Early Profit can be misleading. - page 8.

milewilda

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Quote from: Finestream on March 30, 2023, 03:59:36 PM

Quote from: Bananington on March 29, 2023, 12:07:28 PM

Should newbie traders be only concerned about making profit? I do not think so.

I feel that every newbie trader should first be concerned about fully understanding trading regardless of if they make profit or not at the beginning of their trading life. A newbie trader who enjoys profits mostly during his early life as a trader may be misled to begin to think that he has cracked the code to trading and will continue making profits. Newbie traders who experience some kind of losses at the early stage of their life but still continue in trading know better how trading can be, and because of the early experience that they have had, they are at a position of becoming much better traders than those that enjoyed easy profit at the beginning which can be misleading. What do you think, let us discuss?

It’s rare to see newbie traders profiting in the market as most of them are into losing. Though beginner’s luck might exist, but majority of newbies still lose at first in trading and when they eventually become pro traders with enough experiences in trading, that’s the time they start being profitable and successful in their trades. However, if these newbies start making profitable trades than lose trades, maybe there are high chances that they will get to know and understand trading the wrong way. Trading should be learn the hard way, that’s why it’s never easy to trade and be successful when you trade without enough knowledge and experiences in it.

You are right but we know that this is somewhat could be called also on beginners luck just like when you do gamble.Yes, its true that it isnt similar but there are really indeed trade calls which we do able to get that profit even when we are just starting which does simply give out that kind of emotion and boost up that it would really be that just simple and this is where OP does particularly meant, but in reality we do know
on how these thing goes and how it would be ending up considering that we are just a newbie then we are really that prone to errors and mistakes.It would really be giving out that kind of impression
that it might be that simple but on the time you would really be dealing off things further then you would really be making out realizations.

Finestream

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Quote from: Bananington on March 29, 2023, 12:07:28 PM

Should newbie traders be only concerned about making profit? I do not think so.

I feel that every newbie trader should first be concerned about fully understanding trading regardless of if they make profit or not at the beginning of their trading life. A newbie trader who enjoys profits mostly during his early life as a trader may be misled to begin to think that he has cracked the code to trading and will continue making profits. Newbie traders who experience some kind of losses at the early stage of their life but still continue in trading know better how trading can be, and because of the early experience that they have had, they are at a position of becoming much better traders than those that enjoyed easy profit at the beginning which can be misleading. What do you think, let us discuss?

It’s rare to see newbie traders profiting in the market as most of them are into losing. Though beginner’s luck might exist, but majority of newbies still lose at first in trading and when they eventually become pro traders with enough experiences in trading, that’s the time they start being profitable and successful in their trades. However, if these newbies start making profitable trades than lose trades, maybe there are high chances that they will get to know and understand trading the wrong way. Trading should be learn the hard way, that’s why it’s never easy to trade and be successful when you trade without enough knowledge and experiences in it.

blackened515

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Trading techniques differs in every person, some where too good in technical but still isn't able to get much profit, same if they only knew the fundamentals. It's through experience we will be able to realize what method will work best on our trading as it differs in every situation where in like if the market is at red or when there are news that affecting the pump and dump of prices. It's through experience we can say if our profit in our early trading is worth it or just luck to start in trading.

Trading is the basis that qualifies one to be a trader in the space. However it's not an easy job to lay down to mapped out entry points in the market. Trading techniques aides the trader to be more confident when dealing with the market, I've countless approach towards the market that made my account liquidates with immediate time. Early profits in trading most times change the mentality and mindset of the trader because greed is inevitable although it can be reduce to a minimal rate.

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Quote from: rozak on March 29, 2023, 01:20:52 PM

Quote from: Bananington on March 29, 2023, 12:07:28 PM

they are at a position of becoming much better traders than those that enjoyed easy profit at the beginning which can be misleading. What do you think, let us discuss?

trading is not gambling done in a casino. given an initial win to keep the gambler happy and then will continue the game until finally losing all their money.
no profits at the beginning with luck for trading. if they are profitable, it means because they do have the ability to trade. if they are just reckless in doing so, more beginner trades are a loss.

It is possible for trading to become like a gambling if a trader is blindly doing his trades. They don't use indicators, they don't analyze the charts, and others because they don't know how to do it and they don't bother learning it because they are too excited on doing the actual trading. Not all beginners can win a casino but if they win, they are free to withdraw and run.

Same goes with trading but it's already the nature of the humans to be greedy and try to come back to possibly earn more. They can do this better in trading than in gambling. If they fail in trading, they can learn from it and correct their mistake but this is not possible in gambling because gambling works randomly.

beerlover

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Quote from: Flexystar on March 29, 2023, 01:55:29 PM

Funny, and true. I don't really think trading is something that you can quickly learn and start earning money from it. To be honest, trading is a nonending learning phase. There are always unintended surprises from bitcoin or altcoin trading. The volatility and unwanted prices at any given time make it very hard to learn the true colors of the crypto trading pattern.

We can not have printed charts and theories in the crypto trading chart view because it is just so unpredictable at any given time. You can pass the test once or twice but not always when it comes to bitcoin trading for example.

So yes, when it comes to newbies or even experienced traders, the learning phase should not be stopped at all.

That "nonending" part of the learning process is the hardest thing people have hard time with. Some newbies make profit right away because we are on the bull run and yes that part is true, but some do it worse and learn just a bit, like a small bit of TA and profit from what they learned, which is great.

However, they keep on insisting doing the same thing over and over again on different markets expecting profit again because they learned something that makes them profit. Obviously that's not true, you need to keep learning and adjust based on the market but they are not aware of that unfortunately. This is even a bigger problem because they think they know how to, when they don't.

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Quote from: ashmodeus on March 30, 2023, 11:12:56 AM

the real problem about trading is how they thinking about trading it self, it's not a gambling, some good traders who i meet a year ago say trading is a precision , its not about profit u got earlier and go back trade and feel u can do it again, its about the right time to in and out, how to get that, training , TA first then FA follow. He told me trading no need a luck , just a precision, well i talk like a pro but i still noob at it Grin

Trading techniques differs in every person, some where too good in technical but still isn't able to get much profit, same if they only knew the fundamentals. It's through experience we will be able to realize what method will work best on our trading as it differs in every situation where in like if the market is at red or when there are news that affecting the pump and dump of prices. It's through experience we can say if our profit in our early trading is worth it or just luck to start in trading.

knowngunman

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One of my mentor once told me that to be perfect you need follow and undergo this pattern; Failure-correction-success.
Is not bad to fail in your first attempt. You'll be corrected and then you might succeed in your next trial. However, as man is concerned, excess lose at the beginning will kill the spirit of motivation. Besides, it's not a must to lose before gaining.

ashmodeus

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the real problem about trading is how they thinking about trading it self, it's not a gambling, some good traders who i meet a year ago say trading is a precision , its not about profit u got earlier and go back trade and feel u can do it again, its about the right time to in and out, how to get that, training , TA first then FA follow. He told me trading no need a luck , just a precision, well i talk like a pro but i still noob at it Grin

touseefahmad1999

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I agree with your perspective that newbie traders should prioritize understanding trading rather than solely focusing on making profits. Trading involves risks, and without a solid understanding of the market and the tools and strategies involved in trading, it is easy for traders to make costly mistakes.

Additionally, trading is a long-term game, and making quick profits at the beginning may not necessarily be a sustainable approach to trading. It is important for newbie traders to develop a disciplined approach to trading and to focus on building a solid foundation of knowledge and experience.

That being said, making profits is still an important aspect of trading, as it is ultimately the goal of most traders. However, profits should be viewed as a byproduct of effective trading, rather than the sole focus of the trading journey

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Some beginners who trade and can get their initial profits will feel they can understand trading well and make them confident to continue trading. This self-confidence will increase and sometimes they can become too confident in their abilities, so they don't want to continue learning and tend to underestimate things that can happen in the market.

While beginners who trade and experience losses continue to learn to trade, they can also get profits in the next trade. Even though they are big, slowly, they continue to study and trade and don't underestimate the small things. This allows them to develop better because they have experienced losses at the beginning but have not stopped learning.

If many people are willing to keep learning to trade, no matter the situation, they can make a profit. And it was only a matter of time that would give they had even greater future advantages.

AicecreaME

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I don't think so.

It depends maybe, because if a newbie trader is making profits, there's nothing wrong thinking as if he cracked the code in trading. Earning profits is the reason why we are trading, so technically speaking, you're doing good if you're making profits most of the time. Though the growing part is still depends on the trader, because he could get bigger profits if he is going to keep on studying and learning different approach in order to get bigger profits.

But earning profits most of the time is not a bad thing as a newbie trader.

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Quote from: Bananington on March 29, 2023, 12:07:28 PM

Should newbie traders be only concerned about making profit? I do not think so.

I will be a hypocrite if I will say not to this one. Cheesy

I mean what is the main reason why you enter trading? Isn't it to earn money. Yes you're a newbie at that time, but still your mindset is to make money thru crypto trading. Learning and understanding trading is the first thing to do as a newbie yes, but still think about making money as well as much as possible. I mean like balance the 2 things.

I know that most of the newbies lose money most of the time, but I think there are still some newbies who are earning small amounts of money doing crypto trading as a newbie. I agree that you should learn first and understand at least the basics of trading, but you can still earn money even you're a newbie right? Only if you're lucky enough. Cheesy

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Quote from: hugeblack on March 29, 2023, 10:49:31 PM

You do not need a deep understanding, but basic knowledge devoted to the aspects of privacy and the security of your currencies and the basics of trading is sufficient because a deep understanding requires time and this time may mean that you may join the ranks late.
Most of the people who invest in cryptocurrency do not understand it by 90% and most of us have not checked the white paper, the code of open source wallets or detailed knowledge of how the network works.

There really isn't any such thing as a deep understanding anyway. Trading is, at the end of the day, a play on emotions. Any fool can take a good strategy and turn in into success/failure, the problem is always with lack of discipline.

I keep talking about statistics of traders. Regardless crypto or stocks, majority lose. Because majority are human.

White papers don't even exist these days for new coins

hyudien

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So far, it's back to the level of one's intelligence in managing loan money. As you said, rich people can turn borrowed money more profitable by investing it or putting it into a business. As long as I can find an alternative to borrow more money allocated, I will definitely do it. But still, everything will have a big risk too. During the Covid 19 pandemic, I borrowed around $1500 and bought Bitcoin. Back then we all knew the ideal price to buy with a predetermined interest return guarantee. As a result, everything went smoothly, and you were able to pay according to the agreement. What I learned is to make good use of investment moments, prices that went down during the pandemic gave me the opportunity to achieve more the following year.

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Quote from: Bananington on March 29, 2023, 12:07:28 PM

Should newbie traders be only concerned about making profit? I do not think so.

As you've said it's the learning that matters but for me don't make it that expensive at a loss just to get that learning. I get burned before but that wouldn't stop me from doing so on trading, I won't say that I'm that has huge profits these days considering the bear market but I'm into holding and buying cheap coins and tokens.

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So profiting as a newbie would consider as misleading? Isn't that the point of good outcome? It seems like for a new traders that the very start of their trading and they already win it's maybe luck but I guarantee that those successful trades was made only for them to do their own research having enough knowledge to every move they do. Of course as they continues their journey in the trading world. They would meet a lot of challenges and some mistakes which could help them to improve. It can enhance their mental ability to have a wise decision also their emotional state to trade.

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Quote from: Bananington on March 29, 2023, 12:07:28 PM

Should newbie traders be only concerned about making profit? I do not think so.

They want to make profit that is reason forced they joining the market and start trading. However, mostly they don't want to learn seriously before starting to trade.

When they usually join the market? At most hyped period that is mostly at peak area. Usually they will easily gain profit in early days of joining market and trade because market in such days will go up exponentially. They will think themselves as genius like "See, I did not have to learn trading seriously but I got great profit from trading. I will get more profit when I stay longer in the market!"

Unfortunately, shortly later, market will turn its direction after touching its peak and such traders will be killed by market. They don't have knowledge and experience to cut loss and protect their capital.

rat03gopoh

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I don't understand what this has to do with misleading profits, nowbie traders are never even limited to doing their evaluations, and changes to strategy will be made when it's time and it's necessary. I personally won't switch to another strategy or change anything as long as the current one still provides consistent profits.

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You have to be concerned about making profits from trading to build up the zeal that you need to focus on understanding trading even more, you are mixing hasty, and lack of patience with your point, newbies are always lacking patience when it involves money but everyone wants to be good at trading only because of the profit they can make off it.

Making profits after every trading is like gambling and winning, the feeling after winning always makes you mean that you are good enough, then you will start getting soft on yourself, this happens to everyone until they adjust their discipline level.

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Novice traders who enjoy profits in the beginning maybe because they only have luck, even if they do not have the basic knowledge needed to trade.
In later trading, they will understand that, those profits will not come back when they do not know how to trade properly.

Personally, I am also among the early traders who experienced some types of losses, so I started to learn how to minimize these losses and learn about basic trading knowledge. In the early losses as a beginner, it will also be a good experience in order to avoid the same mistakes.

Quote from: hugeblack on March 29, 2023, 10:49:31 PM

You do not need a deep understanding, but basic knowledge devoted to the aspects of privacy and the security of your currencies and the basics of trading is sufficient because a deep understanding requires time and this time may mean that you may join the ranks late.
Most of the people who invest in cryptocurrency do not understand it by 90% and most of us have not checked the white paper, the code of open source wallets or detailed knowledge of how the network works.

I am fully convinced about your opinion. Even my understanding of cryptocurrency trading is not more than 70% because the science of cryptocurrency trading is very complex and has many strategies that can be adjusted.

Detailed things such as checking white papers, open source code, and some detailed knowledge about the network is already included in the Research Section, by doing detailed research we will know whether the project is worth investing in or not. But if you don't want to do in-depth research, Bitcoin is the first choice.

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