7 Habits of Highly Effective NFT Traders
Plus, NFT Macro Page — a killer new icy.tools feature
Is this our year?
You bet your jpegs it is!
There is an undeniable groundswell in the NFT market right now. Could it be a turning of the tides? Or just another dead cat bounce?
Either way, true believers, make sure you have your ducks in a row by knowing how to make the most out of any market conditions.
This week, we look at 7 Habits of Highly Effective NFT Traders.
Habits 1 - 7: take profits. jk...kinda.
Is it just me or are NFTs starting to feel fun again?
— Slushy 🍧 (@slushygmi)
Jan 4, 2023
We're with you, Slushy!
But first, icy has some fresh new features for the new year!
We are super stoked to launch the new icy.tools NFT Market Overview Page! Our new page is your go-to resource for getting a comprehensive overview of the NFT market — including live and historical data on market cap, volume, and activity across marketplaces. We haven't seen anything quite like this out there!
NFT Market Overview Page (icy Macro Page)
1. Knowledge of the NFT market:
You've got to know your sh*t if you're going to be successful!
A pro NFT trader should have a deep understanding of market trends, pricing, and the factors that impact the value of NFTs.
May we recommend icy.tools premium as a good place to start?
2. Good research skills:
Much like #1, you need to know how to research.
Successful NFT traders know where to look and how to conduct thorough research on the NFTs they are interested in trading — including historical data, live feeds, the artist, the rarity of the NFT, and its provenance.
This could mean combing through your favorite NFT analytics site, Twitter, Alpha groups, or the dank dungeons of Discord. Find trustworthy sources that have proven track records.
One of the hardest habits to master!
The NFT market is volatile. Successful traders can wait for the right opportunities to buy and sell, rather than making impulsive decisions. Don't get caught up in the hype, FOMO, and moonboy persuasion.
Not only will impulsive trades lead to emotion-driven mistakes, but they also leave you open to malicious attacks. Most scams occur when NFT traders are in a rush and don't take the necessary precautions.
Brush up on NFT Security.
4. Risk management:
Never trade with money you can't lose. And don't overleverage — we've all seen how that works out.
Take profits! Say it with me, TAKE PROFITS.
NFT trading involves some level of risk. Successful traders can manage and mitigate these risks through careful planning and diversification.
5. Networking skills:
Find your communities.
Building a strong network of contacts is essential for pro NFT traders. It can provide access to new opportunities and valuable information.
Just when you think you know something, the whole enchilada flips on you!
The NFT market is constantly evolving. Successful traders can adapt to new developments and trends.
Just because something worked once, doesn't mean it will work again.
7. Passion for NFTs:
You gotta love the game!
If you're not having fun, you'll quickly lose motivation.
A genuine passion for NFTs and the underlying technology is pretty essential.
Are we missing any habits that you've found successful? Let us know: Twitter @icy_tools
Have you been scoping out the icy.tools Learn section?
We have some stellar guides and resources for learning about all things NFTs. New guides are added weekly.
Pretty sweet, we know.
Want to see something else from our newsletter, let us know! dm us on Twitter @icy_tools
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