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4 Skills You Need: Is Cryptocurrency Trading The Right Career For You?

11/23/22 · Analysis · This is not a financial advice
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Cryptocurrencies seem to be the single one thing that is commonly shunned across the political spectrum.

But the reality is that the amount of people who get interested in some form of crypto is consistently growing and still haven’t shown signs of slowing down.

Quite naturally, this has led many people to try and see if they have a potential career in crypto trading. After all, crypto trading is (still, for now) open to absolutely everybody independently of your geolocation or qualification.

A lot of people who would like to try trading but are unsure whether or not they have what it takes.

I’ll go through the things I believe to be important for such a career so that you can better decide if it might be the right path for you.

1. Crypto and volatility

Stock markets and day trading have always been relatively volatile, but cryptocurrencies are in a different ballpark completely.

There are massive fluctuations not just on a daily level but also hourly. There is a lot that can go wrong but that also means that there is a lot that can go right.

There are people who enjoy trading cryptocurrencies particularly because of this volatility, but it’s not a good fit for everybody. A coin can go down in price by 50% but it can also double in price at that same time if things go right.

If you are afraid of volatility then you may wish to steer clear of cryptocurrency trading, however, if you are able to accept it and utilize it to your benefit then you may be able to have great success.

This is one of the most basic traits for any good crypto trader and possibly even the most important one. Being able to utilize to your benefit things that are considered downsides by most is a very powerful ability and if you have it then you certainly have potential in this field.

2. Excellent market awareness

This one ties into the previous case about volatility somewhat. It’s important for you to be aware of things going on in the world and how they can affect cryptocurrencies.

Wars, new laws, economic crises, and many other things can affect them. Knowing when to buy and sell based on these factors is very important and is one of the things that can lead to the biggest profits if done well. Always check the latest crypto news now.

3. Hunger for knowledge

Computer technology in general is ever-evolving but this is even more true for novel inventions such as cryptocurrencies. The industry is very far from stable, projects vanish, companies go bust regularly and there is a lot of fraud.

Every single day something new is introduced that could have a massive impact and shake the scene up. Being hungry for knowledge and willing to constantly learn new things is all but necessary if you wish to keep up with other traders and the constant changes and evolutions that are made.

Having an all-too consistent strategy is a consistent way to lose eventually. It’s very difficult to be a one-trick pony in the world of cryptocurrencies as you really need to switch things up, be willing to take risks, and try new things depending on the situation.

Being fearless and willing to make new ventures is a trait of all good traders, not only in crypto but with stocks too. No one has made massive cash in trading without taking at least some risks during their career.

4. Some math proficiency

Last but not least, don’t underestimate the power of math. You don’t need a PhD but it’s important to know enough to understand the laws of probabilities and to track your money well.

While math is more of a bonus that can greatly help, it’s also true that the odds that determine whether you will succeed or not can be pretty tight. Every little advantage can end up making a difference.

In general, being good at math and statistics even at a relatively basic level is very helpful for traders as it helps with planning and figuring out when to buy and when to sell.

You can certainly get by without these skills but we recommend honing them if you have everything else on this list and wish to get into trading. It may take a while to learn them but they’ll certainly help you a lot in your career and we believe that it will end up saving you from unnecessary losses and allow you to make more profits in the long run, math is always a worthwhile investment in our opinion.

And that’s it. I hope that now you know whether or not you have what it takes to be a full-time cryptocurrency trader. If you do wish to become one then I wish you the best of luck.

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