Any who is in debt, unemployed, and out of cash cannot comfortably go into trading full time. In the first instance, your debtors will be calling you. If you are unemployed, you will look more into looking for a job to sustain you. If you are out of cash, your first need will be to survive. So psychologically you are already defeated even before you go into the market.
There's too much pressure that comes with being a trader. Like it may even take you about 6 - 12 months before you start seeing any tangible progress or even making profit.
Go in with a strategy so that you will not be swallowed up by the market.
Topic: Before You Go All In (Read 568 times)
In short, you will not gonna get back all your losses in just 1 trade.
It is true. You can have 50% loss from $1000 and your capital drops to $500 but from $500, you can not gain $1000 back with 50% rise. A more difficult task if you have like -70% or -90% from your initial capital.Quote
A lot of traders are upset because of a lot of losses and they intend to go all in just to get back those losses in a short period of time. It's like they are gambling.
They must not treat trading cryptocurrency like gambling because I believe with proper education you can be a profitable trader.
When they get a big loss, their adrenaline rises which is kind of stimulation and forces them to chase for more losses. They are not aware that when they chase losses like this, they are more likely gamblers and no longer are traders. With bad mood after bad lost streak, they will more easily to make bad decisions which don't bring better trading results for them to cover their previous loses.They must not treat trading cryptocurrency like gambling because I believe with proper education you can be a profitable trader.
You will be able to grow faster , and in no time, you will see that you will become a much more better trader than if you go all in and you expect to use trading to solve all your problems. It won't happen because trading is a very competitive market and the volatility is so high that if you do not find some sort of a balance , it will eat you up.
(....)
In short, you will not gonna get back all your losses in just 1 trade.(....)
A lot of traders are upset because of a lot of losses and they intend to go all in just to get back those losses in a short period of time. It's like they are gambling.
They must not treat trading cryptocurrency like gambling because I believe with proper education you can be a profitable trader.
The economic hardship has taught a valuable lesson to those who felt trading alone is the solution to their money problems. To get rich they say, one must be focused and be at alert all time so as to buy the dip.
We all know it doesn't quite turn out like this and if care is not taken, ones life might see a concurrent end financial and physically.
Besides just trading, HODLing and stacking Sats' come up as some good investment strategies that could guarantee one has enough to trade with after a duration, should the interest to trade still persist.
It is to note however that only those who have alternative sources of income can adhere to the strategy of stacking Sats' or HODLing.
For those who just trade, keeping an alternative source of income might be less profitable, as it might cause much stress to the mind and body which might in turn hamper productivity further and lead to frustration of effort and time.
It always best to be guided in best approach for maximum benefit.
We all know it doesn't quite turn out like this and if care is not taken, ones life might see a concurrent end financial and physically.
Besides just trading, HODLing and stacking Sats' come up as some good investment strategies that could guarantee one has enough to trade with after a duration, should the interest to trade still persist.
It is to note however that only those who have alternative sources of income can adhere to the strategy of stacking Sats' or HODLing.
For those who just trade, keeping an alternative source of income might be less profitable, as it might cause much stress to the mind and body which might in turn hamper productivity further and lead to frustration of effort and time.
It always best to be guided in best approach for maximum benefit.
Also it is good to mention that trading is not for everyone, if someone keeps losing again and again and again, the person should not trade again, or change to swing trading in a way that the market would have falled very well enough before he buys a coin or open long position.
Trading can be risky and is not for everyone. Those who frequently fail to win despite their best efforts may need to reconsider their approach or seek outside advice. Some traders may find that swing trading, which entails maintaining positions for a few days to weeks, is a preferable strategy. No matter the trading approach, it's critical to have reasonable expectations, follow risk management guidelines, and be willing to absorb losses.It wont really be bad on seeking up some help or advice if we do speak about your errors and mistakes.The only issue on here is that there are people who are really that having the ego that they could solve
out things on their own which it isnt bad either but if things turns out to be more worst then you would definitely be having second thoughts that trading isnt really for you.
You should be sensible on what of your actions because this would be a main reason that might worsen up the situation if you dont go to other options.
Also it is good to mention that trading is not for everyone, if someone keeps losing again and again and again, the person should not trade again, or change to swing trading in a way that the market would have falled very well enough before he buys a coin or open long position.
Trading can be risky and is not for everyone. Those who frequently fail to win despite their best efforts may need to reconsider their approach or seek outside advice. Some traders may find that swing trading, which entails maintaining positions for a few days to weeks, is a preferable strategy. No matter the trading approach, it's critical to have reasonable expectations, follow risk management guidelines, and be willing to absorb losses.
Trading using the All-In method is not recommended, even if you are a professional trader. It's best to trade using funds not used for other things because if something happens to your trade, it won't affect anything else.
You should also learn more about trading to analyse the market, determine when to enter and exit the market, how much money you use each time to trade, and so on. If you can prepare everything before starting trading, you will not experience bad things during trading. You can anticipate market conditions that are always changing by using different strategies so that you can adapt to market changes.
Before starting to trade make sure that there is still left for the personal expenses as well some savings as trading will not guaranteed success or profit. It takes time to earn and even traders with knowledge on how to trade sometimes losses depending on market situations so it's not advisable to put all our money in trading, it should be diversify and secured the living expenses and savings some also includes insurances and pay bills first before they start trading some money left. It will be a matter of budgeting.You should also learn more about trading to analyse the market, determine when to enter and exit the market, how much money you use each time to trade, and so on. If you can prepare everything before starting trading, you will not experience bad things during trading. You can anticipate market conditions that are always changing by using different strategies so that you can adapt to market changes.
But indeed, in trading, we will not always be able to get profits because it will depend on our skills and analytical skills and how the market situation moves. If we can analyze it well, we can enter the market at the right time and do something related to the market.
This is why I urge that before starting your trading journey, you need to have a hustle that pays you, get a job, or learn a skill. Begin anything that generates income so that you can devote a portion of it to your trading experience. And many of us have made a lot of mistakes along the way, and this is the antidote to that.
Before making trading as full time, make it part-time first. Don’t use trading as your only source of income, rather use trading to earn some extra income. Trading isn’t easy and guaranteed money, so if you have a family to care of, then you should find a steady job at first. Then with the earnings, invest a small portion of it in trading. If your luck and skills favours you and you make big money in trading, then only take trading seriously and invest big. As OP have mentioned more crucial points, those are truly needs to be followed when someone starting his trading journey. Don’t just trade blindly without any prior knowledge.
Bro, I'm totally on board with ya about the whole "secure a steady dough flow" before diving into the shark-infested waters of trading. Nobody wants to go from high-flyer to street dweller, am I right? Bummer city, dude! But for reals, trading's like a cutthroat, roller-coaster ride of a market—not some magical money-making machine. So, before you throw your hard-earned greenbacks into the fray, make sure you're standing on a financial rock of Gibraltar.
A little tip I've picked up from my historical adventures: squirrel away a slice of your moolah each month for trading. Could be a Ben Franklin or a cool grand—the point is to start small and watch your financial empire grow. This way, you'll be on a steady learning curve, dodging any wallet-emptying blunders. Hey, who knows? You might morph into the next Wolf of Wall Street or Warren "Moneybags" Buffett! Until then, keep grinding and expanding that noggin. Remember, trading's a voyage, not a pit stop.
A little tip I've picked up from my historical adventures: squirrel away a slice of your moolah each month for trading. Could be a Ben Franklin or a cool grand—the point is to start small and watch your financial empire grow. This way, you'll be on a steady learning curve, dodging any wallet-emptying blunders. Hey, who knows? You might morph into the next Wolf of Wall Street or Warren "Moneybags" Buffett! Until then, keep grinding and expanding that noggin. Remember, trading's a voyage, not a pit stop.
crypto here you can gain and also lose so you should enter here knowingly, you won't regret after taking loss but you should better research crypto and invest here knowingly. I believe if you invest in BTC you will profit one day or the other
Aside from research, a consistent source of income is essential so that one can maintain emotional control and hold their coins for an extended period of time while profiting more from the investment.Lack of stable income will ruin your emotions, causing you to sell your crypto or Bitcoin even if it is losing money, as the OP has explained.
The idea of going all in trading is really good wherein you will just be dependent on trading just for you to live but it is a tough way to become successful. If your only earned income comes from trading, you will not have any safety net that you can use in order to pay your bills, to buy your foods, to pay your expenses and many more. I really suggest that if you are a trader, make sure you have a lot of sources of income because there are no guarantee that you can make profit in trading. It is a probability game where there is always uncertainty in the market, what if you lose consecutively in trading? how can you pay your expenses, bills and buy foods? Always imagine the worst scenario in order for you to always be prepared.
For those beginner traders out there, build your confidence and skills slowly and steadily. Do not let other traders and people annoyed you. If you make it to the TOP, you should keep it. Actually, if you already gained a lot of experiences. You will find out that trading is not just about analysis, it is about psychology especially on how you think. Focus on your psychology that your technical skills then you will find a good luck and new performance in trading.
For those beginner traders out there, build your confidence and skills slowly and steadily. Do not let other traders and people annoyed you. If you make it to the TOP, you should keep it. Actually, if you already gained a lot of experiences. You will find out that trading is not just about analysis, it is about psychology especially on how you think. Focus on your psychology that your technical skills then you will find a good luck and new performance in trading.
In addition to that, it is better to have stable main job + more sources of funds such as, owning a small business related to E-commerce or doing some freelance jobs and try to save extra money for crypto trading, I know it's tough to manage of all these tasks but as long as you have the ability to schedule your time and be responsible, the result will be fruitful.
Having additional income apart from your trading income will ease the pressure on any trader as you won't be under pressure to make profits that you'll use for your needs. When trading, a trader doesn't need pressure on her sides or it could make her make mistakes with her judgements of the market. Going all in could be dangerous as you have no back up.
Cryptocurrency trading can't be relied on only because the market is been heavily influenced by whales as they can pump or dump the market with spreading negative or positive news as they wish. As a trader you should have a backup source of income like a main job.
Yep. Trading shouldn't be the main job, it is more appropriate as a side job. So, it is better to have a job in real life before starting to trade. Make sure that the real life job can give us enough money for monthly income. This is important to make us never depend on trading for monthly income.
There are many things to learn before starting trading. It is not only about learning charts, we must also learn the fundamental factors and make sure to have good self-control during trading. These 2 things are important, they have big roles to determine the success in trading.
There are many things to learn before starting trading. It is not only about learning charts, we must also learn the fundamental factors and make sure to have good self-control during trading. These 2 things are important, they have big roles to determine the success in trading.
Personally, I think that trading can be the main job, but you need additional income - maintaining your own blog, selling training courses, advertising related products. If you take trading seriously and not as a means of entertainment, then it should become your main income.
I absolutely agree with you, it is perilous to consider trading as a full time job especially when you're not capable to do this. In fact, having a large capital does not guarantee a profit and without doing some researches at the beginning, understanding the basics of the field and being able to manage the risk and control your emotions, then it would be idiotic to start trading and like this way you will definitely make wrong decisions and lose what you have in a short period.
In addition to that, it is better to have stable main job + more sources of funds such as, owning a small business related to E-commerce or doing some freelance jobs and try to save extra money for crypto trading, I know it's tough to manage of all these tasks but as long as you have the ability to schedule your time and be responsible, the result will be fruitful.
In addition to that, it is better to have stable main job + more sources of funds such as, owning a small business related to E-commerce or doing some freelance jobs and try to save extra money for crypto trading, I know it's tough to manage of all these tasks but as long as you have the ability to schedule your time and be responsible, the result will be fruitful.
Yep. Trading shouldn't be the main job, it is more appropriate as a side job. So, it is better to have a job in real life before starting to trade. Make sure that the real life job can give us enough money for monthly income. This is important to make us never depend on trading for monthly income.
There are many things to learn before starting trading. It is not only about learning charts, we must also learn the fundamental factors and make sure to have good self-control during trading. These 2 things are important, they have big roles to determine the success in trading.
There are many things to learn before starting trading. It is not only about learning charts, we must also learn the fundamental factors and make sure to have good self-control during trading. These 2 things are important, they have big roles to determine the success in trading.
What wonderful insights you just put out. I completely agree with your advice.
It's important to have a reliable source of income before starting your trading journey.
Trading can be a very emotional and stressful experience, especially when you're just starting out, and having a steady income can help alleviate some of the pressure and allow you to focus on learning and developing your skills.
Additionally, having a balanced approach to trading can help you avoid making impulsive decisions and allow you to stay focused on your long-term goals.
Thank you for sharing your valuable insights.
It is important that a person can focus on learning about trading before he starts trading because most people don't do it and just follow the lead of others. While he was still not very savvy about trading, he simply followed what was advised to buy the particular coin that allowed him to make his first loss. This is not recommended for beginners as they will never learn about trading and will only rely on advice from others. And he also has to learn to have good emotional control so he doesn't get panicked buying or selling when the market changes direction. It's important to have a reliable source of income before starting your trading journey.
Trading can be a very emotional and stressful experience, especially when you're just starting out, and having a steady income can help alleviate some of the pressure and allow you to focus on learning and developing your skills.
Additionally, having a balanced approach to trading can help you avoid making impulsive decisions and allow you to stay focused on your long-term goals.
Thank you for sharing your valuable insights.
Before you go all in stop and think about it for a second. Many times I didn't take that second for thinking and I recklessly throw some money (small or big amount). I agree with OP, we usually try to make some quick profit, but all-in is a desperate move and will end up badly in most cases.
And we really have a very competitive market and very high volatility, and it is not easy for everyone to find a balance and be profitable... in the short or long run! It's risky, but if we don't dare to try and take some risks we can't know the outcome. I guess nobody has a 100% win rate, we all make mistakes and bad moves, and we need to learn from them and it is how we grow and get better in whatever we are doing.
I believe going all in may be somehow motivated by greed, so it’s never advisable especially for beginners. However, if we also stay at our comfort zone without taking any risk, that’s a lot more devastating. But I guess going all in is not that bad as long as you have established your finances and your emotions too, so that whatever is the outcome you will never be completely affected by it. ... trading is a very competitive market and the volatility is so high that if you do not find some sort of a balance , it will eat you up.
And we really have a very competitive market and very high volatility, and it is not easy for everyone to find a balance and be profitable... in the short or long run! It's risky, but if we don't dare to try and take some risks we can't know the outcome. I guess nobody has a 100% win rate, we all make mistakes and bad moves, and we need to learn from them and it is how we grow and get better in whatever we are doing.
Those are good advises. Someone may think that it's too much but that's the reality in trading, you may expect to get some profits in the future but you have to go through with a lot of pain before going there.
And that's all about losing more, you'll have a lot of pains and losses before going to those successful trades.
That's why before going there, you need to prepare yourself not just emotionally but also financially and that's the real thing in trading unless you only want to try it with little money.
As long as there is money involved whether it’s big or small, then you still have to prepare for it, financially, mentally and most particularly your emotional stability. And by getting a stable job first before you decide to trade, that will reduce the stress and pressure if ever you end up failing your trades. Though trading is more on losses than gains especially for beginners, but you can always make the best of your trades as long as you’re good and skilled enough, even by not going all in. And that's all about losing more, you'll have a lot of pains and losses before going to those successful trades.
That's why before going there, you need to prepare yourself not just emotionally but also financially and that's the real thing in trading unless you only want to try it with little money.
crypto here you can gain and also lose so you should enter here knowingly, you won't regret after taking loss but you should better research crypto and invest here knowingly. I believe if you invest in BTC you will profit one day or the other
I believed that the longer these people lurks in trading, they will at least know what's always the best approach.
There's no successful trader that went in a smooth process. They did several mistakes on the way and that's the reason why they able to build a good foundation on where they are today. Let these traders realized on the way what's the best thing to do on their own.
Sometimes even they read advices and suggestions, they will never understand that clearly as they don't experienced it on actual yet.
Jump to: