To everyone who asks me what it would be like to trade cryptocurrencies full-time, my answer is just one word - don’t.
Of course, I am not writing this article to demonize full-time cryptocurrency trading, but just to prepare you for your possible choices. The process may be painful, and the results will not be as perfect as the profit screenshots you see on Weibo or other social platforms.
Cryptocurrency trading is a very simple word, and it is a word that people in the industry are exposed to all the time. For ordinary people, it is just a click of the mouse, buying and selling, and other mechanized operations. I think most players are more eager to trade cryptocurrencies full-time. After all, sometimes you can earn a month's salary in just a few minutes with a single order, and you can go to get off work at any time. It's comfortable to think about it. But are you really ready? I think everyone here has been trading for a while now and may have made good progress. You may have made a profit and may have made considerable profits, but you may also have some losses occasionally. Then you may think that if it weren't for some objective factors, you might be even better. Then you start to blame your full-time job, because you complain that going to work can only affect your operations, so you think about what it would be like if you were to trade cryptocurrencies full-time. You start to believe that full-time trading will make your income even higher. If this sounds a little bit like you, then please continue reading.
Trading system Everyone or every trader should have his or her own proven trading system, which is simply a trading strategy, reasons for intervention, and basis for closing positions. Instead of trading blindly based on your intuition and making direct judgments based on your pitiful experience. I think that before you decide to trade cryptocurrencies full-time, your existing trading strategy should have been tested for at least a year or two. The winning rate can be ignored, but the profit and loss ratio should at least be acceptable. If you want to enter this market with all your heart and soul, and pay your tuition with real money that may be your future living expenses, I advise you to give up the idea of naked trading as soon as possible and calm down first.
Funds Reserves It is a very realistic question, can the funds in your hand support you to trade cryptocurrencies full-time? Household expenses and daily consumption are expenses that cannot be ignored. Because after you become a full-time trader, you will no longer receive a monthly salary, and all you have is the profit awarded by the market. In case of continuous losses, can you deal with it calmly? The bear market in the cryptocurrency circle generally lasts for two or three years, and there may be a period of time in the middle when you lose money as soon as you open an order. What should you do in this case? (Don’t say that you can short in a bear market, both long and short are easy to make money in a bull market). Therefore, when you don’t have enough funds in reserve, you should do your job well first, at least you won’t run out of food.
Mindset
There are two kinds of mentality: one is to set the right expectation. When you devote yourself to this market, you suddenly find that the returns are not as impressive as others' orders, and they are just like that in the long run. So don't compare the rate of return with others, because there is never an option of loss in their orders. According to your understanding of trading, set an expectation that you can achieve in the long run;
The second mentality is how you deal with the losses and survive them when there are consecutive losses. This requires you to have a tough mentality, a very strong one, but not a headstrong one. After experiencing this series of losses, your confidence in yourself may be shaken. Imagine if you can still survive the difficulties and regroup and return to the market after losing money for 2-3 months in a row in this situation. If you can't, then full-time cryptocurrency trading may not be your cup of tea.
Cryptocurrency trading is boring, especially the 24/7 trading model of the virtual currency market. I often hear people joking that people who trade in cryptocurrencies and contracts don’t have sex lives. Even if they do, they will check the market between changing positions.
Since virtual currency operates year-round, we should plan rationally and treat it seriously. Once you open an order without a strategy, you may end up with a situation where you can't sleep well, eat well, have sex well, or have fun.
If you think you have what it takes to trade cryptocurrencies full-time, happy trading and may you become rich year after year.