A friend of mine embarked on trading without a proper mentorship and lost all his assets.
So I want to ask? What are the criteria’s to become a good trader?
To be a good trader/Investor, there are several criteria that should be kept in mind such as:
1. Decide on the amount of money to invest/trade that is available and floating cash flow which is not required for daily essential activities.
2. Reduce the tendency to get short term profits because most new traders/investors cannot handle being greedy when the trend shows a high price compared to the buying price.
3. Inject small amounts of funds into the portfolio instead of investing large amounts during the new situation when you are a beginner.
4. Take advice from experts for investment and at the same time apply your own plan and investment strategy in selecting the coins of your choice and accumulation through discretionary income.
5. You should be attracted to long-term investments compared to short-term trading so that you can get relief from unwanted stress.
The conclusion is that planning for short term gains is a major disadvantage for a new investor, this method can also increase your losses. Patience and long term investment planning are essential for you to make your investments profitable.