Hackernoon logoWhat do you need to know to start crypto trading? by@tanveerzafar

What do you need to know to start crypto trading?

Tanvir Zafar Hacker Noon profile picture

@tanveerzafarTanvir Zafar

#INFLUENCER #JOURNALIST

Trading has long been the Holy Grail of many seekers of freedom, joy, and truth. With the finance that can be generated from trading, opportunities are limitless. 

However, despite its visual simplicity, trading is a serious craft and requires a lot of time, concentration and effort and going uneducated may result in devastating experience.

What about pro crypto traders?

"A crypto trader uses trading technology to find the best cryptocurrency market signals and find the most profitable trades."

Imagine what kind of opportunities professional trading offers those who are seriously qualified. Pro traders earn thousands of dollars but they all started from something. Someone from a private trader, someone from a hedge fund apprentice, and everyone is united by one thing - the knowledge they received. But the responsibility for managing other people's money is higher. One way or another, professionals really make thousands or even millions of dollars (even though 95% of them fail due to not being competent enough). 

The truth is, money opens a lot of doors that may very well lead to the ultimate meaning of life: hanging out with beautiful people, racing fast cars, traveling the world, eating at good restaurants, having your own property, and so on. In short, joy. The meaning of life is joy. And, prosaic as that may be, money is the key to it. 

One problem here is that becoming a good trader takes a lot of education and experience where knowledge is primary.

The second is that trading is a famously stressful profession. Especially day trading, which is notorious for giving people twitching eyes and all sorts of stress-related illnesses in the long run if they’re not careful. 

What are the essentials of crypto trading?

Those traders that did get to the top obviously did something right. Below I will briefly discuss the essentials that are required in order to become aware of what cryptotrading is.

The chances of blindly making money on crypto are the same as the chances of staying alive after crossing one of those German highways with no upper limit on speed. However, the second example is a great illustration of how a professional makes money. What are the rules? 

Don’t go in uneducated

Making serious money trading takes a lot of knowledge. God forbid you take out a loan and get liquidated before you know what happened! Or maybe you prefer to rely on RSI and you don’t know it only turns out  to be right 13% of the time. 

Finding the material to read is usually a pretty big deal. It takes a lot of time and effort. For that reason, Nominex designed a complete education course designed by pro traders whose sole purpose is to leave you with not a single question at the end. The course consists of the basics every trader 100% has to know and provides the platform to test the knowledge. It allows to: 

  • Understand the basic principles of trading in the crypto market, 
  • Get your first cryptocurrency
  • Earn to conduct buy / sell transactions in an online trading terminal
  • Take part in a free tournament with a prize pool

The course offers a whole polygon for demo trading. Remember: fail to prepare=prepare to fail. Below are the main features of the course.

  • You can watch each lesson even during your morning coffee
  • 10 lessons of training + Exam
  • Duration of the lesson - up to 15 minutes 
  • More than 30 articles with examples and detailed explanations
  • In the course you will gain unique knowledge about how to start making profit from trading
  • The coolest education integrated into the product on the market, tips, onboarding, a full demo mode so even a child can become a crypto trader
  • Demo tournaments with a prize fund of 1120 USDT + 109 NMX. First place - 500 USDT in trust management + 30 NMX
  • Demo mode 10,000 USDT in trust management

The course is suitable for:

  • Crypto enthusiasts

If you already know how to use crypto, but have not figured out how to trade on the best crypto exchanges

  • Hodlers

If you you store your crypto on your crypto wallet or on the crypto exchange, but want to profit faster

  • Crypto investors

If you are looking for a new investment asset with higher return and higher risks, or you want to understand what forces are driving the crypto market

  • For those who are looking for a new source of income

Add another trump card to your skills, this is the ability to find the right moment to buy at a low price, and sell at a high price. This will provide you with earnings from anywhere in the world 24/7

  • Traders in traditional markets

If you know how to trade in any markets, for example, in the stock or forex, then it will be useful for you to learn the peculiarities of trading on the crypto market and diversify your risks with more highly profitable assets.

  • For those who wanted to learn how to find the best cryptocurrency exchange

If you've wanted to learn how to trade for a long time, this is an excellent basic practical course that will give you the right basics.

  • For beginner traders

If you already have a little experience in trading any assets, but you would like to deepen your knowledge and practice new knowledge

Preserve, don’t chase big wins 

The goal of trading is capital preservation. There is no point in doing good for 6 months and then betting $30 000 on red and losing a lion’s share of the money. One idea is to make money sensibly and put away half of your profits into a savings account every day (hopefully with Nominex, not Barclays,  but more on that later). 

Get risks down to a minimum and maximize your dividends by protecting your capital every day and making (possibly) small but steady gains. 

Therefore trading with no more than 10% of your capital is a good idea, and maybe you could contemplate taking out insurance like that which Nexus offers. It’ll cost you a couple of percent,  but in terms of being prepared, there’s hardly anything better. 

But if you are not only up for trading but also for making some Xs don’t engage into new projects for more than 100$, until it is evident how they behave. 

Notably Nominex.io launches its own DeFi token that not only offers tempting personal staking opportunities, but also introduces a unique team yield farming system that is definitely worth taking a look at, especially by people who specialize on affiliate programs.  

Learn to relax

Though this is one of the last items on the list, it’s one of the first in terms of priority. Getting adequate rest before you get tired is statistically the best way of being the most effective at what you do. 

You may think you’ll just put in 110% for 12 hours for 6 months, and it’s just your way, but making even small breaks for (for example) meditation has been proven to drastically increase results and improve mood and satisfaction almost immeasurably. 

You can ask Google’s employees, whom Google asks to meditate every day. For a reason. If the best company out there is doing, why shouldn’t you? 

Watch the news and make sure you’re caught up on the events 

News has a lot of influence on the price of coins. Make sure to subscribe to news websites and allow push-up notifications so that you’re constantly in the know. Also always look after what the most powerful crypto influencers are forcing at the moment. Sometimes their words can drive the price up and down. Staying current is one option. Being dragged by the current is the other. It’s a binary choice. 

Finally 

Well done for reading this rather intense article to the end. Now you’re reasonably armed, you’re in a better position to start making intelligent decisions. 

If you want an all-inclusive package, Nominex will always be there for you with the all-you-can-eat educational course. Happy trails! 

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