How To Make Money With Crypto and Get The Girl:

10 Proven Tips to be Successful Trading Crypto

Cryptocurrency emerged from the shadowy perils of digital boredom like the last go-go dancer of the night- a show beckoning the attention of everyone in attendance. She climbs into her cage, tunes her movements to the metronomic energy, and displays a shock-and-awe campaign with the intensity of Vietnam after the Tet Offensive.

Everyone with an unbuttoned dress shirt and dry martini are lining up to pour their hard-earned money in between the metal bars with the slim hopes of her ever making eye contact. She represents that which any ambitious bloke finds irresistible: Finesse, Excess, Freedom. Yet, only a handful of people will ever know her name. Unbank’s here to help you be one of the lucky few.

Step 1:

Do Your Research

Don’t sit at the bar sulking.

Taking the time to thoroughly research the market, understand the fundamentals, and familiarize yourself with the vast amount of technologies being leveraged will ultimately pay off in the end. Researching the development team, reading the whitepapers, and looking into the community support behind your cryptocurrency choice can make a huge difference in your final decision. This is known as your Due Diligence. The successful traders that get the name to the dancer are the ones who practice monk-like dedication to performing their best due diligence.

This goes beyond just merely understanding the market, it’s delving into the specifics of the coin or tokens you’re interested in. What are the founder’s names? What contracts did they recently sign? Have they been in legal trouble in recent years? What underlying technology do they depend on? What does their track record and development team say about them? Have they taken part in other cryptocurrency endeavors?

These should be some of your first questions, but don't stop there. Knowledge is key, knowledge is power, knowledge is everything.

Step 2:

Set Clear Goals

After you figure out where you want to take her to dinner, make a clear plan with objectives and goals.

Having a clear objective, whether it’s short-term or long-term, will keep you focused, keep you disciplined, allow you to track your progress, and give you the ability to adjust course when needed. First, identify your long-term goals. Where do you want to be in 5 years, 10 years, 15 years? What does your life look like? What do you have now that can help you achieve your long-term objectives? What are some challenges you may face and how will you overcome them?

Once you clearly define where you want to be, you need to set a plan of action consisting of short-term goals to help you reach the long-term goals. Where do you want to be in 2 years. 1 year, 6 months, next month? What tools do you have at your disposal to put your plan into effect? What risks are you facing and how will you overcome them? What are good entry points, what are good exit points, and how is this move going to lead you closer to your end goals?

Step 3:

Develop A Trading Plan

It’s time to write her a love letter. Turn on the Luther Vandross, pour yourself a glass of wine, and push the rose petals out of your way.

Sit down and create a detailed trading plan that outlines your entry and exit strategies, risk management, rules, position sizing, and profit targets.

Don’t be afraid to start small and buy crypto with cash that you have left over from the week, it will accumulate and add up. Once your plan is devised, stick to it. Deviating from the original plan based on impulse, emotions, or hype can lead to devastating losses.

This plan will serve as your roadmap, detailing obstacles to expect, how to overcome them, and how to get to your goals safely. Decide when you want to lock in profits, and when you need to cut your losses and go home.

Establish realistic profit targets to maintain discipline and prevent greed from clouding your judgment. If you can maintain a consistent and disciplined approach to cryptocurrency trading, you will increase your chances of long-term success in the competitive crypto market.

Step 4:

Manage Your Risk

What could go wrong when you approach her? No, seriously… What could go wrong?

Some people tell you not to dwell on the what-ifs in life. Luckily, for you, Unbank isn’t just ‘some people,’ and we cannot understate the importance of managing your risk when it involves trading in crypto.

Begin by assessing your risk tolerance and only investing what you can afford to lose, as cryptocurrencies are inherently risky assets prone to extreme price fluctuations. Once you've determined your risk appetite, implement risk management techniques such as setting stop-loss orders to mitigate potential losses. Stop-loss orders automatically trigger a sell order when the price of a cryptocurrency reaches a predefined level, helping to limit downside risk and protect your investment from substantial losses.

Using Unbank’s Mobile App, or one of our thousands of Bitcoin ATM locations, you can also buy or sell crypto with cash instantly and seamlessly, if the market fluctuates unexpectedly and you’re on the go. Consider diversifying your portfolio across different cryptocurrencies to spread risk and avoid overexposure to any single asset.

Step 5:

Diversify Your Portfolio

If you picked your head up from staring into your watered-down Old Fashioned, you would see all the other amazing potential surrounding you. She may be your dream girl tonight, but she may not be there tomorrow.

Despite being aired on Dave Chappelle’s Chappelle’s Show, members of the Wu-Tang Clan, Rza, and Gza weren’t joking when they said to “diversify your bonds…” to “protect your f—--in’ neck.” As hilarious as that skit was, diversifying your portfolio is a fundamental strategy to minimize risk and optimize returns in the dynamic and unpredictable crypto market, and the advice given was solid.

Instead of putting all your eggs in one basket, consider spreading your investments across a variety of cryptocurrencies with different use cases, technologies, and markets. By diversifying, you can reduce concentration risk and mitigate the impact of volatility in individual assets, because losses in one asset may be offset by gains in others.

Diversification also allows you to participate in multiple sectors of the cryptocurrency market, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and layer-1 blockchain platforms, potentially scoring growth across various segments of the industry.

However, it's essential to have a balance between diversification and over-diversification. Aim for a well-rounded portfolio that includes a mix of established cryptocurrencies with strong fundamentals and promising up-and-coming projects with growth potential.

Step 6:

Stay Informed

Look, we’ve all had to open a Vogue magazine once in a while to see what women want. There’s no shame in it.

The cryptocurrency market can change in the blink of an eye. To avoid being blindsided by a market change that's crippling to your investments, keep yourself updated with the latest news, developments, and market trends in the cryptocurrency space.

Subscribe to reputable sources such as crypto news sites like CryptoNews, industry blogs like Unbank, and financial publications to receive immediate updates on market movements, regulatory developments, and emerging trends.

Follow influential figures in the crypto space, including industry experts, analysts, and thought leaders, on social media platforms like Twitter, LinkedIn, and YouTube to gain valuable insights and perspectives.

Engage with online forums and communities such as Reddit, Telegram, and Discord to exchange ideas, share knowledge, and stay connected with fellow traders and enthusiasts.

By staying informed and continuously educating yourself about the intricacies of the cryptocurrency market, you can make more informed trading decisions, identify potential opportunities and risks, and adapt your strategies to changing market conditions effectively. Remember, knowledge is power.

Step 7:

Use Technical Analysis

If she shimmers, it's safe to say she likes flashy things.

It's not a life vest, it's not a bandage, and it's not as high-brow as you’d think. Technical analysis is like a crystal ball in the weathered hands of a gypsy. It can help you spot trends, support and resistance levels, and potential future entry and exit points.

Mastering the art of analyzing price charts and utilizing technical indicators is a powerful tool for identifying trading opportunities and making informed decisions in the volatility of the crypto market.

By learning to interpret price charts and identify key technical indicators such as moving averages, RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), and Bollinger Bands, traders can gain valuable insights into market sentiment, momentum, and potential areas of support and resistance.

Learning how to use these can be more in-depth and might require some extra effort to learn, but with places like YouTube and Google, learning these concepts should be relatively quick and easy. Technical analysis can help traders spot trend reversals, confirm price trends, and identify optimal entry and exit points for trades.

Combining technical analysis with fundamental analysis and market sentiment analysis can provide a comprehensive approach to cryptocurrency trading, enabling traders to make more informed and strategic decisions.

It is essential, however, to remember that technical analysis is not foolproof and should be used in conjunction with other analytical tools and risk management strategies for the best possible results.

Step 8:

Practice Patience

You can't just run up to the cage like everyone else. Do you want to blend in with all the other salivating animals, or do you want to stand out?

Since between the 4th century BCE and the 6th century BCE, Buddhists have been perpetuating the art of practicing patience. Despite antiquity, something over 2,000 years old can bear, patience is still as relevant today as ever before.

The importance of practicing patience in cryptocurrency trading is essential to cultivating a mindset of discipline to navigate the unpredictable nature of the crypto market. Avoid the temptation to chase quick gains or succumb to FOMO (fear of missing out); Impulsive and emotional decisions can lead to costly mistakes and losses.

Adhere to your trading plan and exercise restraint by waiting for high-probability setups before entering trades. This will allow you to wait for optimal entry points, where the risk-to-reward ratio is favorable and the probability of success is higher.

Additionally, maintaining patience enables you to ride out market fluctuations and withstand short-term price volatility without making hasty decisions based on emotions. Remember that cryptocurrency trading is a marathon, not a sprint, and success often requires patience, discipline, and a long-term perspective.

Step 9:

Control Your Emotions

After all the hard work you’ve done to get this girl’s attention, don’t you dare get up to her and let your nerves turn you into a Charles Chaplin film.

Emotions can cloud the mind. Turned inward they become an unconquerable enemy. In crypto, it means big losses. When controlling your emotions in cryptocurrency trading, it is crucial to recognize that emotions such as greed and fear, even happiness, can significantly influence your decision-making process and lead to irrational behavior in the market.

Greed may tempt you to chase unrealistic profits or take excessive risks, while fear can cause you to panic sell during market downturns or hesitate to enter trades even when the opportunity arises. Happiness can lead to you buying crypto you had a feeling was going to do well.

To mitigate the impact of emotions on your trading decisions, practice emotional discipline and maintain a rational mindset at all times. You already have the plan, you already have the technical indicators, you already did the market research… Stick to it regardless of market conditions or external influences.

Implementing techniques such as meditation, mindfulness, or journaling can also help you manage stress and maintain a calm and focused demeanor during trading sessions. This will minimize the risk of impulsive actions, and ultimately improve your chances of success in the cryptocurrency market.

Step 10:

Continuously Learn And Adapt

There’s nothing better than an old dog with new tricks.

You’re not a Cro Magnon man and changing will not lead to the demise of your species. You are not in a religion with rules punishable by eternal damnation. You are a crypto trader, and the market is constantly evolving.

To stay ahead of the curve, it's imperative to maintain an open-minded attitude, embrace a growth mindset, and commit to lifelong learning. Continuously educate yourself about new developments, emerging trends, and innovative technologies in the cryptocurrency ethos through reading industry publications, attending webinars, and participating in online forums and communities.

You should also analyze your trading performance regularly to identify strengths, weaknesses, and areas for improvement. Keep a trading journal to track your trades, record your thoughts and observations, and evaluate the effectiveness of your strategies.

Using this, you can adapt and refine your trading approach accordingly, incorporating lessons learned from both successes and failures. Be flexible and willing to adjust your strategies in response to changing market conditions, new information, or shifts in investor sentiment.

By continuously learning and adapting, you can stay agile and resilient in the face of uncertainty, optimize your trading performance, and increase your chances of long-term success in the dynamic and competitive cryptocurrency market.

What Are You Going To Do?

It's time now. There she is.

The bar has emptied, the patrons stumbling to their homes, lights inching up. You place your hands on the table as you stand. Your heartbeat is thumping your tie off your chest, your breathing is rapid and shallow. This is everything you planned out, “Take a deep breath, control your heart rate,” you tell yourself. You turn away from your table and start walking toward her. Each step feels like your feet are sticking to the ill-patterned carpet, time slows to a screeching halt. You glance up from looking at your feet, she turns her head, and her eyes meet yours. You freeze in your tracks and she smiles. “Hi, what’s your name?” She says.