BEFORE becoming the best trader you can possibly be you have to have the right mindset.
A question mostly asked is how can we develop the RIGHT MINDSET as a cryptocurrency trader.
Most of us have entered this space for all the wrong reasons. And we can hardly be blamed.
"Social media gurus" told us trading would be an easy thing. Being rich is even easier.
Truth is trading and being an experienced investor is one of the hardest professions there is.
Here's a list of people you should follow in the crypto space, but obviously not following anyone blindly!
Trading is NOT a "get rich quick" scheme.
It takes a ton of patience, discipline and you WILL fail multiple times first.
Truth is if you enter this space you are not going to be financially free, let alone being rich in a couple of years.
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Reading this and you still decide to stick around?
Congratulations you are well on your way and in a better starting position than 80% out there.
Know you will run into obstacles along the way (greed, fear, revenge, FOMO).
You need to embrace these "learning mistakes" and face them head on. Your obstacles are ultimately your experience.
When you win you will feel like a king, when you lose you will feel like a dumbass.
LOSE these feelings. A successful trade can still be a bad one (revenge trade) and an unsuccessful trade can still be a good one (rules and strategy).
Every trade should be the same.
Don't underestimate the power of your brain.
It's the only thing that will completely decide your success and failure of being in this industry.
Your main focus should be:
Personal development
Self awareness
Curiosity and discipline
80% of ALL traders quit within the first 2 years. Nearly 40% quit after 1 month. Within 3 years only 13% remained.
I've seen a very strong pattern between successful traders and quitters.
Quitters told me from the start IF I don't make money after x amount of time I'll quit.
Some of them even with very "acceptable time frames" like 2 years.
The "winners" however didn't care how long it took. Why does it matter if it takes me more than 10 years?
Whether I quit or not I'll be working more than 40 years anyways. Quitting earlier doesn't change that
While no one can blame you for quitting something that doesn't work out for you (yet).
For the "winners" out there, there is no plan B. There is no what if. It just has to work.
WHATEVER IT TAKES.
Learning this profession is highly rewarding BUT are you really ready for it?
Trading will be unlike anything you have learned before. Feeling great today and absolutely miserable the next day (emotions do get better).
IF you can handle it however you WILL be rewarded.
And finally the best tip out there to get through it all is don't do it for the money.
Pursuing the profession itself, the beauty of it will be the thing that keeps you going.
Otherwise you'll have a tough time to keep going when there's no profit after years of trading.
Still here? Still motivated? Still want to push yourself to be a better trader? A better investor?
Congratulations. YOU HAVE WHAT IT TAKES! 👊
If you are into crypto and looking to hold up discussions, join communities and network better with traders and crypto enthusiasts from all over the globe, you should definitely check out Our Crypto talk.