7 Things to Know to Become a Successful Crypto Trader - page 2.

JC btc

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Quote from: Blitzboy on January 03, 2020, 01:33:51 AM

Quote from: Reid on January 03, 2020, 12:47:20 AM

I will just take number 4 to quote with.
This is really important.
Use your own money. If you don't have it then don't start at all

I think this is not really necessary, no one decides to engage on the exchange if they don't have any money. And nobody thinks about becoming a trader if they have no economic ability (money). Basically, only people with money think about investing in other things, maybe someone will think of margin mechanism on exchanges, but to be able, they need initial capital.

I doubt that, there were still some few people who wanted to become successful by becoming a crypto trader, they started with just limited amount of money, they are those people who were not contented with their life anymore and they wanted to change something, and I've known a lot of people who has nothing and now has everything.

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Quote from: Reid on January 03, 2020, 12:47:20 AM

I will just take number 4 to quote with.
This is really important.
Use your own money. If you don't have it then don't start at all

I think this is not really necessary, no one decides to engage on the exchange if they don't have any money. And nobody thinks about becoming a trader if they have no economic ability (money). Basically, only people with money think about investing in other things, maybe someone will think of margin mechanism on exchanges, but to be able, they need initial capital.

Reid

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Quote from: mann1983 on December 14, 2019, 08:37:01 AM

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

I will just take number 4 to quote with.
This is really important.
Use your own money. If you don't have it then don't start at all.
Have a different savings for it. Do not let it be mixed with your budget for bills and other stuffs for your own necessities.
Just allocate a number for trading and also for investing.
That way, if you lose it then you should stop. Save once again then use that only.

Blitzboy

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Quote from: bohr on January 02, 2020, 03:59:26 PM

Quote from: mann1983 on December 14, 2019, 08:37:01 AM

1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.

I disagree with this point, most coins are just copies of bitcoin with a few changes, they do not really offer any diversification, if you really want to diversify your capital then you need to invest in markets others than this one, the market of precious metals, real estate or stocks are good ways to actually diversify your portfolio, look at the market now, bitcoin is going down and altcoins are going down even faster so there is not really any protection taking place.

Just look at the title of this topic, guys. OP is talking about how to be a successful crypto trader, not a stock trader or anything else. Moreover, there are many coins that are not affected by Bitcoin. Even, there are always a few coins against the wave. The market is a series of surprises, do not assert when you can not understand it.

Shasha80

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Very true what has been mentioned in the opening post, that by complying with it can make us a successful crypto trader. Especially points
number 4 and 5, namely do not loan funds for investing and losses are a part of the process. Because so many traders using a bank loan
money into trading capital, this is very dangerous in my opinion. If we suffer losses we will have difficulties pay the loan installments. And
many traders also consider that there is a trading strategy without losses, even though we are trading will definitely experience a loss. So we
must be able to use strategies so that the profits we generate are greater than our losses.

leowonderful

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I would argue that not only should you avoid risking funds (using those funds) that you can't afford to lose, you also shouldn't be risking funds that you might need in the next year or two just in case an unexpected event happens and you need some source of money to fund that event, because you never know when something urgent could happen.

I would also add that if you're reading guides on how to become successful at trading, you're also likely new to trading and you shouldn't be risking large amounts of money in the first place even if you're perfectly fine with losing it. Most new traders do not make money but rather lose money while learning the ropes, and expect yourself to be no different.

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Quote from: mann1983 on December 14, 2019, 08:37:01 AM

2) Review your portfolio every 60 days
It is easy to chart your progress and see which way your portfolio is moving. As traders follow their strategy, it is advisable to keep an eye on Bitcoin price and its market capitalization. As Bitcoin’s price increases, its market capitalization increases and this leads to a fall in altcoin prices. This means it's time to hold or exchange for Bitcoin.

I dont believe the 60 days tag, it might not necessarily be 60 days if the plan was to take profit. In the past 2 years it had not been easy with taking profit from bitcoin. The idea for bag-holders is just around 2x-3x of investment, this could be difficult to sell if higher because of the volume and exchange listed. It is always difficult to stay away from internet when the market is doing fine and most of your tokens are kept in wallets not exchanges.

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Quote from: mann1983 on December 14, 2019, 08:37:01 AM

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

i think that is really a dangerous act to take loans for the sake of investment in crypto because nobody know the up and down in the market, and that become terrible when the money of loan come down in crypto. I know a person who took a big loan for crypto investment but unfortunately he lost more than half of that money and then he was unable to return the money to owner. So i suggest to trade with your own money.

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Quote from: mann1983 on December 14, 2019, 08:37:01 AM

1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.

I disagree with this point, most coins are just copies of bitcoin with a few changes, they do not really offer any diversification, if you really want to diversify your capital then you need to invest in markets others than this one, the market of precious metals, real estate or stocks are good ways to actually diversify your portfolio, look at the market now, bitcoin is going down and altcoins are going down even faster so there is not really any protection taking place.

boris singer

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I review portfolios every week, crypto movement is very fast and requires a different strategy according to the latest conditions. Then portfolio diversification is also an important activity for all traders. Some friends suggested getting a profit from the Poloniex lending program, but I wasn't very interested. The latter is very important, losses can never be avoided, need self-control to always ensure that you can still trade without having to make excessive new deposits, always maintain the existing capital to make a profit first.

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Everything are very well said. One that strikes me the most is the topic about loaning funds to but crypto. I guess it really depends but somehow getting a loan to have something uncertain to make profit with is very risky. Even how small the amount, it is still risking of the value. I'm not against loan but as much as possible I say do not make it as an option.

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All seven things are interesting but I don't really think that diversifying your portfolio is necessary. Have you ever checked the price chart of most coins this year? Altcoins have been falling, though some have been making progress, but it's only a few of them like Chainlink. But, most other altcoins we thought were good ended up as decreasing in price like Zec, BCH, XRP and a lot of them.

Bitcoin was profitable this year, so assuming you invested only in Bitcoin, you're still going to profit a lot from it. Imagine buying at the rate of $3000 or $4000 before April this year and the price went up to ~$13,500, that's a lot of profit, about three to four times. So, diversification is not really necessary within crypto.

You may go for diversifying your portfolio along with some other investments like gold or real estates and in some countries bank deposits are good investments for consistent returns for earning a living for elder people but when comes to cryptos, only bitcoin investments will be more than enough for all age people.

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Quote from: Text on December 14, 2019, 06:14:25 PM

It seems that you just only copied and pasted it here. You should include your additional thoughts or say something about the article cause It only looks like plagiarism though. This thread may get deleted, it doesn't contribute anything aside from sharing some contents of the article and its source link.

There is no more new to the dish of the OP. It was tackled and stated here in forum over and over again though there are points that he/she did unique. But the thought still out there.
But hey, thanks for sharing OP. We know already how to be a successful trader. We just need capital to start. Maybe it is convincing if we have money to be rolled and follow every tip and techniques that forum users posted.

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Quote from: bitzizzix on December 16, 2019, 01:11:58 AM

Quote from: perla on December 16, 2019, 12:01:32 AM

Quote from: mann1983 on December 14, 2019, 08:37:01 AM

7 Things to Know to Become a Successful Crypto Trader

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.

That's right, most of those who dare to borrow capital to invest in crypto majority of beginners because they are only tempted by profits without requiring longer experience and deeper observation about investing in crypto.
they know the risks they face but are blinded by greed, and if their expectations are not what they want, it will be their burden because they have to return the capital they borrowed and I totally agree with number 4.

Always use your own money that you will invest in cryptocurrency. Loans can stress you out because what if you loss all your money and then you still have loan to pay. What will you do??? Mental breakdown will become the effect because you don't have enough money to pay the loan.

Always use your own money so that the profit is also all yours. You will not have to pay the loan because the money you invested is the effect of your hardwork.

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I agree with you very well After trading these posts benefited Also I think in order to be a successful crypto trader there are 7 things you need to do to observe and research different places to trade. If you do not get frustrated that there are both profit and loss trades try again from where you went wrong so you can become a successful businessman.

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Quote from: bitzizzix on December 16, 2019, 01:11:58 AM

Quote from: perla on December 16, 2019, 12:01:32 AM

Quote from: mann1983 on December 14, 2019, 08:37:01 AM

7 Things to Know to Become a Successful Crypto Trader

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.

That's right, most of those who dare to borrow capital to invest in crypto majority of beginners because they are only tempted by profits without requiring longer experience and deeper observation about investing in crypto.
they know the risks they face but are blinded by greed, and if their expectations are not what they want, it will be their burden because they have to return the capital they borrowed and I totally agree with number 4.

Not 1 or 2, but it keep happens to people. Trading and make investment must use our own money. Actually you are right, people know the risk is always hide behind trading, but they are too greedy because aim for bigger profit no matter where money that they use come from.

metenjean

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When you have a lot off money said Losses are a part of the process is not worry but how come if some one borrow their money from his friend or bank and got scam with loss by investing with bitcoin and altcoin, still you can said Losses are a part of the process and how come to get back his profit and return his money borrowing.

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Quote from: kanayaTabitha on December 16, 2019, 10:24:04 AM

Quote from: Murat on December 16, 2019, 08:19:11 AM

This type of post seems to be seen another thread, whatever the case is, this is really helpful to any newcomer in order to trade in this cryptocurrency platform, I don't think it's too complicated for anyone, I think it's just a matter of study and proper knowledge, I believe when a person enters into this system then he must study properly about the crypto trading, I think if someone could control on emotion then it's enough to get better in this cryptocurrency trading, I like your first suggestion which is diversified portfolio, I think it could be a good method to create a good impact on this system.

Yeah you're right, similiar posts are every where but it's not bad though. Newbies could be able to read them and found them easily and learn what they haven't did in a trades. It might be hard to implement all the theories at first. But with the experienced of winning and lossing trades, i'm sure everyone could be a good traders if they always learn from their mistakes.

Indeed, because it will serve as guide to them whenever they are making decisions and actions. It will help them to be wiser and a better trader despite of having difficulties in the past, having enough understanding about trading will also give them some idea on the things that they need to do in order to be successful since trading is never easy and it will always be speculative. We will face some problems that will challenge us whether to continue or not. Trading needs effort and time, in order to survive and be successful we should know when to take the risk or not. Losing is part of it and it usually happens to many of us particularly to newcomers because some of them are still confused when it comes to trading, this kind of information can give them some knowledge and a better understanding to become a successful trader. We have to accept that sometimes our decisions will not turn out great but it shouldn't be a reason why we have to stop because we can simply acquire it and use it to build us as trader.

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Quote from: Murat on December 16, 2019, 08:19:11 AM

This type of post seems to be seen another thread, whatever the case is, this is really helpful to any newcomer in order to trade in this cryptocurrency platform, I don't think it's too complicated for anyone, I think it's just a matter of study and proper knowledge, I believe when a person enters into this system then he must study properly about the crypto trading, I think if someone could control on emotion then it's enough to get better in this cryptocurrency trading, I like your first suggestion which is diversified portfolio, I think it could be a good method to create a good impact on this system.

Yeah you're right, similiar posts are every where but it's not bad though. Newbies could be able to read them and found them easily and learn what they haven't did in a trades. It might be hard to implement all the theories at first. But with the experienced of winning and lossing trades, i'm sure everyone could be a good traders if they always learn from their mistakes.

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This type of post seems to be seen another thread, whatever the case is, this is really helpful to any newcomer in order to trade in this cryptocurrency platform, I don't think it's too complicated for anyone, I think it's just a matter of study and proper knowledge, I believe when a person enters into this system then he must study properly about the crypto trading, I think if someone could control on emotion then it's enough to get better in this cryptocurrency trading, I like your first suggestion which is diversified portfolio, I think it could be a good method to create a good impact on this system.

Topic: 7 Things to Know to Become a Successful Crypto Trader - page 2. (Read 585 times)