While the pursuit of any new endeavor comes with a learning curve, the one for becoming a successful Pro Crypto Trader is multi-faceted, to say the least.
But as the old saying goes, “there’s no need to re-create the wheel” – and with trading, the same holds true.
Any person who has excelled in their profession or mastery knows that studying past greats and learning from others who have succeeded in the same area was vital to their future success.
That said, one of the best ways to become a successful pro trader is to replicate trades from current professionals by using their automated crypto trading tools.
Teach a Man to Fish
Sure, one could literally copy live or recently published trades posted by professional traders, but analyzing and trying to understand the reasoning behind those winning trades is where the actual dividends will payout.
Although there are many trading strategies out there, and each professional trader usually has their own (or multiple) to follow, one thing those professionals have in common is that every trade placed is on and with a purpose.
Thankfully, success leaves clues, and there are many other traits that these traders share.
MORE: Best Dreamcast Games
Going Against the Grain
While every trait or action to be listed after this is equally important, this, perhaps, very well may be the foundation that everything else can be built upon.
Successful traders are of a small majority for a reason; they do the exact opposite of what the masses – the large majority do.
This entails various action items with remaining non-emotional and as level-headed as possible being at the top of the list.
Trading is highly psychological, and successful professionals know that market makers (large firms that provide market liquidity, allowing trades to fill at quick speeds) are always one step ahead of the average retail trader looking to take advantage of their greed and lack of discipline.
It’s a bit harsh to picture, but the average trader is just a part of a larger “herd” of traders marching to the slaughterhouse. That’s because they follow the crowd in both cognitive and emotional thinking.
Of course, breaking away from the herd mentality is more complicated than it sounds – which actually leads us into our next talking point.
Planning to Succeed
Successful professionals in this space plan, record, and even review their trades, searching for opportunities for improvement.
Planning trades provides numerous benefits. For one, it provides clarity and a strategy of what to do if an A, B, or C scenario happens.
Another benefit it provides is helping a trader to remain calm and rely on the data in front of them rather than the voices of influence from the market.
Even when a trade doesn’t go in their favor, instead of moving on to the next one, they go back and study their logged trade to see where the mistake was made in planning.
Once they feel as if they have identified the error and also provided a resolution for it, only then will they move on to the next trade, immediately applying their newly learned lesson.
Ego to The Side
Do you want to be right, or do you want to win trades? Are you willing to learn, unlearn and then relearn? Because that’s what it will take.
Most strategies are a continuous work of art, making tweaks and sometimes even substantial changes along the way until finely tuned in.
Placing their egos to the side, keeping an open mind, and adopting a learner’s attitude helps differentiate the successful vs. unsuccessful traders as you have to accept the fact you will be wrong – many times, in fact.
But that’s ok because the road to success is paved with lessons that often present themselves in the form of “failures”; well, to most, it’s failures; to a successful trader, it is just preparation.
Holding on to Winners and Letting Losers Go
Oddly enough, one common problem many traders make is selling their winning positions too early and holding on to losing trades.
Closing a winning position too early could be seen as a “glass half full” type of scenario.
The worse is expected to the point that even when it’s going the way the trader intended it to, they perhaps begin to doubt their abilities as a trader, lose confidence and settle for fewer profits than they had planned for.
However, on the other end of this is hanging on to losing trades too long.
Getting this right requires a delicate balance of confidence and humility that, like most things, will take time to perfect.
But in the grand scheme of things, this doesn’t pose too be that big of a threat for disciplined traders as they practice the next point consistently.
Capital and Risk Management
While the thought of placing ones entire capital in one trade for the possibility of a massive return sounds ideal, it’s not.
In reality, those winning trades that are talked about – the initial investment into those trades was more than likely a small percentage of the trader’s overall trading capital.
It is said that, on average, a single trade should equal no more than 1-2% of the total trading account value.
It takes discipline to follow this rule as unknowingly and unwilfully, it is easy for traders to get overtaken by greed, causing them to potentially over-expose themselves in a trade.
Of course, there will be some trades that will turn out profitable, but avoiding destructive habits such as this is another staple for being able to replicate successful trades.
The ability to view trades on a deeper level other than just how much was profited or lost – the ability to extract the technical catalyst that resulted in profit or loss is essentially the goal.
If you apply these tips and insights to your own strategy, before you know it, you’ll be able to look back and see that you’ve nearly automated your crypto trading.
Senior TV Reporter
The former Big Brother contestant has been working with MarkMeets for 5+ years.
Often spotted on the red carpet interviewing for MarkMeetsTV.
- Social MediaMonday, 27 November 2023, 20:04Threads Introduces Convenient Profile Switching on Mobile Apps
- PhotographySaturday, 25 November 2023, 14:35How to Choose the Right Camera Kit for Your Photography Needs
- EntertainmentThursday, 23 November 2023, 19:52Most Successful Video Game To TV Adaptations
- MoviesSaturday, 18 November 2023, 19:4710 Best Crime Movies of the 2000s Rated