Everyone gets into the crypto trade to make lots of money, but not all
achieve this noble goal. A lot of them fall into the trap of scams or give up. If you want to avoid all
these, find and implement a smart checklist that allows you to trade like a pro.
What does it give you? You learn to stay focused, disciplined, and
Here are top considerations you must have in place if you want to be
trading as elites do.
Do I Have Adequate Information About the Crypto Coin?
Cryptocurrency trading is unique and specific rules govern it.
Moreover, traders need to follow distinctive procedures and strategies to make money on cryptocurrency
exchanges. In other words, if you want to trade like a pro, you need to use the right tools to gather
credible and useful information about your digital currency before entering the market.
Here are the tools that can help to improve your trading success:
The best news aggregators enable cryptocurrency traders, enthusiasts, and investors to monitor
industry-related news from thousands of sources in real-time. They also indicate the impact on the price
and market. When you use this tool, you mitigate the negative effect of current events on your portfolio.
Coin Price Tracker:
You can use the tracker to get live cryptocurrency prices in multiple fiat currencies. The information is
useful for comparing the costs of various coins and choosing the most profitable one.
Crypto Events Calendar:
This trading tool provides a comprehensive list of crypto events taking place across the world. Depending
on the events' nature, you can decide whether to invest in a given coin or not.
Have I Visualized My Potential Trades?
If you work like a pro, you will be able to forecast your potential
trades with ease. This helps you to avoid making decisions based on speculations.
You can use these two ways to visualize the future and increase your
chances of making lots of money within a short time:
This method involves confirming whether your coin's weekly chart shows your market is trending or
balanced. You should note whether the price is located within the acceptable points within the chart or
outside some extremes.
If you notice a strong trending activity, consider investing. These trends hardly reverse too quickly.
However, this doesn't imply that you automatically need to search for a continuation trade. Nonetheless,
it would be best if you did the due diligence before accepting reversal trade. Please note that pros
patiently examine long-term trends, which gives them an edge over the rest.
Besides paying attention to the weekly chart, it would help if you considered a sequence of approximately
three days. This applies if you noticed a trending market on the weekly chart. You can make your decision
depending on whether you see an ascending or descending trend.
Charting trade is essential, but it may not help if you need to conduct many trades within a short time.
You may not analyze all the available data. Moreover, emotions may negatively influence your trading
Trading bots minimize these troubles as they monitor the financial markets, gather relevant information
from millions of databases, and execute the trade based on preset trading rules. Once you have chosen the
right trading robot, set the parameter of your desired trading strategy.
Do I Have Efficient Tools for Checking Trading Performance?
Once you start trading, you should not remain in the dark.
Cryptocurrencies are typically highly volatile. The price can fluctuate when you least expect it. So, it
would be best if you had a dedicated portfolio tracker. They come with powerful analytical tools. Many
others are integrated with exchanges, brokerages, and crypto screener tools.
With a dedicated portfolio tracker, you can reap all the following
Make sound spending decisions
Manage your risk professionally
Closely monitor your investment
Identify your trading needs at the opportune time
The secret is to choose a portfolio tracker that meets your needs and
use it daily. You will notice when you need to improve your investment parameters and take the right action.
In some cases, it may help you to redefine when to stop loss or end the trading session.
Am I Emotionally Healthy to Trade Crypto?
Your checklist should not be complete until you include this one. Your
emotions will always influence your investment decisions. If you are automating the trade, you may set the
wrong parameters and make huge losses. So, robots minimize the effect of your emotions, but they are not the
Read on for the most important ways to stay sane when trading
Set trading Hours:
The truth is that you cannot work 24/7. So, while exchanges are always open, you must set realistic
working hours to avoid overworking your emotional health.
Stick to Your Pre-Made Plan:
You should emphasize mental discipline. Create plans on how you intend to do your homework on the market
and price variations and choose the right coin. Do not overwork to start trading earlier than practically
Tame the Greed:
Fear and greed are the greatest enemies of beginners. Pro traders have learned the art of keeping their
emotions neutral. As a rule, they only pay attention to the cold logic of percentages, the trade's
framework, and the methodology.
Treat Loses as Learning Opportunities:
Pro traders understand that making losses is part of the game. They do not let it trigger
self-flagellation, anger, or despair. Instead, they reframe the failure to see the lesson to learn from it
and become better at the game.
Have Other Sources of Income:
When your livelihood depends on the trade, it becomes much harder to play by the rules. You lose the
ability to reason, which can trigger an adverse emotional reaction.
Using a smart checklist before entering any trade enables you to
create the best trading plan. Traders need this to be able to focus on the big picture. However, the right
trading checklist deals with each trade and the conditions that you must meet to increase your chances of
success. You need it, as it helps traders to remain disciplined and confident from the beginning to the
end. With the right trading plan and checklist at hand, you are adequately equipped to start trading
crypto like a pro.