CryptoTvplus 1 year ago
ctvplus #education

Seven Tips To Make You A Better Trader

Master the art of trading with these 7 tips. Create a plan, keep learning, find a mentor, start small, control emotions, stay focused & flexible, set clear goals. Become a better trader today!

Trading can be risky and challenging but the reward can easily erase the times of difficulties and this can only happen if you know how to navigate the turbulence in the cryptocurrency market. Nothing compares to becoming the best at what you do. Having a well-structured trading plan and technique will help you become successful in trading, regardless of whether you're starting out or an expert trader. Trading is an art form, and the only way to master it is to consistently evaluate and put strategies into practice in a structured fashion.

In no particular order, we've compiled seven tips to help you as an individual become a better trader in this article.

Create a trading strategy/plan and stick with it.

You must understand how to employ a trading plan if you want to improve as a trader. A trading plan guides a trader to take optimum entry and exit points and helps in money management. A trading plan will keep you focused and structured as a trader. It enables you to take up trading decisions with confidence and increases trading results.

Knowledge is power

The ability to never stop learning and developing yourself will help you become a better trader, among many other things. No knowledge is wasted when trading cryptocurrency, so you should make sure to take advantage of free webinars offered by trading platforms, read as many trading-related books as you can find, and enroll in finance-related free online courses. A strong understanding of financial markets will help you become a better trader. The cryptocurrency market is always evolving and new updates come up regularly which could change the course of your trade. Aside from taking finance-related programs, you should also study the fundamentals of the assets you are trading. Crypto projects communicate mostly on Twitter, so follow up on their Twitter accounts as well as blogs to get updates that could help maximize trade returns.

You need a mentor

As a new trader, navigating the market can be extremely confusing. To avoid this, you need a mentor. A mentor is a person who has advanced far beyond you and has experience in the trade business in real life. You would be able to use many of the tools and resources your mentor has access to if you talked to them frequently. Young traders should also be patient and open to learning from their mentors because, curiously enough, they have more experience in the market, have made more money, and have also made costly mistakes that they can now help you avoid. Expert traders may not necessarily need mentors but joining a community of traders will help sharpen you and enable you to get premium information that will drive returns.

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Start small

One of the most frequent errors that traders especially younger ones make is trying to trade too many markets at once. And this makes it very challenging to stay organized and make profitable trades. But trading requires a trader to maintain focus and market awareness. You have enough room to consider other, more powerful tactics as well. Take up small trades and grow from there.

Be an emotionally intelligent individual

Trading is much more psychological than physical, so it is crucial for traders to understand how to fully regulate their emotions. Keeping your emotions under control will enable you to approach trading more methodically. Being emotionally intelligent implies being able to comprehend your emotions without letting them influence how you make trade decisions.

Stay focused but be flexible

Focus on your goals and strategies to achieve the goals. There is always something that could make you change your direction and focus on something else. Understand the market you operate in and master it. For example, young traders want to jump into trading futures because OG traders are making money from it. It takes discipline and focuses to be successful in the market. But this doesn’t mean you should not be flexible to changes. While trading your current market and assets, you should be flexible enough to exit the market when signs point to imminent negative price actions.

Set clear goals

Setting short-term and long-term goals is crucial to define how successful you will be as a trader. Setting goals helps in maintaining focus and provides guidance on how to approach the strategies employed to achieve them. Specific goals can help you stay committed and focused. Your goals should be realistic. Don’t set a goal to hit a trading capital of $1M with a capital of $100 in two months. Understandably, one trade could make this possible in the crypto market, but it's a one-in-a-billion type of trade. Your goals should reflect your skills, trading capital, and what you intend to achieve. 

Closing thoughts

This is not an exhaustive guide to help make a better and more successful trader but it does provide a way for traders to be smarter and optimize for better performance and results. There are a lot of factors that contribute to the success of a trader or why trades sometimes take a different direction, but being able to manage ones’ self and focus on the goal will help a trader climb up the ladder of success.

What do you think about this article? Let us know in the comments.

Read and learn more about the crypto market on CryptoTvplus & Earnathon

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