What you need to know to become a successful crypto trader

Becoming a crypto trader is all the rage, but before you get started, you need to use the right weapons.

The world of cryptocurrency investors is growing day by day, as you can imagine. Among them, many opt for crypto trading. Moreover, we have seen this phenomenon grow for about three years. The consequence is that the cryptocurrency space is expanding and altcoins are experiencing a period of stability and an increase in their usage.

Trading in general and trading of cryptocurrencies has created new rich people, crypto-millionaires thanks to astronomical gains made in particular through hodling. Likewise, more and more traders are showing off the crazy amounts of money they earn trading cryptocurrencies on exchanges. However, this gives newcomers the idea that earning is easy and effortless on these platforms.

Many people, referring to the new cryptocurrency millionaires, believe that you just have to join to join this circle of millionaires.

It is true that crypto has created many millionaires but it will be necessary to temper a little because you must first train and inform yourself before making any gains. So, this requires an investment of time and money.

To become a crypto trader, you will need willpower, patience and good use of your information.

Given the volatility of cryptocurrency, we are never safe from unpleasant surprises linked mainly to a lack of training. In the world of cryptocurrency trading, everything is linked to controlling your emotions coupled with knowledge on the subject. You see, I remember holding an equivalent amount of bitcoin worth €2800 at a certain time, but one fine day the “catastrophe”: fall in the value of bitcoin imminent. I saw everywhere that many people were selling wildly. Instead of panicking and selling, I kept my cool and held onto my Bitcoins until a parabolic rise occurred, swelling my portfolio to 6000 euros.

Cryptocurrency goes through cycles and only insiders know how to deal with these cycles which recur most often. This is to tell you that crypto trading, contrary to what many people say, is very predictable. You just need to be an insider and have the right information. Yes, a trader who knows how to read charts will know the future trend with less precision.

Bitcoin is the dominant cryptocurrency, as you probably know. Ethereum follows by being the first platform to offer what is called the Smart contract. Let's be realistic, we cannot hope to invest €1 and expect a return on investment of €5000 unless we go for years without touching it, waiting for parabolic growth of the token in which we have invested.

I won't discourage you by telling you that it will be impossible for you to double, triple, quadruple your winnings. I just want to say that with a well-developed trading ecosystem at present, it is becoming more and more difficult to adopt this strategy of waiting for a meteoric rise because investors as well as crypto trading robotso work on the market extremely quickly. In fact, you have to train yourself to detect the movements you are looking for.

Similarly, there are also " market manipulation". This market manipulation wanted by the famous "whales" - who represent people who have a huge capital of bitcoin - is quite vicious. In addition, it is accentuated by the media, rumor, social networks with crypto Youtubers who are sometimes paid to panic the uninitiated who will rush to sell and thus allow big investors to buy back small to sell bigger later. You see?

This is why we talk about market manipulation. These are not natural movements. They are caused by unscrupulous and certainly corrupt traders. 

So, to succeed in crypto trading, one cannot claim to come in the first day and become rich in the first month. It was possible yesterday but not anymore. The age of crypto golden boys is over (right?). For an uninitiated person, asking them to invest over a period of 5 years can take an eternity and yet it is necessary because it is long-term investments that can be more profitable. This is if you are looking for long-term returns and in this case, I invite you to read crypto to invest . That said, if you're here, it's because you want to learn more about trading, right? Are you indirectly wondering if you can make money from trading?

To answer the question of whether you can make money with crypto trading, we will certainly say that it takes some flair and some training. Better yet: mastery of information. Train yourself and get the information (the right one) to be able to surf well in this wonderful world of cryptocurrency.

In fact, to become a good crypto trader, you must first know how to inform yourself. That's the basis.

The Best Cryptocurrency Tools and Information Sites to Become a Successful Crypto Trader

I said that to succeed in the world of cryptocurrency, you need to train, get informed through the best sites but also have the right tools. For this, I have put together a list of the most useful sites for a trader:

• http://www.coindesk.com : It is an information site to be 100% informed of what is happening in real time in cryptocurrency.
• http://cryptopanic.com : It is an assembler of various crypto information sites. There is a pro and free version. If your goal is to do day trading, this is really the site that I recommend.
• http://coinmarket.cap : It really is the best of the best. There you will find information on token prices, the transaction volume of these crypto tokens, the market and a top list of what is the best. You won't be able to do without this site if you want to have the right information.
• http://cryptomaps.org : On this site you have a price view by segment, i.e. price dating and information on imminent ICOs.
• http://onchainfx.com : You will find just 61 cryptos there but with frequent updates on new tokens. You will also find better capitalization of the crypto market.
• http://icotracker.net : Add this one to track upcoming ICOs on the market. The must is that this site informs you about the issues, the teams and the financial information with a note for each ICO.
• http://solume.io : This site intervenes on Twitter to compare the number of mentions by mentioning their upward or downward trend in relation to the price variation.
• http://eveningstar.io : This site will be useful for you to deepen your information.
• http://bitcoin.tax : If you're not American, this doesn't concern you. It is useful for calculating taxes and also indicates trends.

Cryptocurrency forums useful for crypto crossings

They are invaluable sources of information. Yes! The ideal place to pick up some secrets from insiders who have succeeded in the field of cryptocurrency.

• Bitcoin talk : It's a place where professional traders like to meet to discuss and pass the ropes. Here the discussions we have are of high quality unlike some sites. We come hungry for information and leave satisfied.
• Steemit et medium : There is a proliferation of blogs on the crypto world and you will certainly find someone talking about your crypto token.
• Twitter, Reddit  can be useful for you to have information on your choices of tokens.
• /biz/ on 4chan : It's really a world apart, but still useful. They do pump and dump which can waste your time if you have experience as a trader.

 

Portfolio monitoring and tracking tools for your investments

Here, I will just list some of the most relevant ones:

• Delta: I recommend this application which is widely used among traders. You can download it for free..
• block Folio : A bit similar to Delta and equally recommendable.
• Cryptoport : You will be able to import your positions (your API access). I recommend because it is very useful for crypto trading.

The list is not exhaustive. There are other sites like Altpocket, Coin tracking and Cryptopanic that are useful for tracking your crypto portfolios.

Moreover, I invite you not to start trading cryptocurrencies without being well aware of the risks. I invite you, for example, to test on platforms with virtual money initially, if you want to become a profitable crypto tracer.