The Beginner's Guide to Crypto Trading in India

Cryptocurrency trading is on the rise in India. With the increasing popularity of crypto trading and blockchain technology, it has become one of the most desirable career options for many. But the transition can be daunting, and it's important to have the right information and guidance to help you on the journey of trading cryptocurrency in India.

In this blog post, we'll give you an in-depth, beginner's guide to trading cryptocurrency in India and the key information you need to know to be successful in the crypto trading game. We'll also provide salary insights in INR and discuss the different types of jobs in the crypto trading sector in India. Plus, we'll share real-life stories and provide tips on how to overcome some of the common challenges when transitioning into cryptocurrency trading in India.

What is Crypto Trading?

Cryptocurrency trading is the process of buying and selling digital assets in order to make a profit. This process involves technical analysis and fundamental analysis, which are both important skills in order to be successful.

Technical analysis involves looking at the trends and patterns of the prices of the digital assets, while fundamental analysis examines the broader economic environment and assesses the impact on the price of the asset.

The Types of Crypto Trading

Cryptocurrency trading can be divided into two main categories: day trading and long-term trading.

For day trading, you'll buy and sell within the same day and try to capitalise on the fluctuations of the asset prices by means of trading signals and indicators.

Long-term trading, on the other hand, is a more strategic approach and involves buying and holding onto digital assets for a longer period of time in order to benefit from its price appreciation over the course of time.

Salary Insights in India

Cryptocurrency trading is a highly rewarding career and the potential for returns vary depending on your experience and skillset. On average, crypto traders in India make anywhere from 1Lakh to 5 Lakhs a year.

But if you become successful in the crypto trading business, you could potentially earn much more. For example, popular trader and Forbes 30 under 30 honoree, Akshay Haldipur, says that he is on track to make over Rs 26 Crore in 2020 and will likely exceed Rs 50 Crore by 2021.

Real-Life Stories

For those looking to make their mark in the crypto trading world, hearing stories of people who have navigated and succeeded in the space is invaluable.

One example is Yash Vardhan Singh from Bangalore, who made his mark in the cryptocurrency trading space by being an early adopter. After reading several books, articles, and blogs about cryptos, he decided to get into Bitcoin early in 2020. With his courage and determination, Yash was able to make a return of nearly 20x over his investment and is now a successful crypto trader living in Bangalore.

Another great example is Yadvendar Dabas from Delhi. Yadvendar quit his job as an engineer at Google to pursue his passion in crypto trading back in 2018. After self-learning, he started trading professionally and within one year, he was able to build successful trading strategies and become a successful crypto trader.

Common Challenges and Tips to Overcome Them

The journey to becoming a successful crypto trader in India is not without its share of challenges. One of the most common challenges faced by newcomers is the fear of making mistakes. When trading, you must stay confident and embrace mistakes as part of the learning process. Don't be hard on yourself as no one is perfect.

Another challenge is the lack of knowledge and information. To succeed, you need to stay informed and keep up-to-date with the latest news and developments in the crypto trading world. Make sure to take time to research and understand the different aspects before putting your money into something.

Lastly, don't get overwhelmed. Slow and steady wins the race when it comes to crypto trading. Take your time and make your decisions carefully. Don't get pushy and instead focus on the long-term goals.

Actionable Steps Towards a Career in Crypto Trading in India

If you're serious about transitioning into a career in crypto trading in India, here are a few actionable steps to take:

• Understand the basics: Start by learning the fundamentals of the blockchain technology, cryptocurrency trading, and its terminology.
• Do your research: Read everything you can get your hands on about the industry and deep dive into the topics you're most interested in.
• Create a trading plan: Develop a trading plan and strategize your trades accordingly.
• Get hands-on experience: Take a course and/or practice with a demo account.
• Invest smart: Start with small amounts and diversify your portfolio.
• Stay informed: Monitor the news and the markets to stay informed and up-to-date.

Conclusion

Trading cryptocurrency in India is a highly rewarding career and increasingly becoming a popular choice for many. With the right knowledge and guidance, you'll be well on your way to becoming a successful crypto trader in no time. Just remember to take it slow and steady, embrace mistakes as part of the process, and don't be afraid to make mistakes. Good luck!