Trading Crypto Full Time

20 Lessons from 2 Years

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On October 22, 2017, I quit my full-time job in finance to trade crypto. Here are some of the major lessons I've learned:

  1. For most traders, the biggest challenge is their pride, or the need to appear correct.

  2. When you manage risk correctly, you could lose 50 percent of your trades and still be profitable.

  3. Price action and volume are the best indicators for charting. You can use others but it probably won't make you a better trader.

  4. Trends can go far beyond what seems to be logical.

  5. Avoid pump and dump groups.

  6. You're going to make every error while trading. When you make mistakes, don't punish yourself, just improve and strive to not repeat those mistakes.

  7. Do not treat crypto exchanges the same way as cash in bank accounts. Unless you control the private keys, you don't own the coins.

  8. In the 24/7 crypto market, you won’t be around to catch every trade. Don’t worry, there will always be another trade.

  9. Don't try to find tops in a market. Wait for the trend to tell you when it is changing.

  10. You can make money in altcoins selling hype and speculation, just don't make them long-term investments.

  11. Stay away from low-volume coins. They're easy to manipulate and you can get trapped in a position - unless you are familiar with the market.

  12. Only trade money you can afford to lose. An unfortunate reality if you don’t manage your risk properly.

  13. As a trading sniper, know when to strike and when to wait for the target to get into position.

  14. Crypto exchange order matching systems go down when there are major price movements. If the price is moving into a target Sell or Buy zone, place orders before the move via limit orders.

  15. Manage your risk profile per trade in a way that presents you with no remorse regardless of what the market does.

  16. Learn how to think the opposite way of the crowd. If you're someone who wants others around you to affirm your view, then trading is not for you.

  17. Trading is not about choosing precise tops and bottoms in a market – it's about catching a market trend.

  18. Don't turn a small short-term losing trade into a long-term large-scale losing investment.

  19. Don't set goals for everyday gain – set long-term goals for success.

  20. Learn to survive in trading, then excel.


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