How to Build and Nurture Your Network as a Crypto Trader
Table of Contents
- Why Networking is Important for Crypto Traders
- 3 Types of Networks Every Crypto Trader Should Have
- Identifying Key People in the Crypto Space
- How to Build Your Network: Practical Steps to Get You Started
- Nurturing Your Network: Keeping Connections Alive
- Networking Online vs In Person: Pros and Cons
- Common Mistakes to Avoid When Networking
- To Recap
- FAQs
Building and nurturing a network is essential in every industry, but it's even more important in the world of cryptocurrency trading, which is usually fast-paced and bumpy, with many highs and lows.
Crypto trading is not a venture or investment that can be undertaken solely. To thrive as a crypto trader, you need a strong network.
A strong network can provide insights, support, trading opportunities, and partnerships that help traders stay ahead in a constantly changing market.
There are many ways to build and nurture this network, and this article offers a guide to walking you through the basics of networking as a crypto trader. You will also find practical tips and strategies for traders who are a bit nervous about socialising.
Why Networking is Important for Crypto Traders
Networking is crucial to being a successful crypto trader. The crypto space is constantly changing, with new coins, regulations, technologies, and trends emerging quickly.
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.
According to a LinkedIn survey carried out by Lou Adler, CEO and author of Hire with Your Head, 85% of people found their jobs or new opportunities through networking. The same applies to crypto traders who want to spot the next big trend before everyone else does.
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.
3 Types of Networks Every Crypto Trader Should Have
1. Professional Networks:
These are connections you make with other traders, developers, analysts, and professionals in the crypto space.
Strong professional connections can give you direct access to market insights, new trading strategies, or even heads-up on upcoming trends.
For example, let’s say you’re connected with a blockchain developer who informs you of an upcoming project launch that could impact a coin you’ve invested in. These insights can help you stay right ahead of this project.
Platforms like LinkedIn or Telegram groups are great places to connect with these types of professionals. Even if you’re not a social person, joining online forums and participating in relevant discussions can help you grow this network without feeling overwhelmed.
2. Social Networks:
Not everyone in your network has to be a crypto expert. Social networks include friends, family, and acquaintances who may not be directly involved in crypto but have valuable insights from related industries like tech or finance.
These individuals can give you fresh perspectives or introduce you to tools and platforms you may not have considered.
For example, a friend who works in cybersecurity could recommend a better way to protect your assets or accounts.
For crypto traders who feel anxious about in-person networking, you can use Twitter or Discord to connect socially without face-to-face pressure.
3. Mentorship Networks:
Having a mentor in the crypto space is invaluable. A mentor could be an experienced trader, a crypto investor, or someone who’s been in the industry longer than you.
They can share hard-earned lessons, help you avoid costly mistakes, and guide you through challenging market conditions.
Finding a mentor doesn’t always have to be formal—you might connect with someone in a Telegram group or on a forum who’s willing to share their experience.
Many new traders hesitate to ask for advice, but most experienced traders are open to mentoring others. If you’re anxious about approaching someone for mentorship, remember that it can also be a mutual learning experience.
Identifying Key People in the Crypto Space
Building the right network in the crypto space isn’t just about who you know; it’s about knowing the right people who can help you succeed.
Here is a breakdown of the key people you should look out for when building your network:
1. Developers and Blockchain Engineers:
Developers are the technical experts behind the cryptocurrency platforms and blockchain technologies you trade with. They’re the ones who build, improve, and maintain the systems.
Connecting with developers gives you insight into upcoming projects, new features, and even security vulnerabilities in certain platforms.
For example, a developer might give you a heads-up about a promising new blockchain project still in its early stages, allowing you to get in early before prices surge.
2. Experienced Traders:
Learning from seasoned traders is one of the fastest ways to improve your own skills.
These traders have been through the highs and lows of the market and can offer practical advice based on real experience.
By following their social media accounts, joining forums, or even engaging with them directly, you can pick up valuable tips on market trends, risk management, and the best trading tools to use.
They can also help guide anxious or introverted traders by sharing strategies for managing stress and emotions when making trades.
3. Crypto Influencers and Content Creators:
These individuals play a significant role in spreading information, news, and opinions about different crypto projects.
They create content, run podcasts, write blog posts, and share insights on Twitter, YouTube, and other platforms.
Some of these influencers usually hype up certain coins. So, ensure you follow credible ones who can keep you informed about emerging trends and provide educational content that simplifies complex topics.
Be cautious, though—look for influencers with a reputation for being honest and transparent.
4. Analysts and Data Experts:
Crypto analysts help traders by interpreting data and making predictions about the market.
They look at everything from price charts to on-chain data to give you an idea of where the market might be heading.
Whether you follow them on social media or subscribe to their reports, these experts can help you make more informed decisions about which coins to trade or hold.
5. Project Founders and Core Team Members:
Lastly, connecting with the founders or core team members of crypto projects gives you direct access to insights on the project’s vision, roadmap, and long-term goals.
These people often share updates on their platforms, and by interacting with them, you can better understand how committed they are to their project’s success.
This can help you assess whether to invest in or trade that project’s tokens.
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.
Like I said, it’s about quality, not quantity.
Networking Online vs In Person: Pros and Cons
When it comes to building your network as a crypto trader, you have two main options: online or in person.
Each has its own advantages and disadvantages, and choosing the right one depends on your personal preferences, goals, and comfort level.
Let’s break down the pros and cons of both methods so you can decide which suits you best.
Pros of Networking Online
1. Access to a Global Community:
You can connect with crypto traders, investors, and influencers from all around the world without leaving your home.
With Twitter, Telegram, and Discord, crypto discussions and collaborations have been made easy.
You can join niche groups or attend virtual events, making it easier to meet people who share your interests.
2. Flexibility:
You can engage in online networking at any time, whether it's in the middle of the day or late at night.
This is particularly helpful for traders who have other commitments or who live in different time zones.
It’s also a great option for people who are anxious about face-to-face interactions or who find large social settings overwhelming.
You can communicate via text, which gives you time to think through your responses before engaging.
Cons of Networking Online
1. Online Interactions Can Feel Impersonal:
You don’t get the same level of human connection as you do in person, which can make it harder to build trust or form deeper relationships.
People can also misinterpret tone and intentions in online messages, which can lead to misunderstandings.
Scammers are also more active online, so you need to be cautious when networking with strangers in the crypto space.
2. The Challenge of Standing Out:
In an online environment filled with noise, it can be difficult to get noticed unless you're actively contributing to discussions or offering value to the community.
If you’re not actively participating, it’s easy to get lost in the crowd.
Pros of Networking In Person
1. Stronger and More Genuine Connections:
You can read body language, hear tone, and establish trust more quickly in person.
Attending crypto conferences, local meetups, or blockchain events gives you the chance to have meaningful conversations and build lasting relationships.
These in-person connections often lead to faster opportunities, whether it's collaboration, mentorship, or investment deals.
2. Helps You Stand Out:
A personal introduction or a simple handshake can make a lasting impression in an event setting.
You’re more likely to be remembered when you've met someone in person, which can lead to better opportunities down the line.
Cons of Networking In-Person
1. Accessibility:
In-person networking events can be expensive, especially if they require travel or high ticket fees. This can be a limiting factor for traders on a budget.
Additionally, these events are often scheduled at specific times, making it difficult for people with busy schedules or those in different regions to attend.
2. Anxiety and Fear:
Walking into a room full of strangers can feel overwhelming, especially if you're not used to socialising in large groups.
Starting conversations in these settings requires a lot of confidence, which can be a hurdle for some.
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
- Crypto trading is not a venture or investment that can be undertaken solely. To thrive as a crypto trader, you need a strong network.
- As a crypto trader, you need professional, social, and mentorship networks to build and nurture an all-around network.
- Building the right network in the crypto space isn’t just about who you know; it’s about knowing the right people who can help you succeed. Establish solid connections with developers, blockchain engineers, experienced traders, crypto influencers and content creators, analysts and data experts, and project founders.
- If you are uncomfortable with in-person networking, you can always start online.
- Actively participate in crypto communities by asking questions or sharing your trading experiences to build rapport with others in the crypto space.
- Don’t network with the aim of gaining something. Networking is a two-way street; you give value to earn value.
- Regular check-ins after initial contact are essential for maintaining a healthy and active network.
FAQs
Q1. Why is networking important for crypto traders?
Networking helps traders stay informed about market changes, gain insights from others, and build valuable relationships that lead to better opportunities.
Q2. Where should I start networking as a beginner in crypto trading?
Start in online communities like Reddit, Telegram, or Discord groups focused on cryptocurrency trading.
Q3. How can I network if I’m shy or anxious?
Start by networking online where there’s less pressure, and gradually ease into one-on-one conversations. Prepare questions and topics in advance for in-person events.
Q4. What are the best social media platforms for crypto networking?
Twitter and LinkedIn are the most popular platforms for connecting with crypto traders and professionals.
Q5. How do I nurture my crypto network?
Stay engaged by regularly checking in, sharing valuable information, and offering help to your connections.
Q6. What are the benefits of in-person networking?
In-person networking allows for stronger personal connections and more memorable interactions, but it can be more challenging for introverts.
Q7. What should I bring to a crypto event?
Bring business cards (if available) and do some research on the attendees or speakers beforehand so you can make meaningful connections.
Q8. How can I stay updated on crypto events and meetups?
Follow crypto influencers and event organisers on Twitter or join Telegram groups where events are frequently announced.
Q9. Should I focus on building a big network or a small, meaningful one?
A smaller, meaningful network can often be more valuable than a large one. Focus on quality over quantity.
Q10. How do I find a mentor in the crypto space?
Join online groups, attend events, and engage with experienced traders. Over time, someone may naturally take on a mentorship role.
Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.