Keys to becoming a successful trader in the crypto market. 

1. Trading is NOT glamorous
   1. 90% of traders fail
   2. Trading is a grind
2. Implement risk management
3. Setting realistic expectations
4. Own your failures
5. Master your emotions
6. Understand market structure and master technical analysis basics

Trading is NOT glamorous!

Most people see the flashy crypto twitter influencers and make the wrong assumption that trading is glamours and easy.  While crypto trading can be VERY profitable, it comes with extreme risk.  I can guarantee you every crypto trader has dealt with extreme adversity during his/her crypto trading career.  What defines you is how you handle that adversity.

Trading is a grind. If you really want to be a consistently profitable trader in this market, you will have to grind hard.  Hours of education are an absolute requirement. Studying all forms of technical analysis (TA) and finding what fits with you is key to your success.

Check out all of my FREE Trading Resources Here! 

 Implement Risk Management!

Risk management is what will ultimately lead to your success or your failure.  Quite simply put, if you have a plan and risk management strategy you will likely be successful.  without one, I can guarantee you will fail in the end. 

 The main things to understand in developing your risk management strategy:

• How to manage risk
  • The best way to manage risk is to identify all risk factors that could have an impact on your portfolio.  You will need to understand proper market mechanics and market structure with various forms of technical analysis.
• Asset allocation
  • This is a fancy way of saying do not put all your eggs in one basket and to diversify your portfolio.
• Have a plan
  • The phrase "plan your trade and trade your plan" sums up what many novice traders fail to understand and is why 90% of them fail.
• Understand the risk to reward ratio
  • The risk to reward ratio tells you what reward you will receive for every $1 you risk on a trade. 

Get your FREE guide and beginners series on market structure and Elliott Wave Theory here. 

 Setting Realistic Expectations!

As mentioned before, trading crypto is a grind. If you have false expectations you will never live up to them and will always feel a sense of failure. 

Setting a realistic expectation is extremely important.  This simple step will allow you to celebrate smaller successes and feel a sense of accomplishment more frequently.

You will fail.  How you handle that failure will determine if you are successful or if you end up like the 90% of the traders who permanently fail.  I believe failure is a must in order to become consistently successful in your crypto trading career. 

Own Your Failures!

When you fail, own it. If you are constantly blaming others you can never learn from your mistakes...because it wasn't your mistake.

I see so many people blaming other situations for their losses.  They blame some random guy on Twitter, the economy, the news etc...  In reality the mistake was theirs.  The mistake could have been a number of things. 

• not having a plan before taking the trade
• FOMO
• Not understanding proper TA
• Trusting someone else TA over yours.

Regardless, all of these failures are yours and yours alone.

Master Your Emotions!

Mastering your emotions can be a very powerful tool and one of the best indicators in your arsenal.

When I first started trading, my emotions would get me every time.  I would buy green and sell red based on greed and fear.  In order to combat my emotions, I started to take notes of how I felt and what action I wanted to take based on my emotions.  I would then go back and see how the trade would have turned out.  The majority of the times my emotions were wrong.  For example:

The above example in Bitcoin may look silly.  But I know many people who basically did this exact thing and bought the top and sold the bottom with the exact same sentiment. 

Bottom line, allowing your emotions to control you will ALWAYS end in failure. 

Understand Market Structure And Master Basic Technical Analysis:

When leaning how to become a crypto trader, understanding market structure and basic TA are extremely important.  We have already talked about the most important piece of becoming a consistently successful trader...Risk Management.  Once you have a solid plan, it's now time to master TA.

There are several types and styles of technical analysis. Over my years of experience, I have found that basic Price Action (PA) coupled with Elliott Wave Theory is the most accurate form of analyzing the crypto markets. 

I have put all of these things together in a free mini course and am giving you a cheat sheet to Risk Management by clicking here.  This will be your starting point of building a solid foundation in your trading career.