Topic: Can a gambler be a good bitcoin trader? - page 9. (Read 1386 times)

several times I found threads that were almost similar discussing trading and gambling which logically are very different but some people might think they are the same but lets discuss them together.

from my opinion, if you say about risk, maybe its not just trading or gambling that is risky, maybe living in this world has risks.

next you say gamblers bet all their money in games where the outcome of the bet is unknown but what about sports betting as you said, is not that one type of betting? and if you compare with trade, do you only compare overall?

there are still a lot of deviations but I will say in conclusion that gambling is different from trading and if you say about risk yes you are right but you have to remember in trading there are 2 choices between short term and long term and on the one hand you bet $ 100 and lose on gambling at once you lose your money, but for trading, especially bitcoin, even though it is short term or long term, you still dont lose all the money you have.

trading is not gambling and is not the same as both have different risks and levels of luck.

Gambling's mostly just about luck, while trading's got risks you can get better at managing.  With trading you can make informed choices and have strategies to control the risk, not just leave it all to chance like gambling usually is.  The trading world lets you keep learning, stay up on market trends and get better at analysis so you can make decisions that aren't just random guesses and  being able to adapt to how the market moves and respond to that separates trading from gambling where you never know whatll happen next.  Trading ain't just blind luck, you gain skill over time.

Can a gambler be a good trader? I'd say it depends on the person and if they can switch their thinking from just relying on luck to using more analysis and strategy.  Gambling and trading both require taking risks, but the talents you need to succeed aren't exactly the same.  Some gamblers might have useful skills like intuition, managing risk, and making choices quickly that could help them with trading.  but for some the gambling mindset might not translate well. and  The best traders use discipline, plan ahead, and study the odds - things that aren't always needed when you just rely on luck.  Personally, I think some gamblers could make the transition to being traders but they'd have to work hard to develop new skills.  It wouldn't happen overnight.

I say, can...!
He can be a good bitcoin trader. If while he is gambling, he has good self-control and financial control when he is gambling and is also able to be responsible for the gambling he is doing. then it's not impossible
A person already has three main capital, namely; self-control, good financial control and being able to be responsible. He already has three main capitals in him and what he needs to do, he just needs to learn and understand more about bitcoin and bitcoin trading. And I believe that if someone is able to maintain the three principles that he has and is able to master bitcoin trading, then it is not impossible for that person to become a fairly skilled bitcoin trader.
However, if your gambling activities are not well controlled and you often do careless things when placing bets, then don't expect that you will be a good bitcoin trader.

The outcome remains unpredictable but you can at least try to evaluate the likelihood of the different outcomes in order to take a decision and to place an order or a bet. It's crucial to do it in gambling if you want to avoid a quick bankruptcy but less in trading because orders can be modified and generally take more time to be executed, some orders can even be never executed. So usually traders have a worse money management than gamblers and are more confident in their ability to make profit.

His experience in risk-taking might be useful if he does trade in the options market, sure he can accept the fact that he could lose huge with his bet just as he does on casinos or sports bets.

It wouldn't be very surprising to see risker takers investing heavily in altcoin though or if he could gamble further, he could be putting his money on the line for the adrenaline rush on the futures market.

I believe risk on trading and gambling are both different to each other. Gambling risk can’t be reduced since gambling games is purely base on luck while trading risk can be minimize if you are good on technical analysis and you use stop losses on your trades.

I believe being exposed on too much risk somehow not really good on trading because you  will just rely on luck on your trades instead if relying on skills. Taking too much risk is not an advantage on trading since you have a choice to safely trade on trading which you can’t do on gambling.

A gambler can be good on bitcoin trading too but not because he is exposed too much on risk but rather through his skills on trading.

It's a different activity, but sometimes we can learn patience from the way we control ourselves when gambling so that patience is carried over when we trade crypto or become bitcoin traders, that's why the key to success is patience, everything takes time to give good results, it's not always fast. get good results whether we are a gambler or a trader.

Gamblers can have fun while traders cannot do that because of course the two are very different, I think we all know that gambling should not be used as a place to make the same money and profits as we do when trading in bitcoin even though both have the same risk of loss. and the same feeling of adrenaline. but the point is, just enjoy whatever profession you want to be a gambler or trader as long as you don't do it too much, that's better.

Gambling and trading are two (2) different worlds that have their respective components and techniques. While others may see them similarly, the only similar factor that they contain is the element of risk that is involved. Other than that, they are completely worlds apart from each other.

To further explain, gambling is a game of luck and odds. While there may be some techniques and tips that can increase the chances of the person winning, it is still dependent on the odds for you to win.

On the other hand, trading is an activity where you integrate both the extrinsic and intrinsic factors to guide a person decide whether to purchase a certain coin/share or not. It involves different and complex techniques that can relatively predict and forecast a given price of a certain coin/share.

To conclude, both have the element of risk that is involved. While others may call or consider it luck, I do doubt that there is a correlation that equates a good gambler on being a good trader.

It's possible because they face the same risk and luck plays a factor in the two niches, and the saying that only invest or play what you can afford to lose applies to both industries, they have the same mindset and that is to make a profit but your chances on trading is higher compared to gambling because on casino platforms especially the luck-based games like dice, slot, and crash, luck plays a major factor, compared to trading where your chances depend so much on your analysis.

The only difference is on gambling you can treat it as an entertainment portal and you can enjoy playing games in casinos, something that you cannot do on trading, I seldom see traders having fun while trading, because you have to maintain your focus, follow the market, and upgrade your knowledge on trading and there's no fun in doing that.

Trading and gambling is almost the same when it comes to sport betting for example.You have to know the odds,the news about injuries,players and other teams related news.In trading you have to do the same learn trading patterns,news and fundamental analysis of which things changes if a certain thing happens so in theory what you are asking is yes.

In practice however gamblers are inpatient from nature wanting to be rich quick and that is a big danger when applying rush through your trades as most likely they will be resulting in lost trades and consequently lost amount of money.So overall although true it is not recommended to do for a gambler.

I have taken my time to study gambling and bitcoin trading and I observed that although they have some individual differences, but they have more in common. Luck and risk are the the two strong similarities that they both share, because when you place a bet, you're taking risk because you don't know the outcome of the game, so you're relying on luck to win. Also when you're trading  bitcoin, despite all your knowledge about the market trends and predictions, it'd no guarantee of profit, it's still likely that you might lose. Therefore  trading also depends on risk because you don't know how price will swing, at the end of the day you're also relying on luck for the trade to be favorable to you. They both have the ability to make your heart to beat faster, because of the risks involved, and in both you're also hoping to beat the odds and make gain. If you pair both, i think that gambling is more riskier than bitcoin trading.

A professional trader that I know started his money making journey through gambling and he lost a lot of money, he later abandoned gambling for trading and that's where he picked up till today, he is now thinking about gambling again, this is what I love to hear about people because this person is born smart, most gamblers wont quit, they will not look for solution to the problem, instead they will keep believing that some miracle will happen one day and time will fly faster before they realize that they have nothing so far.

The problem with gamblers is they lack good source of making money, this is the first problem to deal with and gambling isn't the solution to this, you are to do something that's worth sacrificing your time on, sorry gambler, but this is true, you will be comfortable with gambling only when you are making some money else where.

Choosing gambling first over everything else is a very bad plan, learn some good skills and start making money first then think about gambling later, gambling and a game of luck is for people who can afford taking the risk the safest way.

I am a gambler and I also do trading, it's not hard or confusing, unless you make it look impossible, I am more open to different ideas than staying with one idea, gambling isn't a skillful way to make money, it's something you want to spend less time on, and focus more on trading, because it's better.

You can be a bitcoin investor, a gambler and also a trader, most people in crypto space are all like this, the few that I know about, one doesn't really stop others from happening,  to buy Bitcoin doesn't take a lot, only trading will take your time and concentration, gambling is something you will do and get your result in minutes or few hours.

The only thing that matters is to learn how to be a good gambler, avoid getting addicted to gambling and risks only what you can afford to lose, lower your expectations with gambling, turn gambling into something that can give you money when you don't expect it, understand that it's luck you need so try to always risk what you can afford to lose.

This comment is not necessary at all. If you like you can refer them to as crypto trader or you can refer to it as bitcoin trader. It is easy to under what the OP is talking about.

Are you saying that someone that is losing in gambling can not later decided to learn bitcoin trading and become a good bitcoin trader? Anything can happen in this world. A bad gambler can learn about trading and become good and leave gambling. Likewise a trader may leave trading and only prefer to gamble.

I think the mindset of risks can be adopted but with more specifics when it comes to trading I guess? I mean it's pretty clear-cut how the risks work in gambling unlike trading, which might be different based on current trends and whatnot. I wouldn't hold much hope in a gambler trying to enter trading though. Most of the time they'd probably act as if trading was a simple gamble, the other way around might work though.

In any case both a good gambler and a good trader know how the game works, and know how to take risks or at least understand how much risk they should be involved with. Much more apparent in trading since as I've said, cases differ based on trends and whatnot, unlike gambling which is a game, so trends don't really exist and the strategies involved would probably never change no matter what. It's just that the luck factor involved is so big that even with said risk management, gamblers can still lose their money in it.

It still depends. Both trading and gambling is indeed risky, by having oneself involved in any of these activity can understand the concept of risk. However, the risk we're talking about here is not the same. A trader's risk is based on his own strategy/technical analysis. A gambler's risk is based on a blind risk or how much luck they have.

A gambler who starts to trade just because of knowing how to face a risk might end up having a trade with excitement rather than in a methodical way, more like trading in a gambling style. And yes, let's say some gambler is willing to learn to trade. The result will depend on how he understands trading and how much experience he needs to learn from his own experience.

What do you mean by "Bitcoin trader"? The traders on the crypto markets don't trade Bitcoins only. They trade altcoins as well.
A good gambler can become a good crypto trader. A bad gambler will always be a bad crypto trader. I don't know about a bad gambler becoming a good trader. This simply cannot happen in the real world.
The sad truth is that most traders as well as most gamblers end up losing their money. I don't know the exact percentage, but I think that 90% of the traders and 95% of the gamblers are bad, which means that they just lose all their money without making any profits.

Just the opposite. It is luck and the luck factor that unites these two types of activities: trading and gambling. In both cases, you can try to predict the market or the rate, but it is impossible to influence this, which means the outcome still remains unpredictable. It’s trivial that the forecast may not come true.

Gambling doesn't interfere with trading (and vice versa), but I don’t think that it will in any way contribute to success if you are interested in one or the other.

You really grasped my point because even though they have differences, like gambling should be about having fun, while bitcoin trading is strictly business, they still share some similarities, of which one of them is risk. I believe that if a gambler learns about bitcoin trading, it'd be easier for him to adapt because he understands the concepts of taking risks better than a person who has never been involved in any risk taking ventures. So in this regards of risk taking, i believe that a gambler can make a good bitcoin trader. Provided he has the willingness to learn and acquire the knowledge of trading bitcoin, because it's not like gambling that don't need any special skills,

A gambler can be good trader but can also be bad trader depending on whether the gambler himself has a wise attitude or not because you can see for yourself that most gamblers are greedy people and more often take wrong steps that end in losses.
If we talk about the positive side, the gambler soul has feeling that it is easier to take risks and not give up easily or have steely mentality which can enable when trading to always stick to one stance and not be easily influenced by fomo or certain hype.
In trading taking risks is very important because all the assets you trade have a big risk, almost the same as gambling even though if you trade, you won't spend all your money without leaving anything like gambling.

Out there, I sure there are many traders or investors who are also gamblers and people like this will usually find it easier to generate success from trading compared to people who have never gambled and cannot accept the risks of trading.
As the saying goes, luck or success will only come to those who dare to take risks.