Before Trading Bitcoin you should... - page 4.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

Quote from: Vinaa77 on May 17, 2024, 03:42:59 AM

Quote from: ?? on ??

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

Preparing yourself in terms of knowledge is of course very important before deciding to start trading because without knowledge it will of course be very difficult for us to get good results from the trading we do, everyone has of course failed from the trading they do, but if they can correct the mistakes they make, of course they will be able to get good results from the trading they will do and for those who don't have initial capital to be able to trade, of course they have to prepare capital first so they can use it for trading and I don't think there's anything wrong with that. start with a small amount of capital so that we can anticipate possible losses that we will experience.

Everyone who wants to trade must have trading skills. With trading skills, they will be able to trade well and can experience losses. Many people start trading without any trading skills and follow what others suggest.

That won't work because they will have difficulty selecting the coins. Even though they get trading signals from a group, that doesn't guarantee they can make a profit. If they want to learn about trading analysis, they can gain profits.

If beginners are still learning to trade, they don't need to use big money immediately. This is to avoid the risk of loss in trading. They can make a profit if they are used to it and can analyze trading well.

Vinaa77

sr. member

Activity: 1344

Merit: 311

Quote from: ?? on ??

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

Preparing yourself in terms of knowledge is of course very important before deciding to start trading because without knowledge it will of course be very difficult for us to get good results from the trading we do, everyone has of course failed from the trading they do, but if they can correct the mistakes they make, of course they will be able to get good results from the trading they will do and for those who don't have initial capital to be able to trade, of course they have to prepare capital first so they can use it for trading and I don't think there's anything wrong with that. start with a small amount of capital so that we can anticipate possible losses that we will experience.

justdimin

hero member

Activity: 3220

Merit: 678

www.Crypto.Games: Multiple coins, multiple games

Quote from: ?? on ??

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

I feel like doing something just because you saw others did it is the biggest problem that we have in the crypto world, a lot of people think that they will be able to make money just because others made money the same way, and we all know that it is not the case, and we should be careful about it and not take any big risks. This is of course not that simple, and could be an issue, but that is just the exact thing that we need.

Obviously we are not going to have any issues if we are careful, trading COULD make you money but you need to learn how to do that yourself before you end up with a mistake. If you keep making a mistake over and over again, then you are not learning from it, and that's the biggest problem.

kawetsriyanto

legendary

Activity: 2450

Merit: 1140

duelbits.com

Quote from: casey15 on May 03, 2024, 07:54:04 AM

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that bitcoin trading can change your life for good, you should also know know that it could also wreck you.

Having steady income isn't a part of the requirements of trading. Even if we have no steady income, we are possible to trade. However, it is not a wise decision to spend money in trading when we have no enough money for basic necessities. In my humble opinion, spending money on trading and investment should be done after we fulfill the allocation for basic necessities and saving.

Quote from: casey15 on May 03, 2024, 07:54:04 AM

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money.

I think it is no problem to use saving for trading funds. But it shouldn't be for newbies, it is only for experienced traders. Only do it when you know well how to trade effectively. However, if it is not really needed, just use safe money.

It is true, emotion will ruin our focus in trading. It will be too risky if we can't control emotion in trading.

Quote from: casey15 on May 03, 2024, 07:54:04 AM

Do not quit your job if you have one until you have become very profitable in bitcoin trading.

Why we must quite our jobs in real life?
We shouldn't rely on trading for our income. We still need a job in real life for regular income. I think most people trade for side income only, they must have jobs for their main income.

Peanutswar

legendary

Activity: 1750

Merit: 1329

Top Crypto Casino

Quote from: casey15 on May 03, 2024, 07:54:04 AM

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

Do crypto as your sideline and not as a fulltime if you don't have a full commitment, we know there's a lot of job right there offering crypto or the web3 itself but again if you are just on this and just inspired with the other people who enjoy in learn and earning here its a different story if you have a stable job, at least get a lot of source of income the market is volatile so you don't possible this day you earned a lot but after the top you will lose most of your money. Always make a backup don't settle with just one job, its hard to find a job now and at least cater your needs. Invest your extras and don't make an all-in in crypto.

Ndabagi01

sr. member

Activity: 784

Merit: 306

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: casey15 on May 03, 2024, 07:54:04 AM

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

When you become profitable at trading, don’t be so blinded by the money that you’ll end up leaving your job. As long as the job doesn’t hinder your trading capabilities, you can still be doing them hand in hand. Before you became profitable at trading, you were using the money from your job to fund your account, that means you had time to go to work and still trade. So I don’t think leaving your work will be the best thing to do after making a lot of money in trading. I still feel in some circumstances, you could consider leaving the job but must not be at the expense of you getting wrecked back from trading.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: casey15 on May 03, 2024, 07:54:04 AM

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

Invest or put up on the amount on which you can really afford to lose and never ever make yourself that be making delusional about being that a successful trader since this kind of career or journey isnt something that someone could really be able to have a good grasps of it on a short time period. Dont invest or put up with those money which are intended for other important means because that would really be bringing out that devastation or really that putting you up on such problem on the time that you do end up on losing those amount just because of wrong trades. So it would be better that you should really be that tending to make out those kind of risks approach so that you wont really be ending up on having that huge expectation on things.

People would really be just that basically be trying out to make those kind of risks management on the time that they do suffer something bad but eventually you could really be able to avoid it out
if you are really that just sensible on the actions that you are taking.

FanEagle

legendary

Activity: 3066

Merit: 1129

Quote from: Lakai01 on May 14, 2024, 06:49:27 AM

Quote from: ancafe on May 13, 2024, 09:18:55 AM

Trading only requires concentration in running and if someone is unable to make time management it will be far more difficult to do both at the same time. At present we can control trade only holding a smartphone because the availability of tools that have been so sophisticated and make us much easier.

In a nutshell, I don't think this is possible in any meaningful way. Trading on short time frames requires a very high level of concentration and the ability to react quickly if the trade moves in the wrong direction or if you want to take profits quickly. Especially on very short time frames (1m, 5m), seconds often make the difference between profit and loss.

As I said, this is of course completely different on long time frames such as days or weeks, where you can usually react very slowly and plan your trades a long time in advance.

This is obviously something that will take a bit of time, not going to be all that easy but at the end of the day if we can achieve it somehow then we can do it. This means that if we can make it work one way or another, then we are going to be fine about it as well.

This shouldn't really be a big deal, we could make it work somehow, but that doesn't mean that everyone will. That type of short term trading (usually called intraday trading) would take so much and would not be easy, so it is going to take some time for people to adjust to it. Specially if they come from the long term method ways they are not going to be able to do anything major, it is quite obvious that we are going to end up with a better result if we keep trying.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: casey15 on May 03, 2024, 07:54:04 AM

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

Dont make it as your last resort because we know that dealing up with an unpredictable space or simply volatile doesnt really give out that kind of assurance that you would really be able to handle it well
on which on the time that you would be making yourself that confident then this is where mistakes will surely happen or simply you would really be making yourself getting disappointed in the end of the line on which we know that there's no way that someone could be able to have that kind of fixed income or sureness that they could make money within this market.On the time that you had quit up your job but you arent that something that could be able to sustain on making money via trading then you had just basically fucked up yourself because we do know that there's no way that you would be able to sustain yourself and since we do need money
on day to day living then you would be able to realize on the wrong decision that you had made up. Cry

Lakai01

legendary

Activity: 2520

Merit: 3054

Enjoy 500% bonus + 70 FS

Quote from: ancafe on May 13, 2024, 09:18:55 AM

Trading only requires concentration in running and if someone is unable to make time management it will be far more difficult to do both at the same time. At present we can control trade only holding a smartphone because the availability of tools that have been so sophisticated and make us much easier.

In a nutshell, I don't think this is possible in any meaningful way. Trading on short time frames requires a very high level of concentration and the ability to react quickly if the trade moves in the wrong direction or if you want to take profits quickly. Especially on very short time frames (1m, 5m), seconds often make the difference between profit and loss.

As I said, this is of course completely different on long time frames such as days or weeks, where you can usually react very slowly and plan your trades a long time in advance.

OrangeII

hero member

Activity: 2170

Merit: 503

Reward: 10M Shen (Approx. 5000 BNB) Bounty

This warning continues to be reminded, but there are still many people who don't care about it. In fact, someone can trade even when they don't have a permanent job, or a steady salary. However, the money they use must be money that is truly devoted to trial and error, so that when the money is lost, it does not affect their life.
In addition, many people are willing to take the risk of quitting their jobs even when they have just made a profit from trading. Remember that profits from trading do not come continuously. When you want to take a risk, you should think about the income or earnings you can get from trading, so that when something bad happens, you still have an alternative way to make money.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: Stable090 on May 12, 2024, 09:47:58 AM

Quote from: Bushdark on May 10, 2024, 06:07:51 PM

I don't see any reason why a trader would have to quit his job because he want to trade more.

Things like this are crazy things beginners do when they start trading. When they start trading, they might be making money, sometimes what they will be making from trading might be more than what they are being paid for the work they are doing, so they will decide to quit their job just because what they are earning from trading is far more than what they are being paid for the job they are doing.

But most of them don’t know that time might come when you won’t be making much money from trading, most especially during the bear market. Only professional traders are always making money during that time, and if you are not a professional yet, then you might lose all what you are trading with, and you will have to go back and be searching for a job.

That’s for those beginner traders who jump into trading without trying to research first and learn from those early traders experiences. Because if they do, they will surely hesitate to quit from their job and focus more on trading, knowing that trading may not be profitable at times. But instead, they will explore trading and create good experiences so they can make it as their side job, not in exchange for their stable job. That should be the mindset most especially for those who are still starting to learn the trading process.

Yukyzu

full member

Activity: 241

Merit: 100

Quote from: Out of mind on May 12, 2024, 09:06:20 AM

Most of the people now start trading business only hoping to make a lot of money in a short period of time, but those people lack much knowledge and experience. People who start trading in the market without experience are definitely more likely to lose money, although people can make some profit when trading in Bitcoin, but it is also risky. I think it's best to start trading when you can meet your needs and save money by having a good job. When you are motivated to trade, you must enter the market with the intention of losing the amount you started the trade with. We know that most of the time loss is more than profit in trading, but it is different in investment where long time waiting can be profitable, but training is likely to lose money. So I think when you start trading, start trading with the amount of money you can afford to lose.

I think it is impossible to gain profits from trading quickly of course it requires a long process to be able to understand well about trading in order to gain profits from trading without good experience and knowledge of course it is impossible to gain profits from trading.
Indeed, it would be better when trading, we already have funds that can meet the needs we need and when they enter the market, of course we have to do in-depth research so as not to make the wrong decision from the trades we make, but if we make an investment, of course we have to can be patient for a long period of time to be able to gain profits.

ancafe

hero member

Activity: 1820

Merit: 747

Quote from: Lakai01 on May 10, 2024, 05:54:49 AM

It all depends on the timeframe in which you want to trade. Lower timeframes such as 1 minute, 5 minutes or 15 minutes, for example, require a very high level of attention, so you actually have to sit very concentrated in front of several screens and constantly monitor the situation and react quickly accordingly.

On larger timeframes (24 hours, ...), trading is also feasible alongside your job, as you have more time to make decisions and react.

I think it's right and we can control trade when we have free time after work in the real world we have completed. Trading only requires concentration in running and if someone is unable to make time management it will be far more difficult to do both at the same time. At present we can control trade only holding a smartphone because the availability of tools that have been so sophisticated and make us much easier.

Regarding the time as you mentioned and that is entirely how we make management because someone who is unable to divide time will be much more difficult. This is not only talking about trade even to carry out other activities we need time to concentrate and from there we learn to do many things at the same time.

GbitG

sr. member

Activity: 854

Merit: 364

Enjoy 500% bonus + 70 FS

Quote from: SOKO-DEKE on May 12, 2024, 02:40:39 PM

There are many people complaining they are losing a lot in trading.

The simple fact is that they don't have much more skill or experience. While Trading is one of the toughest fields in cryopto industry because it requires a lot of skills, like market sentiment, dynamic, Technical Analysis+Fundamental Analysis ect. Besides you need a strong sense of experience...

Quote

In short, having more than one source of income is the best,so if anything happens to one source, you will have alternative sources left...

If you say here that you can invest as much as you can afford, then I think it will not be bad. Because as you explained that you should have more than one source of income and you should not depend on one pay. So in the same way, if you are dependent on one way of earning, then if you lose it, it can put your life at risk.

So it means that you are absolutely right that if a person leaves his job because of trading, he should know that crypto can give you a 50/50 ratio of profit and loss and if in trading If the skill is not pro, in my opinion, there is no hope that he will not lose. He will definitely do it due to a lack of ignorance and it is not a requirement of wisdom to quit the job.

_BlackStar

legendary

Activity: 1064

Merit: 1228

Playgram - The Telegram Casino

Quote from: Out of mind on May 12, 2024, 09:06:20 AM

Most of the people now start trading business only hoping to make a lot of money in a short period of time, but those people lack much knowledge and experience. People who start trading in the market without experience are definitely more likely to lose money, although people can make some profit when trading in Bitcoin, but it is also risky.

You're right - so it's no wonder why we are getting more and more novice traders who are more likely to choose futures trading over spot trading or long term investments. The desire to make quick profits is a motivation for most new traders - but as long as they can take responsibility for their trading decisions, then I don't think their choices are wrong.

Quote from: Out of mind on May 12, 2024, 09:06:20 AM

I think it's best to start trading when you can meet your needs and save money by having a good job. When you are motivated to trade, you must enter the market with the intention of losing the amount you started the trade with. We know that most of the time loss is more than profit in trading, but it is different in investment where long time waiting can be profitable, but training is likely to lose money. So I think when you start trading, start trading with the amount of money you can afford to lose.

Trading and investment advice are essentially the same - the most important thing is to understand the risks and potential gains and losses. The average trader knows that trading is a risky activity so as long as they can understand and master a good trading strategy, they will most likely be successful in minimizing the risk of loss.

It's just that – it's impossible to get consistent profits every day. If any trader is really interested in getting it - then I think the reality is they will fail even with a small budget.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: casey15 on May 03, 2024, 07:54:04 AM

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Hmm, I was watching an influencer podcast and it made me really think that the point he's talking about is exactly getting fit in, because most people make mistakes due to that ignorance, and it was about why? why do you want to trade, just for fun, to make easy money?, to really establish it as full-time, is it part-time? there should be clarity first, the trading decision should need to be based on a strong why.

So find your Why first everything is a matter of time you don't know how to trade not a big deal you'll learn but if you don't have a strong emotion behind your decision who do you are gonna proceed from where you are going to get energy to establish your goals.

SOKO-DEKE

hero member

Activity: 882

Merit: 581

Quote from: Bushdark on May 10, 2024, 06:07:51 PM

I don't see any reason why a trader would have to quit his job because he want to trade more.

I believe that always those who don't have good knowledge about trading or are trying to trade for the very first time for the very first time will think of quitting their job and focus on only trading. trading is not a reliable source of income, it is not always that you will be making profits, there are some days that you hard that you will not make profit but lose.and in fact, trading is really difficult. There are many people complaining they are losing a lot in trading.

In short, having more than one source of income is the best,so if anything happens to one source, you will have alternative sources left. I know that trading needs time, but that doesn't mean someone should quit the job that they have been doing, whose sources of income are reliable for trading, whose income is not reliable at all.

Egii Nna

full member

Activity: 448

Merit: 202

Quote from: casey15 on May 03, 2024, 07:54:04 AM

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

You can't engage in trading and still say that you will not be emotionally and mentally stressed. Even if you have various sources of income, losing your money is not an easy task for me. I think the best way is to possess the ability to accept everything that comes when trading, whether you lose or gain. In that way, the emotional and mental stress might reduce, but if not, it will be very critical, and mind you, emotional and mental stress can lead to a severe health issue, so it needs to be managed.

Quote

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Did you think that even if you are very profitable in trading, it would be good for you to quit your job? Trading is viewed as gambling in other ways because it is sometimes addictive, so it will not be a good option to quit your job. For trading, because all you think you have already saved, you will still bring it out to trade if you have no other money to trade with. So no matter the rate of payment of your job, it is still important because, when you are a trader, you will still have time to do other things, especially if your job does not require more manpower, but a sincere and diverse source of income is the best in any circumstance.

Viscore

hero member

Activity: 3178

Merit: 661

Live with peace and enjoy life!

Quote from: Out of mind on May 12, 2024, 09:06:20 AM

Most of the people now start trading business only hoping to make a lot of money in a short period of time, but those people lack much knowledge and experience. People who start trading in the market without experience are definitely more likely to lose money, although people can make some profit when trading in Bitcoin, but it is also risky. I think it's best to start trading when you can meet your needs and save money by having a good job. When you are motivated to trade, you must enter the market with the intention of losing the amount you started the trade with. We know that most of the time loss is more than profit in trading, but it is different in investment where long time waiting can be profitable, but training is likely to lose money. So I think when you start trading, start trading with the amount of money you can afford to lose.

I think starting trading with the intention of making a lot of money is like a motivation for me, hence you make sure that you know the basics first and has gained required knowledge and experience even with demo trading account first. Also, learning from the experiences of early traders can create an advantage, most especially if you know you still lack those trading experiences that will help you succeed in trading.

Furthermore, once you decide to trade, never see it as your major source of income because that would be hardly possible for beginner traders, instead keep earning from your main job and just consider trading as your side job, I guess that way the pressure to gain profits in trading would not be too high.

Topic: Before Trading Bitcoin you should... - page 4. (Read 1302 times)