How to Become Successful In Trading (Crypto and Forex)
You have only used your trading strategy for one month, and you have reached the conclusion that it does now work.
Some people will use a strategy for 10 trades, then become scared to the bones😀. That is not how things are being done in this industry.
I usually make a minimum of 100 trades before I reach a conclusion, and that usually takes about 6 months for swing trades.
Yes, I understand that money is involved, and emotions will be running wild.
This is why I always encourage you to front-test on a demo account for a while. With this, you will be able to understand how your strategy works.
By the time you switch to a live trading account, trade management will not be a challenge to you anymore.
Important Questions for Crypto/Forex Traders
May I ask you one question? when doctors tell you to take a drug, 1 in the morning and 1 at night for 15 days.
Are you going to use it 3 times and complain that the medicine is not working? No
In statistics, are you going to take 3 samples and base your research on them? No
Trading is a science and an art, If you treat it like this, you will make progress.
This conversation will take us to 2 other topics;
1. Risk Management and
2. Win Rate
How much are you risking per trade? You are risking 10% of your account per trade?
Is it 2% per trade?
If you are risking more, you are over-exposing your capital.
I recommend 2–3% for beginners.
How to Test Your Crypto Trading Strategy Successfully
Back-testing your strategy using history data is cool, but I prefer that you front-test it.
The best way to do this is by using a demo account. You need to trade your strategy with real-time price action.
If you do it with specific risk management, after the 100th trade, you can now begin to analyze available data.
Your data will give you a hint about the following
Are you with me?
1. You will have an idea about your win rate after data analysis
2. You will be able to determine a realistic Risk: Ratio
3. Because all trades are timestamped, you will know the best trading session for your strategy. Is it a London, New York, Tokyo, or Sydney session?
4. You will have a clue of trend type that works well with your trading style and strategy.
Do you see it? Trading requires a deep level of knowledge because it is a high-income skill.
But….
Consistency In Crypto and Forex Trading
But you have to be consistent.
You know when you want to do something and you say to yourself something like this?👇
We die here!
If you are not ready to make it a career, it may be hard to have major breakthrough.
Breakthrough in trading does not necessarily mean that you are now a multimillionaire.
You may be making that mistake because you watch too many success stories on YouTube, Instagram, and TikTok.
Breakthrough in my own definition is when you have mastered the science and art of trading to a point that you can consistently earn what you are worth with the skill.
At that level, you are able to handle ₦2,000,000 capital and earn ₦150k to ₦200k per month with your efforts.
This is the ultimate goal of anyone who is into trading.
Top Mistakes of Crypto/Forex Traders
This is where many traders make big mistakes.
You are making mistakes because you want to turn ₦2m to ₦100m so that you can flaunt your car collections.
With this mindset, 6 things will happen to you.
Wait for it:)
This is a trap that you are setting for yourself if your aim is to get rich quickly with trading.
1. You will take unnecessary risks because you want fast money
2. This will force you to incur bad losses
3. Loses will mess with your brain badly
4. You will abandon your strategy when your brain is messed up
5. You will start running from pillar to post
6. You will binge on YouTube videos because you are in trouble, and your head will be completely messed up
Conclusion
Finally, trading is a high-income skill.
When you get it right, you are in the same league with those tech bros around you.
You can hire tech bros to help you code your strategy into an algorithm that can trade as if you are the one in charge.
After 6 years, I am currently at this stage of my trading career.
I wish you success in this industry.
I hope you have learned something from this article.
If yes, give this article 50 claps, leave a comment, and follow me now.
End of my Tedtalk!
About the Author
Ojeniyi Ayobami Abimbola has been trading cryptocurrency since 2015, and he is a blockchain content creator and a crypto coach at Cryptoniche. You can connect with him at: https://t.me/cryptoniche_hangouts
Connect with him on Twitter: https://mobile.twitter.com/ojeniyi_ayobami
Do you want to get passive income for life? Read his last article HERE!!!
I have a Free Gift for You: ‘How to Become Crypto Millionaire Before Year-End.’ Click here to download the book.
Dozens of Crypto content made for you on Youtube, Subscribe now
