cryptocurrency forum

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

    Messages:
    448
    Likes Received:
    45
    Trophy Points:
    23
    Credits
    87%
    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!
     
    JoshD likes this.
  2. JoshD

    JoshD Beginner

    Messages:
    6
    Likes Received:
    2
    Trophy Points:
    3
    Credits
    60%
    did he provide any advice on some of his learning resources?
     
  3. Arpit

    Arpit Moderator Premium Member

    Messages:
    448
    Likes Received:
    45
    Trophy Points:
    23
    Credits
    87%
    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

    Messages:
    585
    Likes Received:
    250
    Trophy Points:
    83
    Credits
    17%
    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.
     
    Arpit likes this.
  5. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

    Messages:
    470
    Likes Received:
    151
    Trophy Points:
    43
    Credits
    93%
    These are some good points that may need to be a sticky or something. @MAGA Told you meditation helps a lot.
     
    Arpit likes this.
  6. Arpit

    Arpit Moderator Premium Member

    Messages:
    448
    Likes Received:
    45
    Trophy Points:
    23
    Credits
    87%
    I've started practising it for the last 45 days. Feels relieved. It may be psychological initially but it actually helps.
     

Share This Page