The above animation outlines Moralis Money’s core feature – Token Explorer – significantly increasing your chances of crypto success. Towards the end of this article, we’ll provide you with a quick guide on how to get going with this excellent tool! However, if you wish to learn how to become a successful crypto trader, we recommend starting with the basics. As such, we will first lay out the fundamentals of crypto trading success. This part will help you see the bigger picture and will help you determine what some of the more important aspects are that you must initially understand.
Next, we’ll explain what the main three obstacles are that cause many traders to struggle with how to be successful in crypto trading. After all, overcoming these obstacles is one of the keys to crypto success.
You’ll also learn why focusing on altcoins is the best way to make money in crypto. After all, where else can you find assets that, on average, increase by 50x – 70x in the span of a few months?
So, how to be a successful crypto trader? In short, use Moralis Money and find the best altcoin opportunities!
Crypto Trading Success 101: Getting Started
Many aspects of becoming a successful crypto trader are no different than the ones finding success in traditional markets. As such, it’s imperative to consider the following aspects when wanting to become a trader and being able to find crypto trading success:
- Your physical energy
- Your ability to read people
- Knowing yourself and how you feel
- Apply the understanding of yourself and how you feel to understand others
- Knowing when to take action and when not to push it
The above aspects are presented as the basic plan in the Market Mind Games book by Denise Shull. The book considers the latest discoveries in psychology and brain functioning and outlines the game plan to give traders the edge in finding success. One of the book’s key takeaways is that we should never exclude our emotions because doing so is impossible. Instead, we should keep emotions in check and treat our emotions as useful data.
The above-outlines aspects translate into the following big-picture plan that you ought to use for your crypto success:
- Master Your Physical Energy: Make sure your body is in optimal condition by getting enough sleep, eating nutritious and healthy foods, and exercising.
- Know the Rules of the Game: Decide what crypto trading tools and tactics you will use and learn to use them.
- Leverage the Role of Context: Ensure you always know what came before, how it was perceived, and what the general explanation for it was.
Also, remember that you make money trading by correctly predicting the other trader’s future perception. You should also consider the first rule of trading: live to trade another day. In other words, never ever risk everything!
So, continuous self-development with an aim to reach self-mastery is one of the most important aspects of becoming a successful trader.
How to Become a Successful Crypto Trader
Considering the three steps mentioned earlier, the first one is totally in your hands. The same goes for your emotions and using them as a context to make better decisions; remember, self-reflection is key! However, as far as knowing the rules of the game and helping you leverage the context of the available crypto market data, using the best trading tools makes all the difference.
Furthermore, using tools that offer real-time insights is extremely important. And unlike in traditional markets, the crypto realm offers immutable on-chain data. Thus, using real-time, on-chain data is an essential aspect of the “how to be a successful crypto trader” journey.
Crypto Success Starts with Research and Education
Crypto, compared to traditional markets, is also specific in several other aspects. For example, it offers users to be in full control of their assets.
Thus, it’s also essential to learn the basics of blockchain technology and DeFi, which is the path we recommend. You can learn all you need to know about this new disruptive industry at Moralis Academy.
Knowing what blockchain networks, ERC-20 tokens, and Web3 wallets are is quite essential if you want to take a self-custodial approach.
Thus, research and education are a great place to start. If you are new to trading, not just crypto trading, this is also where you’ll want to learn about fundamental analysis (FA) and technical analysis (TA). After all, you want to be able to read the charts, spot patterns, and know what the asset you are trading is all about.
Important Aspect of Your Crypto-Trading Journey
It is important to remember that to be confident trading any asset, including crypto, you need to build your cash reserve. That means you need some money to start with.
Ideally, you want at least a couple hundred dollars you can afford to lose. The larger the stack you start with, the higher your confidence will be, but don’t let your pride become the best of you! That said, with a higher stack to start with, you’ll be able to take lower-risk trades and still pocket decent profits.
Next, we recommend you practice crypto trading. Use demo accounts or paper trading to build up your confidence and practice your skills. These “test runs” will also help you determine what trading strategy suits you best. However, we recommend you stick to trading on a mid-term basis (swing trading) as you are getting started. But train yourself to be ready to take action as the market conditions change.
Then, as your skills progress, you can explore more advanced options. This is where leverage trading and day trading (e.g., scalp trading scalping) come in.
No matter what kind of strategy and trading style you go with, you’ll always want to analyze price charts and consider real-time, on-chain data. Based on those insights, you can decide which assets to trade and when to trade them.
For every trade, you want to determine your entry point, risk-to-reward ratio, and target. And apply risk management, such as stop loss (SL) or alerts that inform you to sell/buy at a certain level. Your options will vary depending on whether you decide to use CEX platforms, like Bybit, or DEX swaps, like Moralis Money’s instant crypto swap feature.
3 Important Things to Consider
To know how to be successful in crypto trading, you need to be aware of the three most common thieves of crypto profits. After all, if you want to defeat your enemy, you must first be aware of it:
- FOMO – FOMO (fear of missing out) is enhanced in crypto trading because of the volatile nature of the crypto markets. Large price moves happen fast, and it is actually super easy to miss out on price moves if you aren’t using the right tools. This has been a huge issue in the past; however, thanks to Moralis Money, you can find crypto success and avoid crypto FOMO!
- Scams – The entire crypto space and especially profit-chasing aspects of it attract many mischievous players. After all, it is not uncommon for ill-intended individuals to be early adopters of new tech. While there are all sorts of scams in this industry, the ones that wreck many traders come in the form of rug pulls and crypto pump-and-dump scams.
- Lack of Time – The crypto market requires constant attention in order to spot the best opportunities. Plus, the crypto markets are on 24/7. So, for average folks with regular jobs, it’s essentially impossible to devote the required time to spot and act upon crypto opportunities.
Why is knowing about these hurdles so important? Again, one of the first steps to beat the crypto-profit thief is to be aware of it! By being aware, you can self-examine yourself and what you need to improve on. Your plan on how to become a successful crypto trader should involve you overcoming these challenges. With Moralis Money, you can overcome all of the above!
To dive further into FOMO, scams, and lack of time, make sure to check out our three crypto trading tips article.
Focus on Altcoins to Find Crypto Success
Many valid paths exist for those interested in becoming a successful crypto trader. For instance, one can exclusively focus on Bitcoin trading. However, the days when you could invest a couple of hundred or thousand dollars into BTC and make life-changing profits without using leverage trading are gone. But that beginner-friendly method is still very much possible when you focus on altcoins.
After all, the average altcoin tends to increase in value by 50x – 70x during a bull market. Plus, there are alts that perform even better – 1,000x rallies are not all that uncommon. What’s more, there are tokens that perform 10x, 100x, and even 1,000x runs even outside the bull run.
With that in mind, altcoins are the single best asset class to get rich quick with crypto. Of course, you must still do your due diligence and take proper risk management steps. Plus, you shouldn’t expect to double your money overnight (despite the fact that that tends to happen often). But there’s no denying that altcoins offer life-changing opportunities.
For instance, just look at the charts below to understand what we are talking about. By the way, the following altcoins are some of the assets we discovered early in the previous cycle and made insane profits on:
And to see what is actually possible (of course, far from typical), just look at the PEPE token’s chart below. This meme coin increased in value by more than 100,000x in just 23 days. Plus, it performed its rally outside the bull run:
How to Become a Successful Crypto Trader – Use Moralis Money
The above coins are also great examples that many Moralis Money users, especially the ones on the Starter and Pro plan, were able to spot before their massive price rallies. Moreover, there have been many great altcoin opportunities, including some altcoin gems, that these traders in the know spotted early to pocket some insane profits:
So, how to become a successful crypto trader? If you find altcoin opportunities attractive and within your risk tolerance, then Moralis Money is your answer.
Thus, let’s make sure you know how to be successful in crypto trading with this powerful tool. However, before we showcase the actionable steps of “how to be a successful crypto trader” with Moralis Money below, let’s look at what makes Moralis Money so special.
Crypto Success with Real-Time, On-Chain Data
At its core, Moralis Money is the ultimate on-chain analysis tool. It allows you to explore real-time, on-chain data in a user-friendly manner. Furthermore, it offers easy-to-interpret, actionable results in the form of dynamic lists of altcoins with potential.
The core feature of this amazing tool is Token Explorer. It allows you to run predefined and unique strategies with just a couple of simple clicks. And this core feature was designed to help you overcome FOMO and avoid scams:
- By focusing on on-chain metrics, you can spot altcoins early and, in turn, front-run coins’ price action, which allows you to say goodbye to FOMO.
- As for scams, every token Token Explorer strategy you run triggers Moralis Money’s Token Shield, which performs security scans and assigns security scores to altcoins in your dynamic lists.
Moralis Money also incorporates the Token Alerts feature that allows you to overcome the lack-of-time obstacle.
As such, this tool truly sets you up for crypto success. Plus, there are many other neat features that you can find on the Moralis Money platform, including a wallet tracker, token pages, community access, crypto learning, rewards, and more.
How to Be a Successful Crypto Trader with Moralis Money
If you want to know how to be successful in crypto trading, then follow these steps:
- Use Moralis Money’s Token Explorer to find the best altcoin opportunities. Save your strategies and run them on autopilot using Moralis Money’s crypto price alerts feature to automate this process.
- Click on the tokens from your dynamic lists that you find interesting and use their token pages to research them properly.
- Make sure to consider each token’s price in combination with the token’s real-time, on-chain metrics (a.k.a. alpha metrics) to determine if now’s the right time to buy the token in question.
- Set token alerts to help you spot better conditions to buy/sell altcoins.
- Use the Moralis Money swap feature to buy/sell crypto without breaking a sweat or the bank.
Below, you can find some useful animations to help you take the above-outlined steps. However, for more detailed guidance on how to become a successful crypto trader with Moralis Money, some of our previous articles called “Find Tokens Before They Pump” and “Find the Next Coin to Blow Up” are great to read up on.
- Access Token Explorer:
- Then, to quickly get going with Token Explorer, select one of the preset strategies:
- You can also start running unique Token Explorer strategies:
- To access individual token explorer pages, just click on a token from your dynamic list:
- Use all the available links and resources to research the token in question properly. Do not forget to explore each token’s alpha metrics!
- Where to buy altcoins in an affordable and user-friendly manner? This important piece of the crypto success puzzle comes in the form of Moralis Money’s swap feature:
You can use the interactive widget below to run your first Token Explorer strategy:
How to Be a Successful Crypto Trader FAQs
To assist you further, we’ve gathered some of the most frequently asked questions on the “how to become a successful crypto trader” topic. You can find them together with the answers below.
Can You Make Good Money in Crypto?
Yes. However, it is important to keep in mind that many factors determine one’s success. Some of these include the initial investment capital, crypto assets you, as a trader, invest in, trading strategies, risk management, and time commitment! These are just some of the core factors.
Can I Become a Millionaire from Crypto?
Yes, you can. There are many people who have made millions and even billions of dollars in crypto. However, again, make sure to consider the factors outlined in the above answer and throughout this article.
How Do I Get Good at Crypto Trading?
The only way to get really good at crypto trading is to successfully deploy the concepts outlined at the top of this article. That means you need to take action and practice, practice, practice. Of course, Moralis Money can be your edge if you use it right. Also, you can get extra guidance via crypto trading courses. If interested, make sure to check out Moralis Academy’s Web3 courses such as the Technical Analysis 101 course!
Can You Be Successful Day Trading Crypto?
Day trading is an advanced trading strategy requiring proper experience, knowledge, and skills. For individuals who bring that to the table, it can be very profitable because of the volatility of crypto assets. So, theoretically, you can definitely be successful day trading crypto. However, whether you are willing to put in the commitment to reach that level is entirely up to you.
Ultimate Guide: How to Become a Successful Crypto Trader – Key Takeaways
- According to the latest scientific studies, in order to be a successful trader, you need to master your physical energy, read other people, know yourself and how you feel, apply the understanding of yourself and how you think to understand others and know when to take action and when not to push it.
- So, how to become a successful crypto trader? First, get enough quality sleep, consume nutritious and healthy foods/drinks, and get enough exercise. Second, learn the rules of the trading game (tools and tactics). And third, leveraging the role of context, including your emotional archives.
- Crypto success also requires you to apply the first rule of trading: live to trade another day.
- Tactics to be successful in crypto trading include research and education, building your cash reserve, practicing crypto trading, exploring different trading strategies, considering real-time, on-chain data, determining your entry point, risk-to-reward ratio, and price targets, and always applying proper risk management.
- Be aware of FOMO, scams, and lack of time, and use tools that can help you overcome these challenges.
- Altcoins offer the greatest opportunities in crypto.
- To make the most of altcoin opportunities, use Moralis Money!
Crypto trading is not for everyone. After all, it requires you to be comfortable with a higher degree of risk. However, with the right tools in your corner, you can build up the comfort and confidence needed to explore this high-risk, high-reward path.
And if you want to embark upon the exciting altcoin-trading journey, make sure to do so sooner rather than later. After all, the next bull market is already warming up. So, make sure not to miss out on yet another cycle.
