How I Learned to Become a Successful Cryptocurrency Trader: a Conversation with Alex Meurer
Making a million dollars is easy, keeping it is the hard part — AM
Cryptocurrency trading can be a challenging and unpredictable market, but it can also be very rewarding if done correctly. As someone who has been trading cryptocurrencies successfully for several years now, I can share my experience on how I learned the necessary skills and strategies to become a successful trader.
When I first started trading cryptocurrencies, there were no trading courses available, so I had to learn by watching YouTube videos and googling various indicators and patterns that I did not understand from the videos. Learning-by-doing was the only option I had, and it helped me build a solid foundation in trading.
Over time, I started to realize that the best way to become successful in cryptocurrency trading is to keep it simple. Rather than using a screen with 1000 indicators, I use and train people to use simple and basic indicators that work. Typically, I use no more than four indicators at a time, including RSI, Stochastic RSI, MACD, and Exponential Moving Averages.
Cryptocurrency trading is not without its challenges, and one of the biggest obstacles is knowing when to take profits. It can be tempting to hold onto a position for too long, hoping for a higher return, but this can lead to emotional trading, which is not a sustainable strategy. To overcome this challenge, I have learned to stick to my exit plan and take profits when they are available.
Another important factor for success in cryptocurrency trading is proper risk management. This means never trading with money that you cannot afford to lose and being disciplined in your approach to trading. By following these strategies, I have been able to make some notable trades, including a coin that I invested 1 Million USD in, which did 160x in less than 5 months. I sold my entire position at that point, which was one of my best trades and helped me become financially free.
For new or aspiring cryptocurrency traders, my advice is to focus on education and building a strong foundation in trading. Don’t trade with money that you cannot afford to lose, have proper risk management, and read books about mindset to understand how to keep your emotions in check. Trading cryptocurrencies can be an exciting and dynamic market, but it requires discipline, patience, and a long-term view to become successful.
Next week we’ll explore Alex’s role with FLOWTRADE.ai and how he and the team are working to shape the future of AI Bot trading.