Crypto Traders Need to Do This Before Thinking About Making Money

More than $1.15 billion in leveraged crypto positions were forcibly closed in 24 hours this week. Nearly 168,000 traders faced liquidations as Bitcoin briefly slipped below $74,000. 

For beginners hoping to make quick money from crypto, such losses are a reminder of how unforgiving the market can be.

Álvaro Smart Money, a Spanish-speaking crypto trading influencer and Bitunix partner, believes many newcomers approach trading with the wrong expectations.

Speaking at Bitunix’s Ultra Talks series during TOKEN2049, Álvaro offered advice that challenges the way trading is often promoted.

“The first thing I tell my people is to forget about making money. You’re not here to make money. You need to be interested in what we do. You need to be interested in looking at charts every day. You need to be interested in finance.”

His argument is that traders need to develop the skills to survive repeated losses before expecting consistent profits.

Why Most Beginners Struggle to Make Money in Crypto

The numbers show how difficult that can be.

A Bank for International Settlements study estimated that 73% to 81% of retail Bitcoin investors lost money on their initial investments between 2015 and 2022.

The researchers also found that rising Bitcoin prices attracted new investors, many of whom entered during rallies and subsequently suffered losses.