The cryptocurrency market is booming but still has a long way to go before it reaches its true potential. Due to its volatility, many people are afraid of investing in it. We have recently interviewed Someshwar Srivastav, an established cryptocurrency trader, and expert.
During the interview, Mr. Someshwar talks about the future of aspiring crypto traders in India. While sharing his experience, he gave valuable advice to new and aspiring young traders. We have compiled these bits of advice in this blog to help you get started with cryptocurrency trading.
Learn the basics of Trading
Before you jump straight into the market with your capital, it’s very important to learn the basics. Without minimum knowledge, you could get bankrupt on your first attempt. Learning also helps you to do better research and analysis of the market.
Join a Community of Traders
There are many online groups, pages, and forums where both rookie and veteran traders discuss the market. Engage yourself in such groups to be a part of the global trading community. You can ask questions or suggestions from the experts to execute better trades in the future.
Do a Proper Research
Research always helps traders to predict the market. An aspiring trader should read regular newspapers, books, and trade archives to make profitable trades. Keeping a trading journal also helps traders to record new trades and analysis past trades.
Start with Small investments
To become a successful crypto trader, you need to start small. You shouldn’t go all out in your first trade. Invest money that you can afford to lose. Even if you lose money in your first trade, you learn a lot from that experience, which will help you to be a great trader.
Follow a Discipline
Young traders are very energetic and take risky decisions at the start of their careers, which could go either way. New traders need to set their goals, milestones, and rules. Trading itself is a discipline, even if you earn enough profits, you should never break the rules and make a hasty trade.
Keep a Check on your emotions
You need to keep your emotions out of the equation when making trading decisions. Trading could cause monetary profits as well as losses. Follow your research and logic while doing trades. Making decisions based on emotions can lead us into making rash decisions. You can keep a check on your mental health through meditation, reading books, socializing, and getting plenty of sleep.
At a Glance,
According to Mr. Someshwar Srivastav, the future of Cryptocurrency is very promising. The young generations should be encouraged to choose crypto trading as a career option. With its many positive sides, new and aspiring traders should also follow and implement this advice to turn themself into full-fledged traders in the future.