Topic: Before Trading Bitcoin you should... - page 2. (Read 1302 times)

However it was a tough decision for me, because in fact however and whatever type of investment including bitcoin it is always an activity that has risks, I understand that trading or investing can generate profits but however something that involves money will certainly always have a negative side which is the risk of losing money when someone experiences a loss. This means that investing is not always about profit opportunities but also the possibility of losses will always be a part due to fluctuations caused by market mechanisms.

So in my opinion quitting the main job and making investments as a place to meet the needs of life as a whole is a pretty careless decision, it's the same as leaving something certain for something that is still gray, I'm not saying that investing doesn't provide benefits but what is certain is that we must understand that it is nothing more than an “opportunity” meaning that it does not always guarantee that you will always be able to make a profit in every session you do. So it is better to consider carefully before you make a decision to prevent significant regret.

But have you ever copied trading and been able to make money doing it ? Because as far as I know a lot of people have tried this but no one has ever made a profit by copying successful traders. I don't know what causes copiers to lose while traders still make profits . But I also think there will never be an easy way to make money just by copying other people's signals. So, I would not consider this a good way nor advise anyone to follow this method to make profits.

Instead of wasting time looking for traders to copy, why don't we do it all ourselves? And if we feel it's too difficult for us, let's find other ways to make money instead of stubbornly pursuing things that aren't right for us . Again, I have never believed that it is possible to make easy money just by copying other people's trades.

The thing about trading is that it's not restricted  the type of trading of being behind a screen most of the time and analysing some charts which requires the skill and strategy to be profitable.
Fortunately for us we have other trading types which are less risky like p2p trading which requires dedication and time to be profitable...so I don't believe in this notion of trading can wreck you if you choose what works best for you.



Emotions will always be there regardless of source of income, the best approach to managing emotions is to trade with a strategy plus apply proper risk management so that you know that your trade failed for not following your rules or news happened.

What you are saying is true; that's why many people make the mistake of thinking that way. Some people think they already know about futures, but suddenly, when they come to the actual market, the wind suddenly changes... That's why many people are also suddenly corrected in their funds.

So you must know and have knowledge of trading, and not just know something, but have a deep and broad understanding of trading, so that the funds that we will invest in the futures trading of Bitcoin that we will do will not be wasted.

Copying successful traders is a good way to make profits when trading but do not just copy them without learning how they are doing what they do. Copy them in a way you will be the one to analyze the market because this will help you to know how to read the charts of the market. If you only copy and paste, you will make money but not gain knowledge, traders that are being consistent in gains are those that really know what they are doing because we have alot of traders that do not know how to trade but are doing it because they know it can make you profit. Alot of traders depend on trading group for them to give them signals then they will use the signal to make profits but they can not give  out signal to use on their own. Trading can make you alot of money but you do have to know how to manage the money to become more successful.

It's very sad what happened to your friend. In fact, there are many people out there who experience something like your friend. They initially had large funds for trading, and coincidentally because of the right moment they managed to make a profit from trading, so they decided to quit their jobs. However, after a few months, they experienced a loss that made them run out of money, in the end they regretted their decision. It is very important to know that trading is something that has high risks, it doesn't matter if you have a lot of money or a little, without having good basic knowledge about trading, you can lose everything. Moreover, if you leave your job, the problem will get bigger and make you even more stressed.

So, be wise if you start diving into the world of trading, understand how it works, control your emotions and stick to your work. Because trading does not always produce profits, there are times when we have to hold assets. However, if we still have a job, we can still meet our needs without having to sell cheap assets.

People do often trade for quick profits purposes, they become more greedy on money than they should be more concern first with acquiring knowledge and skills development. That’s why a lot of beginner traders end up losing because they lack the focus and concentration to study trading but jump quickly into trading even if they’re not mentally and emotionally ready enough. When they realized that all they got are just losses and few gains, that’s when they realized to start learning the basics so they can at least improve their trading performance.

Trading can be very risky if we are not ready to follow the right process so we can make.momwy from it.
There are so many people that has been making loses in trading due to their misunderstanding about the concepts of trading they have not learnt. There are traders that are making consistent money from their trades and we don't have to copy them and trade because we feel like we want to be having that kind go results. It is good we keep looking for ways on how to grow faster and get the skill than trying to jump some steps to get to the top.

BTC trading is not type of trading you can invest all you have and make it at the moment, which you don't need to have such plan in your trading because it will not make the journey smooth for you.

The price use to take a long time before it will pump up in the market sometimes, and it will be good for you to have other sources of income that will make you to sustain yourself during the bear run and it will increase your profits when the price hit higher.
One of the advise which is very important to BTC traders to have in their mind before going into trading, they should never quit their job for BTC trading because it will not take anything from them when they are still doing the trading and still working, it will help them to be saving some money that will make them to have money to buy BTC when the price is dumping.

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.