How to Build and Nurture Your Network as a Crypto Trader Part 2
Networking is crucial to being a successful crypto trader. The crypto space is constantly changing, with new coins, regulations, technologies, and trends emerging quickly.?
(Missed part 1? Click here to read)
Having a strong network means you can stay up to date with all these changes by learning from others, sharing insights, and gaining access to exclusive information. For example, some of the best trading opportunities come from tips or advice shared in private groups or forums, not public news.?
Building a network can also help you manage the emotional side of trading. Crypto trading can be stressful, especially during market crashes or price swings. Having people you can talk to—whether they’re experienced traders or just others in the same boat—helps you make better decisions and avoid costly emotional trades.?
How to Build Your Network: Practical Steps to Get You Started?
1. Start Online:
If you're uncomfortable with in-person networking, starting online is an excellent option.?
Platforms like Twitter, LinkedIn, and Telegram are hubs for crypto traders, developers, and enthusiasts.?
Follow key figures in the crypto world, join relevant groups or communities, and engage in conversations by commenting on posts or sharing useful insights.?
2. Join Crypto Communities:
Online forums and communities like Reddit's CryptoCurrency group, Discord channels, and Telegram groups are designed specifically for discussions around trading, blockchain, and crypto news.?
Actively participating in these communities by asking questions or sharing your trading experiences can help you build rapport with others.?
An added bonus is that these communities are often more relaxed, which can help ease social anxiety for those who find face-to-face networking difficult.
3. Attend Webinars and Virtual Meetups:
Webinars and virtual conferences have become popular, especially since many people now work remotely.?
These events give you access to expert knowledge while allowing you to meet new people from the comfort of your home.?
Many traders and professionals share their strategies and predictions during these events.?
Take advantage of the Q&A sessions to ask questions and introduce yourself.?
4. Build Genuine Relationships:
Networking is not just about adding names to your contacts list; it’s about building genuine relationships.?
Reach out to people, not with the goal of gaining something, but to share value.?
Offer to help others with trading tips, share resources, or provide feedback when asked. Over time, people will see you as someone trustworthy, making it easier for them to want to connect with you.?
Remember, quality is more important than quantity when it comes to networking.
5. Be Consistent:
Networking takes time, so you have to be consistent with it.?
Check in regularly with your contacts, whether through a simple message, sharing a helpful article, or catching up at virtual events.?
You don't need to spend hours every day on this; just a few minutes of consistent engagement can go a long way in building solid relationships.?
Nurturing Your Network: Keeping Connections Alive
Building a network is just the first step; maintaining those connections is where the real value lies, especially as a crypto trader.?
Think of your network like a garden—it needs regular attention to stay healthy and grow.?
One practical way to keep your network alive is by periodically checking in with people, even if it’s just a simple message to see how they’re doing or a quick comment on their social media posts.?
Small gestures go a long way in keeping you on their radar.
For those who feel anxious about socialising, whether online or in person, start small. You don’t need to attend every conference or constantly engage in long conversations.?
Instead, focus on building relationships through one-on-one chats, joining smaller crypto trader groups, or even sharing valuable insights you’ve learned.?
Staying informed about what’s happening in the industry is also essential. Sharing relevant news or articles with your contacts is a great way to add value to your network.?
Last (but not least), make time to offer help when someone in your network needs it.?
Whether it’s a quick piece of advice or an introduction to someone they’re looking to meet, these small acts of kindness can strengthen your connections.?
Common Mistakes to Avoid When Networking
1. Focusing Only on What You Can Get:
One of the biggest mistakes traders make is networking with a "what can I get?" mindset.?
Building relationships shouldn't be transactional. You'll come across as insincere if you're only trying to connect with people to gain something—like insider tips or favours.?
A better approach is to think about how you can provide value to others first.?
2. Ignoring Follow-ups:
Many traders fail to follow up after meeting someone at an event or connecting online. Networking doesn’t end after the first conversation; it’s about maintaining long-term relationships.?
A simple follow-up message or email a few days after your first interaction can help keep the connection warm.?
For example, you could say, “It was great meeting you at the webinar! I’d love to stay in touch and learn more about your trading strategies.”?
3. Not Being Prepared:
Whether you’re attending a virtual conference or joining a crypto forum, it is important to prepare.?
Going into a networking event without knowing who you want to connect with or what topics you want to discuss is a missed opportunity.?
Research the event or the people you want to network with ahead of time.?
For example, if you know that a well-known crypto influencer is attending, take some time to read their latest posts or watch their content. This way, you can start a more meaningful conversation and stand out.
4. Overcomplicating Conversations:
Some traders, especially those anxious ones, make the mistake of overcomplicating their conversations, trying to impress others with technical jargon or complex ideas.?
This can push people away, especially those who may not be as technically skilled.?
Keep your conversations simple and easy to follow. Focus on asking questions, listening, and showing genuine interest in what others have to say.?
A simple “What do you think about the current market trends?” can be more effective than diving into a long-winded explanation about blockchain mechanics.
5. Failing to Diversify Your Network:
Many traders stick to only networking with people within the same niche, but this limits your opportunities.?
Expanding your network to include people with different skills, such as developers, marketers, or even legal experts, can provide fresh perspectives and valuable connections.?
For example, you might find that a blockchain developer has insights into the technology that could improve your trading strategies, or a marketer could help you build a personal brand.?
To Recap