If you aren’t reading you shouldn’t be trading
If you aren’t reading you shouldn’t be trading
It’s just as simple as the both goes hand in hand both for technical and fundamental analyst. Trading is one career that requires steady update on how the news could affect the direction of a trade or possibly how an indicator or a candle stick can direct a trader on where the market is heading. If there is no time for a consistent update on your previous knowledge as a trader I guess at some point some level of gambling sets in.
A successful trader isn’t a trader who makes consistent profit without any loss but rather a trader who knows why his trade went the opposite direction and also a trader who understand risk management. Most traders makes massive profit in a single trade and blows everything down in the next trade as such there is no professional despite his initial achievements. To maintain clean records of both profit and loss margin reading as a trader is inevitable because despite the level of knowledge you might have acquired there must always be a newer technique you learn each time you seek to update your previous views about how the market behaves.
Only gamblers stay a full month without refreshing their memories on what the already know because in as much as trading is concerned there are multiple ways of predicting market flows and it only takes consistent research to get a hand full of approach to maintain a good profit margin in trading.
Trading needs a lot of reading and research, you should always be updated on the trend upcoming through the news forecast. This belongs to the fundamental analysis, there could be an impact on the market price of what’s news comes out and there are too many social media to subscribe regarding this matter. Regarding the coins that you pick to trade, you should also know how engaging those developers are with the community of investors, it means the less activity it could be there’s the chance that they had no progress and potentially becomes a shitcoin.
You touch a topic that I bring up from time to time and yet it seems many of those that think themselves as traders never do, the one that wants to call himself a trader has to update himself constantly and this is because if he does not make an effort to keep improving his trading strategy then there is someone out there that is doing it and that will eventually beat you and get your money, trading is a competition and it is by far the most fierce around the world and those that do not take the time to prepare themselves are just gifting away their money to the ones that do.