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If you want to be rich, read and research

Discussion in 'Beginner's Bootcamp' started by Arpit, Nov 6, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    I just happen to meet a trader in the Indian stock market who is a huge crypto enthusiast.

    He started his trading career in January 2018 and has so far amassed over $100,000 starting with a mere $12,000.
    When asked about his journey so far, he told that he trades multiple markets, cryptocurrency being one of the major ones.

    Here are some of the bullet points:

    1) I read a lot, learnt and tried things with extremely small lots. When they seemed to work, I scaled up.
    2) I network with a lot of people who stay ahead of the game. This way, I am open to news and their point of view.
    3) I stay updated with the latest happenings in the market that I deal with.
    4) Every 1st of the month, I review my balance sheet to see what is the progress. Being a day trader involves tracking daily profits and analysing the weekly profit reports as well.
    5) Every weekly report is compared from the previous month along with the market movements to see what and how I did.
    6) Meditation goes a long way for me to develop a good focus.
    7) I am strict with my Stop Losses. If they are hit and I lose confidence in a trade, I exit.
    8) Crypto is still the best market to trade in. Even days of 4% movement is better than other markets which have/may have <1% volatility.
    9) I analyse my daily trade after the day concludes and plan my next day in advance.

    Tip:

    Be fast, smart and adaptive. I am still learning and would be wrong to provide advice at such an early stage. But yeah, I try to learn and stay as updated as possible. It is all about probability. And I want to be very sure in my trades. Every trader does!
     
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  2. JoshD

    JoshD Beginner

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    did he provide any advice on some of his learning resources?
     
  3. Arpit

    Arpit Moderator Premium Member

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    He started out his journey by reading books from Benjamin Graham, moved to rich dad poor dad to feed is thirst.
    Then went on to learn technical analysis himself starting from Youtube and then later hiring a professional, joined some groups to know what kind of efforts other traders put in, followed the company owners for research about the company set up, ongoing and probable deals that can impact the market.
    Post that, relied mostly on his own technical analysis based on the learnings from whatever he learnt.
     
  4. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Good for him, that's some good money and tips. I probably need to try meditation because I lack patience once I get in a trade. I can hold coins I believe in for years, but when I'm doing trades I wanna get in and out quick and that screws me up often.
     
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  5. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    These are some good points that may need to be a sticky or something. @MAGA Told you meditation helps a lot.
     
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  6. Arpit

    Arpit Moderator Premium Member

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    I've started practising it for the last 45 days. Feels relieved. It may be psychological initially but it actually helps.
     
  7. alajy

    alajy Contributor

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    I recommend to look at MobileGO. Excellent project with a promising token for the long term.
     
  8. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    Meditation helps remove all the things running in your head so you can actually get good rest at night.
     
  9. oplono2

    oplono2 Contributor

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    agree with author
     
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  10. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Heh I bought this during ICO and was terrible cuz price of BTC was $1200 at the time, instead of selling at 3x I held it and has underperformed since then. I do like the project though but disappointed not taking the Win.
     

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