Can a gambler be a good bitcoin trader? - page 5.

Sandra_hakeem

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Quote from: Oshosondy on November 11, 2023, 04:27:52 PM

Can a gambler become a good trader? Yes. If he learns how to trade. He has little to read about risk management and he should still know that he should trade with the amount of money that he can afford to lose.

No!!!!!!
I see the opposite of what you said... Why would you expect someone that gambles all the time to be able to have the resilience to trade?? Talk more of observing the risk management proceed and accountability?
It's funny cus he's definitely gonna trade just the same way he gambles; selecting them lot sizes for multipliers and also getting into the market when he feels like... I'm not disputing the fact that he's gonna have the techs to analyze and use modest strategies, but he'll definitely lose everything and hope he gets back to his feet someday.

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Quote from: Johnyz on November 16, 2023, 05:34:49 PM

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

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?

You can have that good risk appetite but still, in trading you can still lose big especially if you don’t know what you are doing. Don’t ever bring the attitude of happy go lucky from gambling to trading because its too risky, in trading you need to exert more effort to analyze and that’s the only way for you to make good profit in trading by analyzing the market well. We know both are risky but in trading there’s a big chance for you to make profit, especially if you are doing your best to analyze.

The ability to take risks by a gambler I think is an added advantage when it comes to Bitcoin trading because sometimes it takes risky decisions for a trader to have big profits in Bitcoin trading but that's not a guarantee to being successful in Bitcoin trading.
In Bitcoin trading, the main factor to determine one's level of profits is be very good in analysing the trade market and to know when it it's best to buy and also to sell. So anyone who's good in analysing the market as well being a big risk taker, the person is very liable to be successful in Bitcoin trading

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

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?

You can have that good risk appetite but still, in trading you can still lose big especially if you don’t know what you are doing. Don’t ever bring the attitude of happy go lucky from gambling to trading because its too risky, in trading you need to exert more effort to analyze and that’s the only way for you to make good profit in trading by analyzing the market well. We know both are risky but in trading there’s a big chance for you to make profit, especially if you are doing your best to analyze.

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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.

There is some misconception of trading and gambling in your explanation, gambling and trading both involve risk but in trading you can still runaway from the risk when you are in doubt but you can't do that in gambling when you are in doubt expecting result, it will give you true of false. In short, in trading you can you use stop loss to reduce risk of market crashing but you cannot do that in gambling.

In addition, Bitcoin trader involves the understanding of the market and learning the indicators but gambling is not like that, you can't even learn gambling, individual opinions is what people risk own and if it's works, they withdraw the profits and enjoy and if doesn't it, which very bad thing to indulge on as a micro level.

Quote

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?

When a gambler try trading the first time and gambly played like base on what he feels without putting others in contributions, it will take them 3 days to change from that lifestyle because they will lose everything before they know. A real gambler that loves trading will have to go and learn first before even checking for what trading is all about, what are the indicators to use and many more.

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Quote from: BitcoinTurk on November 16, 2023, 04:52:32 PM

Although gambling is completely based on luck and cryptocurrency markets are partly based on luck, they both have common features such as risk management and being able to trade/play in a disciplined manner. It is possible to answer the question depending on the conditions I mentioned above especially since risk management is very important in both.

I am sure that almost all gamblers on crypto-based casino platforms have crypto investments, risk management between the two is different because crypto investments require high funds and risk management must be improved so that you don't choose the wrong coin to invest. However, luck in crypto can be predicted with analysis techniques and news support review regarding crypto updates but gambling is difficult to predict even in sports betting because the winning betting choice depends on the gambler's luck.

I think if they can manage the risk in crypto then they can also manage the risk in gambling, but if they fail to manage the risk in gambling then it will have a bad impact on crypto investment, I am afraid that many gamblers have damaged their crypto portfolio because they failed to maintain long-term investments.

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Gambler can be good trader as long as he doesn't depend on the luck to profit out of the buy/sell process. Most of the time casino games are much dependent on luck, and the same strategy shouldn't be used with trading. With trading we need to have analytics as the sports betting and predict the outcome which could be more effective and brings profit. Trading becomes more effective when you keep learning more and more about the strategies, and different other parameters connected with trading. Rather than concentrating only on bitcoin trading we should widen our predictions with the altcoins. This way we'll get to know better about the market.

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It can happen if you are a good gambler, because to be a good gambler you have to spend a really long time, have a certain amount of experience, and also do good risk management. All of these can be useful in bitcoin trading. The cryptocurrency market is completely different, of course, we need to keep the two separate. They have things in common, of course, but specifically they are very different. You need to spend separate time for both and know how it works. The casino depends entirely on luck, if you are lucky that day you can win money. In Bitcoin trading, you make transactions with a lot of details depending on certain analytics or based on history, we can see that they are very different when we think like this.

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

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?

A gambler can be a good Bitcoin trader, as long as he doesn't just bet based on luck. If he only relies on luck like he does in gambling, then that's not possible. Because, trading may be similar to gambling where we don't know what the final result will be like. future. However, trading can be learned and it does have knowledge, strategies, and also several factors that can influence our results.

Trading can be like gambling if we don't have enough knowledge and just rely on luck to win. So, we really have to learn the knowledge so that we can apply strategies based on the analysis we do. Not only that, trading also requires good financial management and emotional control so that whatever happens to the market, we can be wiser in making decisions. So, as much as possible we can avoid or minimize risks with certain tactics.

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Quote from: BitcoinTurk on November 16, 2023, 04:52:32 PM

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

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?

I think the answer to this question literally varies from person to person because it is possible to answer yes and no simultaneously.

Yes, because a gambler who gambles disciplinedly and has experience in risk management can be successful in trading by maintaining a similar discipline and risk management.

No, because a gambler who doesn't have any discipline and cannot manage risk well will most likely not be able to maintain discipline and risk management well and will not be successful in trading.

Although gambling is completely based on luck and cryptocurrency markets are partly based on luck, they both have common features such as risk management and being able to trade/play in a disciplined manner. It is possible to answer the question depending on the conditions I mentioned above especially since risk management is very important in both.

Agree! You cant really be precisely be able to tell whether its right or wrong, yes or not! It would really be just totally depending on a certain individual on how he would really be dealing up or assess things.
One things for sure that there's no way that you should really be acting like a gambler when you do gamble.Yes, it does impose risks like on doing gambling because in every orders you are making you could really be able to need up that kind of risks taking or something that do speak about gambling like situation but of course there would really be those main difference among the two in speaking about the risks level.
In speaking about becoming a good bitcoin trader then it would be totally different if we do speak about those capabilities or on how you should be learning. If you do tend to learn up trading in a gambler
like kind of approach then it would really be just that your choice but sooner or later you would really be able to realize on what are the things should really be done for you to sustain.

Trading and gambling is totally different or literally on how things been done. They do only become that similar if we do speak about risk taking but the levels
are actually or obviously that different plus we know that one is for fun and one is for real business or investment.

BitcoinTurk

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

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?

I think the answer to this question literally varies from person to person because it is possible to answer yes and no simultaneously.

Yes, because a gambler who gambles disciplinedly and has experience in risk management can be successful in trading by maintaining a similar discipline and risk management.

No, because a gambler who doesn't have any discipline and cannot manage risk well will most likely not be able to maintain discipline and risk management well and will not be successful in trading.

Although gambling is completely based on luck and cryptocurrency markets are partly based on luck, they both have common features such as risk management and being able to trade/play in a disciplined manner. It is possible to answer the question depending on the conditions I mentioned above especially since risk management is very important in both.

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Quote from: Saisher on November 16, 2023, 05:23:27 AM

As long as he knows and applies the principle of only investing what you can afford to lose then we can say that a gambler can be a good trader, the principles both apply here, a gambler can be a good trader not because he is good in analysis but because he knows how to manage his funds to cut his losses and to add more funds if he sees a favorable trade.
There are traders who shift to gambling and there are gamblers who shift to trading and have no problems familiarizing the terms and principles of each other niches.

True that. Principles and discipline. In gambling, we should know when we are losing and we also when profits are already received we just have to pinpoint where to stop. The same goes for trading, detect how much the losses are, don't try to be greedy and chase the losses in one trade, do it slowly but surely. In winning traders became more careful with their profits and I think gamblers should learn from that.
The house will always win in gambling no matter what so we must be more careful unlike in trading where we are the ones who are in control, not the exchange or the trading websites, they are only there as a platform taking some percentage through trading fees but they are never against us. It's another person who is on the other side of that buy and sell options.
A trader can be a good gambler and I think vice versa works as long as the gambler is fully ready to manage his funds in a different way.

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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?

A great topic to think about the general features of these classes - trading and gambling. I do both, and therefore I believe that I have useful experience, and I can also share it.

Trading implies technical analysis, these are support and resistance levels, as well as trends. I believe that all this works for the benefit of predicting the future course of the cryptocurrency price. It is impossible to get dependence from this, and the outcome is not as obvious as in a casino - you can just keep the cryptocurrency in the hope of its growth if it suddenly fell.
And in the casino, the result is unambiguous, and there are also a lot of emotions, so you can get addicted. Casinos are more dangerous.

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

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?

Definitely! Especially if the gambler chose to become a trader and get dedicated and disciplined to it. I believe they will even have the edge becuase of their risk management. If they were able to manage their finances in gambling, what more in trading? Maybe sound decision making in trading often involves more analysis and strategic approach than gambling but it will help. Also relying on a gambling mindset alone may not provide the necessary tools for trading but it can be a wise approach if you use some gambling lessons

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Quote from: SmartCharpa on November 16, 2023, 06:07:26 AM

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

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?

Yes, without a doubt, as wasting money on gambling carries a greater risk than bitcoin investment. As a result, even in the case of bitcoin, which some people are afraid to invest in, you cannot invest your money and begin losing it right away; instead, you must wait for the market and exercise patience. However, if you gamble with your money right away, you could lose it immediately you can even leave there, Therefore, I feel that gamblers would have experience with the loss and risk associated with bitcoin, through gambling. However, I also think that gamblers will do more research on the cryptocurrency, most of them are not interested in trading because they would rather make quick money.

You should invest your money in bitcoin or trade bitcoin, where you can get bigger returns compared to gambling. The opportunity to profit from trading and investing can come many times, especially if he has good analytical skills. Using money to gamble can also give you a win, but there is no guarantee that you can get it many times, whereas in trading, you can get that opportunity. Everyone who wants to get into trading should learn more about trading because it has conditions so that they can make a profit. If they realize that there is no way to make money fast, they will try to learn it first until they can and then try. But they should start trying out trading to see how good their skills are at making profits.

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

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?

Yes of course if the gambler is a responsible gambler who knows how to analyze and accept the fact that you should invest or trade what you can afford to lose, but gambling compared to trading there is an element of enjoyment, I tried trading in the past and I hardly enjoy it, although both have an element and expectation of profit on trading, I hardly enjoy it, so we can conclude there are part of trading that is similar to gambling and there are part of gambling that you cannot find in trading.

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Quote from: Saisher on November 16, 2023, 05:23:27 AM

As long as he knows and applies the principle of only investing what you can afford to lose then we can say that a gambler can be a good trader, the principles both apply here, a gambler can be a good trader not because he is good in analysis but because he knows how to manage his funds to cut his losses and to add more funds if he sees a favorable trade.
There are traders who shift to gambling and there are gamblers who shift to trading and have no problems familiarizing the terms and principles of each other niches.

Yes because of the common factor that they both share which is risk, the only difference is that the bitcoin trader studies the market before trading, while a gambler most times depends on luck, but in the end both of them can not know this outcome of their bet or trade, until the result comes out.

I know that a lot of arguments have arisen from this topic, but inasmuch as they have key factors in common, which is risk taking, a person that gambles can not be a total stranger to bitcoin trading, likewise
if a bitcoin trader that wants to try their luck in gambling.

Gambling should primarily be for fun, while bitcoin trading is all about business, this is one area that separates them, although we have some professional gamblers too.

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

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?

Yes, without a doubt, as wasting money on gambling carries a greater risk than bitcoin investment. As a result, even in the case of bitcoin, which some people are afraid to invest in, you cannot invest your money and begin losing it right away; instead, you must wait for the market and exercise patience. However, if you gamble with your money right away, you could lose it immediately you can even leave there, Therefore, I feel that gamblers would have experience with the loss and risk associated with bitcoin, through gambling. However, I also think that gamblers will do more research on the cryptocurrency, most of them are not interested in trading because they would rather make quick money.

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Quote from: Gozie51 on November 16, 2023, 03:28:11 AM

Whether someone can do both, yes. It requires understanding of both differently. Whether trading bitcoin or stock, fiat etc they require trading skills while whether you are gambling of soccer game, slot, poker etc, they are all gambling and we agree they require quite some degree of luck.

Yes, it's easy to be a good trader even as a gambler, but make sure those who become traders don't use crypto to gamble and always set aside money for investment in either crypto or shares. There's no difference, the point is don't become a gambling addict because it's difficult to become a trader because of the gambler's greed. will not make someone become an investor, let alone a trader who will definitely drain all the money into gambling.

As a gambler, you have to be wise in controlling your money, for example, if you have time to gamble and trade, your emotions don't clash when gambling and have an impact on trading. You should always limit your gambling budget so you don't spend a lot of money, especially money in stocks and trading. Everyone can be a gambler. traders, even if they are gamblers, as long as they are not gambling addicts, everyone can trade.

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As long as he knows and applies the principle of only investing what you can afford to lose then we can say that a gambler can be a good trader, the principles both apply here, a gambler can be a good trader not because he is good in analysis but because he knows how to manage his funds to cut his losses and to add more funds if he sees a favorable trade.
There are traders who shift to gambling and there are gamblers who shift to trading and have no problems familiarizing the terms and principles of each other niches.

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Quote from: bettercrypto on November 16, 2023, 01:12:01 AM

There are many Bitcoin traders who are gamblers in crypto gambling, and most of them can also be said to be responsible for what I see and what I have noticed. Until now, they are still there in crypto gambling, and they are still very active.

And I also know that they also have deep experience as Bitcoin traders. As far as I know, I won't mention their names because they often give good advice on either gambling or trading.

Yes trading bitcoin and gambling are quite a different thing and require different exposure, knowledge or idea and with different operation though the challenges are the same like the risk of losing and the benefit of profit.

However, they are chasing same goal but differently.

Whether someone can do both, yes. It requires understanding of both differently. Whether trading bitcoin or stock, fiat etc they require trading skills while whether you are gambling of soccer game, slot, poker etc, they are all gambling and we agree they require quite some degree of luck.

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