Can you get rich trading cryptocurrencies?

Can you get rich trading cryptocurrencies?

By jordanjnr | Crypto Digest | 10 Dec 2019


This post took quite some time and effort to put together. I'd love a tip and follow to encourage my work. Cheers!

The straight forward answer is yes.

In fact,you can get rich trading anything once the price of that thing fluctuates,and you have a strict plan.

The rule is simple: Buy low,sell high

But so many people fail to follow this simple rule,easy as it may seem.

And it's not entirely their fault.

It's 99% their fault,but the remaining 1% can bee attributed to FOMO,FUD and a dose of pure,undiluted greed.

Now,for context,I haven't gotten rich trading cryptocurrencies personally.

But I have made massive profits. Really massive profits.

I have also made massive losses,part of which have prevented me from becoming rich off crypto(my definition of rich is surely different from yours. Rich to me is yellow lambos,and yellow lambos only🙃)

So what are the things you'll need to become rich trading crypto?

Well,I'll recommend four things below

  • A great education(extremely important)
  • The right mindset
  • Lots of practice
  • A sound plan that you stick religiously to

Basically,you'd need these 4 things to get started.

You'd obviously need capital,but without these four things you're as good as without capital anyway.

So where can you obtain these four things?

Well, there's a lot of free material online where you could get a good education,but I wholeheartedly recommend you pay for actual lessons. 

When you pay for something,you value it more than what you didn't pay for.

You may have great PDFs on your computer that want to share knowledge with you,but you postpone your learning to pig out in front of the TV binging a terrible episode from Arrow Season 8.(Arrow is trash. Get over it)

But if you paid for those PDFs instead of your CW subscription,the fact that you exchanges something of value for them would be a good enough incentive to get up and go read them.

Therefore they have more value to you.

Also you'd need the right mindset.

Read the news,but don't believe it until you've done your own analysis. (That's why great education comes first)

And don't follow any crypto enthusiast on twitter. Just don't.

You can get great analysis tools from Coinmarketcap and Crypto Telegraph,both of which share amazing insights and forecasts that are majorly true.

You'd equally need a great deal of practice. Remember, practice makes perfect.

Also remember that you should never trade cryptocurrencies until you've practiced a full 3 months in the least with a demo account from your exchange.(Luno offers this option in some regions)

Lastly,you'd need to formulate your plan(this is why practice comes before planning).

You will follow this plan religiously and you will not deviate from it.

Even if the market keeps on going up after you've sold,you know you locked in the amount of profit you wanted because you followed your plan.

Don't give in to FOMO and fake news.

Don't have FUD.

Don't be greedy. You'll always lose something once you're greedy.

Also,never read anything John McAfee posts  on twitter. Really.

This post took quite some time and effort to put together. I'd love a tip and follow to encourage my work. Cheers!


jordanjnr
jordanjnr

Hello! I am a Blockchain enthusiast,bitcoin investor,CEO of BigTycoon group and I love crypto! Hit me up @TycoontechBlog on twitter!


Crypto Digest
Crypto Digest

Daily crypto news, updates and possible price fluctuation directions sound good to you? You're in the right place if that's the case. Please, always remember that we are not analysts....do your own research!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.