Over the past years, vast number of people began showing interest in investing in Cryptocurrencies especially the younger generation.
This may be as a result of the inflation in local finance sector or perhaps the hype behind crypto trading and it’s handsome return on investment.
Whatever the case may be, I also believe you’re also interested in becoming a successful crypto trader that’s the reason you stumbled on this post.
Who is a crypto trader?
A crypto trader as the name implies, buys and sells crypto assets. There are day-traders and long-term traders otherwise known as investors.
Can you become rich trading Cryptocurrencies?
Yes it’s possible to become rich trading Cryptocurrencies depending on the crypto asset you traded and your risk management skill and how much volume you traded. But no one has ever become wealthy trading crypto.
How do I become wealthy trading crypto?
You become wealthy by holding crypto in other words, by becoming an investor. Crypto assets do appreciate with time, since it’s not a get rich quick scheme as most people perceived it to be. It requires patience to generate wealth in the crypto space.
How to become a successful crypto trader and investor
Without wasting much of your time, I’ll guide you step by step on how to become a successful crypto trader.
1. Learn the basics about Cryptocurrency:
Don’t just jump into the market, first of all learn how the market works, learn how the Blockchain technology works, what the technology has to offer the world and what makes 95% of people that learn about this fascinating phase of finance end up investing in it after studying about it.
Learning on your own will cost you lot of time and money, that’s why it’s advisable to find a mentor. Find someone with a good track record that can coach you to your desired height.
A mentor is someone that has tried lot of things, someone that has done or doing what you want to do. Someone that has failed over and over again and later succeeded. Someone that can teach you to become what or who you want to Become.
Note that it’s not everyone that are successful in a given career path can mentor or teach others. So whenever you see someone that devotes his or her time to teach you especially crypto, appreciate them and try your best to take them serious and also take actions.
That’s the reason Wikeria Crypto University was established to help prospective crypto traders and investors bridge the knowledge gap. It’s certain that there’s a lot of money in the market which is currently valued at over $2 Trillion, but to take part in this booming industry, knowledge is highly required.
2. Belong to a crypto community:
After learning about how the Cryptocurrency market works, the second important thing you need in your life is a viable crypto community.
Why do you need a crypto community? You’ll get updates and be able to interact with other like minded crypto traders and investors.
Don’t just belong to a crypto community but get involved in what’s happening there, follow-up with the news updates and the happenings.
I can remember when cryptopia wanted to shutdown, a notice was dropped in the crypto community I was among at the time, about 6 months before cryptopia was shutdown… people were notified to move out their crypto assets from the platform.
After months, some people came asking that they can no longer access their cryptopia account anymore. Meanwhile they were in the community when the announcement was made but they’ve not been checking updates.
That’s how they lost their crypto assets in the platform. Therefore, always check the updates in the crypto community you belong at least once in a while and also take actions as soon as possible.
Wikeria has a viable Crypto community join and get involved in the activities if you want to become a successful crypto trader. You can also join our Telegram Community with over 300 like-minded crypto traders and investors.
3. Have an objective
The next thing you should consider is whether you’ll be a day-trader or long-term hodler. Both are lucrative depending on the information you have and your risk management skill. Day trading is lucrative, but long-term holding is where the main juice is.
Like I said earlier, no one has build generational wealth day-trading crypto assets.
You need to hold for a good amount of time, for investment to actually yield good result. I believe you’ve heard the story of a man that traded 10,000 BTC for 2 pizzas … 😉
So you need to be ready to keep some assets for long-term to actually make wealth in this space. At the same time you need to know the kind of assets you’re keeping for long-term.
Because, 1 ICP (INTERNET COMPUTER) was over $1250 a year ago, today it’s struggling at $30 😂😂😂
On the other hand, one ETH (Ethereum) was $600 a year ago, today it’s trading at over $3000
So you need to know the asset you’re keeping for long-term.
4. Choose a trading platform
After having your trading objective and target, choosing a trading platform will be the next thing you should put into consideration. The trading platform you’ll choose solely depend on your aim, whether you want to day-trade or you want to HODL for long-term.
Nevertheless, if you’re a total noob I’ll advice yiu stay away from leverage or futures trading 😉😂😂
You can also check our previous article on the Best Crypto Exchanges
5. Have a viable source of income
You also need to have a side hustle or a skill that will be bringing you money that will sustain you till the time you’re financially buoyant enough to retire… lols 😂, especially digital skills that can be paying you in dollars in other to have money to invest in Cryptocurrencies.
Becoming a Wikeria affiliate should be the next thing you should consider and the best decision you can make in order to earn passive income. Wikeria affiliates earn whooping 50% commission on every sales they make. Signup today as an affiliate to make $$ 🤑🤑 to invest in Cryptocurrencies.
Having a viable source of income will not only help you achieve your goals and objectives but will help your crypto portfolio. Because when there’s a source of income, you’ll not be tempted to touch your crypto portfolio when you shouldn’t. 😉😉
Bonus: Know when to take profit:
Earlier on Wikeria podcast, I talked about Why I’ll liquidate 80% of my crypto portfolio after the bull run and I did 😂😂😂
Though taking profit is a personal decision, but you need to learn how to control your emotions and when to convert your assets to stable coin before your assets end up serving as liquidity for others.
The truth is, majority of the crypto assets are useless and aren’t necessary. Most of this crypto projects has huge market capitalization and they’re driven by hype and sentiments, so you need to be able to detect such projects and know when to trade them and when to dispatch them. If not you’ll end up holding bags for a long time.
If you’ve been in the space for a long time , you’ll notice most of this projects, what has happened to Electroneum? Which was believed by many to be the next big thing in the space.
You’ll also notice that most meme tokens flaunt the space and die off after the hype is no more.
You need to know when to bid farewell to such tokens in your portfolio.
The reality remains, trade meme tokens and use the profit to invest in real Blockchain projects that will stand the test of time.
By following the above steps, making money in the crypto space wouldn’t be a difficult task for you. There’s money in the crypto space but you can also be losing money if you’re doing it wrongly. What you need to become a successful crypto trader and investor are:
- a mentor
- a viable Crypto community
- a trading target and strategy that works for you
- a good trading platform
- a source of income.
Success will be your last name if follow the outlined steps.
Don’t forget to enroll in our crypto university to get all the knowledge you need to survive in this space.
Website / Blockchain Dev. | Web3 Sensei | Defi Preacher | Digital nomad | Fisher of men | Dad 😉😉😊😊