In the crypto space, there is a popular though not confirmed saying that states that; only 2% of cryptocurrency traders are profitable and the rest are just ‘noise makers.' 

This surely won't be your case if you can read through this article, as I will be spilling the secret that most successful traders don't want you to be aware of.

UNDERSTANDING CRYPTOCURRENCY TRADING.

It'll be a mistake of mine If I conclude that you haven't heard of the word "Cryptocurrency trading."

But it will only surprise me if you understand what it means.

Cryptocurrency trading is the process of buying and selling cryptocurrencies through crypto exchanges.

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The Crypto market can be related to the stock market as you can day trade and engage in long-term investments in both markets similarly.

HOW YOU CAN BE SUCCESSFUL IN CRYPTOCURRENCY TRADING.

Here we are! I know you'll be expecting some magic tricks or secrets, sorry to disappoint. Successful cryptocurrency traders never followed any trick or secret hack; rather, they followed principles that have been proven to work and will continue to work for anyone who has the discipline to learn and implement them consistently. I have 5 of them and I'm sure they'll be of help to you.

1 EDUCATION AND NETWORKING: Pro traders understand the value of constant learning and as such, they try their best to learn, relearn, and unlearn every day. They understand the fact that the crypto space evolves daily; so, they are required to be updated with the latest trends and information concerning the market. I’m sure you’ve heard the saying, “Your Network determines your Net Worth.” Successful crypto traders do not joke with the concept of networking as they see it as an opportunity for massive personal growth and the creation of outstanding innovations.

2 RISK MANAGEMENT: Successful crypto traders understand that there’s a great probability of losing their trading capital in a trade, and as such, they have strategies they use to protect a good portion of their capital if the trade goes against them. There are many of the strategies, but I'll share a few effective ones with you.

• Position Sizing: Pro traders refrain from using a substantial amount of their portfolio to trade because they are aware of the high volatility of the market, and the possibility of losing their trading capital is high. So, they trade with the amount they can afford to lose.

• Stop-loss Order: Successful crypto traders leverage the use of stop-loss. This feature in most crypto exchanges, helps to automatically sell the cryptocurrency when it is going against the analysis of the trader.

• Take-profit order: Similar to the stop-loss feature, pro traders use the take-profit feature to sell their cryptocurrencies when they reach a certain amount. This helps them to overcome the spirit of greed that lives in most traders. 

• Staying Updated:  It's hard to see a successful crypto trader who does not prioritize staying Updated with Cryptocurrency news. Why do they do this? They understand how news and pronouncements can affect market prices. Due to this, they stay updated regularly so as not to lose their trading capital or miss out on a big opportunity.

1. DEVELOPING YOUR STRATEGY:

Successful cryptocurrency traders scrutinize and develop their trading strategy by having a deep understanding of the market structure, technical analysis, risk management, and adaptability of market conditions. Some of the effective trading strategies most successful crypto traders use are as follows: 

• Swing Trading Strategy: This strategy involves buying cryptocurrencies for a short period usually some days or a week interval, depending on the analysis of the trader.

• Scalping Trading Strategy: This strategy involves the buying and selling of cryptocurrencies within a very short period to collect little profits. This movement is usually done between a few minutes to an hour. Successful crypto traders are very quick to notice opportunities and then strike fast. This is taking advantage of the short volatility of the market.

• Technical Analysis: This strategy centers around the study of past market data i.e., price chart and volumes, to help predict the future price movement of a particular cryptocurrency. This is based on the notion that past market conditions can influence that of the future.

• Fundamental analysis: This strategy involves thorough research, study, and a deep understanding of a particular pair of cryptocurrencies. Successful traders make their trading decisions based on the information they can get about the cryptocurrency. This is a simple, yet powerful strategy used by most successful crypto traders.

4 EMOTIONAL CONTROLS: Having control of your emotions is imperative to increase your chances of success in the crypto space. Emotions like greed, fear of missing out (FOMO) and fear of losses have made most traders stay steadfast in a losing position and exist quickly in a winning position. Successful crypto traders master and control their emotions by developing a trading plan, learning from their losses, and implementing risk management. This helps them make informed and unbiased decisions in the market. They are capable of spotting out the difference between trading and gambling, and as such, increase their chances of winning in trades.

5   SECURITIES: Of what use is it, when all of your hard-earned assets are stolen all of a sudden by an unknown hacker? It's so sad that most traders invest a lot in learning how to be profitable in the crypto space but put little or no effort into learning how to secure their portfolio. Successful traders store their assets in a cold wallet or drive instead of leaving them in the crypto exchange where the cryptocurrencies were bought. Most cryptocurrency exchanges have indeed leveled up their security systems a bit, but it doesn't deny the fact that they are still prone to hacking. Storing your assets in a cold wallet or drive is the most effective way of protecting your assets. However, if you lose the password or passcode; I'm sorry, you can't have access to your assets. This is why it's imperative to encrypt those passcodes in a hidden place that you can easily remember.

It's no longer a new update to you of the high volatility in the crypto space which can make or mar you in a short period. If only you can follow all these you've learned today, I assure you that your chances of success in the crypto space will be high.