How To Become A Successful Crypto Trader In 7 Easy Steps

Published on: 25 February 2022 Last Updated on: 14 February 2025

Have you found a sudden interest in Crypto trading?

Is the Crypto boom getting you?

The path of becoming a successful Crypto trader is not that easy. But it is not impossible as well. You just need to look after some major things. When it comes to investments, and Especially Crypto investments, there is no one-strategy-fit for all.

You do not have the chance here to follow an already decided path and become a successful Crypto trader. You need to prepare your own path. However, we are here to help you with some basic steps you must take from the initial stage.

Become A Successful Crypto Trader In 7 Easy Steps

As we have mentioned earlier, we are here to guide you with some of the golden steps you need to take in order to be a successful crypto investor. So, now, let’s have a look at them.

Step 1: Learn As Much As You Can About The Crypto Trading

Learning about the thing you are getting into is the best way to get success. Always remember there is no shortcut to success, so you have to learn and gather information as much as you can about Crypto trading.

From the basics of Crypto trading to the tools you might need to use, you should have a proper understanding of each and everything. For starters, Quantumai is a great option.

Step 2: Get A Secure Wallet

You always need a Crypto wallet where you will store your Cryptos. Without it, you can not trade with Cryptocurrencies. Whether you are opting for an online or an offline wallet, you always have to ensure that you are choosing a secure one.

After all, you can not take any type of risk with your Cryptos. Successful Crypto traders never compromise with the safety and security of their money and Cryptocurrencies.

Step 3: Start Small And Get A Little Experience First

For the initial stage, we will always advise you to take smaller steps and get some experience first. When you are putting your money in Cryptocurrency for the first time, you have to be really careful and invest a small amount, which you can afford to lose.

Gradually, you will learn a lot from your mistakes, and you will get more experience. You will be using your experience to ride up the ladder of success.

Step 4: Determine What Your Actual Goals Are

As we have stated earlier that when it comes to Crypto investment and Crypto trading, there is no one-strategy-fit-for-all thing. It is because everyone has totally different goals and intentions with Crypto trading and investment.

Thus, you have to be really clear about what you are actually expecting from your Crypto trading. You also need to find out all the goals and ambitions you have regarding this space. Only then will you be able to plan your Crypto trading as surrounding those things.

Step 5: Learn About Market Analysis

The market analysis holds a lot of importance in the Crypto space. If you have been into the investment market, you might know that no investors put their money into anything without analyzing the market opportunity it has. The same goes for Crypto trading.

When you do not know about the market potential of the product, there is no point in putting your money into it because you do not even assume what is going to happen. In order to be successful, you must judge the market potential of different Cryptos.

Step 6: Know More Trading Methods, Styles, And Strategies

Trading and investment are all about methods, strategies, and styles. Everyone has their own style of investing. Still here, we would like to tell you that never put all your eggs in a single basket. Try to diversify your money with different Cryptocurrencies.

This way, in case one or two Cryptocurrency fail to get you the desired return, you will have other Cryptos to perform for you. The risk of overall loss automatically gets eliminated here.

Step 7: Keep Yourself Updated With The Latest News

Last but not least, always keep yourself updated with the latest news. We have already emphasized the learning and gathering knowledge thing. The Crypto space is still growing and also evolving on a regular basis. That is why keeping yourself current with the latest news, updates, and changes is mandatory.

Apart from that, trading is also all about staying current and keeping track of whatever is changing how the graph is actually performing.

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7 Important Things You Must Do Right After Your Retirement

Retirement can be a time of mixed emotions. Everyone certainly wants to enjoy their retirement with prosperity and happiness. According to professionals, 93% of formal workers worldwide have yet to learn about their retirement. Along with that, the health risk also increases as you age and decrease in physical condition. It is important to remember that happiness is not just a comfortable life after retirement but essential for mental and physical health. Thus, investing in your happiness can be the best thing you can do for yourself in retirement. One of the biggest challenges is finding a new meaning and purpose in your life. This article will help you discover some important things you can do after you retire. Things To Do Once You Reach Your Retirement Retirement is a perfect time to pursue your passion and allows you to explore new interests. Whether it is traveling to your favorite destination or assisting in some care centers, there are endless things that you can do after your retirement. Here is a list of things you must do after your retirement. 1. Maintain Your Physical And Mental Health Staying healthy and active is important for your mental and physical well-being right after your retirement. Doing yoga or exercise is one of the best ways you can stay healthy with your physical abilities. If you practice it regularly, it will assist you in regulating a well-maintained weight, improve your mental health, and minimize the risk of any chronic disease. You can make a schedule to exercise at least once a day or go for a walk in the nearby park or garden. Besides meditation or yoga, there are many fun and enjoyable ways to remain active in retirement. You can take a Zumba class, a swimming class, or a local sports team. There are endless options to keep yourself healthy and active in retirement. 2. Diversify Your Income Stream While you still actively work and make a monthly income, you can consider your spending habits. Thus, you can start with a frugal living so that you can save money and later use it as your retirement fund. Financial stress is a major source of worry and anxiety in retirement. However, it is important that you manage your finances strategically and plan for the future to remain stress-free. To ensure a comfortable retirement, you can also contact pension consultants to develop a retirement plan. This will help you meet your goals and meet your needs. Furthermore, you can further develop and start paying off your debt with the small things. 3. Start Investing In Your Hobby Think about your favorite hobby or activity that you like to do. Start doing it regularly. Therefore, this will help you maintain good health, specifically your mental health. Thus, you can enter your retirement phase and continue to do your hobby to remain active, relieve stress, and be productive. In addition, constantly practicing your favorite hobby will keep you away from heart disease, enhance mental well-being, and normalize high blood pressure. However, learning new things can assist you in staying mentally sharp and engaging with the people around you. 4. Clear All Your Debts Whether you have planned a retirement plan or not, remember to pay your debts before your retirement. This would help you fill retirement without any loans or debts. Hence, you can start paying off your debt from the smallest one. Thus, make sure you avoid getting tempted to add extra loans so that it does not become a burden in retirement. 5. Prepare A Source Of Fund Start preparing for your fund at your early employment stage. In order to maintain your lifestyle after your retirement, it is important that you plan while you are still working. Apart from your savings or recurring, you can start with other investments for your retirement and protect yourself from various life risks, such as stock markets, mutual funds, and other schemes that will help you build hefty retirement funds. All you would require is a well-prepared plan that will make sure you love a wealthy and happy retirement. Hence, in order to reach there, you need sufficient funds for your retirement. Remember to protect your retirement plan with insurance, which will help you secure your retirement life and protect you from various life risks. 6. Give Back The Community Helping in charity or volunteering in home care centers is a great way to give back to the community and create a positive surrounding around you. It can also teach a sense of purpose and meaning in your life in retirement. There are several ways to volunteer in retirement, from mentoring people in your community to helping in local food banks. While volunteering can be a great way to meet new people, it also assists in building a respectful relationship within the community. 7. Travel And Explore New Places Retirement is a perfect time to plan trips and explore places that have been on your bucket list for a very long time. Whether you are exploring a new country or simply exploring a park, travel can bring a sense of excitement and adventure to your life in retirement. On the other hand, travel can be a great way to learn new things and make new friends. Whether you are traveling with friends or family, there are endless options to explore the world and create new memories. Wrapping Up Thus, sticking to the program will be fine if you are determined to follow the plan. It is only possible to achieve this with active participation and a good advisor's support. Therefore, remember that retirement is a chance to look back with happiness on all the great achievements in your career. Similarly, you are being able to draw and enter an exciting new stage of your life. From drawing up your favorite hobby to diversifying your income streams, you can set up a plan that fits your needs and preferences. All you need is to remain stress-free. Yoga, meditation, and other relaxation techniques can help manage stress and improve overall well-being. Hence, start to plan the key decisions and let them play out in their own time. Read Also: Smart Ways to Invest in Gold How To Start Your Investor Journey: 5 Credible Options To Explore What Investors Should Know about Investment in Gold and Silver Assets

Bankruptcy Means Test: Why It Matters?

Bankruptcy means a test is done to determine who can file for chapter 7 bankruptcy. The means test considers everything while determining your current position to pay your debt to the creditors. It goes through your income, expenditure, assets, and family members. The means test was designed to reduce the number of debtors willing to get their debts erased. It has been seen that most of the debtors who have applied for the means test have passed. Those people who cannot qualify for chapter 7 or want to keep their assets to themselves can apply for chapter 13 bankruptcy. How Chapter 7 Bankruptcy Works? Applying for chapter 7 can be an expensive and lengthy process. The means test helps the government clarify who is eligible for chapter 7. The Means Test has two parts. Both parts are designed to see through your income and assets and determine the current financial standing. You have to apply for the Means Test only for the primary consumer debts like medical debt or credit card debts. You do not have to apply for this test if your debt is related to business loans. First Part The part of the Means Test determines whether your house income is below the state's median income. The means test starts gathering information about your income, expenses, and assets. These data are mostly collected from the past six months. However, there have been cases where this six months time duration can be changed. After all the reports, if it is being found out that your income is below the median income, you will qualify the Means Test. In a report made by the US government in 2013, more than 12% of the debtors were able to qualify the Means test in the first stage. Second Part The second part consists of going through all your expenses. These expenses consist of everything you pay for, starting from paying your utility bills, grocery bills to the travel expenses and education expenses. Out of all the expenses, only the allowable expenses are considered to be used by you. Other expenses that are not necessary are used to pay off your debts. While you document the list of expenses, be thorough about the things you add to the list. Remember, those expenses will decide whether your petition will be accepted or not. Allowable expenses are based on the local and national standards used by the IRS. The national list covers items like food and clothing, and local items cover housing expenses and car payments. You need to work carefully to ensure that all your expenses are thoroughly documented. What's Next After You Qualify for the Means Test? Passing the means test means you have the green light to apply a petition for chapter 7 bankruptcy. Once your petition is accepted, most of the unsecured debts will be forgiven. That does not mean that this will be the best route for you. There are also chapter 13 bankruptcy that might give more advantage over chapter 7 in many cases. Chapter 13 will help you put a hold on all your debts, mortgages, overdue loans, and bank taxes. What Will Happen After You Fail The Test? Once you fail the Means Test, there are no more appeals for a certain period. You can apply for the chapter, or you can wait for the cooldown time to apply again for the means test. We have already mentioned that the Means Test goes through all your financial income and expenditure in the last six months. That means, after a failed attempt at the Means Test, you can apply again after six months. However, if you do not intend to apply for the Means Test again in the future, you will be restricted to chapter 13 and will have to pay off your debt based on the chapter 13 provision. The Bottom Line Is it really hard to apply for a loan after bankruptcy? Well, you can say more than hard; it is more complex. You first need to qualify the Means Test, and then only you can apply for chapter 7. It is better to have an attorney while you are managing legal documentation. Read Also: 8 Simple Tips To Pay Off Your Loans Faster 5 Must-Have Long-Term Goals for A Secure Future What are the types of debt that can be discharged in bankruptcy? Using Short-Term Loans to Help Rebuild Your Credit Score

Debt consolidation plans for your debt relief

Debt consolidation is a financial strategy that merges several financial bills into one debt that gets paid off through a management program or loan. Debt consolidation is useful when the debt is of high interest like the credit card. It needs to reduce your monthly repayments by lowering the rate of interest on all your bills, which makes it easy to pay the debt off. The option of debt relief untangles the mess that consumers face each month when they are struggling to keep up with several bills from various card companies and different deadlines. In its place, there is a single payment to one source each month. It also saves money at the end of the day. There exist two primary forms of debt consolidation – signing up for a debt management program or taking up a loan. It is up to you to decide on the method that fits your situation. You can also call this credit consolidation or bill consolidation. Consolidating debt should help get you out of debt very fast and improve your credit score. How does it work? It works by lowering the rate of interest and reducing monthly payments to a price that is affordable on debts that are unsecured like credit cards. The leading step towards debt consolidation plans is calculating the total money you pay for your cards monthly and common interests paid on the cards. It provides a baseline for purposes of comparison. You will then have to look at the budget and add spending on basic utilities like transport, housing, and food. How much money are you left with? For many individuals, there is always enough left to handle the budget and help them pay their debts. However, motivation and effective budgeting are never evident when individuals fall behind on bills. And this is where debt management programs or debt consolidation loans step in. All of them need one payment monthly and gives you time to track the progress of removing debt. Will some calculations and research inform you if a debt management program or loan will be of more help in paying the debt? Using a loan to do Debt Consolidation: The standard method of doing debt consolidation involves getting a loan from the bank, online lenders, or credit unions. The loan has to be large enough to clear the unsecured debt at once. The loan gets paid with monthly installments at the negotiated interest with the lender. The period of repayment is usually five years, but the amount of benefits charged is the crucial element. The lender will take a close look at your credit score while determining the interest rate charged for the loan. In case you are falling behind with your debts, it is likely that the credit score will tumble. In case the debt consolidation interest is not lower than the average benefits you are paying on credit cards, then the loan will not be doing you any good. There are other alternatives to loans like personal loans or equity loans, but none of them will help if the rate you are paying is long and does not make sense. Consolidating Debt without a Loan: There is a possibility of combining debt and reduce installments without another loan. Agencies that do non-profit counseling provide debt consolidation via debt management programs that do not require you to take credit. In that place, the non-profit agencies work with companies of cards to reduce interest rates and lower monthly repayments to a level that is affordable. The consumer will send payments to the counseling agency that then distributes the funds to agreed creditors. The agency may tell the firm to waive over-the-limit and late fees. This solution is not quick. Programs of debt management take up to five years to manage the debt. If you miss one payment, they may revoke the arranged concessions on the monthly fee and interest rates. Read Also: Eight Essential Tips For Getting Out Of Debt Are Debt Consolidation Loans Recommended For Credit Card Consolidation

How To Become A Successful Crypto Trader In 7 Easy Steps

Become A Successful Crypto Trader In 7 Easy Steps

Step 1: Learn As Much As You Can About The Crypto Trading

Step 2: Get A Secure Wallet

Step 3: Start Small And Get A Little Experience First

Step 4: Determine What Your Actual Goals Are

Step 5: Learn About Market Analysis

Step 6: Know More Trading Methods, Styles, And Strategies

Step 7: Keep Yourself Updated With The Latest News

The Future Of Digital Currencies: 7 Things We Can Expect In 2022

Smart Ways to Invest in Gold

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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7 Important Things You Must Do Right After Your Retirement

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How To Become A Successful Crypto Trader In 7 Easy Steps

Become A Successful Crypto Trader In 7 Easy Steps

Step 1: Learn As Much As You Can About The Crypto Trading

Step 2: Get A Secure Wallet

Step 3: Start Small And Get A Little Experience First

Step 4: Determine What Your Actual Goals Are

Step 5: Learn About Market Analysis

Step 6: Know More Trading Methods, Styles, And Strategies

Step 7: Keep Yourself Updated With The Latest News

Share this Article

The Future Of Digital Currencies: 7 Things We Can Expect In 2022

Smart Ways to Invest in Gold

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related