Topic: Can a gambler be a good bitcoin trader? - page 8. (Read 1199 times)

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.

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.

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.

Nothing is impossible as long as a person has a strong desire and is willing to try.
In trading Bitcoin, we are required to have in-depth analysis techniques, strategies, knowledge and in-depth understanding of the market. Meanwhile, gambling only relies on luck and skill. However, there are quite striking similarities between the two, so that our gambling or bitcoin trading can run safely, we are required to have good self-control and finances, so that we will be able to avoid significant losses, big losses in both activities.
So as long as someone has good self-control and financial control, also has a strong desire and is also willing to try to learn the world of bitcoin trading in depth, then it is not impossible that someone can trade bitcoin well, regardless of one's background. he is a gambler.
However, it needs to be understood that when trading Bitcoin, we cannot rely on luck like gambling, so we must have the ability as I mentioned before.
And we also need to know that there are some gamblers who trade after getting a big win from their gambling, and they do this to prevent their money from going back into gambling.

Gambling and trading is two different activities.  One can excel in trading while making gambling as his past time for entertainment.  With a person who has the courage to gamble and take risk, it is even advantage in trading since that person can can have a strong heart to face risk and be able to accept and learn if his trading fail and move on.


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.

I have myself read some articles about gamblers getting into trading. Specially there was some study made by researches about this topic, they gave some money to experienced gamblers and allowed then to trade using cryptocurrency on a centralized exchange (like Binance or Coinbase) they reached the conclusion the average gambler is not actually a proefficient trader and most gamblers have a negative expectation to make money out of trading.

To me it makes sense, why? Because a successful trader is supposed to be able to analyze cues and patterns in the market in order to reach a reasonable course of action and set their position. On the other hand, gamblers are not accustomed to analyze anything before setting their positions in the market, so they have less chances to profit off of it.
A trader who is good at it, may see a bull or a bear flag easily, while a gambler sitting on a computer and trading won't even be aware of the flag he has in front of his face

Gamblers make money for casinos and traders make money for exchanges. In the end, it is the investors that win. Everyone thinks they can beat the odds but the truth is that if you’re trying to build wealth you don’t bet it or trade it, you add to it. That involves patience and stacking investments that appreciate.

Can you really learn that? I have my doubts to be honest.
There's so many people that call themselves professional traders that are so bad at trading that it really puts some thoughts in your head whether you can be consistent at this. I can even give you names. For instance there's this guy Gareth Soloway that I saw interviewed on Kitco and the guy is just terrible. He expected a lower low on Bitcoin since last year and a month ago he doubled down again expecting something like 12k when we were at 27k and we went from there to almost 38k since that. That guy is reading charts all day long, that's his job and he can't even do that one thing well.
You can be a good trader if your definition of trading is: sometimes I win, sometimes I lose. So you basically accept that it's worse than gambling and you have no idea what you're doing.
To be honest, I'd rather play poker with you than trade bitcoin.

Advantage? I would say the quite opposite for me it’s a disadvantage to go from gambling to trading. Both things may look similar and share a thing which we call risk, but in reality they go against each other.
A gamble has that desire of adrenaline rush and having fun while trading needs a lot of patience and studies with many things that would seem boring to a gambler, some people may also try to trade bitcoin or any kind of currencies or market, but most of them are only gambling with their money and clicking on buy and sell or creating random orders.
I have tried trading years ago, I learned few things about it and it’s the money management and a good capital money. While gambling doesn’t need any of that to start gambling.

It might sound amusing, but the truth is simple, unless you give it a shot, you won't know if it's a good fit for you or not. Whether it's gambling, trading, or any other pursuit, experiencing it firsthand is the only way to determine if it aligns with your preferences.

With that said, people should be free to try different things... people should be free to spend some money and discover all sorts of things around. Some will bring profit, some will be total losses, but in the end, it all counts as experience.

We k ow that there is a risk among the two but a gambler can do the both. Though the burden of involving on the two might not good for the gambler because you have to think and if you are playing games and the same to time trading altogether, it might not be good because you will be thinking the two risk at the same time and in this scenario you have to focus on one side so that you can do well but whereby you are involved in the two, the out might not favourable. Therefore you have to drop one and focus the one that left. That is you have to do one a day and there other one in another day with that I think you can manage your stress. The risk for the both can be managed if you split the days to gamble and trade. Don't do them in one day but in separate days.

The risk of gambling and Bitcoin trading is different. A gambler will lose all if he fails to win but this is not the case in bitcoin trading. In trading, you will just lose part of your money and not all just like gambling. It is important to note that there is a huge difference between trading on bitcoin and altcoins. Some altcoin trading is typical gambling because many of them are worthless and highly volatile. Altcoin traders can lose all their money within a few minutes just like gambling.

Bitcoin trading is not based on luck. Trading requires special skill or expertise to successfully navigate the sector. Traders engage in diverse analysis and evaluation before they place trades. You are bound to lose all your money if you depend on luck while trading. But in gambling, you can win big by copying someone's bet and you might just be lucky. In some cases, luck might manifest in trading but it is not a key factor like in gambling.

Both of them are risky but gambling has more risk. The similarity between them is that both gamblers and bitcoin traders are all risk-takers. A gambler is already used to risk so it could be an added advantage in his ability to manage trading risks.

There is a big difference between gambling and trading and at some point, we have to accept that fact and be cool with it because gambling is based on entertainment while trading,, on the other hand is for profit making and that is why most of us separate both from the beginning in other not to make that mistake of taking gambling most especially to means a means to earn ends meet and for sure a lot of us have seen some elements in which make both trading and gambling to look the same due to some risks level that is exhibited by both, but that is not a enough reason why we should call both a being same because the is and are differences in both.
Bitcoin is just a currency that is used for both activities but it doesn't add anything to the possibility of combining the two acts to make them fall in one fold in some cases.

In trading the main difference is planning losses, you have to predict the scenario where the trade does not pay off and you cash out.  Not many people plan to close out their bets live if the score line doesnt go their way, perhaps they should but that seems one of the main differences to me.    Alot of bets are all or nothing, either I win or not but a trade isnt done this way usually and time is a factor it could fail now and work in december and be the same trade mostly.
   Trading can be classed as a gambling loss for taxes which can mean its considered a kind of leisure, however if you continually make money the tax return would be different.  This varies alot, some countries ban small players from trading but not betting; finance can be massively more regulated and restricted requiring licenses to trade..

We are all aware of the risks involved with trading and gambling. All a gambler needs to do is learn how to trade, and a trader can also choose to be a gambler. There is no reason why a gambler cannot also become a trader. The risk factor is the sole similarity between the two, other than that they are both entirely different from one another. You can learn to trade if you're willing to take a chance and learn the necessary skills. In my opinion, analysis and prediction are the foundations of both trading and gambling, if you are correct, then things will be in your favor, and if you are wrong, then you will end up losing money. If you are interested in the two then you can go into it.

You don't have to rely on gambling as your source of income, you should take advantage of gambling profits whenever they arise and you shouldn't have any defined goals for how much you hope to make from it. Just gamble freely and use the winnings to take care of whatever issue you happen to be facing at the time. How will you be able to make money to gamble if you don't have any other source of income? And how will you get money to keep playing if you lose everything you have? Gambling should only be done for enjoyment, and a gambler should have a primary source of income. You don’t have to plan for the money you haven’t win.

Gambling experience might have an added help about understanding the risk in trading.

But I won't call or consider that gambling experience as an advantage because even both gambling and trading are risking money in general, the approach is different because of a simple reason that both don't have the same environment.

Gamblers can be a good trader, that's always possible. But they will become a good trader not because of their gambling experience but rather these gamblers are really just good and serious on to make their trading goals success..

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.

Let me first answer your question before I say other things. Yes a gambler can be a very good trader. He will not be afraid to trade again because he has seen risk in gambling so there is nothing to be afraid again. Gambling and trading are of two different things all together. In gambling if it is in sport betting, you place your bet and wait for the game to to finish and see the outcome of the bet and in that process whole waiting for the game to end you can trade. The gambler can set time for his trading.

So within one to two hours period you can place a trade of twice or  thrice while waiting for bet. A gambler is a risky taker so it will be easy for him to trade. A risk taker is not afraid to take another risk which will make him happy. Traders and gamblers take a well plan risk. Like most of the gamblers in this forum are traders are well. And personally I have traded in the time passed and also gambled though all the two did not favour me but that doesn't mean I will not do again. It is even better to trade and gambling. Trading gives instant profit while gambling gives instant and long term income.

A gambler can be anything, a good bitcoin trader, a blockchain developer, and even an investment banker. That you are a gambler doesn't make you inefficient in other areas. There is even a whole lot in common between a gambler and a bitcoin trader. Both involves risk management, analysis, money management and others. A trader may be gambling for fun that doesn't make him a terrible bitcoin trader or gambler. Just a little transfer of skills and improving on them if the gambler is moving from gambling to trading.

A confident prediction though not  reliable in gambling is literally if the domain of the gambler is a Skill based gambling whereas... Eg. An experienced/expert being an opposition with an inexperienced or an inferior knowledged gambler, there is said to be one sided winning assurance due to a highily skilled but if it is of a chance based gambling there is where luckiness is depended because there would be no chances of one having the ability to adapt or figuring the nature of the system. Here skills has no form of paving winning to anyone whereas even an inexperienced gambler or a total novice can count it a winning as a nature of grace of luckiness.

Bitcoin trader as implied is as basically venturing into investment which as an expectation to make incomes and not to win as that of gambling.
Bitcoin trading as investments profitablity is not based on interpersonal skills nor relying on luck as that of gambling instead taking advantage to explore in Bitcoin investments is primarily depended on its investors ability to exercise patient due to the volatility of the Bitcoin as a measure to determine the faith of its invertors on whether there is a depreciation or appreciation in the Bitcoin markets.
However, there is no total lost in Bitcoin investments as that of gambling instead there is a depreciation of stake as capital investment yet there is every tendencies to bounce back to a great hills but dependent on time factors

I don't see any tendency of a Bitcoin invertor being able to predict the Bitcoin rather the prediction is termed unreliable and unnecessary. You must not have to predict the Bitcoin market before you stands to win rather predicting right on Bitcoin would have you a more better chance of exploration but contrarily to gambling where one must have to predict rightly or employment of interpersonal skill chances in gambling.

The risk in gambling is differ from the risks in Bitcoin trading because the risks in gambling is left with options of winning or loosing while the risk in Bitcoin is pointed at the investors capacities of patients because the potential enrichment of Bitcoin is not leaned to coming in an overnight.
So... The risk in gambling has no benefitable part to play in Bitcoin trading.