They don't care to take profits because they feel it's probably going to be the same forever, bad news for that; it ain't gonna be the same, and that might actually keep you poor, rotating about the same circle, and then when the market is dropping red, you are rushing out to cut losses.
You, yes you! You not making anything from the crypto market let's be sincere, if you are actually trading the market this way.
How Do I Become The Next Crypto Whales?
That normally should be the question on every crypto investor's mind. Becoming the next crypto whales, one has to employ a level of discipline, patience and willing to quickly adjust to the market conditions by understanding market generated informations.
I will quickly take you through some possible ways to build your portfolio and become a crypto whale 🐳
- Get Crypto Education: The problem with must people is that, they get into crypto without having a single knowledge of how it's works.
It's really concerning how people go to school to acquire knowledge for a specific career for four good years, but they fail to understand that crypto trading/ investment is a career also on it own and requires adequate knowledge to master the market.
You need to learn of how the market works and gain experience to be able to win in this space.
- Discipline: There is no successful crypto whales without discipline. What's is discipline in this context? Discipline is the ability to obey rules and follow your strategy without allowing emotions to set-in. Discipline will help you trade and manage your account as a pro.
- Start-up Capital: Money is one of the reasons why people fail in this journey. Before you get in to trading or investing in crypto, prepare yourself financially.
Avoid investing funds that you will be in need of soonest. Don't invest money you have too many plans for, because you won't stay focused by doing or taking necessary actions on time without emotions setting in.
Invest what you are willing to take risk with. And if you figure out that you are having difficulty taking actions with the capital you have there, then the money probably wasn't meant for trading. My humble advice is that you take it off your trading account and use it to solve your personal issues.
- Have Other Sources Of Income: you can't depend on crypto investment or trading as your only source of income, you might easily go broke. Creat channels of income, so your investment decision will not be driven by emotions. It's very important.
- master technical analysis: you need to master technical analysis which is very important. Technical analysis will help you know what other players in the market are actually doing so you can take a judicious decisions on your actions in the market play.
Now, we have been seeing crypto market depreciating in value, but most people will be led by panicking failing to see opportunities this period has offered.
Smart traders and investors are busy accumulating at key levels, while uninformed traders are busy selling off their holdings to avoid further losses.
The truth is, you can never be rich if you don't have the courage to hold or buy when others are selling ( note; buying while we have a serious sales pressure is disastrous. We only buy at key levels, by means of accumulation ).
Be fearful When Others Are Greedy And Be Greedy When Others Are Fearful:
Explaining the whole secret is simple; be fearful when others are greedy and be greedy when others are fearful, inorder words, distribute when others are accumulating, and accumulate when others are distributing.
That is the only secret of whales. However, you might not have the ability to move the market, therefore, it's necessary to follow the print of other whales in the market.
And How do you follow their print? That leads us to another topic which I will cover on my next article, that is; Volume Spread Analysis (VSA). so on my next article I will be covering VSA and the importance of knowing VSA, but for now, thanks for stopping by, until we meet again.
Image is AI generated