REVEALED: 5 fundamentals every crypto trader should know (Micky)
Rising prices and increased interest in cryptocurrencies have brought an influx of new and returning crypto traders into the space. But do they have what it takes to be successful traders?
Micky recently sat down with Craig Cobb, professional trader and host of the popular Trader Cobb Crypto Show podcast, which is listened to in over 95 countries around the globe, to find out what he felt were the most important fundamentals for crypto traders to learn.
Crypto trading isn’t for the faint of heart. It takes focus and a degree of discipline to read and react to market changes and to stand firm in the face of FUD and hype.
Having a daily routine can help you center your thoughts and prepare you for the day ahead.
“Every successful trader I know has one,” Craig acknowledges. “When you start your day you’re looking to be in the best possible space to make the right decisions consistently.”
“Start the day with exercise, meditation, music or a podcast then once you open your charts know what order you will work to get the best results.”
All trading carries risk. But learning to manage that risk – to minimize losses – is what separates a successful trader from one who merely happens to get lucky once in a while.
“Trading is risk management, plain and simple,” insists Craig, “You want to get rich quick? Well, you’re likely to be taking massive risk and you’ll become poor fast.”
“Strategy around how you manage your risk, what percentage of your account you risk on each trade, and what other areas risk comes from are crucial. It’s not sexy but it’s by far the most important section to perfect.”
Being able to identify trends and act on them in a market that can rise and fall by double-digit percentages in hours – even minutes – is a crucial skill for crypto traders.
“Whether you trade with trends or counter trends you’re going to need to know trend inside out. The good news is that it’s pretty simple,” Craig says.
“All the different names mean nothing and just distract from what is most important. I am a trend follower so I’m looking not to sell the top or to buy the bottom but to consistently take the chunk in the middle. This is what I teach and practice.”
Craig is well known for his literal checklist approach to crypto trading and has noted that those who mentored him – some of the best in the business – favor a simple approach as well.
“The mentors I worked with from London to New York that were what I considered to be inspiring always had a very simple process,” he says.
Having an established set of steps to follow is beneficial to beginner and experienced crypto traders alike and can help avoid potentially costly mistakes.
“That’s why I follow a checklist based trading strategy,” Craig explains, “It’s easy to get right and you have to kind of be kidding yourself to get it wrong.”
A winning trading strategy. It’s the Holy Grail for traders in any market. But Craig maintains that strategy alone is not what makes for a successful crypto trader.
“This is what everyone wants more than anything but it’s not what makes a successful trader. Yes, a trading strategy is required but it is just one section of a full traders tool kit,” Craig notes.
“You need the mindset to execute flawlessly all of these points. They all are equal in importance and if any single one missing, you just won’t make it.”
About Craig Cobb
Craig Cobb is a professional trader and highly sought after educator and speaker on business, trading, and cryptocurrency related topics.
With over a decade of trading experience in traditional markets, Craig brings the same calm, disciplined, strategic trading approach to the volatile crypto market.
Over the past 13 years, Craig has trained and mentored over 10,000 students around the world to achieve consistently profitable trading outcomes in any market.
It is that same approach that Craig teaches to his students in his online crypto trading courses and now, after countless requests to offer those courses in a live classroom setting, he is getting ready to do just that.
Craig and his team of hand-picked, personally mentored apprentices are hosting a series of live cryptocurrency trading classroom events that will boost your confidence as a trader and give you “the technical skill, structure, and mindset to make a consistent profit from trading the fast-moving cryptocurrency market.”
Seats are filling up fast, so be sure to register for the live crypto trading classroom event near you today.
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