LEARN THE LESSONS OF THE RICH GET RICHER CLUB:
Bitcoin’s exchange rate grew from $0.0008 to more than $10,000. Currently, the number of Bitcoin transactions averages over 10 million per month.
What does it take to be successfully RICH in general?
First, it takes a lot of work and effort.
Nothing comes for free. If it does, it isn’t real.
Second, dedication and passion help. Believe in you and in your capabilities. This opens many doors and the gates to success too.
Finally, a bit of luck never hurts. The three combined will make any person successful in his/her field.
Understand the passion, dedication and luck of cryptocurrency. There is a reason that cryptocurrency has become overwhelmingly popular over the years and that 2018 may end up being the biggest cryptocurrency year yet. At the end of the day, not only is cryptocurrency an emerging market, which is attractive to investors, it’s also a bet against central banks, which is attractive to the masses.
So, it’s no surprise if everyone wants to know how to get into the crypto market. However, when to do it, what you need to learn about it before taking that final step is VITAL to equation of how to succeed in it. Here are a few tips to follow to help you make money consistently through one of our favorite axiom’s, “knowledge is ALWAYS power.”
WHAT DOES IT TAKE TO BE SUCCESSFUL IN CURRENCY TRADING?
If you want to become a card-carrying member of the rich, get richer, club, you must embrace loses. Losing is part of the game. Winning is part of the same game, too. The market is made of real people, with real money. When the stop loss gets hit, you realize things just got real. If we embrace losses it means we can learn when to expect them because everyone knows that you can’t be right one hundred percent of the times.
Psychology in cryptocurrency money making plays a vital role. Calculate your steps, the risk, and the reward. This way, you’re a step closer to learning how to become a member of the rich get richer population.
There’s a saying that the market is like a beautiful woman. Ever changing, has an aura of mystery, and everyone’s fascinated. Yet, no one truly understands it. With cryptocurrency, some people expect to become a millionaire overnight. Don’t fall for that trap. It’s not even possible. If you treat the market with respect, you’ll get respect back.
To treat it with respect, you must learn how to make a profit. Technical and fundamental analysis of the market helps.
WHO CAN YOU TRUST?
When trading cryptocurrency, or any other asset for that matter, research is key. However, it’s important to be wary of where you are getting your information. Unfortunately, in the cryptocurrency space, there are several biased sources out there. So, make sure that when you do your research, you are only getting your information from reputable, well-established brands and companies.
CRYPTOCURRENCY IS NOT THE GAME OF MONOPOLY
While some try to make cryptocurrency out to be a get rich quick scheme, so they can buy Park Place and Broadway, that’s not what it really is. At the end of the day, like any other asset, building wealth through cryptocurrency will take time. So, don’t set your sights on reaching the penthouse suite, at least not yet. Instead, set realistic goals and create an investing plan that will help you stick to those goals.
DON’T MAKE YOUR DECISIONS IN A PANIC
As mentioned above, the world of cryptocurrency is a very new, emerging market. As such, there will be chaos from day to day in the prices of these virtual currencies. The key is not to panic. Don’t make knee jerk decisions based on emotional responses to what’s happening at that particular moment in the market. Instead, take it slow and steady, kick the emotions to the curb, and make well thought out decisions when making your trades.
ATTEND WORKSHOPS AND CONFERENCES IN CRYPTOCURRENCY SO YOU KNOW TECHNICAL INDICATORS AND DON’T CONSIDER YOURSELF TOO COOL FOR SCHOOL!
Because the cryptocurrency market is so new and volatile, it’s important that you take a technical approach to trading. At the end of the day, technical indicators will give you more accurate signals in the cryptocurrency market than fundamental data. However, don’t forget the fundamentals if you’re going to take your trading to the long-term level. Finally, as with anything in life, the more you learn about the cryptocurrency space, the more successful you are likely to be when investing and trading within it. So, any time you have the chance, take a moment to do some research, take some classes, participate in workshops and conferences to learn about the industry, trading strategies and more.