Topic: Before Trading Bitcoin you should... - page 3. (Read 1302 times)

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.

To succeed in BTC trading, you need to achieve the knowledge of BTC before going into BTC trading and it will make you to understand so many things that will lead you to opportunity to ear from your Trading.

When you have the knowledge, I don't think you will miss any bear season because that is the best season to buy BTC without the fear of loss in the future, and it will help you to improve when bull run occur in the market.

Patience must be carry along in your hodling, because that is what will help you to succeed in the future but if you fail to apply patience in your hodling, you will miss it when bear run take a long years in the market.

Quitting a job for Bitcoin trading isn't a right choice any trader should think of.Bitcoin trading is risky,the chance of losing is more than that of winning.Experienced traders might not tell your their losses not to scare you from trading but never quit a befitting job for trading.A trader can trade during his leisure period it doesn't necessarily mean that the person should quit a job for trading.

That is right, if you are not ready then you are going to end up losing since you have no idea what you are doing. A person who invests and doesn't know what they are investing into has absolutely no way of realizing what mistakes they are making, it is clear that we are not going to understand our own moves and if we do not understand our own moves then how can we avoid making a loss?

It would be a lot better if we study first, and that way we would make some money because we would know all about how to make some money. I get that it is not that crazy to think about it, but it wouldn't be end of the world neither, we would be able to make some good amount of profit one way or another. We just need to put up the work first.

To trade on Bitcoin, one does not need a stable income, as they can trade Bitcoin using money they have set aside previously - but having a stable income is much better. They can learn first how to trade Bitcoin and various tips so that they don't lose all their money on it. And then, once they understand how to trade Bitcoin properly, they can immediately jump in and trade using the knowledge they have. All of this can be done while working, because there are also many Bitcoin traders who trade but still have a permanent job, so it depends on how traders can manage their time properly and know which time is the most appropriate to trade. They don't need to quit their jobs just to become a trader, because it is quite risky, but if they understand the risks and have made consistent profits from it, they can resign from their jobs.

They can gain trading skills if they are willing to learn about trading first. They will have a better chance of making money from trading because they can find the right coins. The more they learn about trading, the more it will help them in trading.

To be a successful trader, you must have knowledge, analytical skills, etc. Everything cannot be obtained in a short time but must go through a process. However, many people are unable to go through the process.

Everyone can become a successful trader, but it depends on how hard they work to get there. Only people who are willing to learn more about trading can become successful traders. There is still much more they have to learn in trading.

Many of us are interested in trading in the market but we start trading without knowing the market well. After practicing trading for a few days we started real trading. I think the market is very easy and you can make a lot of profit in a short time so I start trading without knowing it well. This perception is the biggest reason for future loss to be a good trader you must acquire good knowledge on trading. The more time you spend in the market the better your trades will be.

Trading is very difficult and only few individuals can earn through trading and those successful traders are true traders because they use their own strategies, knowledge and experience while all others are copying others and work according to the signals which does not prove to be money making always.

You will not be able to become a successful trader in a day because for trading you have to first gain knowledge, make experience and then utilize that experience to make a good conclusion. During the time of getting experience you can use a small amount but if you use a huge amount from the start then you will have no left amount to take the benefit from your experience in trading.

Well, if you do not risk much, you can't gain much, that's the rule of investment and whether we like it or not, we will always be seeing some aggressive investors and conservative ones, which will always be balancing the investment atmosphere. But you do not need to have a steady income before investing in Bitcoin, only for trading, you are right, but let's be clear. For investment, since you can buy low and hold it, you are good to go even as Bitcoin is easy to predict.

But one must apply wisdom to it as well even if the person is gainfully employed. Such may be wasteful in this regard just because he has money to invest in Bitcoin. Cautious planning is strongly advised here.

This is a good point, and the reason why the popular saying "Invest only the money you can afford to lose." This will ease the emotion and also allow the trader to focus, and be responsible aside from trading as planned.

I have read about people who invested their life savings into trading or crypto. Dont know how far these type of threads are true, but assuming they are, it is something I would never suggest anyone to.

Any investment is a risk-filled venture. There must be a good distribution of the risk, high risk assets in low number, low risk assets in high number to keep the total risk at a manageable level. Putting your life savings in one asset means putting a high risk asset in large number which is equivalent to suicide.

Another one is that job quitting to trade bitcoin, again a foolish thing to do because your job is a somewhat stable source of income. But trading is never so.
I think this type of narratives are more commonly done by people who are promoting exchanges and just want their cut as a referrer.

there is something different about what OP meant and what you said. you can read the OP related to Bitcoin trading and you are more focused on Bitcoin investment.
what you said is not wrong, but it may not fit the context intended by the OP.

This mistake usually occurs when a beginner finally wants to start trading out of interest in the achievements of friends or other people they see. Because you feel you have savings, you can use the money to start trading. Most beginners can't separate savings from money that won't be used for anything. So those who want to learn trading may have to study financial management first.

Investing in the wrong place will destroy you be it Bitcoin or any other place of trading. But in the case of bitcoin investment you must acquire enough knowledge about the bitcoin market. If you do not have enough knowledge about the bitcoin market then you cannot invest well. When it comes to Bitcoin investment you need to have a long term plan. If you can invest by checking the market with a long plan then surely you can get success in this investment because many people's fortunes have changed through Bitcoin. When it comes to Bitcoin investment, many times we are in a hurry, if we invest patiently without haste, we hope to get the proper return on investment. Sometimes many big investors lose patience, so patience is very important. Patience should not be lost. If you invest for long term with patience, you will definitely get proper success in that investment.