Seems like the OP is talking primarily about "trading".
So many newbies think that because crypto is decentralised they have access
to this ever generating wealth machine, but it isnt that easy. Trading is just one aspect
of Crypto.
I was expecting the basic things to note before venturing into crypto to be:
1. Stay away from every $hitcoin and focus on Bitcoin
2. Understand how Bitcoin works
3. Take ownership and secure your Bitcoin after buying
4. Hodl until you are knowledgeable about trading, or just Hodl
Topic: Basics things to note before venturing into crypto - page 2. (Read 298 times)
The headline is wrong.
Those advice you give only works for people who trade cryptocurrencies. And most people do that without any prior knowledge or experience. That's why people lose money. People also lose money because they gamble with unknown coins and unlisted tokens expecting higher returns. But many times those returns only turn into bigger losses.
Owning crypto and trading (especially day trading) isn't the same thing. Don't invest in crappy projects, stick with Bitcoin and maybe (only maybe) some of the more popular alts. Understand that the market moves in the direction that Bitcoin moves, so there aren't many reasons to look for something that will act differently from that trend. If you don't day-trade and gamble with your money, there wouldn't be a need for a trading guru or mentor to help you out.
Those advice you give only works for people who trade cryptocurrencies. And most people do that without any prior knowledge or experience. That's why people lose money. People also lose money because they gamble with unknown coins and unlisted tokens expecting higher returns. But many times those returns only turn into bigger losses.
Owning crypto and trading (especially day trading) isn't the same thing. Don't invest in crappy projects, stick with Bitcoin and maybe (only maybe) some of the more popular alts. Understand that the market moves in the direction that Bitcoin moves, so there aren't many reasons to look for something that will act differently from that trend. If you don't day-trade and gamble with your money, there wouldn't be a need for a trading guru or mentor to help you out.
2) Trading Cryptos need PATIENCE, I once lost over 5million Naira just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.
You did not lose anything.You only got less profit than you should have if you sold your coin a few days later. Anyway, profit is only profit when you officially take it. You can not say you lost profit because you sell it earlier than ATH or peak.
Quote
3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
A good mentor will teach you about psychology of market and how the market works with psychology of investors. You don't have to know or predict when a coin will pump because you can do it correctly all times.The bottom line is do your own research, make fundamental analysis and choose good coins for your portfolio. Next, wait and have patience as you said. That's enough.
I like the fourth tip that people often give, but do not understand the very essence of this advice.
My opinion is not to cling to everything that promises a profit. Sometimes it is worth weighing all the pros and cons several times and only then decides for yourself whether this is worth the money, your reputation, and so on.
It is rightly said that we must be patient. Only a calm and confident person will do full research before investing, learn as much as possible about the project, and only then will he decide on participation.
But the promise of money overshadows the eyes of people, this leads to mistakes that often have to be regretted for a very long time. And as a result of this message will be the conclusion, that discipline in almost everything, will always bring the mind and life of a person in full order.
My opinion is not to cling to everything that promises a profit. Sometimes it is worth weighing all the pros and cons several times and only then decides for yourself whether this is worth the money, your reputation, and so on.
It is rightly said that we must be patient. Only a calm and confident person will do full research before investing, learn as much as possible about the project, and only then will he decide on participation.
But the promise of money overshadows the eyes of people, this leads to mistakes that often have to be regretted for a very long time. And as a result of this message will be the conclusion, that discipline in almost everything, will always bring the mind and life of a person in full order.
Fun fact: these things don't even solely apply to bitcoin or cryptocurrencies. It applies with other ventures like starting a brick and mortar business as well.
And yea, there's nothing really new here.
And yea, there's nothing really new here.
I guess most have experience the same with you including us. I also loss countless times and too many money have been burned through wrong doings. I guess everyone will go to that path at some point but of course we arent gonna be like that always. There will be time to have some moment where we could appreciate our gains and also learned something from trading.
Experienced is always the best teacher and we knew that so learn from it while were doing it. Dont waste time amd not grasp anything from each time we made mistake.
Experienced is always the best teacher and we knew that so learn from it while were doing it. Dont waste time amd not grasp anything from each time we made mistake.
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Sorry for you lost but first of course, this is a public forum, so try using the globally accepted currency which is the US dollar so people can easily understand you.
Secondly don't Invest funds you'll need urgently be it in trades or investing, that way you won't be pressured to sell if the market is experiencing some downward moment.
Thirdly, you don't need anyone to make calls for you, you can analyzed the market yourself. Just take out time to learn the skills and if you're not yet good at it don't start trading, simply invest and hold. You need a mentor to teach you how to trade and not to give you free calls, there's no gain in that as the professional can also be wrong and when that happens, you stand to gain nothing (no experience or profit).
Fourthly, again you shouldn't rely on anyone in this industry, things here can be learnt with time, you just don't have to be greedy and want to earn without learning. Sorry for your loss but this mistake of yours was quite avoided and it seems you're on a path of making other mistakes unless you change your reasoning of relying on free calls.
Secondly don't Invest funds you'll need urgently be it in trades or investing, that way you won't be pressured to sell if the market is experiencing some downward moment.
Thirdly, you don't need anyone to make calls for you, you can analyzed the market yourself. Just take out time to learn the skills and if you're not yet good at it don't start trading, simply invest and hold. You need a mentor to teach you how to trade and not to give you free calls, there's no gain in that as the professional can also be wrong and when that happens, you stand to gain nothing (no experience or profit).
Fourthly, again you shouldn't rely on anyone in this industry, things here can be learnt with time, you just don't have to be greedy and want to earn without learning. Sorry for your loss but this mistake of yours was quite avoided and it seems you're on a path of making other mistakes unless you change your reasoning of relying on free calls.
1) you don't always make profits, they're huge losses too, I've lost $300 twice in different occasions, so it's not always Rossy, there are hard time too.
2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.
3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.
4) You need to be obedient and humble, it's one thing to have a mentor and another thing to take heed to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.
2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.
3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.
4) You need to be obedient and humble, it's one thing to have a mentor and another thing to take heed to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.
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