Good day friends. In this video, I want to talk about profitable cryptocurrency trading. It will focus on the psychology, thinking, and mentality of a trader. Indeed, often our emotions such as fear, greed, joy, and self-confidence prevent us from making money. Let’s take a closer look at this!
Crypto trader efficiency
What is the efficiency of a crypto trader? This is the maximum number of profitable trades in the minimum period of time and with the minimum number of losing trades. If a person earns and increases the deposit faster, doing it on an ongoing basis, every week and month, he is considered an effective and professional trader.
Of course, there are unprofitable trades, but there are few of them, and the profit covers several times the losses. How does a crypto trader trade? Invests for a long time, conducts positional trading for several days or weeks, trades on 1D or uses scalping. Does it use 3commas bots or not? It doesn’t matter, the main thing is the result, which should be positive and satisfying.
Financial literacy of a trader
It is important for a trader to draw up his own trading strategy, trading plan, think over the conditions for opening and closing deals, trading rules, and risk management. A special role should be given to risk and money management in cryptocurrency trading. The trader must be financially literate and calculate the percentage for opening transactions from the deposit, Stop Loss and Take Profit.
Having received a profit or loss on this day, it is no longer recommended to open new trades in order to restrain your emotions. Having received a losing trade, we often want to take revenge on the market and return the loss. And having received a profitable deal, we are too confident in ourselves and want even more. Both options lead to a drain on the deposit or large monetary losses.
Crypto trading rules
It is also important for a trader to withdraw 50% of the profit for personal needs and purchases, and leave 50% to increase the deposit. A person should feel money and please himself, and not see only numbers on the monitor! Part of the money should be kept in case of emergency (suddenly you will drain your entire deposit in the future), invest in another business, for example, buy an apartment for rent.
You should not set yourself goals that are difficult to achieve. For example, you have a deposit of $ 1,000, and you want to make $ 10,000 per month. This is difficult and will lead to increased risk and loss. It is better to set a goal for beginners to earn 5% per month to the deposit, and when you become already experienced, then 20% to the deposit. After several years of trading, you can set a goal to earn 30% or more of the deposit.
The video about the trading efficiency of the trader has been completed. I told you about the main rules of cryptocurrency trading. Such as 1) Create your own trading strategy, plan, conditions for opening and closing deals, risk management. 2) Learn to calculate the optimal percentage for opening deals, TP and SL. 3) Be able to control your emotions. 4) Invest in something else. 5) Set realistic goals. That’s all until new videos on botcryptotrade.com