3 Reasons To Be A Friendly Crypto Trader

Traders are naturally competitive people. 

Any trader who doesn’t want to win never will. But some traders forget that being competitive and being friendly are not mutually exclusive, and in fact, being friendly can make trading more enjoyable or even more profitable. Especially when trades turn into losers, when market conditions sour, or when sentiment drops for any other reason, having friends in the market carries zero downside. 

Friends Make Trading Less Lonely

One basic fact about trading is that drawing on charts and clicking buttons can feel lonely. Some “lone wolf” traders praise the trading style of operating completely independent from any other group or entity. But the best traders always have some sort of social group to support them. 

Making friends online (or even some in person) helps a lot with mitigating the creep of isolation while trading, and it can help someone become a much better trader. For one thing, isolation and loneliness are associated with impaired cognitive functioning, which is not a good outcome for active traders. Having friends can translate to taking better trades. Also, building wealth in general becomes infinitely easier with friends who trust each other and can share alpha together. 

Friends Share Real Alpha

Making friends while trading isn’t just about not feeling lonely. Friends are an essential resource for sharing feedback and ideas. Fresh perspectives and constructive criticism are important ingredients for becoming a better trader. And there’s an enormous difference between scrolling past dozens of “ideas” posted to social media versus discussing ideas in a private group chat with a dedicated group of friends. 

When a new trader first joins the market, they probably won’t know anyone. That’s okay. But the benefits of making and keeping friends in the crypto market “cannot be overstated,” as one trader wrote. Another trader posted about making friends by saying, “For whatever reason, many of you choose to play solo mode instead.” Finding or creating a group of new friends who can all grow together as everyone learns about crypto and trading is real alpha. 

Friends Accelerate the Learning Process

Sharing progress, memes, ideas, banter, and learnings with each other every day or every week is a cheat code to becoming a better trader, faster. In fact, one of the best crypto trading tips for new traders is to make a couple friends because, as one trader puts it, “You’ll grow 10 times faster.” Use social platforms like X to find a couple trading pals. And instead of a solo trader having to discover and learn everything on their own, they can use a group of trading friends to share mistakes and master winning ideas at a much faster pace. 

How to Make Friends as a Trader

Being obnoxious about making friends for selfish reasons is counterproductive. New traders who want to make friends should simply dedicate themselves to be active and useful members of public communities. Eventually, everyone finds a few trading buddies they can chat with in non-public channels. 

Trading in general often attracts lots of losers and haters, so making friends as a trader takes time and trust. Traders are often distrusting or standoffish at first. Traders are protective of who they let into their circles. So new traders looking for friends should prioritize being genuine, friendly, and trustworthy. Commit to following a personal trading plan and earn social proof from wins and losses to demonstrate trading skill. Making friends will follow from this. 

For new traders looking to make friends, here’s a thread on how to start. 

Also, all crypto traders are welcome to join the CMM community.