Greetings to everyone in my forum community. I just wanted to share something from my early days of cryptocurrency trading since I didn't think of it right away. Thus, this will be quite beneficial whether you are new to the crypto market or intend to enter it. Even though we are aware that there is no quick fix for trading, by being aware of all of this, you will be better equipped to understand the market, steer clear of frequent pitfalls, and get off to a positive start with your trading career.
1. Learn to trade with just one strategy
2. Realistic expectation-setting in trading
3. Trading part-time may yield greater results
This list is a good suggestion for newbie traders. This somehow give some guidance and lights, who ever beginner that read this lists will have some insight on how to approach their initial trading ventures.
Many of newbie traders often have an unrealistic goal for their trading career. They often think that trading is so easy that they end up as a miserable failure in this venture.
In as much as I will agree with you that it is good to trade with one strategy, it is not totally bad to learn more than one strategy. It doesn't mean that you will apply all the strategies you know at the same time in the market. As me and you know, the market is too dynamic. We could be taking unaware and within a twinkle of an eye our strategy is rendered useless. If this happens, where will you run to. So, it is needed that we should have a backup strategy to keep going. Master one strategy as the main, but then, have plan B strategy.
As a starter, one should not aim for multiple strategies, he should focus only on one strategy then widen his knowledge as he fully understands and grasps the strengths and weaknesses of such strategy. Learning too many at once while the foundation of knowledge about trading is yet to be fully developed will only confuse the beginner.