Been trading crypto for 6 years.
But early trading mistakes set me back a lot.
1. Save More Money
I started trading with 500. It was the 2017 bull market so that went up quickly.
Turning a 500 --> 5000 is A LOT harder than just making 4500 in crypto...
You can 10x your portfolio with a fraction of the work.
Save Minimum: 5000 ideally 10,000
This doesn't have to be crypto; save, spend less, sell items around the house
Follow me and drop me a DM for a free guide on how to go 0-10k in crypto.
2. Simplicity Wins
New traders think they need special indicators and a strategy that looks like a PHD Mathematics formula.
This is a lie gurus tell you to sell to you.
The basics are all you need.
New traders master;
- Moving Averages - Risk Management - Psychology
That's all you need to become a profitable trader.
I've also released some courses on all of them.
3. Don't Do It Alone
I did everything alone for 3 years.
Just free online resources and my own data.
This was cheap in but EXTREMELY expensive in time.
I learned more from a few calls with experts than I would in 6 months of trading alone.
Look for someone who's done it before
A good mentor will save years and increase your probability of success.
It helped me so much I started a podcast with over 50+ millionaires, traders and investors.
I also guide aspiring traders in my free telegram group.
4. Keep a Journal
Trading has lots of fun things.
Journaling is not one of them.
At the start I just made sure my portfolio went up and I was happy.
If you want to do this consistently for years that's not good enough.
Keep track of your trades.
See what's working and what isn't.
Make sure you're running a +EV system with low risk of ruin.
Review every week, every month and every year.
The boring work will give you an edge over the competition.
5. Pick 1-3 Assets
Here's an underrated unfair advantage.
Focus on 1-3 assets and master them. You will understand it's unique patterns, ebbs and flows.
I recommend BTC and ETH for new traders.
When I found my first HYPER profitable intra day strategy.
I was making 500-5000 per trade and barely losing. I knew this wouldn't last forever.
So I did nothing else. I slept by my computer with alarms on all night.
Woke up 6-7 times every night to trade...
After a few months, was rewarded with 6 figures profit and 2 years of insomnia.
Worst trade of my life. Lol
Always maintain MVP Health;
Sleep: 7-9 hours a night Diet: Mostly whole foods Exercise: 30 mins a day Meditation: 10 mins a day
- Save More Money - Simplicity Wins - Don't Do It Alone - Keep a Journal - Specialise in 1-3 Assets - Health first. Always.
Follow me @ElishaFx1 for more cyrpto trading education and analysis.
If this thread was at all helpful, retweet on the original tweet so someone else can benefit. Cheers to a wonderful month/End of the year😊This post is based on this twitter thread.