Topic: Before Trading Bitcoin you should... - page 6. (Read 1302 times)

That is one of the hardest things to do, when you are dealing with lower timeframe, you are going to see a lot of stuff and it will not be easy at all, you are going to face a lot of troubles as well. I personally believe that the best thing you could do would be just realizing that you are not going to end up with getting much done else, you can't even take a bathroom break if you are dealing with 1 minute, you have to be totally out and have nothing if you want that, but if you are in, then you need to lock your eyes on the screen.

When you grow old enough to have a family, you realize that it is not possible to do that because there will always be "something" in the house that is "urgent" and you will not be locked to the screen that easily.

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.

It's only on social media that someone will come and tell you that you can stay in the comfort of your home and be making a lot of money everyday trading crypto, but any experienced crypto traders will tell you that it's not entirely true. The truth is that crypto trading is hard and not a get rich quick scheme, because there are chances that you can lose all your funds, that is why it's important not to rely on it as a sole source of income. It's important to have a job at hand before entering crypto trading, so any money made will be a plus to your steady income, and every newbie needs to understand that it's better to trade with the amount that you can afford to loose.

I would never want to quit my job to get involved in trading and even if my trading skills were good it would never be done. If we could carry out work and trade simultaneously it would be much better because we would have a much greater income from both. Trading can also be done when you come home from work because trading does not require time like we do when working in real life. Maximizing both will be much better because trading cannot always produce profits because there are times when we experience losses.

The point is don't force things beyond your ability to be responsible and trading should be seen as a chosen path to freedom. Although there is no guarantee that when we trade we can get consistent profits. We need to learn before making decisions and the most important thing is that we can be responsible for what we do.

Understanding the market is very important, but at least there are other factors, we also have to have knowledge about trading, yes what you say is true, if there is a mentor, we will learn much faster or gain knowledge from our friends about what indicators they have been doing so far. But you need to remember that there is no single indicator that is truly perfect for generating profits. It's best for beginners to buy and hold as long as possible, the risk of spot is not much more dangerous than trading. Yes, at least if we hold in spot the assets we own only have an impact on fluctuations in market prices.

Exactly. When you want to have a real job, don't ever stop working to become a full trader in crypto. Because this is a very big risk. Especially if you are new to the crypto world, there is still a lot you need to prepare, understand and try first. Only after you really have stable gains and are more worth it compared to work in real life, maybe that could be a solution.

Indeed, there are people who are full traders in crypto and don't have a job in real life. However, that's because they have become professional traders. At least they already have their own scheme, so it seems to be their profession now. And this must have been taken into account and experienced over a long period of time.

But once again, never force yourself to give up your main job in real life to become a full trader. because the risk is very high. Still make sure you have a handle and your job or business in real life will be much better.

This is actually right, I know someone who are planning to quit job after they learned trading (they are beginner) but I told them that it's still better to have a stable income job as newbies tends to make mistake and still in the learning and collecting experience phase. He said that his goal was not to work for a long time and through trading his goal is to have a good profit and have the time of his life at the same time, which is actually good. But it would take time and experience before you get good at trading and actually have a good stable income in trading.

This is the reason a lot of people who have stable sources of income like jobs are just part-timing learning how to trade, that is an example of how risky trading is and will not guarantee to make profits always.
You can trade while you have a full-time job, just proper organize your time and not to be lazy to learn even you have full time job.

Of course, why would you quit your regular job, Bitcoin trading has a lot of ups and downs throughout, and it's not a stable money stream, there are days that you are going to lose and days that you are going to win, and that's why it is often compare to gambling. And throughout my stay here in the community, I have seen threads before in 2018, wherein in 2017 we have a bull run and a lot of individuals make great money and then they think of quitting their jobs and focus on airdrops or bounties or trading. But I haven't seen then for a while now because we all know what happens in 2018 as it is a bear market and those who quit there jobs might have a hard time making money and bringing food in the table for their family. So it's not what others have been promoted, it's very difficult to trade and you need some capital to begin with.

Risk management isnt really just that only for Trading but also in other investments out there or something that you are putting your money into to earn money. This is something that your main consideration all the time.
Also, dont make yourself being that too delusional that you could really be able to make that profits a short period of time or something that you could really be able to get with few tries. This is why it would really be better that you should be having that kind of versatility on the time that you would really be making up some trades and never ever make yourself that be that thinking that you could get on first try.
Market is unpredictable and there's no way that you could really be able to get and predict on wherever it would be going on which it would be a common approach that you would be needing up
to consider on whatever that things need to be considered out first including risk management and emotion handling on which these things are indeed crucial.

People tend to clamp into trading because they do hope to get quick profit and they forget that with quick profits comes quick losses as well. Where ever you have a quick way to making money, you should also consider the part to loss and that’s what most traders don’t want to hear. Now, how do you hope to succeed in trading without having to consider the possibility of losses. In fact, this because the bases for you to engage in serious analysis and only get to work with what your analysis and indicators are telling you but no, no one want to do the work and so, they invest in some trading packages with some self acclaimed trader for % returns. Many times than often, it turns out to be a scam or just another loser looking to make more losers.
Trading isn’t easy and you better be ready for it before you go live.

I think anyone who is active in this section or this board should be aware of these basic rules because to me it's something that is so commonly said overly due to people with the wrong mindset and perspective towards trading. Of a true any person who is going into trading should has these basis for a property knowledge because when they think trading is so simple or feels like quiting whatever business they had to enable them concentrate is the wrong thing to do if I may say because someone needs to be stabilized and probably seen the amount of income being generated from their trading before they could think of putting whatever amount they think of before having to think to quit their jobs for a trading.

Yeah you are correct, there are people who had this mentality that when they started trading then the next thing is to think if quitting their jobs and focused on trading without them knowing that they must have the knowledge required and even as that it's not wise to stop any other business to focused on one particular one because they never can tell what would happened next.

Don't you think every money is needful?
Yes, sincerely speaking to me every money means alot comparing to the whole economy is getting inflated whatever amount that is placed or lose for a cause of trading or gambling is really worth utilizing, but one thing that keeps me going is that people risk to risk and it's very risky not to take risk at this point seems we hold the destiny of ourselves. Meaning we had to work hard to come out of some kinds of had situation, if only person can focused on their presents predicaments then it would be much easier to take a bold step of their lives to take risk.

Old traders will tell you that you will enjoy trading more when you are not only depending on making money to survive from trading. If you are trading with less pressure, you can do better as a trader, and trading with capital you know you can afford to loose is less pressure on the trader.

 In trading, the slightest error can make a trade go wrong. A trader needs to get all the metrics and analysis to profit from a trade. Little knowledge cannot help.

Hence, if you want to enjoy your investment and trade it without getting bothered to lose at the process, always have a stable job first that will support all your needs. That way, you won’t think of selling your coins earlier than what you have planned. Bitcoin will never be capable to offer quick profits, so we need to give it a long term scope of investment and see how it creates wonders in the long run.

Also, faith should be established first prior to investing or trading, as you won’t be able to pursue your goal if you don’t have the faith on what you are doing.

Those who are into trading barely have any other work to do because trading is a full-time gig, you can't be trading while having a day job because that contradicts the requirements of trading in which you need to stay active in the market at all times unless you are a part-time trader where you make a couple of trades only when you are free from your day job but in that case, you can't guarantee much profit because you won't have a lot of understanding about the movements of the market since you don't watch it all the time.


Someone having less knowledge and experience about the cryptocurrency market will do such things. Those who have been around for some time would know that they aren't supposed to use money that isn't extra for accumulating or trading cryptocurrencies because it involves risks and despite the risks, one can have their funds stuck in an investment because the market doesn't go up all the time.

It's a different matter if you have no knowledge about something, but when you have little knowledge about something, it's terrible for you. We have long heard the proverb that a little knowledge is dangerous because a little knowledge does not make a person know something well and do something well. If we have a discussion about trading bitcoins and there is an unskilled person at the center of that discussion, trading in bitcoins can bring more losses than gains for him. That person has so little knowledge about trading that it is difficult to succeed in trading. If he magnifies his little idea and if he has overconfidence and if he trades with his overconfidence without thinking about anything then his money can suffer. We need to think before we lose money, we need to learn first because when we can fully learn but we can apply our learning anytime.

A perfect advice for beginners which will actually help them a long way in their trading journey, some persons do have the mindset that immediately they venture into trading they are going to have their lives turning around almost immediately and will go as far as quitting their jobs and when they eventually blow their account they get to understand the importance of their job before they started trading and some may actually get regretting, it's very true you can make a fortune off trading but then getting to perfect your skill first is important before you then think of venturing into it fully such that you are going to quit your job for it full time.

The essence of your job will always be to having what to fall back to on bad trading days because trading can never promise to be smooth sail all day or week long, there are times trading can be very profitable and some other times it could be aswell very exhausting in that you may get too many losses and not be able to probably getting to be able to recover almost immediately so always having a plan B till you are profitable enough to still be stable even on bad trading days is actually very important.

People are trading Bitcoin more often but I think if instead of trading we invest in Bitcoin then our loss will be minimum or we will not face any loss if we have learning skills about Bitcoin. Trading requires more time and more energy as compared to investment and you will not work in other jobs properly but will focus all the time in the market chart to check out the price.

Don't sell one thing to invest in other things because every thing has its own value and importance which we should keep in mind. We should use extra money into Bitcoin investment but should not sell our property or something else just to hold Bitcoin.

Some novice investors and traders certainly don't know this, so they often panic when they see a decline in prices, at which point they don't think that the price of Bitcoin can still rise again so they don't have to sell and bear the loss. Because it's true as you said, as long as we don't sell and still hold the Bitcoin we have, of course we can't be called losers because we can still wait for the price of Bitcoin to rise again. But not everyone is able to restrain their emotions and psychology from selling when they see conditions like that in the market.

This does seem wrong for those who still earn a small income through Bitcoin and instead leave their main job for that, but for those who already have quite a large income through Bitcoin and also through other cryptocurrency businesses. Of course it wouldn't seem wrong for them to leave a job where the income is still quite small, even though what you say is still more suitable for everyone because leaving the main job for something else certainly has big risks. So it's a good idea to keep working at your main job by continuing to trade via the crypto market and also invest via Bitcoin.

Bitcoin trading is supposed to promote more liquidity and thus more money for long-term investment and not a daily source of income or an alternative to a job. Bitcoin is a high-risk asset but has a good return in the long term.
If you want to invest in Bitcoin, you must first make sure that you do not need the money for at least two years and that you will not be affected if you lose it, then Bitcoin will be very profitable.