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This page is for educational purposes only and is not financial advice.
Trading is one of the fastest ways to destroy your portfolio if you do not know what you are doing. The truth is, most people would perform better by not trading at all and just holding.
But the people who take it seriously, educate themselves, gain practical experience, and have a strategy can increase profits and mitigate losses.
This page will touch on some essential points to help you get started in the right direction. It takes years of continuous learning and trading experience to be considered an intermediate trader. The topics listed below are things we believe from our experience are the fundamentals people who are new to trading should master. We only provide quick, easy-to-read points; we highly suggest spending hours learning and understanding these points further. There is a plethora of free high-quality information out there.
Emotions are the number one money killer. You will learn to control your emotions with experience, knowledge, and confidence.
Trading is going to test your ability to keep your emotions in check. If you're unable to do that, you will lose.
News will play on your emotions and cause you to make mistakes. Be very careful relying on news sources.
Technical Analysis is a way to use past data to try and predict future price action. T/A is known to help professionals navigate the market.
You can move faster in the market when you have a proven and back-tested strategy. Strategies are the key to controlling emotions and increasing profit.
There are stricter tax consequences with day trading. Day trading also requires you to be at your computer while your trades are in position. Longer-term trading is tax favorable and allows you to catch the more significant moves. The less experience you have trading, the higher the time frame you should base your trades on.
Do not trade with your whole portfolio. You should have long-term investment positions. You do not need to swing for the fences to get life-changing returns. Bitcoin is a volatile asset that historically has had extreme swings every four years.