fbpx
Connect with us

Cryptocurrency

How to Gain Fast Experience in Crypto Trading

person using phone and laptop computer

In trading, there are no shortcuts. We must invest time and effort to obtain experience. But let me offer you an example of how to gain trading experience fast. Trading is a skill, as we all know. To be better, you need more exposure in trading. But the question is, how do we do that?

Practice and repetition help us build experience. You will do something again and over again until it becomes habitual. Before becoming a great musician, a musician must practice for hundreds of hours. Similarly, to gain a lot of expertise in trading, you must invest time here. But how long will it take? Professional traders would tell you that it takes three to five years, if not ten years. It all depends on your level of commitment. And they were correct. In trading, there are no shortcuts.

The trick to gaining fast experience in this field is by practising using high-frequency trading. You can hear this idea from experienced traders. You can learn from them by watching their videos on YouTube, listening to their interview podcasts, and reading their published books. Beginners are advised to start their trading journey with a regulated and supported by experts platform such as Bitcoin Superstar. You have to choose what you think suits your needs.

Any time frame (monthly, weekly, daily, hourly, minute) shows the same price activity. When you compare the movement of the 1 minute and daily charts, you’ll notice that they’re practically identical. They move in all directions: up, down, and sideways.

If you’re a swing trader, the daily chart is probably the time window you use the most. In the daily chart, you have to observe the movement of the candlestick and the indicators. However, you will most likely require additional confirmation and will have to wait till the next day. Similarly, you’ll have to wait an hour for the next candle to form on the hourly chart.

You do not have to wait for the candlestick to appear in high-frequency trading. It takes seconds, if not minutes, to notice it. In real-time, you see how price action and chart patterns get formed. On a daily chart, you have to wait for them to form. And you get experience quickly by doing so. Isn’t it straightforward? Yes, however, not all traders are aware of this or practice it. Typically, inexperienced traders enter right into a live crypto account, or those that practice with a demo account initially transition to a live one after 1-2 months, and that’s it. To become a good trader, they will go through the typical learning curve. It also involves trial and error. However, even if you have been trading for a long time, you can still earn additional experience if you practice frequently.

That is why professional scalpers outperform long-term traders and swing traders in terms of execution and market calculations. But as a newbie, it is not ideal to do high-frequency trading and put your money here. It is for the same reason why you cannot learn to drive a Ferrari if you’re just starting. For the simple fact that you are not prepared to handle it and lack experience.

As I previously stated, you must only do this for practice purposes. You can design lines, chart patterns, or other technical indicators you desire. And you will know right away whether your assumptions are correct or incorrect. You have to do this consistently every day. This practice is perfect for busy folks who don’t have time to sit at a computer the whole day. Some people find it helpful to hunt for a 5-minute chart and pretend it’s their weekly chart. Then they go looking for a 1-minute chart and pretend it’s their daily chart.

They keep an eye on them in their spare time, concentrating on the market’s activity. They will get experience in this manner. Others accomplish it in considerably shorter periods, such as 5 seconds. It all depends on where you feel most at ease. In a fast-paced atmosphere, it’s similar to paper trading. It’s comparable to playing basketball without an opponent. You will learn how to shoot, dribble, and pass, and you will be able to increase your overall skill. You can also perform better when diving with an opponent in a live game. Compared to a player who does not practice, the player who does not practice has a disadvantage. It’s the same with trading. If you do it regularly, you will earn experience faster than other rookie traders who do not.

Note that the ideas mentioned above do not serve as professional advice. It is up to you if you want to follow it or not. Remember that the tips and tricks you see on the internet are not automatically correct. For this reason, it is highly advisable to conduct in-depth personal research first before starting crypto trading. Analyse every piece of information you gather critically.

The capacity to make reasonable decisions, undertake technical and fundamental analysis, and handle various elements all play a role in this industry’s success. Every market has its own set of hazards. From a wide perspective, it comes down to choosing which market you want to place your bets in. And for those crypto traders who have already benefited from the digital coin market, the crypto world is the best environment for their money. However, predicting cryptocurrency value is challenging because its price can rise or fall dramatically faster. Many cryptocurrency traders make the wise decision to avoid doing it alone.

The ability of an individual to take a risk will ultimately determine whether or not to begin crypto trading. Some people choose to take a chance and jump to pursue possible fortune, while others prefer to stay put. Patience is also necessary for crypto trading because trading is about perfect timing. If you buy and sell at the right time, you will win. It might require you to wait, but it is worth it.

Stanley Gatero is a writer at Disrupt Magazine. He covers topics concerning technology, entrepreneurship, news, and sports. He is an avid traveler.

Advertisement Become A Crypto Expert

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

Disrupt Prime Video1 day ago

Top 3 NFT Projects under 1 ETH | NFT Disruptors Podcast

A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can...

NFT5 days ago

Polly Kole, The Beauty With Gifted Hands Tycoon Of NFT Sculptures

In a society full of stereotypes, people clinging to appearance and disregarding one’s achievements is the magnificent Polly Kole stunning...

News4 weeks ago

Spider Man; No Way Home’, Crushes Box Office Estimates Generating A Mammoth $253 Million In North America.

After only 3 days in the cinemas, the latest and last Spidey outing disrupted the international market as the highest-grossing...

Cryptocurrency1 month ago

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

Nike, the sportswear mogul, recently stunned the globe as it moved into the realm of the metaverse industry and blockchain...

QR code screenshot QR code screenshot
Diversity in Tech1 month ago

BTC did 62% more in transactions than PayPal this year

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting...

high angle photo of person holding turned on smartphone with tall buildings background high angle photo of person holding turned on smartphone with tall buildings background
Social Media2 months ago

How to Organically Grow Your Social Media Following In 2022

Instagram On Instagram, use Reels to reach new audiences and grow – find popular sounds and use them in your...

gold-colored Bitcoin gold-colored Bitcoin
Cryptocurrency2 months ago

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate...

Diversity in Tech2 months ago

Microsoft Teams, Incorporating New 3D Avatars And Virtual Meeting Spaces Before Mid 2022

Microsoft Mesh has always led as the future of Microsoft Teams meetings. However, Meta, the newly launched Facebook company, is...

Health + Fitness3 months ago

Stephen Campolo – How A Former Fat Kid Transformed His Body And Is Now Helping Others Do The Same

UPDATE: During a recent interview with Yahoo! News, Stephen revealed that he will be speaking at the next Disrupt Puerto...

News3 months ago

Facebook Goes Meta As It Scales Up Beyond Just Social Media

Thursday 28 September 2021, Mark Zuckerberg, the CEO of Facebook, announced Metaverse, a brand for users to interact in virtual...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.