Unleash Your Inner Dork to Become a Better Trader (Cryptocompare Review)
Whether you’re researching a new coin, doing TA or following the markets, exuberance helps.
One of the reasons why professional traders can be so effective is that they leave room of enthusiasm. The same enthusiasm you see back on Cryptocompare, a website dedicated to crypto resources.
Here are a few tips on how to embrace your inner dork and get infectious enthusiasm into your market research.
When you research with spirit, you’ll be able to stay focused for longer and process a lot more information.
#1 Tip; Research as much as you can
When you find a coin that gets your heart racing, start researching while that excitement is hot.
Great ideas(or great investment opportunities) don’t always stick around. Get your thoughts onto paper or pixels as quickly as you can.
(I have yet to find a good note keeping system for the shower, which is where I make about 80% of my long-term trading decisions)
While you’re taking time to catch a great investment opportunity, save as many details from your market research as you can. Bookmark, every relevant tab you have open.
Don’t worry if not every article you read is full of important information.
If you keep your market research organised, you’ll soon see the patterns between good investment opportunities and it’ll save you time looking for them in the future.
What kind of research would you do and how would you organise yourself if you were investing a 100K of your friends’ money?
Would you be more diligent in your research? Would you bookmark more of the website you found valuable information on? Would you backtrack your trading decisions? I know I would. For some sort of reason, people are more comfortable losing their own hard earned money than that of their friends.
#2 Use Cryptocompare
Remember coinmarketcap? The website you as a professional trader visit daily? The market leader in coin statistics. Well, cryptocompare is another market leader but not in coin statistics but in data research.
There aren’t many people that know this but it’s true. Unfortunately, they hide it pretty well and you have to look further than their front page showing coin statistics.
There is nothing wrong with trading based on coin statistics or TA every once in a while. But strong, profitable long-term portfolios are built on market research, which is mostly built on data.
Probably even the wolf of wall street looked at graphs on the daily. But he made his fortune by going out there, by knowing the products he sold and knowing his customer.
If you’re feeling burned out by reading white papers, take action and surf to cryptocompare to get excitement back:
- Read their institutionalized newspaper (While sipping your morning coffee)
- Read their latest research reports and let some of their excitement rub off on you
- Dive into some of their latest articles and emerge yourself into the crypto markets
If you’re consistently researching crypto projects that don’t excite you, and your efforts to jump-start your enthusiasm are not bearing fruit, being a professional crypto trader might not be cut out for you.
#3 It won’t be cool
Enthusiastic market research isn’t cool — at least not while you’re doing it. It isn’t polished. It isn’t sophisticated.
In fact, it’s usually kind of boring.
Any professional trader who’s worth a damn is a real go-getter. Good market research can’t be done without follow through.
I’m willing to bet that even Bitcoin Fund Manager yawns over another blockchain project every once in a while. Maybe it’s another horrible dev team or a promise to deliver something so far out of reach, it’s laughable.
Being a good trader just means you can get insanely excited about finding a good crypto project not everybody can see is good yet.
Capture your enthusiasm while it’s fresh. Make it real. And use cryptocompare for your market research needs.
Get the juice back into your portfolio. The future you will thank you for it.
Let me know what your favorite market research websites are down below or on twitter!