As a Crypto”er”

There are charts everywhere. Next, more charts. Charts are being seen by cryptocurrency traders on days that end in Y. Adrian Zdunczyk, a Chartered Market Technician (CMT) and the creator of the trading community The Birb Nest, says, "I have to be on top of things at all times. I cannot ever claim to not care about the market for the upcoming week. If you trade American stocks, you should concentrate on the first hour of trading because it has the most volatility (and trading chances). After that, you can stop trading for the day. Additionally, you are compelled to stop trading and go live your life when the market closes at 4 p.m.

Not so with cryptocurrency. 24/7, winking, flashing, and luring you in with juicy alpha. Does this imply that successful cryptocurrency traders are constantly engaged in trading? Nearly the opposite is true. The founder of the trading firm TexasWest Capital, Christopher Inks, asserts that "most successful traders don't scalp all day long." "For most of them, it's a few hours out of their day." This only indicates you need structure—not that the charts may be disregarded. Finding the ideal balance is important, according to Zdunczyk. It cannot develop into a 24-hour addiction.

The average trader is someone who is "probably a little depressed," often middle-aged, often male, and they "f**king hate their day job." They trade on their emotions, lack knowledge, and "they will lose 90% of the time." They stare at charts with red eyes until 2 in the morning. This 24/7 addiction is what Zdunczyk frequently sees with the "average crypto trader." They trade impulsively using leverage. According to Zdunczyk, "they think high-frequency trading will be the solution to their issues. But as they continue, their accounts continue to fly up. This is the quintessential ordinary trader.