Introduction
If you are reading this then it’s because you have found yourself in the crypto space one way or the other and you must either be a trader or you have been thinking about becoming one. This article will help both new and old traders(beginners/amateurs and advanced traders) to understand how much the adoption of trading is in contrast to the world population and make you see more on why crypto trading may have so many new opportunities especially for new traders.
Trading Options
According to various sources, there are roughly 10 million active traders in the world today, trading in different markets such as forex, stocks, crypto, commodities, and more(more like jack of many trades concept). The exact number of stock traders is hard to calculate, but there is an estimate of 14-50 million stock traders around the world, while around 4.3 million are active stock traders. The number of crypto traders are also not easily determined, but some statistics show that more than 10% of the global population have used a crypto exchange at some point in time, and well over 300 million people own cryptocurrencies on exchanges or some in hardware wallets and hot storage wallets. The forex market is the largest and most liquid market in the world. Published by Statista Research Department On Nov 17, 2023 the Forex daily volume was nearly six billion U.S. dollars for the USD currency, an amount three times higher than the euro (EUR). The forex – or foreign exchange market – turnover per day is a figure that is not often measured, only once every three years. It is estimated that there are around 10 million forex traders in the world, of which 43% are located in the United Kingdom, the United States, and Japan.
If you really understand the statistics above then you see that only about less than 10% of the world population are active traders, yet the liquidity that flows in and out of trading platforms is beyond what one would have expected. Trading stocks and forex markets tend to be over manipulated and also difficult to really have winning trades that often comes with good profits because you are trading against professionals with decades of knowledge and experience, also with institutions that have large liquidity which can move the market in whichever direction they want. It is extremely difficult to navigate these markets. However the crypto market is just a decade plus old and the hold of institutions is not that strong just yet leaving an open window for high volatility. These volatilities are what crypto traders take advantage of with the right leverage, leaving the vast ones with more wins than losses.
Crypto Trading For Beginners
The crypto space may be new but it is certainly the most volatile which is something good since you can long or short an asset. However this is as bad as it can get for new traders trying to find their footing.
Disclaimer: trading is a gamble beyond just pure luck. You’ll need wits, skills and early information.
Step 1: opening a trading account and funding it.
Before you can even begin to analyze markets as a beginner, you must first get familiar with the trading exchange you will be using and I know just the right one to get started with, having a friendly user interface and easy to use especially for beginners. Dear esteemed trader , allow me to introduce you to Bybit.
Bybit offers many features and it is one of the largest crypto exchanges in the world. Where you can trade spot, margin and derivatives with high leverage.
You can open an account with the link below and you KYC then go ahead to fund your account.
Here’s a tutorial video to guide you in setting up your account:
Step 2 : choosing a cryptocurrency to trade and analyzing it.
You need to be able to select a cryptocurrency pair to trade then move on to analyze it in order to spot your entry and exit, stop loss and take profit. This process involves different forms of analysis namely; fundamental analysis, technical analysis and in some cases sentimental analysis. Majorly the first two are the most crucial because that is what gives you the real skills of a trader. This article is not here to teach you on how to trade but it can tell you exactly where to learn from with the right course and tutors you will need.
The crypto university network is just the one for you. Their course can teach you how to trade using Bybit mentioned earlier and other top crypto exchanges. You can take advantage of their current discount and get to learn trading as a beginner, amateur or advanced trader.
Step3: retire to become a trader.
At this level you must have undergone necessary training and practice with some strong confidence built, trading psychology and a strategy for trading. Probably you have done some demo trading on the way.
Conclusion
That’s just about how well it could go for you if you will just invest in yourself . Trading experience is just as equal to having a job as it can get on par but the best part about trading crypto is that you can do it from anywhere around the world. It gives you the freedom your regular 9-5 won’t give you. Is there any better retirement plan than this
That’s a wrap guys, happy retirement to you, may the pump be with us.