Topic: Before Trading Bitcoin you should... - page 5. (Read 1323 times)

This will be a different story if your profession as a day trader who already has good trading skills and your trading win rate is above 70%, you may be able to leave your old job before becoming someone who is good at trading.

Where you can make more money from trading than working, but the wrong thing is also a trader who has reached this level, they tend to use the income from their trading results to put it all in the world of trading or crypto investment, even though what they should do is use some of their money to build their assets in the real world, such as property, gold and others as this diversification aims to keep that unlucky moment is not scheduled in any calendar, so we need to diversify the money we make to build other assets as well as economic fundamentals.

But if you are a beginner in the world of traders, it is very mandatory not to leave the job you already have.

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.

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.

And it is much easier, safer and profitable to trade if we are only focusing on it. For a person who are strategic and capable, I'm sure that they can work under pressure and it's possible for them to do trading while having another job. Money is one of the most important things in this world.

It's not just we will think if we can make money or not but we must always try our best to make it because how can we feed our selves then or our family if we don't have it? As long as we are earning something, that can still be equivalent of having a job but I think many started here in crypto who doesn't have anything and I'm proud that many of them have now successfully achieved their dreams.

yeah. people tends to make such big mistakes when it comes to crypto things like this especially trading. they think it depends on how they put money that is how they will get profit, though is something like that but don't rush and do so. because of the high risk that is attach to bitcoin trading, neither any other cryptocurrency trading. and this mostly happens to newbie trader that didn't wait and learn everything before they start their journey in trading. however, its good to learn first before earning.


you are mixing two things here; you are mentioning investment and also discussing trading. I hope you know that they are not the same thing? trading is something you can do now an earn your money with profit within some minutes or hours, while investment is something of a very long period of time. However, if trader is not emotionally okay you cannot trade, because greed will be pushing such trader to make wrong decisions, and that's why for someone to be a successful trader he or she have a lot to do.


And why will a trader even think of quitting job after making some profit from trading? don't forget that trading is very risk. so I will advise such trader should continue with he or her job even he is making significant of money from trading. making a lot of profit should not be a reason for him to quit job, relying on trading alone is too risk and biggest mistake a trader will do in his or her life.  

Honestly, Bitcoin trading is highly risky, especially for beginners without a steady income. The best way is to invest what you can afford to lose or use demo trading to get used to the market. Also, quitting your job is not a good option even after consistent profits.
And you're right about the best way to approach it, which is rationally and not emotionally. But this should be done with proper knowledge and risk management, which are very important to avoid financial ruin.

I agree with this, because it means traders realize that the opportunity to make a profit is as big as the loss so that when they finally experience a loss they can accept it and can still continue trading because the loss they experience does not damage their finances.
Many traders are more calculating about the profit they will get so they dare to use large capital because they want big profits but it turns out their capital is an amount they cannot afford to lose.

simply put, if they have skills in trading they can do it. If you don't have it, it's better not to trade with any assets.
because when you don't have the skills and understanding in trading. choosing any asset will only make trading like gambling. they buy carelessly and hope that luck will come and bring the asset value up.
I think more novice traders today are trapped in such situations.

Actually, you can trade bitcoin even if you are not an employee. As long as you are capable or a strategic person, it is fine because we are the only ones who know our abilities, so we also know if we can make a way to have money.

As for me, when I started here, I didn't have a job, but I strategized sideline incomes that I could make money from, like selling products that I would just make a profit of but sell to my acquaintances online just like that. But if you can't be strategic, all I can say is that you don't belong here.

Well, in bitcoin there are many ways to work it, for traders that I call market speculators it is very different, they have to go with the trend, always looking to win, if bitcoin rises in price they must win with the rise. , if the price of bitcoin falls then they should profit from the fall, they should not get attached, they have to do it like this, there are also investors who are the ones who buy bitcoin and wait as long as necessary until they make profits, I personally do guys, I try to buy everything I need to have in hodl or investment mode and spend a little more to do some operations.

It is true that Bitcoin is the most secure and trustable coin or a source for investing or trading. But every investment and trading always contains some risk and in case of Bitcoin it is also the same. Because it is highly volatile coin so there will be also high risk if you do trade on Bitcoin. You can face a large amount of loss if you don't know about how to trade so always gain knowledge about trading before investment and not cross your afford zone.

Everybody should be aware of the risk as package of trading Bitcoin also with other crypto assets that we're going to own digitally. If you're a long term holder, only patience will be tested since you needed to be strong enough with your emotions.
For so many years of waiting, keeping your digital asset is really worth it when you survive that stage.
On my personal experiences, I wasn't able to cope up with that during the old days because many decisions failed due to unawareness of those risk behind.

Yes, it’s certainly applicable to all investments as they all bring risks. But somehow, it’s a different thing when trading is mainly the concern. Anyone can trade but always know that it takes knowledge and experience, and well developed skills for you to be able to trade successfully. That’s why before you take risk in trading, make sure you are ready to lose at some point, and just expect profits later on the process. Trading can be highly profitable, as long as you know what to trade and when to trade, in short know what you are doing and be inclined to it.

This suggestion is always applicable to any type of investing and risk taking.
You are right that those other markets that has risks too must also remember that they have to invest what they can afford to lose too.
Whichever market you are interested, you can set this reminder.

I don't see any reason why a trader would have to quit his job because he want to trade more.
Trading is not like that and it is important we have to understand the basic and how to make money in trading rather than trying to make quick profit without having a good skill. People are making oney and the same time there are people also losing money.
Trading is not for everybody especially people that cannot wait and learn about the market very well.

Trade only what you can afford to lose, and you will be in peace. Even if you consider yourself as a professional trader, risking everything you have will always be a mistake, otherwise, you will be homeless before you end up reaching your goal. And never trade to replace your job, that’s never a good mindset especially if you are only thinking to get rich quick. Keep your job, and have trading as your side hustle. That way, you will live a more peaceful and profitable life.

Let me complete the sentence before trading Bitcoin you should start with the investment on bitcoin.
Firstly I would like to say that don't mixed that the investment with the trading because there is some difference by saying about trading is always means that starting the short term trading like buy and sell in the short period. And in case of investment in my opinion it is for the long term trading.
But it is true that before investing you have to have the basic knowledge about investment or trading and from the basic knowledge you will also find that they are will be always risk and a trader should always invest or can take the risk what he can afford. Like if you have don't much money for investment or trading then there is no need to investment at anywhere.

The main or golden rule when it comes to trading or investment;
"Invest or spend only on the money that you could only afford to lose"

Never ever make spend of a loan money or risking your life savings when it comes to investment specially if you are someone who doesnt really like on losing money. Although you cant really be able to earn
money if you wont really be taking any risks. This is why it is really that too hard for you to make out considerations but of course it would really be that still depending on you.

The only important thing on here is that you do already know on what you are dealing with and do aware on the money that you are using or spending because if you do
dive in into this venture without having that kind of preparation then expect that loses would really be something that will really be more or keeps piling up which is unlike
into those people who had been that prepared.

Trading is a very complex task. It is very difficult to master.  It takes a long time to learn to learn.  Even then, many people can't be good at it. That's why you shouldn't trade with everything you have. Anyone can trade if they want with the remaining money after fulfilling their basic needs. And once you gain in trading, thinking that you are good at it will be the most stupid.  Never give up your job or stable income for trading because trading with unknowns can put you on the street.

"Do not forget that you should always risk what you can afford to lose." This terms is not only true for bitcoin and crypto but also all kind of financial investment like stock, forex or any kind. It is true some people think that bitcoin market is stable like stock and it also only goes upward. When they made a big investment and realize the reality they start calling bitcoin a scam. I think the responsibility goes to the influencers who only shows the positive side of bitcoin or crypto market, which is why most of the new people don't see the negative side of the market from the starting.