Can a gambler be a good bitcoin trader? - page 3.

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Quote from: 0t3p0t on November 23, 2023, 07:53:44 AM

I think yes because of the fact that the gambler is a risk taker himself. Some gamblers use tricks and analysis on what they are playing that is the same skills needed to become a trader. Though gambling fully rely on luck, trading will rely on luck as well but just a bit of it since 90% will be on technical analysis.

Being a gambler and a trader both have risks, which is why becoming a bitcoin trader is no problem as long as you can stop the habit of gambling, after all, a gambler can definitely be a good and profitable trader compared to gambling, although it is also necessary to learn techniques and price analysis, because Trading requires skills in reading market charts so you can target profits and minimize losses.

There is no difference whether you want to be a gambler or a trader, both have the same risk, namely losing money, personally I also run both simultaneously although sometimes it is difficult to divide my time because I always play consistently so I can get good profits every weekend whether it be from gambling or trading.

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Analytical Trading is actually similar to gambling. The only difference in when timed right, you have a 50%+ chance of being a success.
Gambling is always limited to probability below 50%, even the odds on sports betting depends on how much people have gambled on each option plus house edge.
It would be difficult to generalize a gamblers mindset but something we could assume is they are good with numbers and are willing to take risk. Those are good signs in analytic trading and if they be able to hold their nerves, they can have more success from trading as compared to gambling.

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Quote from: summonerrk on November 23, 2023, 09:50:50 AM

Quote from: madnessteat on November 19, 2023, 08:58:10 AM

Quote from: temple on November 19, 2023, 08:40:00 AM

^

If a trader trades on the spot market, he clearly has an advantage over a gambler, as his actions are not limited by time frames, and since bitcoin is a deflationary asset, even if you buy it at the highest price, you can get your money back in a few years. I am engaged in trading on the crypto market and gambling, and personally for me cryptocurrencies carry less risk than gambling. Perhaps everything would be different if I had a better understanding of sports, but unfortunately I do not have it.

I think that gambling is quite versatile, and I sincerely believe that a poker player is very different from a fan of spinning slots. And based on this, I will say that the casino is very far from trading in meaning, while it is very close to poker. The fact is that there are a lot of accidents in the casino and it is not possible to identify patterns. I am one of those who believes in technical analysis as well as in the mathematics of poker.

Therefore, I will say that in general, a poker player can be and most likely will be a good trader.

I have never played poker, I do not know how the game is being played aside from what I know, that the game is a strategy game, like skill based.

Aside from the above, I did say that gambling in general, has nothing to do with trading, like I said in my last comment I believe, a trader can become a gambler, and his experience in trading has nothing to contribute to his gambling activities.

Likewise, a gambler can learn to trade, and become a good trader trader spending enough time learning to do it well, his or her experience in gambling has nothing as well to contribute to his or her trading.

This two are completely different, even though we still consider those who trade blindly as equal to gambling.

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Quote from: BitcoinTurk on November 23, 2023, 05:59:55 AM

Quote from: Westinhome on November 17, 2023, 07:38:56 PM

The trading people will have the ready money for the deposit to the crytocurrency based gambling site.The risk management was in the gambling as like the trading,in trading the gambler will hold the money without withdraw to avoid of the loss.But here the gambler should withdrew the funds from the gambling site after the continuous loss.Because the gambler should not allow their bad luck to get all the dollars in the name of the loss.It was quite essential for the gambler to idenetify the withdrew time from the gambling site.The deposit to the gambling site also should be in the limited way for the gambler to complete the gambling deposit in controlled way.

Yes, to give an example, especially from the many people who gamble and trade cryptocurrency here, many of us have cryptocurencies that we can instantly use for gambling. Similar risk management between gambling and cryptocurrency trading is the efficient use of the available budget, spending it gradually and using a certain strategy. That is, there are common aspects of risk management for both but risk management is applied slightly differently for both. Just as you mentioned, a person who trades cryptocurrency doesn't transfer their current balance to their wallet in case they loses money while someone who gambles withdraws all their money and transfers it to their wallet if they don't lose all their money because they thinks they will have bad luck that day.

Although deposits to cryptocurrency-based online gambling services are generally not as diverse as cryptocurrency exchanges, I don't think there are limited deposit opportunities due to the diversity.

Does comparing these two make sense? Despite the risk of trading cryptocurrency, most decisions are based on market analysis, trends, and prediction. Gambling is luck-based, not strategy. This fundamental distinction in decision-making is crucial. Are we damaging trading competence and research by blurring these lines Additionally, your thesis regarding risk management in all sectors is intriguing but too simplistic. Both involve meticulous money allocation, but their goals are distinct. Gambling is designed to lose money over time, so the "house always wins." Crypto investing is volatile, but wise judgements can make money. Don't we oversimplify by ignoring these dynamics?

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Quote from: madnessteat on November 19, 2023, 08:58:10 AM

Quote from: temple on November 19, 2023, 08:40:00 AM

^

If a trader trades on the spot market, he clearly has an advantage over a gambler, as his actions are not limited by time frames, and since bitcoin is a deflationary asset, even if you buy it at the highest price, you can get your money back in a few years. I am engaged in trading on the crypto market and gambling, and personally for me cryptocurrencies carry less risk than gambling. Perhaps everything would be different if I had a better understanding of sports, but unfortunately I do not have it.

I think that gambling is quite versatile, and I sincerely believe that a poker player is very different from a fan of spinning slots. And based on this, I will say that the casino is very far from trading in meaning, while it is very close to poker. The fact is that there are a lot of accidents in the casino and it is not possible to identify patterns. I am one of those who believes in technical analysis as well as in the mathematics of poker.

Therefore, I will say that in general, a poker player can be and most likely will be a good trader.

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Quote from: madnessteat on November 19, 2023, 08:58:10 AM

Quote from: temple on November 19, 2023, 08:40:00 AM

^

If a trader trades on the spot market, he clearly has an advantage over a gambler, as his actions are not limited by time frames, and since bitcoin is a deflationary asset, even if you buy it at the highest price, you can get your money back in a few years. I am engaged in trading on the crypto market and gambling, and personally for me cryptocurrencies carry less risk than gambling. Perhaps everything would be different if I had a better understanding of sports, but unfortunately I do not have it.

- That's true; that's how I do it, and there are many people who do it who are also gamblers, for sure. That's the beauty when we start with spot trading or carry out a trading activity.

Then it's up to us if we want to be good traders here in the crypto space. But if your desire is to make a lot of money through Bitcoin, this is also possible; you just have to have a deep understanding of crypto trading. That's how simple a trader should be, but of course, when you feel like this, it's not good because greed has entered it.

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Quote from: boyptc on November 23, 2023, 06:08:35 AM

So it can happen that a gambler can also be a good bitcoin trader or even an altcoin trader. Anyone can do that regardless of his profession or his hobbies and activities.

Yes... anyone can do it, BUT not everyone will get good results in every effort they make. Instead of bearing unlimited losses, it's better to do something that aligns with one's talents. If there's still an intention to learn, trading is a good option. But relying solely on luck in trading, as in gambling, is very risky. Even luck is not something everyone can count on all the time.

Many traders make a small amount of money... they are neither considered failures nor successes. Instead of being a casual trader, it's better to focus on becoming a professional. A professional will have a better understanding of what they master. Their analysis and intuition will surpass the average human skill. So, rather than being content with trading and making a small amount of money due to luck, it's better to trade to earn big money because of the contribution of your skills.

So, everyone can indeed make money from trading, but that's not enough to say that the person can effectively trade.

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I think yes because of the fact that the gambler is a risk taker himself. Some gamblers use tricks and analysis on what they are playing that is the same skills needed to become a trader. Though gambling fully rely on luck, trading will rely on luck as well but just a bit of it since 90% will be on technical analysis.

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Quote from: boyptc on November 23, 2023, 06:08:35 AM

As a gambler, I did traded many times before but then stopped because I did have a lot of bad trades. But that does mean that I am a bad gambler? Yes and no.

I have good trades as well.

So it can happen that a gambler can also be a good bitcoin trader or even an altcoin trader. Anyone can do that regardless of his profession or his hobbies and activities.

In short, yes, I think it can. It is very similar due to the fact that you need to make decisions based on probabilities. But everywhere we need to learn new information and improve our level, only this can lead us to success in gambling and bitcoin trading. If before this in gambling the player simply pressed one button and spun spins, then in bitcoins he will most likely press buy/sell chaotically. And if he also puts up a large leverage, then this is the same as betting the entire deposit on red in roulette.

There are even several living examples, one of them is a successful influencer who was previously very successful in poker before learning about cryptocurrencies. I am amazed by his level of knowledge and thanks to it he earned 10 times more than in poker.

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Quote from: danherbias07 on November 23, 2023, 06:40:29 AM

Quote from: boyptc on November 23, 2023, 06:08:35 AM

As a gambler, I did traded many times before but then stopped because I did have a lot of bad trades. But that does mean that I am a bad gambler? Yes and no.

I have good trades as well.

So it can happen that a gambler can also be a good bitcoin trader or even an altcoin trader. Anyone can do that regardless of his profession or his hobbies and activities.

That I agree.
I think OP is just trying to figure out if somehow there's a resemblance in different industries because they are both incorporated with risk.
Trading requires a lot of patience and somehow the chances of having a good trade will depend on how we read the analysis.
No such thing when it comes to casino games because all you have is rely on luck.
Better, I'd probably compare trading with sports betting. Analysis is also needed there to enhance the chances of winning because there are strong fighters/boxers/teams out there which could be a mismatch to their opponents. I mean the odds are there for a reason because analysis is being done and some of them are too strong which is also the reason why they put handicaps on weaker opponents.
For sports bettors who made it a serious hobby, these statistics will help them find the lower risk bet but with better profits. It's not always accurate but somehow because of that research, we could increase the percentage to win.

Yeah, not a bad comparison but there's resemblance from analyzing sports that you are about to bet and the same goes with trading.

The risk is always there and analysis is helping us to make better decisions with basis so, you're not wholly relying to luck even if you can trade and bet recklessly.

Also, accompany it with experiences and you'll be able to know the things that you have to do either in trading or betting.

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Quote from: boyptc on November 23, 2023, 06:08:35 AM

As a gambler, I did traded many times before but then stopped because I did have a lot of bad trades. But that does mean that I am a bad gambler? Yes and no.

I have good trades as well.

So it can happen that a gambler can also be a good bitcoin trader or even an altcoin trader. Anyone can do that regardless of his profession or his hobbies and activities.

That I agree.
I think OP is just trying to figure out if somehow there's a resemblance in different industries because they are both incorporated with risk.
Trading requires a lot of patience and somehow the chances of having a good trade will depend on how we read the analysis.
No such thing when it comes to casino games because all you have is rely on luck.
Better, I'd probably compare trading with sports betting. Analysis is also needed there to enhance the chances of winning because there are strong fighters/boxers/teams out there which could be a mismatch to their opponents. I mean the odds are there for a reason because analysis is being done and some of them are too strong which is also the reason why they put handicaps on weaker opponents.
For sports bettors who made it a serious hobby, these statistics will help them find the lower risk bet but with better profits. It's not always accurate but somehow because of that research, we could increase the percentage to win.

boyptc

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As a gambler, I did traded many times before but then stopped because I did have a lot of bad trades. But that does mean that I am a bad gambler? Yes and no.

I have good trades as well.

So it can happen that a gambler can also be a good bitcoin trader or even an altcoin trader. Anyone can do that regardless of his profession or his hobbies and activities.

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Quote from: Westinhome on November 17, 2023, 07:38:56 PM

The trading people will have the ready money for the deposit to the crytocurrency based gambling site.The risk management was in the gambling as like the trading,in trading the gambler will hold the money without withdraw to avoid of the loss.But here the gambler should withdrew the funds from the gambling site after the continuous loss.Because the gambler should not allow their bad luck to get all the dollars in the name of the loss.It was quite essential for the gambler to idenetify the withdrew time from the gambling site.The deposit to the gambling site also should be in the limited way for the gambler to complete the gambling deposit in controlled way.

Yes, to give an example, especially from the many people who gamble and trade cryptocurrency here, many of us have cryptocurencies that we can instantly use for gambling. Similar risk management between gambling and cryptocurrency trading is the efficient use of the available budget, spending it gradually and using a certain strategy. That is, there are common aspects of risk management for both but risk management is applied slightly differently for both. Just as you mentioned, a person who trades cryptocurrency doesn't transfer their current balance to their wallet in case they loses money while someone who gambles withdraws all their money and transfers it to their wallet if they don't lose all their money because they thinks they will have bad luck that day.

Although deposits to cryptocurrency-based online gambling services are generally not as diverse as cryptocurrency exchanges, I don't think there are limited deposit opportunities due to the diversity.

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Quote from: Sanugarid on November 20, 2023, 05:04:45 PM

Quote from: Kelward on November 11, 2023, 04:24:23 PM

I base my question about whether a gambler can become a good bitcoin trader, because both of them share one factor which is risk. A gambler is a risk taker, he stakes his money without knowing the outcome of the game that he is about to play. There is no guarantee that he will win, yet he goes ahead to play, knowing fully well that he can lose his bet. Same thing with a bitcoin trader, he goes ahead to engage in trading knowing fully well that the market can turn around negatively for him, making him to lose his bitcoin. Yet he goes ahead to trade in the hope of making profit.

Although there are some differences between the two, like most gambling depends mainly on luck. You play and let luck decide fate of the game, that is the risk factor, because the gambler doesn't have any control or influence to determine the outcome of the bet. Also a bitcoin trader doesn't have any control or influence to determine how the market swings, he takes the risk to trade his bitcoin without knowing the outcome whether it'll be profit or lose. The diffidence between the two is that a bitcoin trader can predict the market, while a gambler can not predict the outcome of a bet, except in sports bet.

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

Of course, that is possible if the gambler also learns how to trade. Everything can be learned, I also believe that there are people like this who can do those 2 things. Either of those two is really risky, the only difference is that the trader can track it and you can make money here without relying on luck. As a gambler, it is difficult to win consecutively or earn a lot of money here, you really have to rely on your luck to win big in gambling and it is rare that you win a jackpot in gambling.

Gambling and trading isn't something that is easy to combine especially the trade aspect, because one can lose alot of his capital or funds used in trading if he forgets or lose focus on the trade session he is currently watching. Gambling is somehow more easier but it's definitely another case scenario if the person involved is an obsessed gambler. Most obsessed gambler tend not to have the main trait of a very successful trader which is obviously patience.

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Quote from: Kelward on November 11, 2023, 04:24:23 PM

I base my question about whether a gambler can become a good bitcoin trader, because both of them share one factor which is risk. A gambler is a risk taker, he stakes his money without knowing the outcome of the game that he is about to play. There is no guarantee that he will win, yet he goes ahead to play, knowing fully well that he can lose his bet. Same thing with a bitcoin trader, he goes ahead to engage in trading knowing fully well that the market can turn around negatively for him, making him to lose his bitcoin. Yet he goes ahead to trade in the hope of making profit.

Although there are some differences between the two, like most gambling depends mainly on luck. You play and let luck decide fate of the game, that is the risk factor, because the gambler doesn't have any control or influence to determine the outcome of the bet. Also a bitcoin trader doesn't have any control or influence to determine how the market swings, he takes the risk to trade his bitcoin without knowing the outcome whether it'll be profit or lose. The diffidence between the two is that a bitcoin trader can predict the market, while a gambler can not predict the outcome of a bet, except in sports bet.

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

Of course, that is possible if the gambler also learns how to trade. Everything can be learned, I also believe that there are people like this who can do those 2 things. Either of those two is really risky, the only difference is that the trader can track it and you can make money here without relying on luck. As a gambler, it is difficult to win consecutively or earn a lot of money here, you really have to rely on your luck to win big in gambling and it is rare that you win a jackpot in gambling.

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Quote from: temple on November 19, 2023, 08:40:00 AM

Quote from: vv181 on November 19, 2023, 07:55:19 AM

This has nothing to do with the braveriness that gambling users have. Risk factors have a small significance to the factor of trading. The user who does trade is not merely using braveness to execute their plan, it is completely different from a gamble where you can freely just make a bet, with minimal thought processes. On the other hand, trading requires extra effort and more thorough planning to make decisions.

That alone should address whether risk would be a significant addition or not. With that in mind, due to the reason I addressed, I do not think it would be an advantage.

I think if someone did a deep investigation on trading behavior, establishing correlation coefficients between people who tend recklessly gamble at apart from the reckless gambler who also trades. I would suppose that significant changes in characteristics in one and the same person when they either trade or gamble are less common than consistencies.

Note that I did not necessarily imply risk factor does not have any effect on trading, nor its scale, but rather contrasted with gambling, it loses its significance. Trading does contain risks, but not as essential as gambling. Also, the correlation will surely arise given enough datasets. Though, the hardest part would be to decide about the knowledge and experiences of both characteristics, since surely it does not apply vice-versa.

Moreover, I don't quite agree, say, trader doing gambling, or gambler doing trade, I do think they will surely pose their decision in a completely different manner.

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Quote from: lixer on November 19, 2023, 01:46:35 PM

When we talk about a gambler becoming a trader, I think a sports bettor can easily manage to become a good trader as well because the two have a lot of similarities, like one has to do research and analysis for a sports game before betting and the same thing is needed before making a trade, the only difference is that the research is done on players and teams in sports betting and it's done on coins and projects in trading.

I disagree. Regardless of whether a sports bettor or not, entering trading for the first time will be a new environment for them.

There is no such thing that, for example as a sports bettor, they can easily manage to become a good trader. I highly doubt that will be the case once they shift into trading. There are lots of differences in trading and gambling and even a professional gambler or sports bettor will experience a tough challenge dealing with a highly volatile crypto-market the moment they step in.

When I say new environment, it means new approaches, new strategies, new ideas, new plans, different levels of factors, etc., and can't be compared to what the gambler experienced in gambling. These gamblers, of any type, will be successful in gambling if they are really serious on the way to building their respective good trading career.

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Quote from: Kelward on November 11, 2023, 04:24:23 PM

I base my question about whether a gambler can become a good bitcoin trader, because both of them share one factor which is risk.

Risk is not the only requirement to be a good bitcoin trader. If it were everybody who has started a business and built it from the ground up make a good bitcoin trader because they have been able to manage the risk that is inherent in running a business.

Quote

A gambler is a risk taker, he stakes his money without knowing the outcome of the game that he is about to play. There is no guarantee that he will win, yet he goes ahead to play, knowing fully well that he can lose his bet. Same thing with a bitcoin trader, he goes ahead to engage in trading knowing fully well that the market can turn around negatively for him, making him to lose his bitcoin. Yet he goes ahead to trade in the hope of making profit.

So does every other human being and not only gamblers and bitcoin traders.

Quote

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

If a gambler fulfils the requirements needed to be a trader, why not. All our experiences are transferrable. Therefore, if the risk taking is developed in the context of trading and other skills are developed as well, then they will be at an advantaged.

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Quote from: madnessteat on November 19, 2023, 08:58:10 AM

Quote from: temple on November 19, 2023, 08:40:00 AM

^

If a trader trades on the spot market, he clearly has an advantage over a gambler, as his actions are not limited by time frames, and since bitcoin is a deflationary asset, even if you buy it at the highest price, you can get your money back in a few years. I am engaged in trading on the crypto market and gambling, and personally for me cryptocurrencies carry less risk than gambling. Perhaps everything would be different if I had a better understanding of sports, but unfortunately I do not have it.

Well, I am not going to argue against you that knowledge helps you further in trading than it does in gambling. It's definitely more likely that knowledge in trading translates into gains than it is in gambling. But when we talk about these mad gamblers, I believe that they are also the people who more tend to use leverage in trading because that is what gives them please. Mad gamblers without control over their bankroll do the same. They can all get lucky, but knowledge decreases in impact when leverage comes into play.
Time horizon plays a huge role of course and that is a very good point because rounds are timely closed in gambling as per the rules whereas a trader could leave the position and be patient. But all of this depends on the experience, character and knowledge of the trader.

My core message was that I believe bad traders are more likely to be bad gamblers as well and vice versa.

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Quote from: bitzizzix on November 17, 2023, 10:13:48 PM

If we discuss risk, it is clear that both have a high level of risk of loss if they do not have the relevant skills and knowledge. So both can be done based on the analytical abilities, skills and knowledge that both must have and must also be able to control themselves and their emotions when gambling and must also know how to buy and sell again at the right time when trading.

You must be talking about sports betting here because that is what would require a bettor to have skills and knowledge about the game they are betting on there are no skills and knowledge required when it comes to gambling games, it's pure luck in that area of gambling. And, there is a huge difference between the risks of gambling and trading because trading can be a profitable thing for someone with enough knowledge and experience while gambling can't always be that way unless it's sports betting where research and analytical skills matter.

When we talk about a gambler becoming a trader, I think a sports bettor can easily manage to become a good trader as well because the two have a lot of similarities, like one has to do research and analysis for a sports game before betting and the same thing is needed before making a trade, the only difference is that the research is done on players and teams in sports betting and it's done on coins and projects in trading.

Topic: Can a gambler be a good bitcoin trader? - page 3. (Read 1199 times)