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Top-8 Best Day Traders In The World: What’s The Key To Their Success?

How to become a thriving trader? You can learn from your mistakes, or you can revert to the history which knows many successful day traders know. They not only earned millions of dollars within short time frames, but also shared the knowledge with the audience.

How to become a thriving trader?

You can learn from your mistakes, or you can revert to the history which knows many successful day traders know. They not only earned millions of dollars within short time frames, but also shared the knowledge with the audience. 

Who are the best day traders in the world, and how did they manage to make millions? This guide unravels a mystery and shows the stories of successful daytrading. You will find out who are the richest traders, which investing tips they give, and the books they have written.  

Most likely, you already know that there are not so many successful day traders – the majority of newcomers leave this activity within the first year of trading. The winner/loser ratio is pretty high, that’s why many people are so skeptical towards trading. That leads us to the first conclusion: the most successful day traders never give up. The majority of people give up after losing some certain amount of money while potential winners continue.

When you’ll be reading the stories of famous day traders, you will see they have a few features in common:

  1. Self-discipline. Trading requires a lot of attention, devotion, and a mass of time spent.
  2. Risk control. top stock traders understand the risk/reward ratio, they know when risks can be justified, and when they’re doomed.
  3. Courage. The most outstanding traders have the guts not to follow the majority and make their own decisions based on their own analysis.
  4. Thoughtfulness. It’s important to see and understand the market tendencies, and how they are formed.
  5. No emotions. Panic-selling is only one of downsides faced by emotional traders. They can get upset because of every little thing like unprofitable order or market fluctuations. Stock trading is not a place for sentiments – you have to stay cold-minded.
  6. Patience. Since the stock market is not easily predictable, it may seem there are no lucky entrance points. Top day traders wait for an ideal moment, even if it takes hours, days, or weeks.
  7. Dedication. Trading should be your hobby, which means time and investments in knowledge. Don’t limit yourself by reading books – develop your skills by learning strategies, watching YouTube videos and researching tutorials.

Thinking that day trading is purely passive income is a big mistake! Practice shows that famous stock brokers spend years on learning the basics of trading, and their education is lifelong. Stock market is too unstable and ever-changing, so you won’t go long using old knowledge only. 

1. Ross Cameron: The Best Forex Day Trader In The world?

Who is the richest day trader today? Probably, Ross Cameron. He was born and raised in Vermont (USA). He graduated from Vermont College with a bachelor of arts degree. Even at school, he was fond of architecture and professionally mastered the production of drawing documentation in AutoCAD. In the mid-2000s, Ross lived in Manhattan and worked for an architecture and design firm. Seeing that in the late 2000s, his investments lost value, Ross thought that he could achieve better results if he actively managed his portfolio. He returned to Vermont and began day trading in stocks under $20 with low capitalization.

In 2012, Ross founded the Day Trade Warrior resource – where traders can learn and draw ideas. He wanted to create a community in which traders would be surrounded by other professionals. In 2014, he began conducting training courses with a focus on risk management, stock selection, and maximum entry security. Now Ross continues to train and trade himself. In 2016, he reportedly made $222,244.91!

So, what are his recommendations? Ross Cameron shares his thoughts on why now all newcomers become successful traders:

“After several years of trading on the market and working with traders, I realized that there are two main reasons for failure. The first reason is simple – lack of preparation. Thousands of traders deposit real money into their trading account and, having no experience, immediately begin to trade. Any attempt to trade without experience in the market, along with millionaire traders and managers of multi-billion-dollar hedge funds, is a sure way to disaster. The trader should focus on the acquisition of knowledge and skills, that is, trade at least one month in simulation mode. He must make sure that he can make a profit, and only after that – start trading for real money.The second main reason for failure is the trader’s inability to manage risks. Risk is the central fundamental concept that a trader should understand. Each transaction involves an analysis of risk and profit potential. All successful traders have one standard indicator. The average size of their profitable trades is greater than the average size of expensive ones, and they are more often right than wrong. For beginning traders, as a rule, losing trades are larger than profitable ones, and trading accuracy is rather low. Such statistics lead to the fact that they cannot make a profit until they make changes to their trade. A story with good statistics ensuring the profitability of trade can be obtained as a result of the implementation of a clearly formulated trading strategy.”

2. What Is Sasha Evdakov Net Worth, And How He Made It?

Sasha Evdakov is the author of Tradersfly, and since 2013, he has written ten books, including “Start Trading Stocks: A Beginner’s Guide to Trading & Investing on the Stock Market,” and “100 Stock Trading Tips: The Mindsets You Must Know to Be a Profitable Trader!”. 

While a significant number of his books are focused on stock exchanging, yet huge numbers of the exercises likewise apply to different instruments. Through Tradersfly, Evdakov has discharged a wide assortment of recordings on YouTube, which talk about an assortment of themes identified with exchanging. Today, he has over 125,000 followers.

Books on day trading and investing by Sasha Evdakov

Books on day trading and investing by Sasha Evdakov

As an instructive business person, he is brilliant at educating, and his style is exceptionally straightforward and consistent. Actually, Evdakov says that the ‘genuine cash’ is in swing exchanging, and his feeling is increasingly outfitted towards it. Although his net worth is not stated in any official source, it’s clear that he’s a big trader with multi-million profits.

All things considered, Evdakov likewise says that he does day exchange from time to time when the market calls for it. He will now and then go through months/day exchanging and afterward return to swing exchanging.

What he implies by this is the point at which the conditions are directly in the market for day exchanging as opposed to swinging exchanging. This features the significance of both being a swing dealer and an informal investor or possibly seeing how the two work.

Sasha Evdakov gives the following recommendations to become a famous person in the stock market:

  1. Depending upon the market circumstance, swing exchanging techniques might be different.
  2. Some of the best day traders blog and post useful videos – they not only write books.
  3. Young stock traders should try swing trading at least once.
  4. When you choose between day trading or swing trading, it should depend on your lifestyle.

4. The Secret of Rayner Teo Net Worth 

One of the most famous stock traders, Rayner Teo runs a YouTube channel with over 174,000 subscribers and TradingwithRayner website that unites over 30,000 traders. He teaches peers how to prevent losing money, what are their typical mistakes, and which solutions are applicable in the current market trends. 

Here’s how he describes his work:

“At the moment, I am a swing positional trader. I try to grasp individual market movements that occur on a four-hour or daily time frame. A positional trend trader is a trader who follows the trend, and then tries to hold his position until its very end! You know, as the saying goes, the trend is our friend, and you need to follow him until it ends”.

Four market phases that each successful trader must know

Four market phases that each successful trader must know

What are his day trading secrets?

Rayner states that trend is a pretty general concept. There can be different trends in the same market in different timeframes. “Personally, I prefer to trade on the daily charts. If the price goes in my direction, I can hold my position for months and even years. And if it turns out that I was mistaken, then I leave the market within a matter of hours or days. That’s what my trading strategy looks like in general!” – he says.

5. What Made Steven A. Cohen One Of The Most Famous Day Traders?

Steven Cohen was born in 1957, Great Neck, New York. In November 2011, he took the 35th place in Forbes’ list of 400 Richest People in America. Currently, his fortune is estimated at $ 8.3 billion! Why is he one of the most famous traders today? 

He is well-known for having supernatural abilities to make money under any market conditions. BusinessWeek magazine named Cohen “the most influential trader on Wall Street.” He is the founder of SAC Capital Partners.

He studied at the University of Pennsylvania, studied economics, played poker, and became interested in the stock market. In 1978, Cohen got a job at Gruntal, where on the first day, he earned $ 8,000 for the company. Being a top daytrader, Cohen made about $100,000 a day for the organization. By 1984, he managed a portfolio of $75 million and a group of six traders. On his account, there were transactions that helped Gruntal to cover losses incurred due to the operations of other traders.

In 1992, after leaving Gruntal, Cohen opened the SAC Capital Partners hedge fund, investing $20 million of his own funds there (today, the company manages more than $12 billion). At that time, the hedge fund industry was still relatively small, and the bull market of the 1990s was just warming up.

Steven Cohen’s average monthly returns

Steven Cohen’s average monthly returns

SAC Capital Partners staff now counts more than 600 people. Nevertheless, Cohen still makes many deals himself. He starts his working day at 8 AM and tracks market charts on his monitors giving ideas to employees. About 15% of the company’s profit is obtained from operations performed by him!

6. Mark Minervini: Net Worth Is Nothing, I Just Want To Be The Best Trader

What makes Mark Minervini one of the best traders in the world? In his first year, he made 128% profit and reached 220% in five years – all that with a few thousand dollars in his pocket. Minervini is the author of some useful books, for example, “Think and Trade Like a Champion: The Secrets, Rules & Blunt Truths of a Stock Market Wizard”.

Minervini says that success day trading is not about looking for the lowest point – it’s about entering trends instead.

After spending almost ten years in endless analytical work and accumulating a wealth of trading experience, Mark has developed his own clear methodology. In the mid-1994s, relying on the loyalty of the chosen strategy, whose merits were clearly demonstrated by the steadily growing profits, Minervini combined the existing disparate accounts into one – the one about which such an impressive report would later be drawn up (up to this point, Minervini worked on several accounts that helped, in particular, to compare the results of different approaches to investment). Today, five and a half years after opening an account, his profit can be called amazing without exaggeration.

Oddly enough, Minervini managed to significantly increase capital, keeping risk at the lowest level: the fall was observed in just one quarter and amounted to only 1%.

In 2000, Minervini became the founder of his own hedge fund – Quantech Fund LP. At the same time, he is the chairman of Quantech Research Group, an analytical company that carries out stock picking in the interests of institutional clients in accordance with the methodology developed by Minervini. During the day, Minervini manages the capital of investors, at night – sits at a computer screen, studying the characteristics of companies and shares.

Minervini is definitely one of the best stock traders to learn from, and here’s what he recommends:

  1. Checking trends is more important than buying at the lowest price.
  2. Workaround huge companies;
  3. When the market situation is complicated, you should lower the risks and profit expectations.

7. George Soros’ Mysterious Strategy

The personality of George Soros has already become a legend among trading fans. This is undoubtedly the most successful top trader. He is known as one of the best traders in history, nicknamed “the man who bankrupted the Bank of England” with one of the successful day traders stories: a single transaction of $ 1,000,000,000.

After graduating from the London School of Economics and Political Science, Soros began his professional career at Quantum Fund, founded in 1969, where he made several lucrative operations. As a result, the company’s profit matched the annual income that McDonald’s recorded in 1996. However, the most lucrative deals of Soros’ career have been with the pound sterling. In 1992, Soros became one the best day trader, making a net profit of $200 million in just one month.

Soros has written several books, including “The Alchemy of Finance,” where he explains his theory of reflexivity, which he says helped him succeed in trading. 

George Soros applies the theory of reflexivity to trading`

George Soros applies the theory of reflexivity to trading`

Yet, the full truth about the reason of George Soros’ financial success is not revealed in his books because it does not contain any theory about the functioning of the stock market. In fact, his investment philosophy is very different from the theory of reflexivity. The best way to uncover some of his secrets is to read the New Money Monsters interview with John Train, in which he Soros makes the following statements:

“My approach works not because I make the right predictions, but because it allows me to correct the wrong predictions.”

This is an interesting point to keep in mind if you want to become a top trader. Several Forex traders who have worked with Soros have published some of their investment strategies. One of them is James Marquez, a former chief investment officer:

“Soros’s strategy may seem strange, wrong, and it goes against the rules. He sold cheaply and bought expensively, which can only be understood in connection with his stated mission: to be able to return and recoup another day. ”

Soros’ other investment director, Alan Raphael, said that Soros never argues, and if he makes a mistake, he admits it and ponders it.

Below are top trading tips that can serve as a basis for developing a strategy in accordance with Soros principles:

  1. Set aside hypotheses and theories that provide a complete understanding of how markets function. Reaping the benefits depends largely on knowing the exit points and the correct sizing of transactions.
  2. Define a strategy that makes sense instead of making multiple decisions spontaneously.
  3. Pay more attention to exit points and order sizes, even if they are tempting.
  4. It doesn’t matter if your strategy is backfiring: you must view failure as a force and limit losses so that you don’t wake up bankrupt one day.

8. Bill Lipschutz: Trade Like Crazy, Or Leave

Lipschutz began trading the stock market while studying at Cornell University, New York. He received an inheritance of $ 12,000 in shares and invested this money in over 100 shares. These investments helped him find a more profitable way to use the funds received.

During this time, Lipschutz studied financial markets at the Cornell library and began trading. He managed to turn $12,000 into $250,000. However, his success was short-lived, as one perfect mistake cost him almost all the money he earned. Lipschutz considered this mistake a valuable experience that helped him in the future.

Successful day trading is impossible without pain

Successful day trading is impossible without pain

Just before finishing his studies at Cornell, Bill Lipschutz started trading again and gradually increased his account size. Then he decided to devote himself entirely to the career of a trader. In 1984 he joined Salomon Brothers and joined the newly formed Forex division. A year later, he made the bank a profit of $300 million.

In 1990, Lipschutz became president of the North Tower Group, a subsidiary of Merrill Lynch. He then founded Rowayton Capital Management, which morphed into Hathersage Capital Management in 1995. This fund specializes in trading the currencies of the Big Ten (G10) countries and is still active at the time of this writing.

Bill has an unusual motto: “Trade like crazy or stay the same.” Bill gets enormous pleasure from making money at an insane speed. Yet, it comes with hard work. A trader, as you know, can watch all the markets simultaneously with a monitor mounted next to his bed so that he could analyze everything around the clock. After all, to make $ 300 million in just one year, a person needs to work really hard.

Bill Lipschutz has created an effective trading and risk management strategy based on in-depth analysis. Its main principles are as follows:

  1. Time is the cause of risk. Professional players are able to keep an eye on several currency pair trading operations. 
  2. You don’t have to come rich at Forex. Every trader learns from his mistakes, and Bill Lipschutz is no exception. Once he lost 250,000 borrowed in 5 days, but that did not stop him. 
  3. Be obsessed with deals. Bill Lipschutz believes that most traders fail to operate profitably in the foreign exchange market, not because they lack the ability, skills, or experience, but because they lack a passion for trading. Money motivation is not correct; making a profit or loss is a ‘side effect of gambling’ on the currency exchange.
  4. Feel the pain of loss. Every trader has periods when he only bears losses, but the main thing is not to back down. At such moments, a trader begins to treat money more carefully, to calculate and analyze actions.
  5. Divide the capital. The golden rule of the eminent trader is never to concentrate wealth in one transaction. Following this rule reduces the risks of burnout to the lowest possible level.
  6. Do not leave a position open with incomprehensible market movements. The position should be increased when it is possible with a high degree of probability to predict the dynamics of economic indicators and price behavior.
  7. Get it done on time. The principle of any business activity – the more you work, the more is your profit. But when trading on the foreign exchange market, the situation is the opposite. You can’t make an open position more profitable by making an effort. The trader must invest in the preparation process – the study of information for analysis.

Bottom Line

So, what makes the best stock traders? They are devoted and obsessed with what they do and ever give up. The stories of these overwhelmingly successful stock traders prove that there’s no victory without a loss (or many losses), but mistakes drive development. 

Can you repeat their achievements? Everything is possible with due dedication. There’s no need to have millions of dollars in your bank account. Start with a demo account, research the market, and read The Tradable blog to keep tabs on what’s happening in the financial sphere.

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

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Wanted Cryptography Experts in China

 Wanted Cryptography Experts in China

The sooner we get to the official launch of China Digital Money. the more Cryptography Experts are needed.

it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.

The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)

this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC  that Bans any activity related to the cryptocurrency market.

Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.

something like if you can beat them , copy them.

in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the  digital currency research institute

This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.

the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project

since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.

the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.

“Beijing’s ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.

The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.

So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.

 

 

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