Can a gambler be a good bitcoin trader? - page 7.

sunsilk

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Quote from: Fatunad on November 13, 2023, 03:16:35 PM

Quote from: sunsilk on November 13, 2023, 12:33:16 PM

The advantage of being a gambler is there when you trade and I think it's not all about the balance of the risk that you're taking. But it's about how much risk you can take.

So basically, there are calculated risks that you can do and the risk that you can mitigate through your experience as a gambler.

But most likely, it's just all about your guts being a gambler and no matter what risk you take into trading or holding Bitcoin, it's gonna be nothing to you.

~

If you are really that planning to switch up into trading and you've been a gambler then better to minimize that kind of risking things too much.It isnt necessary but something not
bad to have either. Everything should really be in control if you do want to sustain on things.

There's no need switch though can be done at the same time. But if a gambler decides to leave one for another and that's gambling for Bitcoin trading, I don't think that there's need to choose.

Yeah, like what you have said. As long as you are in control of what you're about to do, that's it. Whether it's in gambling or with Bitcoin trading, that's all what matters.

ethereumhunter

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Quote from: Kelward on November 14, 2023, 01:18:05 AM

Quote from: Franctoshi on November 13, 2023, 04:12:42 PM

Op, I will answer this question from the angle of being the kind of person from the question which you asked. I'm a trader and I trade Bitcoin and also do the investment side of Bitcoin, then when it comes to gambling I'm also involved in it because I was into betting already before I joined Bitcoin trading, and as I'm telling you right now I do both, therefore all depends on what you are capable of doing, if you can do gambling and trade Bitcoin too then go for it, there is no bad thing in doing both.

Your case is a perfect example that a person that understands risk management can perfectly gamble and trade bitcoin. I believe that your risk experience in gambling before starting bitcoin trading, must have prepared your mindset better when you were starting out the trading. Now you can combine the two without much stress, but I doubt that the same thing can be said about a person that enters trading without any risk experience. Although without any prior experience of risk, a serious person that enters bitcoin trading can Learn on the job.

As you have said, it all depends on the capability of an individual, some can combine both, like you, some can only focus on one to minimize risk, while others will not consider either of them because of the risk factors in both.

Personally I think that for someone to make it in life, that there must be a sort of risk, no matter how minimal that you have to take. The level of risk varies, depending on what you do.

It depends on each person because there are not many like him. Most people will tend to indulge in gambling more often than trading, causing them to experience huge losses rather than gain profits from trading. They must really introspect themselves if they have experienced losses in gambling and must try to reduce their gambling activities so that they can focus more on trading to make more profits.

If someone can trade more often than gamble, they will have more time to try to make a profit from trading rather than using their money to gamble. They will value the money they get from trading more so they will try to spend less money on trading. But if someone cannot control themselves from gambling, they will start to reduce their trading time and will gamble more often than trade.

Outhue

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It's dangerous to say yes, because it's all about the mindset, when you set your mind on gambling I don't think that anything else will matter to you, bitcoin trading requires some patience and chart reading but gambling isn't like that and trying to do the same will interface with the other, I don't believe in this strategy because it's generally a bad idea.

If you haven't been addicted to gambling its easier not to know how it feels like, gamblers are in for quick money, majoirt of them are gambling because they can make money fast but trading is all about patience, one can't go with the other because they are both opposite of each other.

If you are good at trading do not confuse yourself by becoming a gambler, stick with trading as it's more reliable than gambling, doing both together will make you a bad trader as your focus will be lost, gambling is very distracting, don't get involved unless you know how to handle it's addiction.

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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?

In my opinion, what is correct is that a Bitcoin trader can be a good gambler because he is brave enough to take risks, and being a trader means he is used to analysis and he will be quite good when gambling on sports betting because he will be able to carry out the analysis carefully even though what is being analyzed is different when trading and gambling.
Meanwhile, it is difficult for a gambler to become a good trader, especially when he is used to playing games based on luck because there is no analysis or skill required so he can apply his trades only based on instincts that may be right, but in trading, it will be difficult to make a profit because a trader does Analysis alone can result in losses because it is not in line with market direction, especially if it is only based on instinct.
Both of them are just experts in dealing with the risks of these activities.

Kelward

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Quote from: Franctoshi on November 13, 2023, 04:12:42 PM

Op, I will answer this question from the angle of being the kind of person from the question which you asked. I'm a trader and I trade Bitcoin and also do the investment side of Bitcoin, then when it comes to gambling I'm also involved in it because I was into betting already before I joined Bitcoin trading, and as I'm telling you right now I do both, therefore all depends on what you are capable of doing, if you can do gambling and trade Bitcoin too then go for it, there is no bad thing in doing both.

Your case is a perfect example that a person that understands risk management can perfectly gamble and trade bitcoin. I believe that your risk experience in gambling before starting bitcoin trading, must have prepared your mindset better when you were starting out the trading. Now you can combine the two without much stress, but I doubt that the same thing can be said about a person that enters trading without any risk experience. Although without any prior experience of risk, a serious person that enters bitcoin trading can Learn on the job.

As you have said, it all depends on the capability of an individual, some can combine both, like you, some can only focus on one to minimize risk, while others will not consider either of them because of the risk factors in both.

Personally I think that for someone to make it in life, that there must be a sort of risk, no matter how minimal that you have to take. The level of risk varies, depending on what you do.

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Those are two different things. A trader puts a lot more than just risks or bravery when doing trades. They also put in their experiences and analyses on bitcoin trading and holding it. Whereas as a gambler, most of them act on gut feeling or, if it's on sports betting, the knowledge that they have between the teams that will play. If their analytical skills were honed and practiced enough, I guess you can say that the gambler will, in time, be capable of bitcoin trading, but not a good one at that yet.

I've come across people who have switched careers from A to D, and it's not an easy transition but rather a slow and gradual one. If the gambler really wants to be a bitcoin trader, he can do so provided that he keeps the consistency and the drive alive.

Finestream

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Gambling and trading are two different activities. You can be a profitable gambler because you are more than lucky, while you can be a good trader because you have the skills and strategies to win over your trades. But if ask if a gambler can be a good bitcoin trader, of course it's always possible. As long as you have the knowledge and skills to conduct trading and never go against the market condition to trade, then you're good to go. But don't expect for consistent profits because trading has its also inevitable losses that even professional traders have their own time to lose on their certain trades.

However, if you are a reckless gambler and still do the same thing with trading, then never expect that you will be successful in your trading career. Trading needs more of your focus and concentration, so you have to put serious efforts on trading since luck alone will never work in trading.

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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?

The experience of taking risk will never be an added advantage to him but instead is going to lead him into blowing his trading account because he could be aiming for higher return which he could end up losing his money.

The only advantage I saw there is the ability to understand what it means to risk and being able to accept every outcome of it. The truth is that weather a gambler or not the need to undergo a trading school is very important because it teaches you all you need to know about trading, such as the fundamental technical analysis, the risk and how to manage it.

Franctoshi

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Op, I will answer this question from the angle of being the kind of person from the question which you asked. I'm a trader and I trade Bitcoin and also do the investment side of Bitcoin, then when it comes to gambling I'm also involved in it because I was into betting already before I joined Bitcoin trading, and as I'm telling you right now I do both, therefore all depends on what you are capable of doing, if you can do gambling and trade Bitcoin too then go for it, there is no bad thing in doing both.

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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.

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?

You have a distorted view of how the stock market works, or at least compare random rookies who throw a lot of money at the casinos with the casual traders who saw wolf of wallstreet and throw away thousands before figuring out it isn't easy. There are actually professional traders and legitimate strategies to grind out a fairly large, ever growing fortune from the stock market with just a bit of research. It's not a roulette wheel that many movies and the media make it out to be, but it is easy to throw away large amounts of money if you are greedy. In that sense it is probably similar. Casinos often require zero talent to play, especially things like slot games, however the financial markets require intense knowledge but can be mastered.

Fatunad

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Quote from: sunsilk on November 13, 2023, 12:33:16 PM

Quote from: Oilacris on November 12, 2023, 04:46:26 PM

Quote from: sunsilk on November 12, 2023, 04:13:46 PM

Yes, definitely.

That's an advantage that a trader is already a risk taker and more than that because of gambling. The advantage is there but the results will still vary on how good the gambler is in Bitcoin trading or any market that he's going to trade.

If that gambler learns how to be a good trader then that can be his next hobby and instead of gambling, he'd do trading. But another concern might spark because the gambling attitude is there and what if he makes money off trading and then the profit there will be used to gamble?

That won't make sense but it's possible to happen and is happening IRL.

If you are a gambler on whose tending to touch up the world of trading then risks taking wont really be that an issue unless if you are a gambler whose really have that good risks management and not to those people who are really that addicted or impulsive into it. The advantage on that being a gambling then touching up trading is you do know on how to balance up the risks but there are cons
into it on which on the time that you are really that dealing up with trading then you shouldnt really be having that kind of gambler approach. You would really be finding it to be that
so problematic if you do tied up gambling with trading.It must not because trading could give out better results if you are really that just that know on what you should gonna do.

The advantage of being a gambler is there when you trade and I think it's not all about the balance of the risk that you're taking. But it's about how much risk you can take.

So basically, there are calculated risks that you can do and the risk that you can mitigate through your experience as a gambler.

But most likely, it's just all about your guts being a gambler and no matter what risk you take into trading or holding Bitcoin, it's gonna be nothing to you.

Agree! I dont see the connection but rather it would really be the worst because if you are a gambler who had just recently touched up trading or decides to go with this kind of venture then risks taking or factor
would really be there but the level or on how it should really be handled out will really be different. If you are a gambler then you would really be having that gambling approach as well towards trading
and this is something that it isnt recommendable on doing so because risk management will really be that so crucial or something which is really that important on the time that you do trade. You cant really just that make yourself that making decisions without any proper planning and analysis because if you do take up with that kind of intuition kind of approach and selecting basing into that then most of the time you would
really be ending up with those losing trades.

If you are really that planning to switch up into trading and you've been a gambler then better to minimize that kind of risking things too much.It isnt necessary but something not
bad to have either. Everything should really be in control if you do want to sustain on things.

sunsilk

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Quote from: Oilacris on November 12, 2023, 04:46:26 PM

Quote from: sunsilk on November 12, 2023, 04:13:46 PM

Yes, definitely.

That's an advantage that a trader is already a risk taker and more than that because of gambling. The advantage is there but the results will still vary on how good the gambler is in Bitcoin trading or any market that he's going to trade.

If that gambler learns how to be a good trader then that can be his next hobby and instead of gambling, he'd do trading. But another concern might spark because the gambling attitude is there and what if he makes money off trading and then the profit there will be used to gamble?

That won't make sense but it's possible to happen and is happening IRL.

If you are a gambler on whose tending to touch up the world of trading then risks taking wont really be that an issue unless if you are a gambler whose really have that good risks management and not to those people who are really that addicted or impulsive into it. The advantage on that being a gambling then touching up trading is you do know on how to balance up the risks but there are cons
into it on which on the time that you are really that dealing up with trading then you shouldnt really be having that kind of gambler approach. You would really be finding it to be that
so problematic if you do tied up gambling with trading.It must not because trading could give out better results if you are really that just that know on what you should gonna do.

The advantage of being a gambler is there when you trade and I think it's not all about the balance of the risk that you're taking. But it's about how much risk you can take.

So basically, there are calculated risks that you can do and the risk that you can mitigate through your experience as a gambler.

But most likely, it's just all about your guts being a gambler and no matter what risk you take into trading or holding Bitcoin, it's gonna be nothing to you.

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Quote from: Dr.Bitcoin_Strange on November 12, 2023, 02:03:49 PM

Gambling and trading are not the same thing, although both have to do with prediction. In gambling, you are not always certain what the outcome will be; if the outcome is as you predicted, it's your good day of luck, but in trading, if you handle it as if it were also gambling, what you will likely experience is more loss. A gambler can be reckless, and they end up losing more often. If such reckless gambling methods are being practiced by a gambler, sure, there will be more losses, but if you trade with caution, acquire all the necessary education about trading, and develop some trading strategies that work best for you, you will make more frequent profits in trading than in gambling. The only thing is that in gambling, you can get a huge win abruptly, but before then, you have experienced countless losses too.

Well, let me analyze this in this way a trader can be a good gambler while a gambler may not be a good trader.

Now you will be wondering how this is possible. Well, trading teaches you a lot of things and one of the major tools that you get with trading is to control your loss (through Stoploss or other means). Trading teaches you money management also. So when a trader will gamble, he will use that experience of him and may not lose more money.

Yes, the outcome of the gambling will be luck based, and the trader will have no edge on the result of gambling but the trader will be more concerned about the amount of money to play each game, to calculate the loss and the profits, the risk and the rewards when taking the sports bets and all such stuff. That is why a good trader can be a good gambler too.

Fundamentals Of

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Of course he can, but it doesn't follow that since he is a gambler he is also a good Bitcoin trader. Anybody can be a good Bitcoin trader, but what it takes to become one isn't just the courage to take risks. The willingness to take risks may be necessary in trading, but it doesn't determine whether your position is right or wrong. That courage may give you profit but it may also give you loss. That's true in both gambling and trading. The ability to come up with a sound analysis is the main thing in Bitcoin trading.

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Quote from: Silberman on November 12, 2023, 04:41:09 PM

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.

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?

I think that someone with the mentality of a trader can be a good gambler, but someone with the mentality of the average gambler will make a bad trader, let me explain myself, traders by the nature of their jobs have to evaluate the risk they are taking, so when given several bets they will take the one they evaluate as the less risky and the most profitable, but a gambler is used to take risks regardless of how high they could be, and this is a huge mistake when trading as it is in those instances in which massive losses can be accumulated.

I disagree with this. A trader is based on technical analysis, or, in short, more on technicalities, and you said that they can be a good gambler? No, gambling is mostly about luck. How can a gambler apply its technicalities? Maybe in some games because traders can distinguish the risks to take or not, but not all the time because most gambling games involve other people, such as their opponents or the middleman who operates the game, while in trading only the trader and the market. So I disagree that a trader will be good at gambling. Yes, maybe, but don't say that you need to be a trader to be good at gambling.

But being a gambler doesn't mean he doesn't have a chance to be a good trader; if he or she spends time and effort studying trading, then I think he or she can be good at it. In short, the context of being a good trader and a good gambler will depend on the person itself.

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Quote from: BitcoinPanther on November 12, 2023, 03:42:42 PM

Not because a person is gambler, he cannot assess the risk involved in trading. Please take note that gambling and trading are two different activities. A person maybe not assessing risk in playing in a casino and other gambling platform but we cannot assume that he will do the same in trading. As long as the person can differentiate leisure(gambling) and business (trading), he will be able to do things in trading efficiently.

Just pointed out that, in my opinion (and probably in the opinion of those who did the research) it is easier for gamblers to lose money while trading than actual traders. It is not necessarily about a person who gambles being able to differentiate leisure from business, most of people can do that, it is rather about the fact trading requires some skills and knowledge which cannot be acquired in a day or two. The gambler trying to trade for the first time will understand he is supposed to buy at low price and sell at higher prices when he has the chance to do so. But will he be able to read the charts, draw the lines and identify the patterns as an actual trader would?
On the other hand, you can give a hanful of satoshis to a trader and tell him to go gamble, the results will completely depend on his luck and nothing else. That is the difference, though I must be clear and say I respect your point of view, even though I do not completely agree with it. Wink

pixie85

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Of course he can. Both activities are more or less gambling after all.

It reminds me of that thread where people talk how much luck vs skill is in gambling. Some say it's all luck, others it's 50% and it's the same when we talk about gambling and trading. How much gambling is there in trading? I'd say it's 80% or more. The other 20 is skill combined with experience but you can't profit from that if you don't have luck.

Don't mix trading with investing. When you invest like we do in crypto we identify projects that are worth our time and money. This doesn't require luck.

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Quote from: sunsilk on November 12, 2023, 04:13:46 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?

Yes, definitely.

That's an advantage that a trader is already a risk taker and more than that because of gambling. The advantage is there but the results will still vary on how good the gambler is in Bitcoin trading or any market that he's going to trade.

If that gambler learns how to be a good trader then that can be his next hobby and instead of gambling, he'd do trading. But another concern might spark because the gambling attitude is there and what if he makes money off trading and then the profit there will be used to gamble?

That won't make sense but it's possible to happen and is happening IRL.

If you are a gambler on whose tending to touch up the world of trading then risks taking wont really be that an issue unless if you are a gambler whose really have that good risks management and not to those people who are really that addicted or impulsive into it. The advantage on that being a gambling then touching up trading is you do know on how to balance up the risks but there are cons
into it on which on the time that you are really that dealing up with trading then you shouldnt really be having that kind of gambler approach. You would really be finding it to be that
so problematic if you do tied up gambling with trading.It must not because trading could give out better results if you are really that just that know on what you should gonna do.

Silberman

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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.

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?

I think that someone with the mentality of a trader can be a good gambler, but someone with the mentality of the average gambler will make a bad trader, let me explain myself, traders by the nature of their jobs have to evaluate the risk they are taking, so when given several bets they will take the one they evaluate as the less risky and the most profitable, but a gambler is used to take risks regardless of how high they could be, and this is a huge mistake when trading as it is in those instances in which massive losses can be accumulated.

Nwada001

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Like you have said, both gambling and trading require risk-taking, so anyone who is willing to take that part can do either of them. A good gambler can also be a good trader, and a good trader can also be a good gambler, but having knowledge and ideas about the other one does not qualify you to be experienced in the other one.

What matters in either of them is time and dedication to learn which one you want to focus on. If you are a good trader and still want to get involved in gambling, what you just need to do is make out a little time since you already have a little experience in risk management and focus on how you can make good predictions and wagers at a reduced cost and risk in order not to lose too much. Gambling and trading require different kinds of skills, and for one to partake in any of them, you need to acquire the required skill to fit in.

Topic: Can a gambler be a good bitcoin trader? - page 7. (Read 1356 times)