As global economies have suffered throughout 2022, with continued downturn expected at least for the first part of 2023, Cryptocurrency has not escaped the financial effects of the post-pandemic world. However, is now a better time than ever to explore trading Cryptocurrency as either a side-line or full-time income?
Life Changing Potential
Whilst trading in various forms has been around for centuries, from commodities to stocks and Forex, Cryptocurrency is a relatively new market that has grown in recognition since Bitcoin exploded onto the scene five to ten years ago. The fact that it is new, is the most volatile market to trade, as well as not yet being accepted as legal tender means that it is considered very high risk. But, of course, high risk comes with the potential for high reward.
Right now, social media platforms are awash with people, many of whom are young, that invested in Cryptocurrency during the last bear market, and have since been able to realize huge profits and live a very comfortable lifestyle. As we get ready to head into 2023, in the thick of another Bear market, there is the potential for life-changing gains for those willing to take the risk. The difference this time is that the upside potential is even greater than it was in the last Bear market. Few people can argue that the Crypto industry is still a mere baby in comparison to stocks and forex, and that mass adoption and the chance of various Crypto becoming legal tender in the future is an exciting prospect. With technology and the digital world constantly evolving, it is surely only a matter of time before a global brand announces that they intend to accept Crypto payments in return for products or services.
Where to Begin With Your Trading Journey
Considering the above, now could be the perfect time for a “newbie” to learn how to trade Cryptocurrency. A trader who hones their skills and can be successful in a Bear market is going to seriously reap the rewards when the inevitable next Bull run appears. But how does an individual, with little experience, get started?
First things first, you need to understand how Crypto works and what trading is. A quick look around your favorite search engine will reveal many useful websites that can get you started with the basics. Following on from this, and long before you start to use big amounts of capital to trade, you must understand technical analysis and charts. Again, using search engines, you will find many resources and courses to assist you with learning the basics of technical analysis. Some resources may come with a cost but, to be completely honest, in this industry you get what you pay for. Moreover, this should not be seen as a cost, but rather an investment that will be able to pay for itself many times over.
Signal Groups and What They Do
During the process of learning technical analysis, and the vast number of strategies that this incorporates, it is recommended to paper trade. This involves writing down your entry and exit points rather than using your precious capital. If in-depth learning is not something you have the time for right now, then luckily there are options to trade successfully with having only a basic level of understanding. Thanks to advances in modern technology, there are groups on platforms such as Telegram and Discord that give trade signals from experienced traders who know all market conditions. Of course, the key here is to choose the right group, and they do have varying success rates. The best crypto signals telegram are those that provide support and at least some education as well as the trading signals.
Before diving in and deciding on joining a group, always do some basic background research on them. Do they have any social media profiles? An established group should have active social media profiles on some or all the main platforms- consider their activity on Twitter, Instagram, TikTok, etc. Do they have a website with published results? An honest signal group should regularly publish the results of their signals, whether good or bad, on a free Telegram group or their website. Do they have reviews? Check their social media platforms for real reviews on their services and successful trades.
One such example of a trusted group would be The Crypto Chiefs. You can see on their website that publish the results of their trades, wins and losses, monthly. They also have active social channels including Twitter, Instagram, TikTok, and Youtube. The Crypto Chiefs YouTube Channel is great for anybody who is involved in Crypto as they share regular free analyses of successful coins.
So, as we head into 2023, as you a believer in the future of Crypto? Whether you are looking to day trade, scalp, swing or invest in Crypto for the long term, it seems a no-brainer to at least have some exposure to a market that has high upside potential.