An advice for newbies and plebs - page 5.

taufik123

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Quote from: tranthidung on March 07, 2022, 12:47:41 AM

-snip-
Question and challenge for each of us is: whether we are able to accept Bitcoin; actually step in and invest in Bitcoin; able to have diamond hands and enough patience, determination to hold it for several years. I present it in ordinal steps which are important to decide who we are in Bitcoin market and whether we are able to earn profit in this market, with Bitcoin or not.

and the answer I will give is that I or most people still can't fully accept bitcoin. Bitcoin is only a speculative digital asset and only holds or buys when the price is cheap in our opinion and sells it if it makes a profit.

For the challenge of being someone who has diamond hands and is full of patience for years, it seems that it does require a strong mentality and with capital that really won't be used for anything other than Bitcoin investment. It's hard to hold onto years and pass some ATH.

I am familiar with Bitcoin since the price of bitcoin is still under $3000 and I once owned around 10BTC or maybe more and sold it around $4k-$5k.
If hold up until now and have a Diamond hand of course there will be many advantages in my hands. But being a diamond hand is very difficult.

Desscount

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Quote from: feelideb on April 04, 2022, 02:20:17 AM

Day trading is the fastest way to lose money for newcomers and pleb alike, there are many odd out there that might not work in your favour. The strength of character like patience , deligence and been proactive will come in handy than throwing money around iin the hope that you speculation will work! Great advice from the op!

I think day trading is not a suitable place for newbie traders because it is too risky,
it will be very easy to lose money if we don't have any experience,
Trading is very complex and we need to prepare everything before starting to trade

feelideb

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Day trading is the fastest way to lose money for newcomers and pleb alike, there are many odd out there that might not work in your favour. The strength of character like patience , deligence and been proactive will come in handy than throwing money around iin the hope that you speculation will work! Great advice from the op!

blockman

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Quote from: StarKay on April 03, 2022, 11:47:54 PM

Day-trading requires techniques and experience for anyone to be successful and there are people that actually do lose money day-trading even during the bull season.

There's actually more that's losing than winning in day trading. The wins that they have are being shared while the losses, they're kept but they're doing a great job if they're now making their losses into wins.

Quote from: StarKay on April 03, 2022, 11:47:54 PM

So even if your other predictions do happen it doesn't stop anyone with the required experience and skills to engage in day-trading.

It's good if your predictions are doing well and being hit, that's just a sign that you've got to do better and you need to be consistent if you're fine as you day trade.

StarKay

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Quote from: Wind_FURY on March 05, 2022, 06:32:10 AM

Simply stop day-trading, or any more active form of trading. Preserve your capital and wait for the market to be in the same situation like 2020 again, when investors were excited to throw their money in crypto. The market narrative has changed, people are not as excited. The market has always followed a bull - bear cycle. Save your money, and wait for the next opportunity.

2022 - It might be a bear market.
2023 - It might be the next opportunity to buy the Bitcoin DIP.
2024 - It might be the new BULL MARKET.

Day-trading requires techniques and experience for anyone to be successful and there are people that actually do lose money day-trading even during the bull season. So even if your other predictions do happen it doesn't stop anyone with the required experience and skills to engage in day-trading.

darewaller

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Quote from: adaseb on March 11, 2022, 10:25:59 PM

I don’t think anyone got rich buying Bitcoin last cycle. Let’s say they bought at $19.5K because they were anticipating a break out from the old $20K ATH. Unless they sold at 3x where they would of made 200% it’s not going to make anyone a millionaire.

There were speculations about Bitcoin reaching $100k last year but that didn't happen and now we are back to $40k. We went as high as $70k I believe and imagine people who bought around $20k and then managed to sell for 60-70k that's an easy 3-4x in such a diluted market.

Quote from: adaseb on March 11, 2022, 10:25:59 PM

Last cycle was all about the Defi, airdrops, NFTs, Meta, etc. Those were the real money makers. There were some many airdrops, many in the 4-5 figures that they were pretty much giving money away. Bitcoin never gave that. The time when Bitcoin made millionaires was during 2016-2017 before it broke $1K ATH.

I feel like the next cycle will be all about NFTs because there are more and more celebs joining this space and there is a huge amount of potential and money in this market. Then there is also metaverse.

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Quote from: Wind_FURY on March 05, 2022, 06:32:10 AM

Simply stop day-trading, or any more active form of trading. Preserve your capital and wait for the market to be in the same situation like 2020 again, when investors were excited to throw their money in crypto. The market narrative has changed, people are not as excited. The market has always followed a bull - bear cycle. Save your money, and wait for the next opportunity.

2022 - It might be a bear market.
2023 - It might be the next opportunity to buy the Bitcoin DIP.
2024 - It might be the new BULL MARKET.

Seeing the state of price movements in the market is indeed very risky for a new sword, but for me for beginners who want to learn to be able to do day trading for me it is not a problem, but new traders do not use large capital, enough with small capital first, with the situation of the movement market prices like this, of course, a beginner will find out more quickly how the market price actually moves when it is up and suddenly it will fall quickly and can also go back up quickly, and can also drop the price far below the price they bought it for, with that maybe they will be able to think that market price movements will not always be able to follow what they want.

sulendra12

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The thing is that you can just hold Bitcoin as long as you want, but still Bitcoin is some sort of currency and you might need to buy something with that Bitcoin in the future, it's not that they don't want to HODL but the economy of some people are different and it could affect their trading performance as well. We just can't generalize everyone here, every people have their own issue with hodling Bitcoin as long as they want.

AicecreaME

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I agree.

Market right now is somehow unpredictable, it seems that it is a bearish one but sometimes it looks like it's a bullish one. Trading right now is really not that easy, I guess for newbies and amateur traders that just started trading. I get your point as well, maybe sticking to stock trading right now is a good idea or not, but at least it's much safer.

ItsCrafty

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Quote from: Wind_FURY on March 05, 2022, 06:32:10 AM

Simply stop day-trading, or any more active form of trading. Preserve your capital and wait for the market to be in the same situation like 2020 again, when investors were excited to throw their money in crypto. The market narrative has changed, people are not as excited. The market has always followed a bull - bear cycle. Save your money, and wait for the next opportunity.

2022 - It might be a bear market.
2023 - It might be the next opportunity to buy the Bitcoin DIP.
2024 - It might be the new BULL MARKET.

Its very long term profit and nkt Guaranteed. Every week Bitcoin showing bull and bear and once cam get profit weekly if have a knowledge of reading graph.
As your mention yearly market condition, ine would wait 4 year to get profit and its not sound good.
April is looking bullish and Daytrader and Holders can get profit from market.

Munir575

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I joined cryptocurrency because i see alot pf people making money out of it and i wanted to make some money for myself, without any serious knowledge of it i decided to join and bought some few coins, i didn't understand bearish and bullish period in crypto so entered at the wrong time and i hardly make profit for myself and ever since i started bitcoin has not been doing good. I guess i have to wait till 2024 now if thats the trend.

xSkylarx

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Quote from: jaberwock on March 30, 2022, 08:07:00 AM

Quote from: stomachgrowls on March 29, 2022, 01:31:27 PM

No one starts on being a pro which its understandable that mistakes would really be normal but its true that we should really be learning from it instead on quitting or being discouraged just because you

had lost money which it is really just normal and you would be basically be learning off things on dealing or engaging with it.The next time you do encounter it off again then you do already have the idea
and awareness on what you should gonna do even though this market is unpredictable but handling it out and have some idea on what to do is a must.Lessen out the risk as much as you could
and mind off on how you would gonna sustain yourself is the most important thing.

Well if they have a passion or interest in trading, they will take losses as a compliment to challenge their selves to become better at it but for someone that tries trading only because they hear that trading can give you a good income, they are the ones that will easily quit once they lose on their first few tries. Not only that but they will also blame and say that people that encourage them to trade are liars.

@OP, it looks like your predictions are wrong for this current year. Sure prices are dumping at the first few months but not anymore. Prices now are preparing for a bullish run. We don't know yet what can happen next year but 2024 is likely a bull since there's a halving.

Agreed, and the majority of people who lose their money are those who want to earn money quickly and without exerting any effort, such as by not learning something about trading. Since losses are not appealing, I do not consider them to be a compliment at all. Instead, I consider them to be a form of learning breakthrough, because they allow you to ask yourself why a trade is not working. I understand that you cannot predict every movement of the chart, but there are reasons for this, such as when there is new news that affects the markets. This is the most exciting part for new traders because this is the stage at which a large number of people give up.

jaberwock

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Quote from: stomachgrowls on March 29, 2022, 01:31:27 PM

No one starts on being a pro which its understandable that mistakes would really be normal but its true that we should really be learning from it instead on quitting or being discouraged just because you

had lost money which it is really just normal and you would be basically be learning off things on dealing or engaging with it.The next time you do encounter it off again then you do already have the idea
and awareness on what you should gonna do even though this market is unpredictable but handling it out and have some idea on what to do is a must.Lessen out the risk as much as you could
and mind off on how you would gonna sustain yourself is the most important thing.

Well if they have a passion or interest in trading, they will take losses as a compliment to challenge their selves to become better at it but for someone that tries trading only because they hear that trading can give you a good income, they are the ones that will easily quit once they lose on their first few tries. Not only that but they will also blame and say that people that encourage them to trade are liars.

@OP, it looks like your predictions are wrong for this current year. Sure prices are dumping at the first few months but not anymore. Prices now are preparing for a bullish run. We don't know yet what can happen next year but 2024 is likely a bull since there's a halving.

stomachgrowls

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Quote from: nhaila on March 26, 2022, 06:54:38 PM

Before you start trading you must gain knowledge from different sources or you may face huge losses at any time. Moreover, you will not be able to trade due to excessive greed, otherwise you will face huge losses. Don't trade outside of your budget.

No one starts on being a pro which its understandable that mistakes would really be normal but its true that we should really be learning from it instead on quitting or being discouraged just because you

had lost money which it is really just normal and you would be basically be learning off things on dealing or engaging with it.The next time you do encounter it off again then you do already have the idea
and awareness on what you should gonna do even though this market is unpredictable but handling it out and have some idea on what to do is a must.Lessen out the risk as much as you could
and mind off on how you would gonna sustain yourself is the most important thing.

South Park

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Quote from: lixer on March 22, 2022, 07:54:51 AM

Quote from: uneng on March 21, 2022, 12:15:35 PM

The best entry point is right now. It's too risky to wait for a possible dip in 2023 to start investing. Many people are always looking for the perfect bottom to finally purchase their first amount of bitcoin, but they are never able to do this, because bitcoin is never cheap enough for them and when they least expect, bitcoin enters a bull market again, so it's too late to invest.

Anyway, every investors should be prepared to start seeing profit in few years in worse case.

Unfortunately people think that patience in the market is only for selling and not for buying. If you do not wait, there is a good chance you could miss an opportunity that could be better.

Which is a shame because most of the time you can tell if a person will obtain profits or not based on the price at which they entered the market, after all someone that invested in bitcoin when its price was at its ATH will have a lot of problems holding their coins and will at some point sell for a bad price and lose money in the process, while someone that waited for the dip will without a doubt have an easier time holding their coins and be in profits almost immediately, so they will be able to hold their coins for the long term without any problem.

Benefactor

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The current situation was same during 2017 when ICO publicity the crypto market the main distinction was this institutional Investors as of now enter right now that make an enormous help on the cost. I comprehend what you are attempting to say however we ought to make new brokers to be clear of what we are talking about for them not to commit error.

nhaila

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Before you start trading you must gain knowledge from different sources or you may face huge losses at any time. Moreover, you will not be able to trade due to excessive greed, otherwise you will face huge losses. Don't trade outside of your budget.

Anguwa

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Quote from: Wind_FURY on March 05, 2022, 06:32:10 AM

Simply stop day-trading, or any more active form of trading. Preserve your capital and wait for the market to be in the same situation like 2020 again, when investors were excited to throw their money in crypto. The market narrative has changed, people are not as excited. The market has always followed a bull - bear cycle. Save your money, and wait for the next opportunity.

2022 - It might be a bear market.
2023 - It might be the next opportunity to buy the Bitcoin DIP.
2024 - It might be the new BULL MARKET.

Thanks for this wonderful advice, but I am still thinking that this market situation can favor some day traders with big capital to invest and take the little profit they have, although the market is not predictable and this year 2022 has come with bear market which I think it's going to an end.

TheGreatPython

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Quote from: South Park on March 21, 2022, 01:26:34 PM

This is going to be difficult for them, even if people dream of making money while doing nothing, the truth is that very few people can do something like that, people have the need to do something in order to get success, and it is because of this why holding bitcoin is not as popular as it could be despite the overwhelming evidence about being the best and safest strategy that you can use to earn money, so with that in mind even if I think your advice is correct very few people are going to follow it.

Yeah, really those people are not used to waiting that long for an investment to generate profit, especially when they don’t have enough money to spare. It can be an easy thing for the whales, they have lots of money, so there is more than enough to spare and they can decide to invest in the market and hold for as long as they want and not even feel it.

For someone who don’t have that much, there is the possibility that they would find themselves in a position where they will be in need of the money that they have invested and that would make them to withdraw that money and that disrupts the whole plan of HODL'ing.

Hypnosis00

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Quote from: iv4n on March 22, 2022, 01:52:34 PM

Quote from: redsun114 on March 22, 2022, 01:24:33 PM

snipped...

Well, 2024 is the year of halving, and like always the year after halvings we had some pretty nice bull runs that led to new price records! I believe that history will repeat itself once again, so I completely agree with you that people should start accumulating if they didn't already! This and the next year will be tricky ones, I guess we will see some lower levels and dips, people need to stay strong, and instead of selling people should try to buy these dips! Sometimes it's hard to stay strong, but that's the cycle we need to pass and I think most of us already know what is the best thing to do in these times!

Well, I guess everyone is somewhat excited for the upcoming halving as certainly it thinks that ATH is possible. But we don't have to wait that moment then, investing it now is a good opportunity given the market for us. The price is low, 2-3 years from the ATH show up as it happens in the previous halving.

Therefore, I suggest newbies start accumulating now as this never happens again once the market started to rally. Precisely, we don't need to wait for the price of Bitcoin will reach $50k.

Topic: An advice for newbies and plebs - page 5. (Read 1617 times)