Trading is all about freedom and making money. You can fire your boss or be financially independent of him! SO, you do the only textbook thing you can, you learn from “Successful” YouTube traders, buy their courses and even stay active on forums to learn more. But guess what? That didn’t work.

To start with trading, one of the major things to understand is the Law of Large Numbers:

The law of large numbers is a statistical phenomenon that can be used to analyze data.

It states, for example, if you flip a coin 100 times and get 50 heads each time then there’s about an even chance the next flips will also yield head results of approximately 48%. Now imagine trying this same experiment with 1 billion coins! The probability becomes closer to 51%, so chances are much greater now than before we made our initial observations on just how random or predictable something might actually turn out occasionally depending upon its nature- which brings me nicely onto my point: while some may say luck plays no part in one’s life successes; they would only really have themselves (and not any other factors involved) at fault should their efforts fail due.

A suitable trading style

The first step to becoming a successful trader is identifying your trading style. There are many different ways you can do this, one way would be reading Market Wizards by Jack Schwager which provides insights into the mentalities and strategies behind some of America’s most profitable traders- including how they did it with swing trades! Crypto signals services are one of the easiest ways to understand different trading styles, how to develop your own or improvise an existing one.

  • Trading View – A gold mine here to learn from experienced traders. With so many people trying their luck in cryptocurrency trading, there is no shortage of tips and tricks that you can pick up!
  • YouTube – Although YouTube is filled with so-called self-made successful traders who claim to have a success rate of over 80% all the time, most of them are useless. However, if you can filter through some good content, you might stumble across some of the good ones. Those will help you understand the basics of technical or even fundamental analysis needed to get started.
  • Trading-related books – Reading books on swing trading is the best way to learn how it works. I recommend reading those with four stars or higher, but if you want an even easier experience then just watch videos instead!

Develop Trading Plan

Some people find it helpful to have an outline or plan before they start their trading journey. This will help them stay on track with what’s expected of you as a trader so that things don’t get too hectic and lost in the hustle-noodle soup that is Wall Street nowadays!

A trading plan is an excellent way to remove subjectivity in your investing and helps you focus on the goals of what’s best for each trade. A good strategy can also help with “problem-solving,” because it gives us insight into how we are doing against our objectives when things go wrong as they inevitably will from time to time. If nothing else, a well-thought-out list should at least keep most people feeling confident before every big purchase (especially if there has been some market volatility).

If you’re having trouble developing a trading strategy by yourself, then you might wanna take the help of the best crypto signals provider. They remove the stressful work that you may have to put in to develop and test a trading strategy by yourself.

Be Consistent With Your Trading Plan

The moment you’ve been waiting for is finally here! It’s time to put your trading plan into action. The markets are going to be different than what they were before, but with this new knowledge and understanding of how things work in the market now compared with when we first started out as traders back then…we should have no problem making our bets pay off like usual (if not more). It is recommended that you always start with small on a live account because it will be really difficult and you might suck.

Keep a record of your trades and once you notice your profits are more than your losses. You’re ready to go ahead.