How To Start Trading Cryptocurrency & Become Profitable (IN 6 STEPS!)

Hi everyone, it’s CryptoSage here!

In this article, I will share with you guys how you can start Trading Cryptocurrency and become a profitable Trader in six steps.

Now, I got into crypto in 2018, and I started crypto trading fully in 2019. The six steps I’m about to share with you guys were the steps I followed when I wanted to start it. So, if you’re interested in this, make sure you stick to the end of this article so you don’t miss any important information.

The first step: research

The first step to getting into Trading Cryptocurrency is to do your research.

Now, when I wanted to start crypto trading, this was the first thing I did. I got to discover crypto in 2017 and started doing my research on everything about crypto and how it works. I also did my research on the kind of risk involved in crypto trading, and I watched a lot of articles and read a lot of articles and blog posts at that time.

Doing all this helped me know if crypto trading was meant for me and if I had the ability to go into crypto trading. If you are the kind of person who cannot take huge risks, then crypto trading is definitely not for you. So, ensure you do your research before you go into crypto trading. It is very, very important and will really help you decide if crypto trading is for you.

If you want to ask me how to do your research if you want to go into crypto trading, research is as simple as going to your phone or web on Google and typing in what is crypto trading or what do I need to know before going into crypto trading or typing what are the risks involved in crypto trading, and so on. These are the basic things you can just type on your phone and do your research on before you go into crypto trading. You can get all this information for free on, Google, or anywhere on the internet. You can also listen to different crypto influencers on the internet on Instagram, YouTube, Twitter, and so on.

Now before I go to number two, I also want to say something that is very, very important. You need to know that crypto trading is not you buying a particular crypto and holding it for as long as you can. That is investing. Now, investing is different from crypto trading. Investing is just you buying crypto and then holding it in your wallet for as long as you can, maybe six months, one year, two years, and so on. But trading is where you actually go into the market, do your analysis, and then buy the crypto and sell the crypto. Or if you’re just trading, where you go long or short different cryptocurrencies.

So, this is what trading is all about. You can do this multiple times in a day or multiple times in a month. So, that is what crypto trading is all about. You need to know the difference between investing in crypto and trading crypto. So, that’s my first step, which is to do your research.

The second step: is learning.

Let me tell people that the kind of dedication you give to learning anything will determine how successful you are in that thing. Now that’s the same for crypto trading. After I did my research and decided to go into crypto trading, the next thing was to start looking for how to learn crypto trading.

The first way I learned crypto trading was through a class on WhatsApp that was organized for just five thousand naira, and I actually paid the 5,000 naira to learn crypto trading at that time. We were only taught the basics of crypto in the WhatsApp Group, which I can still remember vividly. That was the first kind of lesson I took for crypto trading. After that class,

I started doing a lot of learning by myself through articles. I have read a lot of articles online about how to do cryptocurrency trading. I was also learning different cryptocurrency trading strategies from different writers at that time. From there, I went on to buy a lot of crypto trading courses online, especially on Udemy.

I learned about technical and fundamental analysis, support and resistance, trend lines, risk management, and so on. I was doing this for about one year before I started getting profitable. I started getting back-to-back profits from my trades toward the end of 2020. That was over one year after I took that class for 5,000 naira. I lost a lot of money along the way while learning,

So you can see that it took me a long time to start making back-to-back profits from crypto trading. For those of you who think maybe I just committed to crypto trading and started making money after three days or after one week or even the next day, crypto trading is definitely not for you.

It takes time to become a profitable crypto Trader; it doesn’t happen overnight. No successful Trader became profitable or became a professional after just one week or just one month. It took time before anyone became profitable. You need to be able to dedicate time to this before you can become profitable.
So, once again, if you are the kind of person who is looking to make fast money or maybe you want to get into crypto trading now and start making money after just one week, after some days, then crypto trading is definitely not for you.

Now, what you may want to ask me is how do I learn about crypto trading? There are various ways you can start learning about crypto trading, and the first way I always advise people is to It is to start reading free articles online.

If you want to start crypto trading, don’t force yourself to start buying courses or stop buying coaching sessions on the internet. Start with free articles; There are lots of articles online, including those on my website. That can guide you on how you can become a profitable crypto Trader.

So, if you are one of the people who do not have enough money to take a course or get individual training, you can just start by reading the articles on our website. If you feel like maybe you also want to get courses or coaching from a mentor, which is good, then you can decide to go for that. So, this is the second step to start crypto trading.

The third step to Trading Cryptocurrency is to practice.

Now, as a beginner, after you’ve learned the most important things you need to learn and you finish taking different courses, the next thing is not to start focusing on making money at all. The next thing is to start practicing everything that you have learned. This is very, very important. You can only get better at something if you practice it regularly. For example, if you read an article about how to design a flyer and don’t apply what you learned, then you haven’t learned anything.

So, it’s always important to always practice whatever you are learning. Also, when you are practicing, it is important to start with a small amount of money, an amount that you can afford to lose. Remember, you’re only practicing, and you are not yet a pro, so you are not focusing on making money yet. Don’t put too much money; just put in an amount of money or a little amount of money that you can afford to lose. The main goal of this stage or this step is to be able to master whatever you’ve learned and be good at it. Always make sure that you record your trades; it is very, very important.

Another important thing is that while you’re practicing, don’t rush to go into Futures Trading. Futures trading, as you all know, is more risky than sports trading. So, always start with sports trading, and that is what I always advise a lot of people to do. Start with sports trading, and by the time you want to move into future trading, it is easier for you. For example, I was doing sports trading for over one year before I moved into futures trading.

I started futures trading in June of 2021, and because I was already doing small trading for a while, it was easy for me. Start with a simple one, which is portrayed, and then from there, you can later move on to Futures Trading.

The fourth step: develop your 3D strategy.

Now, after practicing everything that you’ve learned, the next step is to create a trading strategy or a trading plan for yourself.

Trading without a plan is one of the bad decisions you can make while trading; you can lose a lot of money without a trading plan. How do you create a trading strategy or a trading plan? Remember that you practiced a lot and tested different strategies, time frames, indicators, and Market pairs in the previous steps. Don’t forget that you also recorded all your trades in the previous step.

These are the three than the information that you will use to develop your trading strategy or your trading plan. What I always advise people to do is to identify what worked for you while you were practicing with different trades. It is always better to start to do whatever is working for you. You don’t need to have the same strategy as me. What you need to do is to define a clear trading strategy for yourself. Incorporate this strategy that aligns with your goals and your risk tolerance. Decide on the cryptocurrencies you also want to trade, the frequency of your trading, and the percentage you want to risk on your trades.

You also need to determine your entry and your exit point from your strategy. So, the summary of this is to create a strategy for yourself and stick to that strategy and avoid making emotional decisions based on short-term price movement. That is very, very important.

Step five is to increase your Capital.

Now, after developing a strategy for yourself, the next thing is how you can increase your Capital because, at this stage, you already have a strategy that is working for you. So, you have to start looking for how you can increase your Capital.

Step six is to have a Target.

Now, one of the things that has helped me become a profitable crypto Trader is having a monthly Target. A realistic monthly Target is what I mean by this. Having a weekly or a monthly Target is one easy way to achieve your trading goals. Now, how do you create a target for yourself?

Let’s say, for example, you plan to make $2,000 every month. What you do is divide that $2,000 into four since we have four weeks in a month. That will be $500 every week. So, that means that your weekly Target is $500. The trick here is that splitting that $2,000 into $500 weekly Target will make it look easy for you, or you can easily make that every week.

Also, when setting your target, set a realistic target. Please note that if you have a capital of $100, you’ll be planning to make $1,000 every week. That’s not possible, and that is not even realistic. So, make sure you set a realistic target.

In conclusion, starting crypto trading can be overwhelming, but by following the six steps that I’ve mentioned in this article, you can become a profitable crypto Trader.

Remember to do your research, learn, practice, develop your trading strategy, increase your capital, and have a target. It takes time and education to become a profitable and successful crypto Trader, so be patient and don’t rush into making money.

Always learn to stick to your strategy and avoid making emotional decisions based on short-term movements in the market. With these tips, you can start your crypto trading journey and work towards achieving your trading goals. Also, if you’re interested in starting crypto trading and don’t know what app to use, you can check out this article right here for the five best crypto trading apps for beginners.

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By CryptoSage

"Hi, I'm CryptoSage, Altcoinista's author. Navigating crypto's intricacies, I share insights, making the digital currency world accessible and engaging. Join me on this exciting journey!"

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3 thoughts on “How To Start Trading Cryptocurrency & Become Profitable IN 6 STEPS!”
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