Happy New Year, folks. The market seems to be reacting well with liquidity coming in. BTC wrapped up the month nicely, and it's sitting around 96,830 right now. Just put in a swing long on SUI, GRASS, and SOL. If things go smoothly, I might hang on to these for a bit.
But that’s not my main point. Since it’s a new year, how are you planning to tap into liquidity? Are you looking into prop firms, trading contests, vouchers, or just focusing on building up your capital?
Last year, I tried to grow a $200 starting point. Managed to bump it up to $2,000 in about five months, trading SMC with some specific alts. Gotta say, it took serious discipline. Not sure I can pull that off again! 😅 Thinking about checking out prop firms or contests this time. What’s your game plan?
I will prefer to only focus on trading and nothing more than that. There are some time that the exchange that I am using will give me bonus but that was not my plan but I will take it if given.
Congrats. I hope this year will be better. I am not going for any prop firm or whatsoever.
There is this joy that comes with having to have a knowledge on something and making money from that knowledge which youve learnt. For me, I will go for trading and try to better myself in it. I see it as the best way to get liquidity this year. Its not easy to get some knowledge and use it to your advantage to make you money but once youve earned it, youll be made sooner than you think.
I dont have any likeness for prop firms, I havent tried one before. It was just a very first time impression I heard about it when I started trading, so I just dislike it from then and focus on building my own capital myself. Good to see you exploring there to, it could be your pathway to more greatness than you can imagine. All the best this year.
Ever since I started, I raised enough capital to keep trading, I have enough capital and I also believe that we are not going to end up with anything further than that neither, it doesn't really feel that complicated to me at all.
I think the best way to do this would be considering how to grow further on the long run as well, there isn't really anything further to deal with, just focus on how to get more of this the way I have, and keep trading that. If you need capital, then signature campaigns are a great way to do it, and then collect them for years, while keep trading with income and you should have a good result.
one of the beautiful thing I have learned in my trading journey is exploring prop firms, last year I when for about 4 prop firms but was able to secure 2. This year starting from next week when I resume, I will be going for more bigger prop firm account, $200k wont be bad. Cheers to a more profitable year ahead.
Trading and expecting it to be a source of income is an illusion.
You can't rely on that for big profits.
You would need something like an asset or stake to a business to make income on a long term basis.
Those that engage in frequent trading and expect to see reliable incomes from that are treating capitalism wrong.
With no reliable source of income, and spending too much of your disposable income in risky moves, you're gonna be eaten by the sharks most likely.
Anyway, if you want liquidity buy some assets. Maybe down the line in a couple of generations your children will be more then working class. Otherwise if you see trading as a lottery ticket, good luck but chances are against you.
Well, traders won't for anyone to make trading their source of income because if you trade daily, you can just win every trade you make, but there are still possibilities that you can lose. That is why people said you need discipline to avoid mistakes and learn about the price action. However, there are still many people doing it in their daily lives and using trading as a source of income; they are not too greedy, and they just execute all their trading in just a few minutes; they don't take too long on the screen unless there's another pattern shows up; if they already win a good amount, they already stop trading and do it again the next day.
Trading needs to be studied at first and learn about how it works because, without knowledge, you can't make a profit in trading. However, if you learn the proper way to trade, you should be aware of the possibilities and probability of trades. If you have this knowledge, you will be able to trade with fewer mistakes and risks, and you will make more money than you lose.
And like you said, without it, it is likely a gamble in which your prediction is always against your will.
building capital is the way for me, don't wanna depend on those completely random event like trading competition, one whale can just get in and sideline everyone else so the odd for average people with average capital to win is kinda small, i'd say maybe non existent.
can vouch for this one, I also managed to grow $100 to $900 within just two months as a self challenge aside from my main trades and investment becuase I got interested on this kind of challenge when i see people on twitter doing the same and the discipline it took to reach there is massive.
it's almost like self torture limiting ourselves from overtrade, managing risk, and only going big when price already dipped so much, yeah it was hell, but the gain was massive aswell.
I don't think I have the patience and skills to do something like that. Not to mention losing $100 is too much for my profile. Well hopefully things change this year and I can spend more capital for trading. My plan is to get more jobs so I can allocate more income for investment, the problem is that getting another job is as difficult as doing trading challenge for me. At the end of the day there's no gain without risk, so whether I want to or not I'd have to improve my skills sooner or later.
In trading, before you can archive that success you want, it takes a lot of discipline, else you are just going to blow up your account. I have heard of prop firm account and it's advantage but yet I prefer to build my own small capital.
@OP, you said you were able to grow your $200 to $2k last year, and if you were able to archive that, if you enforce such self discipline this year and start with that $2k that you already got, you can get a more significant amount before this year will come to an end. Just stick with your strategy and discipline.
Last year, despite all the challenges I had, being liquidated and starting all over again, yet I was still able to raise a small capital to a very high amount.
I will continue to explore myself if the method is even a small amount of profit is okay with me because at least there is an improvement happening.
Then there is no reason for me to join the prof firms that you mention.
Now, if you think you are growing with that method, just do what you think will help you, I hope you can grow the capital that you will use no matter what you do.
As long as I continue what I had started here in the crypto trading.
I understand the struggle to get capital and building from $200 like you did earlier will require massive discipline. I think it is easy to leverage competitions as most of you can earn while participating, unlike prop firms where you have to pass the requirement first. To suggest a competition, you can try out this January's trading competition. directions here
I fail to understand how that competition is going to help people who are looking to get more capital. The prize pool is small, it's based on trading volume so it's nearly impossible to win with a $100 trading capital. A single whale order can wipe out our chance to win the top prize. At best you'll get $5 for the newcomer bonus. That is nothing. A contest like this is a bonus for traders with huge volumes. CMIIW.
Spent most of it already buying spot. Do you know I disciplined I was to achieve that mate? It was draining, thought I'll go for something else this time, cos I can't trade daily any more.. congratulations on your achievement mate. So what's your trading plan for the year?
Job is definitely a way to raise capital, airdrops too that's why I'm participating in multiple testnets at the moment.
Yeah and I wonder why they're no much prop firms in crypto as they are with forex. Checked it out, said younneed min $200 deposit. I'll consider it
Nah, wouldn't try using trading to build my capital if ever lol. Every trade I make isn't a part of whatever plans I have in terms of building up my capital. Whatever profit I make of it (small trades in general that is) would be just bonuses of sorts I guess? Except for my main assets I DCA. Those I expect to profit, but still in general aren't included in immediate plans to build up my capital.
If ever it's still about just putting in money from outside of trading in general, e.g. salary work, freelancing money, some beer money jobs I got. Never thought of trading as a way to earn "constant" profit.
Well for me the best way is if you dont have fund, find a project that you can contribute by sharing your insight. Most altcoins or new project does have community allocation wherein some share came from this. But if you have liquidity you could do some LP or retro airdrops. Thats what I am doing now. Im grinding for discord roles which I believe will earn project share and also using some liquidty for staking or supplying which might entitle to a tremendous reward later.
Got some 100k fuel drop for being involved with such activity such as nft and supplying asset.
Take note: What I supplied is less than the value of airdrop Ive got now. Still holding as it still got some potential for an upside.
I just trying to make a profit from trading and only focus to make money. But I realize that is not easy because as you said that needs discipline and strictly focus. If I can grow my capital that is good but my focus is still make a profit as much as I can.
You can do what you've done before and if you said you can grow your capital to $2,000 last year, you can do that again this year. You have your experienced before so I guess you know what you need to do.
This is a good time to trade because you can buy low and sell high. But you must analyze deeper and not too greedy to take the profit because we never know when the price will be back to the lower price.
Last year, there's a motivation I draw from the comment of one user on my thread, I would not mention the user but what I can tell you @OP is that, being discipline is not very easy but without it, you can not archive the goal and if at the end of the day you remain disciplined, you will still realize that the result you will get will be worth the discipline that was practiced. If you have a better route, you can take but I'd advise against prop firm, most of them are scammers.
Remain discipline and keep winning.
At my current state, it's a bit hard to find some money to use for trading.
Last year, I used the rewards that I got from airdrops to trade, and maybe that will be one of my options this year as well. I also thought of using the rewards that I'm getting on participating those prediction contests on "Games and Rounds" board, and a portion of my rewards in my current signature campaign just to increase my liquidity.
Making your initial capital to x10 isn't the easiest thing to do. I mean doubling your capital is hard already especially if you don't have enough skills. I guess my goal for this year is just to have a consistent profit on a monthly basis. As for prop firm that you said, wouldn't it a bit risky especially you're using other people's money to do it?
I don't like prop firms. I haven't had any direct nasty experience with any prop firm and that's because I've never used one before. The simple reason is that I don't like sharing profit with anyone or be put under pressure to meet up certain conditions. I don't like that. I like to trade, bearing nothing distractive in mind. I know prop firms or individuals investing with traders is a better way to get huge funds but I would rather trade my little funds and build it up. About getting trading capital, saving up or participating in airdrops or nodes running is the way I would go if I were seeking liquidity.
You did fantastically well with growing your capital to that point. Did you later blow the $2,000? Why did you say you doubted if you could pull it off again? I would've thought that since you were able to get $200 to $2,000 it would be easier growing it further. So, what happened? Can you share that experience with us, if you don't mind?