Crypto Currency trading without knowledge - page 3.

iv4n

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Quote from: BitDane on February 16, 2023, 06:03:45 PM

In crypto trading, knowledge is essential.

Knowledge is essential for everything! OP presented some tips about where and how to start, but the bottom line is that we acquire knowledge from our experience... from reading, researching, practicing, etc. It takes time and effort to improve skills and sharpness.

Quote from: BitDane on February 16, 2023, 06:03:45 PM

Bottom line, trading without knowledge is like gambling, taking chance to be lucky to get profit.

Trading and gambling without knowledge are the same things... there are some "lucky hits" in trading and gambling, but chances to make a profit with random trading/gambling and without any knowledge are very very low. But people like to dream about easy money without any hard work...

Questat

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Of course, why not? But never think OP that you will able to get what you wanted to happen as I was sure that only LOSSES are what you get in the end.

Knowing at least the basic ideas about trading is enough, we can improve our knowledge and skill eventually through experience. Nobody had started being an expert because all of us had started from being a newbie with less experience and knowledge. But because we are able to learn more that is why we are talking risk and still continue despite the losses we have.

BitDane

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In crypto trading, knowledge is essential. we cannot just trust anyone with our money, right? Even if we seek advice and help from any trading gurus, we still need knowledge on how to exercise the knowledge. There is no such thing a no knowledge trading that became successful.

Even with using bot, we still need the knowledge on the asset we are trading else we will never set our bot precisely and end up losing everything since without knowledge we will never know how the market will trend.

Bottom line, trading without knowledge is like gambling, taking chance to be lucky to get profit.

Viscore

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Quote from: Hypnosis00 on February 03, 2023, 08:23:02 AM

I would say that "It was not the best decision". We can't just throw money too easily and that much more if that is hard-earned money because we can't just put trading like gambling where we rely on luck otherwise, forget about trading.

Having a basic knowledge of trading is the very least requirement and even using trading bots won't simply work. We have to consider and invest first in knowledge for this is the tool to success or else, losses are only what we get. I don't think that is what we wanted to happen, so we don't need to push ourselves if we are not already ready for this.

It’s useless to trade without knowledge and just expect losses afterwards. You should have not trade at all if that is the case. But we can’t really deny the fact that a lot of traders are trading without basic knowledge and skills, because of their greed for money since they always assume that trading will result into profiting that’s why even those who don’t understand much about trading are still trying their luck to trade and expect good returns which I think are only rare to happen.

Botnake

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Quote from: cabron on February 03, 2023, 01:13:13 PM

Well, you gotta start trading to gain knowledge as well. After a few readings, you gotta take action and be on the game already, you can't just keep reading. A little bit of knowledge like once you have set up your tradingview with a minimum of 3 indicators, would be enough as a basis for your trading decision.

You gain knowledge as you lose and win along your journey to trading crypto.

Losing is part of gaining knowledge and learning from it so it can also be an effective source of learning. But I believe if we can trade with trading knowledge and skills, the outcome will be a lot different since we are already aware on how to combat our future losses so we can trade most likely for profits not for losses. But in either way, we know trading losses could also be inevitable, so let’s just prepare for it and prepare some working trading strategies that will give us positive results.

el kaka22

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I understand that people see others making huge sums of profits and they want to do the same thing but trading requires vast amount of knowledge to do so and it is not an easy thing to handle neither, it is really a trouble for many people to keep doing this.

I understand that it is not going to be an easy thing to do because we are talking about months or even maybe years of work required for it and I understand it is not going to be simple, but realizing what could be done is definitely a big situation that requires a lot of trouble. Just focus on what you should be able to do with the things you have, and not trade with what you don't have.

Strongkored

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Quote from: Taskford on February 15, 2023, 07:23:32 AM

Don't trade if you don't have knowledge about trading since market is so risky and its not all about buy low sell high. To many technicalities need to consider that's why many newbies lose because they think trading is just an easy scheme for them.

Newbie need to realize that trading is not for all so they need to spend time researching all necessary details they need so that they can get an advantage to win whatever the market condition we are facing these days.

I have to agree with this and actually not only in trading but in all activities involving money, it must be done with proper and adequate knowledge, even a newbie always thinks if he has succeeded in using a demo account then he is ready for real trading even though he is not yet of course because everything will be different when we use real money, and if trading is as easy as buying low and selling high then no one will give up in this business

MusaPk

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Quote from: Scripture on February 15, 2023, 06:13:41 PM

Prior knowledge can be improve, as a beginner its pretty normal to lose money but of course you have to keep on learning to avoid further losses.

The risk are high in trading, and its a long process before you become a good trader so while still on the process don't go all in and trade within your limit only.

Crypto trading without knowledge is like a gambling, you'll depend on your luck and the chance of losing are high. Be a responsible trader and know everything.

But the point is how to get experience? The only way we get experience is when we actually start doing trading and commit mistakes. There are no books or predefined principles which can give you experience. Just take care of capital with which you are going to start trading, and don't take too much capital in the start. Don't get discouraged because of loses in the start, they are sign that you are getting necessary experience.

Kasabus

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Quote from: xSkylarx on February 12, 2023, 11:18:43 PM

Still, it is better to have basic knowledge of what you've stated above rather than jumping into it, but there are really newbies who want to earn fast and easily, like overnight. A trading bot is also not that reliable, and if you purchase one, it is better if you build it from scratch, as you know where it goes and what the problem is, rather than buying it and then not knowing what happens. No matter what move we choose, learning is the very first step to being successful.

They say knowledge is power, so eventually we won’t be successful in all our undertakings if we don’t have gained knowledge and understanding. Most especially for crypto trading as it involves a lot of risks and we can’t minimize those risks if we only trade based on greed and emotions, not on knowing how to analyze the market and create trading market indicators.

Scripture

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Quote from: Sanitough on February 15, 2023, 04:17:46 PM

Trading has its own inevitable risks so if you trade without prior knowledge and skills, then the more that you will lose eventually in the process. Same with investing, once you invest without understanding it in the first place, then it will surely never work out and will only end in failure and losses. Maybe for some beginners in trading, they could get some beginner’s luck but they will never be consistently profitable and expect decent amount of returns when trading. So crypto trading without knowledge and skills is useless.

Prior knowledge can be improve, as a beginner its pretty normal to lose money but of course you have to keep on learning to avoid further losses.

The risk are high in trading, and its a long process before you become a good trader so while still on the process don't go all in and trade within your limit only.

Crypto trading without knowledge is like a gambling, you'll depend on your luck and the chance of losing are high. Be a responsible trader and know everything.

Sanitough

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Quote from: Fivestar4everMVP on February 03, 2023, 09:34:28 AM

Quote from: Researchoo on February 03, 2023, 12:19:34 AM

Regardless of the approach you choose, it's important to understand that there is no guarantee of profit and that investing in cryptocurrencies involves a significant degree of risk. Before making any investment decisions, it's important to conduct thorough research and seek advice from a qualified professional.

When ever we talk about the risk involved in cryptocurrency trading, we sometimes make it look as if crypto is the only arm of investment that carries risk with it.
One thing that is sure is that everything that involves making money carries some level of risk with it, and crypto trading is no different.

No body trades Forex without first learning about the rudiments in trading Forex, like wise it is with crypto trading, like the saying goes, not preparing is preparing to fail, not taking time to learn simply means learning to throw away your money, so it is only foolish to jump into trading without any knowledge of how trading works, is it even possible?
Where is the person going to start from.?.

Trading has its own inevitable risks so if you trade without prior knowledge and skills, then the more that you will lose eventually in the process. Same with investing, once you invest without understanding it in the first place, then it will surely never work out and will only end in failure and losses. Maybe for some beginners in trading, they could get some beginner’s luck but they will never be consistently profitable and expect decent amount of returns when trading. So crypto trading without knowledge and skills is useless.

Mr.right85

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Quote from: Researchoo on February 03, 2023, 12:19:34 AM

Trading cryptocurrencies without any knowledge of the market or the underlying technology can be risky and may lead to significant losses.

This isn't limited to just cryptocurrency trading but, you can say it takes a great toll when it comes cryptocurrency trading. You've got to have an idea of a trade or profession before trying to venture there. In the events that you don't, you seek professional advise from individuals that are into the profession or materials that exists on it.

Cryptocurrency trading is a highly professionalise field and have got a risk of its own following the high level of unpredictability and that would mean a huge difference between your getting profit or tading at a lose.

Lanatsa

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Quote from: virasisog on February 15, 2023, 03:38:30 PM

To be honest, I started trading without any knowledge about trading because my colleagues have told me that I could earn from it without educating me about its risks so as expected, I had plenty of losses. That served me a lesson and courage to do a long time process of learning about trading.
Trading without knowledge is like giving out your funds without any expectations of any profit. Trading isn't as easy as others think. It needs deeper knowledge and understanding about dealing with the volatility of the market and it also requires proper management of our emotions so we must have the willingness to learn about everything.

When you do make yourself get dragged with the hype or some recommendations or simply seeing someones big gains then it would really be a reason for you to be pushed up to trade and this is where you would

really be hurrying up yourself on doing it alone without any proper preparations which is really that prone to huge losses.It is really something risky and its never been ideal on doing so.You cant really be able to
learn up trading in a short span of time.

If you do things on your own method and ways then so be it but sooner or later you would be able to realize on how hard it would be when you are just starting up.Just make it sure that you
really minding about your risk management.

virasisog

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To be honest, I started trading without any knowledge about trading because my colleagues have told me that I could earn from it without educating me about its risks so as expected, I had plenty of losses. That served me a lesson and courage to do a long time process of learning about trading.
Trading without knowledge is like giving out your funds without any expectations of any profit. Trading isn't as easy as others think. It needs deeper knowledge and understanding about dealing with the volatility of the market and it also requires proper management of our emotions so we must have the willingness to learn about everything.

death69

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Quote from: Taskford on February 15, 2023, 07:23:32 AM

Don't trade if you don't have knowledge about trading since market is so risky and its not all about buy low sell high. To many technicalities need to consider that's why many newbies lose because they think trading is just an easy scheme for them.

Newbie need to realize that trading is not for all so they need to spend time researching all necessary details they need so that they can get an advantage to win whatever the market condition we are facing these days.

I agree completely with the opinion

Trading is often a sophisticated and high-stakes endeavor that calls for a high level of expertise. Many inexperienced traders enter the market with the false assumption that they may quickly and easily amass a fortune. Unfortunately, they quickly learn this is not the case, and their life savings are lost as a result.

For this reason, it's crucial that rookie traders invest significant effort into learning as much as they can about the market and trading techniques. This will provide them with the knowledge and foresight to make smart choices in any market environment, giving them a distinct competitive advantage. Like when I initially started trading and spent endless hours studying books, videos, and seminars to educate myself as much as possible. Thanks to this, I was able to design a trading strategy that was tailored to my needs and provided me the best possible chance of success.

Flexystar

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Everyone starts trading at some point. There are two possibilities in this situation one, either that person goes well above average in the trading world and make his fortune while other possibility is they get scared about the trading due to Share downfall and never look back in trading.

It’s been long time now I have read and also shared my own opinion about the trading and how they are achieving new heights in the same. In above example the second one who lost it all, never think their trade thoroughly and just invest in the want of profits. Literally they would never learn basic terms in the trading world. All they know is press buy button and sell button at particular time. That is called as rough trading and most of the time it never works and people lose money.

On the other hand the first example that I mentioned is for person who lose money initially but they learn why they failed that particular trades. I have seen my friends going to the trading tuitions and seminar’s. They have the perfect knowledge about their failures and that’s why they start winning the trades in later lifetime.

Basically whatever everyone is discussing up here is same, you gotta get knowledge and then only wake the big trading.

Nrcewker

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Quote from: Taskford on February 15, 2023, 07:23:32 AM

Don't trade if you don't have knowledge about trading since market is so risky and its not all about buy low sell high.

Yes, I completely agree with you. I have seen many people, who doesn’t have any prior knowledge in trading and have hunger to make profits in trading. This is similar like, without studying about the subject, you wan to top it, which is completely impossible. So at first as a newbie, I would suggest you to acquire more and more knowledge. I understand that no one likes to learn or memorise anything, but believe me, in trading, learning is the core factor. If you are beginner, then I would suggest you to reading some articles, understand the market terms and observe the market. Then atleast invest real money and enjoy profits.

MFahad

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Quote from: Taskford on February 15, 2023, 07:23:32 AM

Newbie need to realize that trading is not for all so they need to spend time researching all necessary details they need so that they can get an advantage to win whatever the market condition we are facing these days.

The biggest problem with newbie is that they come to trading without knowledge. Most of newbie just following buggest Youtubers and Telegram channels signal. they also buy premium membership for this. This is the reason why newbies lose a lot of money in startups due to lack of proper knowledge. Newbies come into trading to make more money in less time and they take risky trade which often results in lose of money

The more you trade, the more experience you will gain. It is the best option to start trading with less money and try to remove any mistakes from here. If we just follow other people's signals or just by watching trading videos on YouTube we can't expert in trading unless we take own trade.

boyptc

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Quote from: maydna on February 14, 2023, 01:27:12 AM

Automating our trading time is fine if the market conditions have moved better and are still improving, but we know that market conditions often change, which means we have to be able to see how the market changes, and if necessary, we can rearrange orders we have done before. If you can live with the consequences of running a bot, you can keep using it. Otherwise, manual trading will be better for you because you decide when you trade. And it also won't require you to check the bot frequently to see how it's set up.

IMHO, it doesn't really require the condition of the market to be good only. But any condition of the market, bots can be useful based on how you use it.

I'm into manual trading but I don't want to say something that might discourage the users of it. Well, they're users of it and that means that it's more helpful to them, so choose your battle and what makes trading easier for you.

Quote from: milewilda on February 14, 2023, 04:15:44 PM

One of most misconception about bot is that newbies do really believe that it is really a way on making money without doing such hassle or further steps which they arent able to realize that they arent money making generating bots which they are really been thinking and this is why on the time that they are in loss then they would be tending to blame out things that it doesnt work.SOoner or later they would really be able to realize thats not how things do works.You would really be needing that knowledge for you to sustain this unpredictable market because if you dont then you would really be having that hard time on coping on things up.
You cant just run off a bot and expect that you would be making money, thats not how reality works.

For the newbies, that's what they really are expecting that whenever they buy a bot, they will be guaranteed with profits.

But for those newbie risk takers, it's on them and much better for them to look at the brighter side of using it if they think that it'll improve their trading skill.

Taskford

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Don't trade if you don't have knowledge about trading since market is so risky and its not all about buy low sell high. To many technicalities need to consider that's why many newbies lose because they think trading is just an easy scheme for them.

Newbie need to realize that trading is not for all so they need to spend time researching all necessary details they need so that they can get an advantage to win whatever the market condition we are facing these days.

Topic: Crypto Currency trading without knowledge - page 3. (Read 686 times)