A prominent crypto analyst has explained to his large social media following not to perceive crypto trading as a job, as it is the wrong mindset to have.
“If you come into trading with this same mindset, you are WRONG,” he stated.
Mindset For Crypto Trading Must Change, According to Analyst
In a post on X (formerly Twitter), crypto analyst ionicXBT explained to his followers why they should change their mindset when it comes to trading crypto, warning that it should not be viewed as a job.
“Here’s why: Trading is a Business. When trading, you don’t get paid for time. You get paid for: Trading decisions you make, the actions and processes you follow, how well you manage your risk, how well you maintain emotional control.”
He advises his followers: “Instead of spending more time trading, spend more time polishing the above aspects.”
Moreover, he emphasizes that there is no overtime pay or salary involved, indicating that the responsibility to profit or incur losses rests solely on the investor.
Read more: How To Trade Bitcoin Futures and Options Like a Pro
Ramp Up In Crypto Analysts Giving Advice
There have been several reports of crypto analysts providing advice in recent times. Especially as the market has been going through positive swings.
On Oct. 25, BeInCrypto reported that Miles Deutscher recommended that investors closely monitor Telegram and Discord for upcoming opportunities as the bull market approaches.
Deutscher predicts that shifting market conditions will positively influence the profit potential of altcoins:
“This will have a positive effect on many altcoins and create new trading opportunities.”
However, he directed his followers particularly to the projects generating a significant amount of news and hype:
“Look for projects with major upcoming catalysts or announcements,” he further stated.
Read more: Crypto Trading During the Holidays: 5 Key Historical Trends
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