Trading Your Way To Wealth

By Sapphire | Sapphire Crypto | 30 May 2022


You Only Have Two Options

If you are an average investor with modest capital there are only really two viable paths to wealth in Crypto. Either, you do your best to identify the next 100X projects, or you trade your way to wealth. The first is very much a gamble, as the future is unknown. I, however still do my best to try and identify these projects. I have managed to spot a number of gems in the past and do my best to continue doing so into the future. However, I never place all of my eggs in one basket and so have multiple strategies in play. One of these is to compound a few trading accounts into sizable allocations that are then able to produce ongoing income.

A Common Misconception

The only issue with this strategy is that everyone thinks that they can do it. Trading requires both knowledge, experience, and skill. Generally, the path to attaining this “qualification” is avoided by most because they somehow believe that they will simply succeed. Markets often take very experienced traders by surprise. You can imagine what happens to those who simply start buying and selling based on emotions. Why do I say emotions? Well, if decisions are not based on data and analysis they can only be emotionally based. This reason right here is why 80% to 90% of market participants lose money.

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For Those Eager To Start

For those wishing to begin trading, I would advise doing an introduction to trading. As well as learning basic pattern formations. This will at least give you some type of foundation. It’s Always a good idea to practice what you learn by making use of demo accounts. Demo accounts are credited with virtual funds and so you are able to experience “real” trade outcomes without incurring any loss. Obviously, when you eventually do begin trading with your own capital you may not trade the same. When real money is at risk your behavior will be somewhat different, I can guarantee that! StormGain offers a demo account where traders can trade with virtual funds. A great way to develop strategies without utilizing your own funds.

Hodling

Buying quality projects and hodling for the long term is always a good strategy for the investor who doesn’t want to be too active. However, there are those who wish to accompany their hodl portfolios with a trading portfolio. I think this is a great idea, as everything is not reliant upon the performance of one approach.

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A Benefit To Trading

A very important benefit that the trader has over the hodler is the “downside”. The downside is good for hodlers to accumulate more but it does cause their portfolios to drop in the short to medium term. Traders on the other hand can benefit here by shorting the market and actually make money where hodlers are busy losing. The best is to play both sides. Have your hodl portfolio as well as a trading portfolio. Always look for the win/win scenario.

Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

This article was first published on Sapphire Crypto.

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Sapphire
Sapphire

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Opinions are my own and not financial advice. Sapphirecrypto.org


Sapphire Crypto
Sapphire Crypto

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Opinions are my own and not financial advice.

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