Topic: Before Trading Bitcoin you should... (Read 856 times)

Everyone tries to change the financial situation but an investor should be careful when investing especially in highly volatile currencies like Bitcoin. There are many people who don't have money to invest but they try to invest money in bitcoins for managing their life or for any other purpose which is completely a wrong decision. If someone makes such an investment, he has a high chance of losing. However, when it comes to investing, many people invest emotionally which should be avoided.

Bitcoin is an excellent investment platform where many dream before investing. Some invest money they cannot afford to lose. In their case, the investment will increase the loss rather than gain. Along with any action it is better to invest according to the affordability. But investing in Bitcoin must be done with a long-term plan.

The striking difference is indeed at the psychological level. Demo trading and live trading are clearly different, those who are good at demo trading may not necessarily be good at live trading. Therefore, it is better to learn live trading, even with a small amount of capital, at least it can train us mentally to face reality, so that later it will develop by itself along with the experience we gain.

All traders will fail when they start trading because trading on live market is not the same thing as trading with demo accounts that many traders use when practicing how to trade and think because they have become good at demo trading that they will make good trade when they start trading on live market but you can lose money quickly than you make profits with love account therefore before trading Bitcoin you need to know that making profits is not alwa easy but if you stay focused you can make profits when you know how to interpret how the market is heading. Trading needs you to be quick to take actions and not waiting for a long time or you will miss entering the market at the appropriate time or exiting the market before it starts dumping and you get dumped on.

In general, don't put all your money into trading nor make it a full-time job because whether we like it or not, this won't give us assurance unless we are too skilled with this.

We can never make a mistake with this because there is no turning back. It is suggested to start from the minimum amount required as it is best to familiarize the market first and how trading works. Trading is not a wrong choice but disastrous when you are not fully prepared.

A lot of advice on how to start trading but there is one thing I would say --invest time in learning first before anything.

Never quit or give up on alternative sources of income, try to manage them along with the BTC trading. Because anything can happen in BTC, it can make you lose all if you are into future or margin trading but if you are in spot and trading wisely you can make some decent money but in order to make decent money in BTC via spot requires more funds and if you lack them you will definitely going to do future or margin but that's highly risky for a newbie even for an expert because both lose money in this market.

The advise of not investing your life savings into BTC trading is good but I would like to add that you must not do BTC trading but you must do BTC holding with your life savings. As your life savings are for either retirement or for some emergency funds. Most people keep emergency and savings funds aside I prefer them aside. Keeping your savings in the form of BTC is a better way to make money on it without the APY or other bad stuff. My savings are in BTC and I am making more than 2x on them right now.

It is not a good idea to leave your job for trading because trading cannot give you money always but it can make you distress so I will suggest that you don't leave your job for trading and if you have saved the amount but have no knowledge then saving that amount for something more time is better than losing it in trading due to lack of knowledge.

Most of the people are so greedy that they don't investigate trading but want to get the sudden profit so they lose a huge amount of money in a day because they don't follow the rules and have no command of their decisions so at the end they are just empty handed.

That is how unfortunate it is that most of us invest and trade Bitcoin without knowing what is all about. Many people underestimate the market and sell their valuable assets and some properties for this sake but they lose in the end. This adds pressure on ourselves and this kind of investment approach is our practice, there is no way we can reach our goal and make progress but a losing investment.

That is why it is encouraged to seriously take this option and never take it easy as it is difficult in reality.

Literally fast, I mean their adoption and new innovations being introduced in the space. If you are not new here, don't worry because it's going to be easy for you to adapt to the new changes. Not all in cryptos are forced to trade but it was still a must to know at least the basics of it like buy low and sell high because it will be needed in most of the things that you will venture here. Agree on what you said about failures, except only when you say ' no giving up ' because what if we still can't learn no matter how much we try? We can only do more harm on our selves than good, if these continues. Maybe something else is for us and not trading?

The crypto market moves very fast so we must always be able to adapt to any situation and the most important thing is the knowledge to trade and continue to learn at the same time.
Regarding failure in trading, it is quite normal, everyone has probably experienced it, but the most important thing is how we can learn from what happened and turn things around.
I totally agree that there should be no giving up for those who have lost in trading, they should keep learning and try again.

Apart from having to have a mindset that can be lost, basic knowledge that can guide us not to experience loss is a much more important thing to have. Because trading in the crypto market is indeed a little different from trading in the traditional market, the level of knowledge must be much greater for those in the crypto market in order to be better prepared to face market conditions and not easily experience losses. And your friend who has experienced a bad condition like that should not give up because he can still try again at another time to get back what he has lost in the past.

If we don't have another source of income to supplement our trading, I don't believe anyone will succeed because you will undoubtedly lose money, and if you don't have anything else to do when you lose, you won't be able to find another way to get money to try again to see if you will be profitable or not. Anything you do, if you don't have another way to contribute to your trade or investment, he will not go uncomplicated. Once you have the funds and a source of income to support your trading, you must focus on it and understand the market thoroughly in order to succeed.If we don't have any additional sources of income to add for your trading or investment he won't go straightforward. After you get a capital and get source of income to support your trading then you focus on it and understand the market very well to succeed on it.


You are correct, because have noticed someone who has just started trading because he recently received some funds and decided to run trading to double his money, and he gradually began staking lesser prices and occasionally losing and winning. And he started staking high because his money was dwindling and he didn't have any source of income to support him, so he started staking higher, thinking he would be profitable with a large profit, and that is all about him, he didn't get any income and lost all of his capital and everything he had for the time being. That is why source of income is necessary to assist you out when you are in need, but when you don't have anything, It is better to stay than to arrive and regret it. Even if someone wants to take a chance, I recommend that he invest in bitcoin because it is the only coin that will reduce your risk without losing too much money and will almost certainly be lucrative. It is better to stay than to arrive and regret it. Even if someone wants to take a chance, I recommend that he invest in bitcoin because it is the only coin that will reduce your risk without losing too much money and will almost certainly be lucrative.

True and this is very reasonable if we want to understand correctly what exactly is the main purpose of our trading compared to the main job, of course we need additional funds from the results of our main work if at any time needed, because it is not impossible that we sometimes forget to set SL and the price of the coin we trade continues to degrade. This condition comes if we are excited about trading in the coin, especially when we see the opportunity for the lowest price to automatically use the fresh funds.

If your friend decides to quit his job and trade, of course this is not the right choice and don't follow in your friend's footsteps, of course this will cause you financial problems and your friend will make a big mistake because he decided to starting trading without understanding it well, so we can use this as a lesson for all of us that preparing yourself before deciding to trade is of course very important, because everyone who trades is of course looking for profit but of course has a good understanding of trading. This is very important so that we can make a profit on the trades we make.

If you're already having huge capital for investment, maybe you can have that mindset losing what you can afford. Same with the friend of mine who quit his job, unfortunately the money he saved didn't prosper and eventually got burned in trading. Without proper knowledge on cryptocurrency trading, everything turned down and got vanished when trading without any concrete foundation of skills.

Trading ought to be a passive activity which supports your main job. Trading without another source of income will put pressure on the trader to make wrong decisions.

I have seen people put their live savings into bitcoin, but not as traders but as long term investors.

Think of how to handle 2 or more jobs to match the present economic situation instead thinking of how to quit.

Always true for altcoins but not always true for bitcoin.

Quitting or resigning with your day job just because you have intended to make that full time with gambling? This is something would be considered suicide. Why? There's no assurance that you would really be able to make profits with trading on which dealing up with speculative market is something that would really be that so damn hard or something that would really be that so unpredictable. You cant really be sure whether you would really be that profitable on everyday. What if you do have a family to raise? How you would really be doing it? If you do find yourself having that full time trading job you are into?.
This is why you should really be that considerate on the current condition that you are in and wont really be making outright decisions which arent that sensible on doing so.

On the moment that you would be considering on quitting or making trading to be full time is on the moment or situation that you do find yourself that sustainable because if you do find yourself that profitable
despite of the market randomness or being that unpredictable but still you could be able to handle yourself well and still profitable then this is the moment or right time that you do need to have
that full time but of course it would really be just that depending on you.

I remember before I read an article way back in 2017, and I can't even remember what article it was where there was a Bitcoin fanatic who sold all his property, from his house and land to his car and other things, using it in exchange for investing in Bitcoin.

He even got to the point where he sold the last pair of socks that he didn't use much anymore; he was so dedicated to Bitcoin, he just didn't talk about it. Now, here's what you're saying: this Bitcoin can really be a source of income as long as you have full knowledge about it and you know yourself that you can make a profit here in trading, but if you don't have a deep and wide knowledge of trading, don't pursue it, of course, because for sure the time and effort you will put into it will be wasted.

Trading is a good way to earn but it is not always earning there are also times that we will lose in trading,that is why expert always says that use only an amount that you can afford to lose it is because even expert lose in trading sometimes because market is high on volatility and it is unpredictable,the next thing is your job i think quiting you're regular job is not necessary when you can do trading in your free time,theres no need to quit your job at all,stable income can help you a lot,the strategy is to do trading but not quiting your job.

Well said.  Trading isn't what anyone will quit there Job for, profitability overtime must be attained in Trading of which is not bed of roses but many are too quick not to understand this, thus making silly decisions and mistake with poor ending.
Most profitable traders we see today had jobs at the start to keep them mentally balance and also aid in funding of account, this reduces pressure on the trader as he woild always have something to fall back on, the earlier some persons understand that Trading is not a Sprint but Marathon the better.

Building the skill set is the most important factor when it comes to Trading, but many try to skip this sorting out easy path, this cannot be overstressed as many are gonna learn the hard way.

Exactly, unless the person is so expert in trading, then going full-time and leaving the stable or corporate job is possible, but if a trader decides to quit his job just because he wants to start doing trading without having long experience, then that's a shitty move, because who will want to quit their job just to risk it in trading? trading is very risky itself, so you will quit your job. Then that's like suicidal. Even me, who has a lot of years of experience in trading, am still not confident enough to go full time in trading, but I also don't want to because of the mental and emotional effects of trading. That's why I only treat bitcoin as a side hustle while still having my stable job and also other things that I do to earn money. In short,  learn to multitask. If you can have your stable job while at the same time side hustle, then that's good.