.
So what are you looking for?
Well the answer is one. MONEY. You are into this cause the main goal is that of course. Remember tho, nobody ever got RICH over night being a trader. All the stories of people becoming millionaire of Crypto are stories that took years to happen.
Traders or Investor who bought coins when they were worth nothing... maybe after a Crash... when everything was at the Bottom... they HOLD without not even looking at their portfolio and then after few years: BINGO.
These stories should excited you but at the same time they should not make you think that you are going to make a LOAD of money in a week or so.
Hey... Probably you could........... but only if you maybe go ALL IN on a coin with thousands of dollars and you nail that specific coin that goes 1000% in 5 days.... (odds are very low for this to happen).
So as I always say PATIENCE is the key and you need to figure out (based on how much time you have to focus on this) your favorite strategy.
- SCALPING: Quick intra-daily trades that can give you 1% to 5% profit on every trades.
- SHORT-TERM: Trades that could last hours or couple of days giving you from 10% to 50%-100% profit sometimes.
- MID-TERM: Trades could last a week or few months. This strategy might be good when you are looking for good profits in a longer period of time. Swing Traders are the one that fits in this category and trade mainly major market trends.
- LONG-TERM: Everything that has to do with Investments.
So what kind of Trader are you? 👈