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I am into crypto-trading since some years and I have discovered some interesting aspects. The first one is that market cannot be predicted. Market should be indulged.
By the way, you see the number “1” in the headline, meaning that I am going to tell you something about my journey into crypto-trading.
This first chapter is about awareness.
Trading is a journey and it must be seen 100% as an entrepreneurial activity.
Before starting every entrepreneurial journey you want to evaluate how deep you know the road and how to manage potential events (awareness).
Then, you must have a plan on how to undergo the best way to reach the target, avoiding too much high&downs since they are really tiring (keeping positions open too long).
Then you must figure what may happen if you really cannot manage to reach the destination (exit/strategy/stop loss).
Last call, but this will be the most important one, will be about how to manage your strengths during the journey: you cannot start a marathon with the speed of a sprinter (Money Management) or you can get our of stamina too early.
Here we are, let’s start with the awareness.
First thing that you must ask yourself is “Why the heck I want to start trading?”
I have already seen many different situations. People almost broke that thought that trading could be their best chance. People that wanted a hobby for their spare time to gain some money. People that wanted to do trading from scratch, during their day-job, starting from 400€ to get 400€/month. People that wanted to put 100€/month into a trading account to get 400€/month out of it.
Well. They asked me how to start. I told them how not to start. Easy as it is.
If someone wants to start trading, at first, he must choose how much money he is eager to lose, without too much optimistic charts representing the compounding interest. Yes, once I was told that starting from 100€ with 1% a day you could become millionaire.
Of course. My math teacher from the secondary school always told me that the calculator was stupid. She was just doing what the user was telling her to do. So, if the user was stupid, the calculator was stupid too.
Trading money that you afford to lose is just a way to start trading with the correct foot, having at least the chance to trade without unnecessary emotional involvement.
Awareness is also the increasing mindset that trading is an entrepreneurial activity under all perspectives.
Have you ever seen a restaurant having a positive balance every day, immediately after its opening?
Well, I really do not think so.
That is why, losses may happen. They even may happen more often than profit positions. The most important thing will be the overall amount of loss money and the overall amount of profits. If this second overcomes the first, well, you are probably doing good.
But remember that a bird does not call the spring (as we say in Italian).
That is why, a strategy is far more important than knowing all the available indicators on Tradingview.
Stay here, and let’s dig deeper together in the next articles.
If you have questions or you are curious on something, feel free to ask. I am here to help.