Can a gambler be a good bitcoin trader? - page 6.

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Quote from: Jawhead999 on November 14, 2023, 08:39:34 AM

If you're a good gambler it means you have a good self control, that's it.

While become a trader, it needs more than a self control, you need to learn how to draw line, how to read the chart, trend, and macro economic news, if you trade using two volatile coins pair e.g. BTC/ETH, ETH/SOL etc, it will become harder since you need to make sure if the coin/token isn't scam or pump and dump.

The answer is yes, but it's like start from scratch.

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.

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Quote from: paxmao on November 15, 2023, 06:45:59 PM

To trade successfully you need to have a very cool head and it is not an enjoyable activity like gambling because it may lead to much self-confidence which is not advisable. I am not sure all gamblers fit into the definition of a good trader in that sense, but some of them, those who play poker or games of less chance may have the right attitude to learn and be successful in trading.

Exactly. I've seen over the years people on poker forums say they switched to trading or a combination of both. Especially when the poker tables started to get tougher, the houses started to give less rakeback to the regulars and in general poker became a less profitable activity for the same amount of effort. There is even a parallel in that it is only a small percentage of traders who make money in the long term, like 5% depending on the type of trading or if leverage is used, things like that, but it is also similar to the percentage of winning poker players, which also varies depending on the modality.

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To trade successfully you need to have a very cool head and it is not an enjoyable activity like gambling because it may lead to much self-confidence which is not advisable. I am not sure all gamblers fit into the definition of a good trader in that sense, but some of them, those who play poker or games of less chance may have the right attitude to learn and be successful in trading.

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Quote from: Kelvinid on November 14, 2023, 05:11:52 PM

It is actually not because you are a gambler, you are good at market analysis or good at all ways of trading. Well, you can gain success if you really want to become a trader and forget about the idea of gambling.

While that's true and everything can be learned on your way and that's what you just have to remember. Being successful is what everyone is achieving of whether it's with gambling or with Bitcoin trading. But i think it's a different thing with trading, it's like that you're having the feeling of more successful on it when you win your trades.

And that is because you're applying more strategies and principles to it to win such trades. Not just all about luck or what not and you have to analyze what you do. That means that whether you're a good gambler, you can also be a good bitcoin trader. But it doesn't make sense that if you're not going to learn or study what you do.

Because everyone who has become a good bitcoin trader came from nothing to something. And gambling is like your extra session of learning trading because of the logical thinking that you can get from there through taking and managing risk that you are able to.

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Quote from: el kaka22 on November 15, 2023, 01:05:04 PM

You could be a good trader just like how anyone else becomes a good trader, and you could also end up being a good gambler at the same time, very separate things, and not because of one another.

I quite agree with you that people can actually be best at two things all together. For example, someone can have two different skills and they will actually be best at doing the thing they know how to do best, but in the case of gambling and trading, I feel the gambler might actually trade so badly on the approach that they may just think that trading prediction is just like that of gambling, where they just need to guess what the results will likely be, but in trading, one needs to actually take his or her time to analyze the market before they can make a prediction that is likely to earn them profit. Please note, @el kaka22, I am not trying to prove wrong what you said, but all I am just saying is that people are different; what works for Mr. A might not actually work like that for Mr. B.

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Gambling and trading are only related in terms of risk, aside this, gambling is different and trading is different, and this is because, for a person to become a good and successful trader, he or she must learn how to trade, it is a mandatory process one must go through, even if trading still have something to do with luck, over all success in trading is completely dependent on the level of knowledge the trader acquires, and is operating on.

Unlike gambling, in gambling, anybody can wake up any day and anytime to become a gambler, there is absolutely no need to go through in form of training to become gambler, which makes gambling a complete luck based activity generally.

So, on the question of whether a gambler can become a successful or good trader, the simple answer is, Yes, and this is if the gambler learns how to trade and become good in it, risk of gambling can not help the same person become a good trader, for trading is completely different from gambling, the experience are not the same.

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Can be? Sure. I mean are we strictly talking about talents that you gain while gambling ending up very helpful for bitcoin trading? I am not so sure about that part. But, there is no mutually exclusive thing about being gambler and being a trader. You could be a good trader just like how anyone else becomes a good trader, and you could also end up being a good gambler at the same time, very separate things, and not because of one another.

If you think that being a great gambler, or just being a gambler, could help you with trading then yes you are wrong and those two things have nothing to do with each other, but that is a special thing and you should keep remembering that, there is a big deal about that for sure.

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Quote from: Kelward on November 11, 2023, 03:24:23 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 you're only considering one perspective when you compare trading Bitcoin to gambling. Perhaps you view Bitcoin merely as a means of daily trading to turn a profit and overlook the investment aspect. In this regard, it's not appropriate to compare the two, and applying a gambling mindset to Bitcoin investment is entirely incorrect.

If you regard Bitcoin trading as a form of gambling, I believe it differs significantly from traditional gambling. In trading, there are many bases and analytical methods available for us to rely on to make informed decisions, unlike the reliance on luck often associated with gambling.

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Quote from: Jawhead999 on November 14, 2023, 08:39:34 AM

If you're a good gambler it means you have a good self control, that's it.

While become a trader, it needs more than a self control, you need to learn how to draw line, how to read the chart, trend, and macro economic news, if you trade using two volatile coins pair e.g. BTC/ETH, ETH/SOL etc, it will become harder since you need to make sure if the coin/token isn't scam or pump and dump.

The answer is yes, but it's like start from scratch.

Right, and I can just add that apart from being a good gambler that you say has self-control, it also turns out to be a responsible gambler, right? It's just like you mentioned that I also believe that being a gambler in the crypto space is a different matter compared to being a bitcoin trader.

Gambling is because even if you don't know anything, if you are lucky enough to play, you can get a profit in any casino you enter, while in Bitcoin trading, it is not like that; instead, you really have to learn and study it to get a profit, which is stable or passive income, as that can be said. In short, this is a bloody lesson that is not easy.

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Quote from: mvdheuvel1983 on November 14, 2023, 01:34:13 PM

Quote from: Kelward on November 11, 2023, 03:24:23 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 take risk every day when I am driving. I take risk everyday when I decide to invest in a business or in a property but will this make me a good stock trader or with the risk I take while driving makes me a good pilot based on experience in risk-taking? The answer is no though on the surface the experiences may seem similar but if you dig deep within you would see that they are more different than similar. A Gambler cannot be a bitcoin trader. Trading requires more specialised skills and emotional intelligence than gambling despite the risks taking activities involved in them. Any Tom Dick and Harry can be a a bitcoin gambler within a couple of weeks and may be luck yollto win some good money but none of them can be a trader within a couple of weeks.

I agree that A gambler can become a good bitcoin trader. I agree that bitcoin trading requires skill, expertise, and emotional intelligence. Being a gambler also requires the above factors. Taking risks is an advantage for gamblers. Their psychology will be stronger than those who cannot take risks.
Bitcoin trading has similarities with gambling, which is risky. Its high volatility is also high risk. It is even more intense than gambling, so risk tolerance is essential for a trader. Of course, I would not agree with a gambling addict to become a Bitcoin trader. They will treat bitcoin as their gambling.

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Quote from: Kelward on November 11, 2023, 03:24:23 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?

There is no assurance that a gambler become a good trader and this is why...

With their experience and risk level, we can say that they already have an advantage but it is not just all about experience, it is also about proper management, knowledge, and skills. They could be a good trader if they stopped gambling and focused on their trading journey but if they did not do it, it was useless as they were still about to lose their money.

It is actually not because you are a gambler, you are good at market analysis or good at all ways of trading. Well, you can gain success if you really want to become a trader and forget about the idea of gambling.

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Quote from: Rabata on November 14, 2023, 12:02:32 PM

Quote from: Kelward on November 11, 2023, 03:24:23 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 don't think so, there is a big difference between a trader and a gambler. The first difference is their type. A gambler may win a bet and multiply his money but can lose the entire bet. A normal trader sometimes has to invest over a long period of time whereas a gambler can determine his gambling wins and losses over a period of time. There are several strategies of trading that also require a lot of skill. However, luck is an important part of gambling, although it sometimes depends on different analyses or skill. If all the analyzes are correct and if the luck hostile, there is no chance of success in gambling. In that case I agree with traders who can be a gambler but it is more difficult for gamblers to trade.

There is still a possibility that a gambler can become a trader, especially if he is a gambler who only gambles sometimes. A gambler who can minimize the risk of losing in gambling will probably also use methods that he knows in order to minimize the risk of losing in trading. A gambler can also learn the analysis needed to trade, and this is about his willingness to choose which is more profitable for him. If he sees he can have a greater chance of making a profit from trading, he should prefer trading and start abandoning his gambling. But a trader can indeed become a gambler when he cannot analyze the market, so he trades only based on his instincts or carelessly. That doesn't guarantee he can make a profit.

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Quote from: mvdheuvel1983 on November 14, 2023, 01:34:13 PM

Quote from: Kelward on November 11, 2023, 03:24:23 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 take risk every day when I am driving. I take risk everyday when I decide to invest in a business or in a property but will this make me a good stock trader or with the risk I take while driving makes me a good pilot based on experience in risk-taking? The answer is no though on the surface the experiences may seem similar but if you dig deep within you would see that they are more different than similar. A Gambler cannot be a bitcoin trader. Trading requires more specialised skills and emotional intelligence than gambling despite the risks taking activities involved in them. Any Tom Dick and Harry can be a a bitcoin gambler within a couple of weeks and may be luck yollto win some good money but none of them can be a trader within a couple of weeks.

You should understand that we have different types of risks, and you can not categorize all of them together. There are minor risks like watching left right and left again before you cross the road, being careful when tour cutting with a knife. Foolish risk is jumping into a lagoon to cool off or trying to save a person that is being electrocuted with bare hands. There are many m other types, but I'll focus on financial risks. I agree that bitcoin trading requires special knowledge, but still this professionals lose their coins in trading despite their accurate predictions of the market, why? Because just like gambling, they take risk without knowing the outcome of their trade. So luck plays a part too in trading, despite the trader's ability to read charts, he can still lose. In that regard you can say that the bitcoin trader also gambles. The difference that I see between them is that a bitcoin trader needs to diligently learn trading while a gambler might not need any special skills to gamble, but they both face similar risks.

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Quote from: Kelward on November 11, 2023, 03:24:23 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 take risk every day when I am driving. I take risk everyday when I decide to invest in a business or in a property but will this make me a good stock trader or with the risk I take while driving makes me a good pilot based on experience in risk-taking? The answer is no though on the surface the experiences may seem similar but if you dig deep within you would see that they are more different than similar. A Gambler cannot be a bitcoin trader. Trading requires more specialised skills and emotional intelligence than gambling despite the risks taking activities involved in them. Any Tom Dick and Harry can be a a bitcoin gambler within a couple of weeks and may be luck yollto win some good money but none of them can be a trader within a couple of weeks.

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Quote from: Kelward on November 11, 2023, 03:24:23 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 don't think so, there is a big difference between a trader and a gambler. The first difference is their type. A gambler may win a bet and multiply his money but can lose the entire bet. A normal trader sometimes has to invest over a long period of time whereas a gambler can determine his gambling wins and losses over a period of time. There are several strategies of trading that also require a lot of skill. However, luck is an important part of gambling, although it sometimes depends on different analyses or skill. If all the analyzes are correct and if the luck hostile, there is no chance of success in gambling. In that case I agree with traders who can be a gambler but it is more difficult for gamblers to trade.

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Quote from: Z_MBFM on November 14, 2023, 10:29:03 AM

Gambling and trading are two completely different things and gambling depends on a person's luck but training depends on experience and a skill. And yet there are huge amount of gamblers who don't use Bitcoin or don't know about Bitcoin. Most of the gamblers don't like trading because they always get an instant result of profit or loss from gambling but trading requires patience and long time analysis which is very difficult so I don't think a gambler is that much. Will be willing to suffer. So I don't think a gambler can be a bitcoin trader. but a bitcoin trader can be a gambler it is easy for them but it is not easy to be a trader from gambler activity

A trader can turn out a good gambler but a gambler can never turn out a good trader because they are both using different approach but unknown bro a gambler he may be tempted to think since they are both taking risk, they are doing almost same thing until they probably venture into trading then they may understand it's totally different if you want to be profitable.

Trading requires skills and some good level of discipline which in most cases most gamblers lack so if they happen to get into trading, this habit they already have wouldn't allow them well enough to be able to trade profitably because they may most likely approach it like gambling since they both speculate. When it has to do with Bitcoin trading, a whole lot of patience is very much required but gamblers seem to lack it because with gambling they get almost instant results.

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Quote from: Kelward on November 11, 2023, 03:24:23 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.

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?

Gambling and trading are two completely different things and gambling depends on a person's luck but training depends on experience and a skill. And yet there are huge amount of gamblers who don't use Bitcoin or don't know about Bitcoin. Most of the gamblers don't like trading because they always get an instant result of profit or loss from gambling but trading requires patience and long time analysis which is very difficult so I don't think a gambler is that much. Will be willing to suffer. So I don't think a gambler can be a bitcoin trader. but a bitcoin trader can be a gambler it is easy for them but it is not easy to be a trader from gambler activity

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Quote from: Kelward on November 11, 2023, 03:24:23 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?

Your question reminds me of one of the sources I once read about The Difference Between Cryptocurrency and Gambling., which states the following.

Quote

The Difference between Gambling and Cryptocurrency
Gambling is based on chance, while cryptocurrency is based on mathematics and cryptography. With gambling, you are betting against the casino house, but with cryptocurrency you are betting against other people that have the same or similar amounts of money as you do.

In gambling houses there is usually a guaranteed win for them because they have an edge on their games, while in casinos everyone has the chance to be a winner if they play smart and develop strategies for themselves, but the odds are still in the casino’s favour.
Cryptocurrency can’t replace gambling, because gambling is entertainment and the people that gamble is betting on what they think will happen in order to win money. Cryptocurrency isn’t about gambling, it’s a store of value like gold or silver and its price goes up when demand increases.

From my understanding of trading and gambling the reason is that it clearly mentions mathematics and cryptography for trading activities while gambling refers to betting against the casino house, these two factors are clearly different issues from each other, in essence: People involved in Bitcoin trading and gambling are different actions, they cannot be equated or labeled as both experts in these activities, gambling experts may not necessarily be experts in crypto trading and vice versa.

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Become a good trader before you start gambling, at least if you lose money you have a way to get it back, but I think it's not safe to be a gambler and later decide to start trading, you will need to stop gambling first or you will start mixing feelings and emotions, and that's something you don't want to do with trading.

I can't imagine myself becoming a gambler first, I would have probably done a lot of wrongful things and it would have cost me a lot of money, maybe even became an addicted gambler, it's the most easiest thing to become if you so believe that gambling is meant for you, an addicted gambler is a walking time bomb, and when that time is up, to start making money from anything else will be the most difficult challenge ever.

If you are a gambler it will be hard to do something else that have everything to do with patience and time, gambling messed up this idea from your mind, you will always chase after quick answers and quick way of making money, it's better to have a source of income first before you start gambling, knowing how to trade is a good way to start, it's a good source of income if you are good at it, and from there you can start doing something else.

having a solid startup in the financial world is better for you, either learn a skill or have a business before going into gambling, it will safe you from a lot of wrong decisions, a beginner can easily find it's way if they are learning a skill just to make money but a beginner can end up losing his mind if he start is financial goal as a gambler.

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If you're a good gambler it means you have a good self control, that's it.

While become a trader, it needs more than a self control, you need to learn how to draw line, how to read the chart, trend, and macro economic news, if you trade using two volatile coins pair e.g. BTC/ETH, ETH/SOL etc, it will become harder since you need to make sure if the coin/token isn't scam or pump and dump.

The answer is yes, but it's like start from scratch.

Topic: Can a gambler be a good bitcoin trader? - page 6. (Read 1356 times)