Personal list of essential skills to become a great crypto daytrader:
Technical Analysis Risk Management
Market Knowledge Emotional Control Trading Psychology
Yes, Bear markets are for building but they’re even better for learning ; )
1. Technical Analysis: A thorough understanding of TA and chart reading is essential for crypto day trading. Being able to identify patterns, identify trends and draw support/resistance lines can be the difference between profitable and unprofitable trades.
2. Risk Management: Knowing when to take a risk and when to play it safe is a key skill for any day trader. Risk management involves setting the right position size, using the right stop loss and properly managing risk/reward ratios.
3. Market Knowledge: Having a deep understanding of the cryptocurrency markets is essential for day trading. Knowing which currencies are moving, what news is driving prices, and how to read order books are all essential skills.
4. Emotional Control: Trading is an emotional game, and it’s important to be able to control your emotions while trading. Fear and greed can be your worst enemies, so it’s important to know when to stay out of a trade and when to take a calculated risk. btc eth
5. Trading Psychology: The psychological aspects of trading can’t be overstated. Being able to stay disciplined, follow your trading plan, and manage your emotions are all essential skills for crypto day trading.
A few resources to get the ball rolling:this twitter thread.