In my previous article "Cryptocurrencies: The power of value in your hands, a way of thinking" I mentioned and I quote "...cryptocurrencies give us the power of value in our hands, by allowing us to own our own assets, without depending on third parties that can manipulate or confiscate them.." because the crypto ecosystem is a fascinating space full of opportunities. Cryptocurrencies are a new financial asset class whose popularity and adoption is steadily increasing and the mechanisms for trading them are similar to those that exist in other financial markets such as equities or Forex.
It is a global market, open 24 hours a day, 7 days a week, where thousands of digital assets can be exchanged with high volatility and liquidity. But let's get practical, one of the main ways to take advantage of this potential and generate income is through cryptocurrency trading.
Cryptocurrency trading is the buying and selling of digital assets to profit from price fluctuations. To do this, we can exchange one cryptocurrency for another or exchange a cryptocurrency for traditional money.
If we want to trade for returns on our capital, the basic idea is simple: there must be a difference in our favor in the price of the cryptocurrency we are trading between the time we enter and the time we exit the market.
On the duration of trades, a trader trading cryptocurrencies can buy a digital asset to sell it at a higher price in a matter of minutes, days or weeks, depending on his trading style.
Why learn to be a cryptocurrency trader, Learning to be a cryptocurrency trader has many benefits, both personal and professional. Some of them are:
??Accessing a global and dynamic market: the cryptocurrency market has no borders or timetables. You can operate from anywhere in the world and at any time of the day. Moreover, it is a constantly evolving market, where new opportunities arise every day.
??Take advantage of volatility and liquidity: cryptocurrencies are characterized by having large price movements in short periods of time. This means you can profit quickly if you get the market direction right. In addition, cryptocurrencies have high liquidity, which means you can enter and exit the market easily and without affecting the price.
??Diversify your portfolio: cryptocurrencies have a low correlation with other financial assets, which means they move independently from the rest of the market. This allows you to diversify your portfolio and reduce overall risk.
??Develop your skills and knowledge: cryptocurrency trading requires continuous training and rigorous discipline. By learning to become a cryptocurrency trader, you will improve your analytical skills, risk management, emotional control and decision making.
??Generate additional income or become a professional: cryptocurrency trading can be a source of extra income or even become your main activity if you dedicate yourself to it seriously and professionally. Trading allows you to be your own boss and work from home or from any place you choose.
To learn how to become a cryptocurrency trader you need to follow these steps:
??Training: the first step is to acquire the basic knowledge about what cryptocurrencies are, how they work, what factors influence their price and what strategies can be applied to trade them. To do this, you can resort to online courses, books, podcasts, blogs, webinars or seminars on cryptocurrency trading. You can also follow experts and analysts who share their opinions and tips about the market.
??Practice: the second step is to put into practice what you have learned in a safe environment and without risking your real money. To do this, you can open a cryptocurrency trading demo account, where you can trade with virtual money and simulate real market conditions. This way you can test different strategies, see how the price reacts and learn from your mistakes without losing anything. Some Exchanges like StormGain, allow you that possibility.
??Operate: the third step is to make the leap to the real market and start trading with real money. To do this, you must open a real cryptocurrency trading account on a reliable platform. You must also choose the cryptocurrencies you are going to trade, the size of your trades, the level of leverage and the type of order you are going to use. In addition, you should establish a trading plan that defines your goals, your risk management and your trading psychology.
??Evaluate: the fourth step is to analyze your results and review your performance as a trader. To do this, you should keep a record of all your trades, both winners and losers. This way you will be able to identify your strengths and weaknesses, your successes and mistakes, and areas for improvement. You will also be able to adjust your trading plan if necessary and look for new market opportunities.
Cryptocurrency trading is an exciting and profitable activity that can bring you many personal and professional benefits. However, it also involves risks and challenges that you need to be aware of and take on. Therefore, it is important that you are properly trained, that you practice before trading with real money and that you follow a disciplined and consistent methodology.
Don't wait any longer and join the world of cryptocurrency trading! Cryptocurrencies never sleep and neither should you.
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Furucombo- Tool to integrate multiple applications of DeFi protocols into a single transaction.
Haasonline - Trading bot software platform.
CoinMarketCap - Website for monitoring crypto asset prices with several very interesting sections (Indispensable tool for traders).
TradingView- Charting platform and social network (Indispensable tool for traders).
- Wryptocurrency exchange platform.
TipMeACoffee- Social network that user contributions with TMAC.
NFTify Store - To create your own NFTs store, without investment, no codes.
- Is a crypto wallet that makes DeFi easy and accessible not to just technical enthusiasts, but to regular people.
BixBox02Ellipal Titan - Hardware Wallet.
"Trading in the Zone""The Subtle Art Of Not Giving A F*ck" - Books that will inspire you to acquire a truly winning mindset.
StormGain affiliate program
"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.
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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.“Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.
"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.
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