Blog

Jun 24

2020

Trading as a lifestyle: 8 Habits you should cultivate as a trader

It has been an eventful month for all of us at Bitfxt Technologies. We have had coin listings, the launch of the world's first cryptocurrency gift cardmassive partnerships, an upcoming IEO, an ongoing trading competition, an expository AMA with the CEO of Beepmagnet, upcoming coin listings and a lot of head turning exploits. The air is filled with excitement and June is not over yet!.

We will be giving back to the community for all the support thus far so today, you will be learning the various ways to make Trading your Lifestyle. It is important to not just be a trader, but act like one. It is as they say, "when in Rome, do as the Romans do". If you have chosen the path of trading cryptocurrencies, your lifestyle must showcase you as one. This ensures your sustained position as a successful trader. So, if you are finding it hard to adjust to the new system you have found yourself in, first, I'd like to say welcome to trader life. What's next?..... 

Before we dive in, allow me to invite you to the FREE crypto trading class titled Anyone Can Trade sponsored by Bitfxt. It is held every Wednesday and Friday on Zoom and facilitated by trading experts around the globe. Don’t miss out! Join the community using the link at the end of this post..

So, here are eight (8) habits you should adopt as a trader.

  1. Learn and relearn the basics: There’s no end to learning. Continuous education is the key to growth. Even the smartest scientists still study not because they don’t know, but they understand that to retain their position as the best, they have to keep growing in knowledge. Start by setting aside a time to study and read guides and articles on trading. Study charts, observe the market and when you are done, repeat the process.

  2. Seek more knowledge: This goes further than the first point. Now, it’s beyond learning and re-learning basics. You are moving to the level of a knowledge seeker. Follow the news, technological updates, world reports, finance activities, trends, etc. It will make you a well-informed person and people will want to listen to you because they know you are well-rounded.

  3. Think Differently: Successful crypto traders think differently, but what does that really mean? This is the habit that feasibly surpasses every other good habit you adopt. It means that for you to be successful as a trader, you must understand that trading is more than just something you do after work or in your spare time. It requires a change of mindset and lifestyle which will enable you to become the best traders they can be. Realise that you can’t think the same way you did before you became a trader and instead, teach yourself how to live and think like a trader.

  4. Keep a Journal: A trading journal is something many thriving traders keep, because it allows them to record their winning and losing positions and analyze these results. It gives traders an objective platform to better understand their choices and decisions, and where they can improve on their process. It can also be called; Self Scrutiny. 

  5. Socialize: Traders don’t sit in a dark room lit by their laptop all day. You’d only find such a trader in cartoons and images on the internet. When the trading hours are over, traders make connections either through social media or public crypto and non-crypto events. Making connections with other professionals is an important trader habit to cultivate. Not only will it help you feel normal, but it can actually help your career. For one, you never know what relationship you enter into might result in a business opportunity or a way to diversify. Most importantly, other successful people can inspire and give you ideas that you might never have thought of all alone by yourself.

  6. Forgive yourself and learn from your losses: Losing is part of trading. However, while most people may view every loss as a negative event, successful traders understand that you can’t let it affect you that way. To trade professionally, losses can’t be setbacks; rather, they have to be viewed as feedback. So, learn from your losses and move on.

  7. Research: Whenever you find a coin that is gaining and has good volume. It’s generally looking good but you don’t have the full story yet. To help make a decision as to whether to trade or not. Go into research!. Research the company and look for potential catalysts that could be affecting the price, such as a new partnership, listing, previous trading reports, or a new product release. Study about the project as much as possible before launching your trading net. 

  8. Maintain these habits: Sounds easy but it's the hardest thing to do on the list. One of the most important trader habits for success is Consistency. Trading rewards routine and successful traders know this. They make a habit to tend to these good habits that they have developed. It’s easy to get lazy with your good habits and fall into bad ones. Therefore, to really be successful as a trader, you need to make a habit of maintaining these habits day in day out and when you slip up, recognize the slip-up and get back on track!

The above eight trader habits are common among many of the highest-performing traders out there. If you’re a new trader looking to boost your trading prowess, try cultivating these habits as part of your daily routine. Chances are, you’ll notice that your trading confidence improves and surely, the profits will follow. Remember, practice makes progress!

 

 

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