Charts, charts, and more charts. Then more charts. If it’s a day that ends in a Y, crypto traders are looking at charts. “I have to be on top of things at all times because these markets are 24/7 365,” says Crypto Face, master cryptocurrency trader and founder of the Market Cipher trading software. “It’s usually when I say I don’t want to trade that the best trades reveal themselves.”
If you’re involved in buying and selling stocks, you may be used to concentrating your efforts during the initial hours of a trading session, known for its high volatility and numerous trading opportunities, before calling it a day. Once the market closes at 4 p.m., you’re compelled to halt your trading activities and enjoy some personal time.
This is not the case with crypto. The markets never close, with signals blinking, flashing and tempting you day in and day out. Does this mean that successful crypto traders spend all of their time trading?
It’s almost the opposite. “Most successful traders don’t scalp all day long “For most of them it’s a few hours out of their day.”
This doesn’t mean the charts can be ignored – it just means you need structure. “It’s about finding the right balance,” says Crypto face. “It cannot become an around-the-clock addiction.”
This 24/7 Addiction is what Crypto Face often sees with the “average crypto trader.” He describes the average trader as “someone who’s “probably a little depressed,” often middle-aged, often male, and they “f**king hate their day job.” They trade on their emotions, they lack knowledge and “they will lose 90% of the time.” They stare at charts with red eyes until 2 a.m. They impulsively trade with leverage. “They imagine that high-frequency trading is going to be the answer to their problems,” says Crypto Face. “But the more they do it, the more they blow up their account. This is the average crypto trader.”
Even though Crypto Face does tend to trade live during “degen” hours, he recommends getting enough sleep, taking care of your health and remembering to spend time with family and friends.
