Topic: Experience is key, go for it. - page 2. (Read 481 times)

At the end, we must do practice and practice makes perfect.

If we only read to learn knowledge but don't practice, even our understanding is good, it is not helpful enough practically because we all end with practice. Practice to store our bitcoin, broadcast our bitcoin transaction. If more deeply understand, we can use open source, non custodial wallet, use Coin Control and customize our fee rate as well as know how to look mempools and choose a good fee rate.

Practice also helps us to detect our incorrect understanding and can help us to have better knowledge too.

Of course, theoretical knowledge that is not backed up by practice will not be able to provide you with a complete understanding of how the crypto market works. And only practical exercises will help us gain experience that will allow us to make a profit in the future.

And with such consistency, you will soon find out that a certain activity is already like a passion to you.
Wherein, you won't feel being forced to do such task but it all comes natural to you.
This will be a good feeling for you because you are enjoying what you are doing, and you won't get tired of it.
You need to dedicate your time and some of your resources if you are serious in doing good for one thing.
Patience and hard work are always needed to succeed in any endeavor in life. As you said, miner or trader, both need consistency and persistency to attain success.

Yeah.. Practicing what one learn is the best way to success. Experience is key and if you dont practice what you have learn, then they are useless. Thats why teachers give students  assignment or homework to do.

Experience will certainly be the best teacher in all forms of learning. As they say, you learn more by putting more practice and more experience until you become better on your chosen endeavor. Most especially when it comes to trading as its a battle of mind and skills, until you create your own working strategies that will make your trades work and succeed.

Learning without putting in action is useless. Although you may learn the theories and all its methods or strategies, but when it comes to practical application, you eventually fail. Not because you seem less knowledgeable, but because you lack the skills that is a crucial part in learning. 

The point is that you have to be consistent with whatever you want to master or are currently doing. if you are trying to become a trader then what you have to do is try to become a good trader by learning basic trading skills and also collecting capital that can support you in trading.

It's the same as when you are trying to become a Bitcoin or other altcoin miner, you have to be consistent and also learn the basic things a miner should do. Consistency and persistence are two important elements that will make you successful in whatever you are doing.

No doubt, It has already been said that experience is the best teacher and on the other way round is better to learn from someone else's experience, But sometimes is good to allow people to experience things themselves, so far it will not cost them much injury or their lives. when you experience things you will have a better understanding of the situation and know how to deal with them,  there is no way you can totally get rid of bad experiences, they will always come.

Now bringing it to trading and investment, no matter how you learn from someone's trading experience, there are some things you won't get right unless you feel it.

Take you for instance,  and using risk management as a case study, some people won't get the whole gist about risk management until they hit a loss which will teach them the biggest lesson of their life.

I've heard people in various gatherings say that information isn't necessarily power until it's activated, and I believe that. Some have access to certain privileged information that can change their fortunes overnight but get laid-back executing such. They expectedly will remain on the same level as those who are also completely ignorant of that information.

Nothing beats experience. Those who've fallen victims to scam should've that experience and know how to beat them at their game next time. Sadly, that isn't the case as most times the victims repeatedly fall to the same scam but packaged in a different module.

Experience is the most valuable teacher, this proverb may be familiar to Bitcointalk forum users. Whatever is done today will become experience in the future, an investor who has sufficient experience will find it easier to carry out plans to gain profits from Cryptocurrency investments.
To become a successful investor, experience is very necessary. It's like saying, people who have tasted pizza already know how it tastes, while people who have never tasted it can only guess how the pizza actually tastes.

There are two types of experience one is learned by rote and the other is acquired through lots of study and learning is definitely the key to success.Experience is another important factor. You must really understand what is good for you and what is bad for you Experience is your key will become You actually have to overcome fear first and handle trading or any other thing with patience then experience will take you to the ultimate peak.But you have to follow good experiences along with bad experiences to trade because those who follow bad experiences and fail to learn from them are followed by real knowledge.If you invest your capital by following those who have achieved it well, you will see that you have acquired a high level of knowledge about trading and have successfully overcome obstacles.Finally I think it is not possible to gain knowledge in all subjects by just getting education here one has to gain experience from practical or applied point of view and failure is also necessary because failure is the key to success.

Before someone gets experience for anything, he must also look for a glimmer of information he needs to start something he wants, because everyone is not born into this world immediately bringing their own experience. A person must practice better, even if it starts from his own parents, relatives, or the environment where he has played since childhood, so that experience also takes time to look for and it will be more focused when someone can get information that is more appropriate for him.

The process of gaining any experience also takes a long time, so each person must respect this process so that they can gain experience and use it as the key to something they like. A person must also consider all information as very important because from that he can also make a study before starting to do something so that information is also an important part that must be appreciated by everyone even though that person already has experience that he has gained from his own environment.

That's a very simple example and can also be found more easily in the crypto space, but you also have to see how many experienced traders fail before they really master when to buy, when to sell, and when to hold. Because before he knows these three things, there is a big possibility that he will also fail in his trading so that he can learn well from this and make it a very valuable experience for himself so that he doesn't fail again in the next trade.

I totally agree with you on this. Yes, experience is the best teacher and the key as the op put it but you don't need to make mistakes on your own just to get the experience. A lots of experience are on ground both in the forum and outside the forum that we can learn from. Although having personal experience pass a strong message than learning from other's experience. However, if we pay attention and study well from other's experience, we can escape having a personal experience because no one like to have a bad experience despite that it's good to have such experience some time due to our negligence so that we can learn the hard way.

Seek the necessary knowledge and information first before thinking of going for that experience else you will blame yourself for taking such steps after the bad experience. If the knowledge is enough, it will help to reduce the risk during the practice to the barest.

Practical know-how is essential to help comprehend some subjects fully. In some cases, theoretical knowledge also helps to gain foundational aspects, but if one is able to get exposure to experience, surely it would be good to achieve.

Nevertheless, we need to be aware of which subject where a practical comprehension is necessary. In which where theoretical knowledge is meaningless without it. In your example, trading, it is meaningless if someone merely has theoretical knowledge. That subject does require experience and practical understanding. So, it is not absolute.

Tho I do agree on some degree, I wouldn't suggest any newbie to just 'go for it' without enough knowledge and information, except if you have a lot of fund to be used as experiment. Speaking from experience, I don't start with a lot of fund, I would recommend anyone who want to do Bitcoin trading or mining to learn the very details, it's ok to learn a little bit longer before you actually experience trading or mining. In that way you might minimize the risk of losing your money.

That's absolutely right! Experience is the key because there's a saying that theory doesn't always work in real life. You'll only find out if something works or not when you put it into practice in a real-life situation. With experience, you can learn and make necessary improvements to reach your goals, whether it's in trading or investing. Just keep learning from those experiences until you succeed.

In trading, for instance, what you learn from reading is probably just the basics. You'll quickly realize how volatile the market is, and changes can happen overnight. Without gaining experience, you won't truly understand the real market situation. Take Bitcoin, for example. When it experiences a big drop, according to theory, it might seem like it's about to collapse. But that's not the real situation. Bitcoin has seen significant drops many times, yet it has always bounced back. This is why investors still have confidence in it.

Personal experience matters alot, when two people are speaking on a subject that they both have experience but from different sources, you can identify the person that's speaking from personal experience. Personal experience teaches you lessons that you learn from and better yourself while others experience just gives you a guidelines that you can't always fully defend. It's good to have others experience so you don't make silly mistakes that can cost you alot of money but personal experiences are very important. Let's take learning how to drive as an example, someone's teaching you verbally from their experience won't have same impact as you practicing by yourself and gaining experience as you make mistakes and correct yourself with their guardians though .


For somethings, we have to learn fully before we start doing them and not think we'll learn them along the journey. When you want to Invest in Bitcoin you can know some basic and then you Invest and learn more along the journey as your adventure in Bitcoin continues but when you want to trade, if you haven't learnt everything needed to know I won't advice you start trading, the strategy can be changed as you gain more experience from your trades but you don't have to learn half way and think you can start trading and profiting. When you do like that, you'll lose horribly to the market that might make you to quit trading entirely because you won't be able to recover from the losses.

lovesmayfamilis - you peppered him with so many questions, I hope he doesn't get overwhelmed by answering them all well. LOL

I totally agree with this one – of course because every successful person needs that one moment for all their previous efforts to really pay off, that's the process. The problem is how much he is able to try to keep getting up after failure, how long he is able to be patient, how consistently he is able to continue enjoying the process. All of that is difficult – but someone who has been successful has definitely experienced it.

Yes, it cannot be denied that experience is the best teacher and this is one of the keys to success. Even failure becomes a very valuable experience for us in doing something. Of course, the hope is that we can avoid the same mistakes and failures as in the past.

However, in this case, especially in crypto trading and investing, there are several things that must be ensured before we actually do learning by doing to gain experience. Namely preparing ourselves as best as possible by seeking an understanding of Bitcoin, cryptocurrency, trading, investment and others in the crypto business. This is all to minimize bad experiences that will occur. Indeed, we will never be able to avoid bad experiences 100%, but with careful preparation, at least it will be much better and lower risk.

On the other hand, even if we experience failure, we really know how to handle it well. So that we can evaluate these failures in the future. And one more thing, experience does not only come from us. We can also take advantage of other people's experiences for our future.

One funny quote about 'experience', is that one mat not live to tell the tale in the end, that's why it is important for everyone venturing into a new path such as trading cryptocurrency to know this, have peace from within, abide by the rule of trading, and try to learn from every situation or mishap encountered along the way.

I would go for the experience of having to try out something I have always wanted to, of which I see a potential of success to percentage greater than 50.
What am saying is that, the experience of actually putting into practice all I have learnt on trading crypto is worth more than the price of bitcoin or gold in the market now.

They say knowledge is power, but for someone to be knowledgeable, you should be an experienced and skillful as well.  This is why getting first hand experience is always essential most especially in trading activities that needs more constant practice and application for you to become a reliable and successful trader.  While there are traders who only focus on fundamentals, but working on its technicalities is very crucial as well as no one gets to perfect trading without engaging in both fundamental and technical aspects.

However, know that in everything we do experience would always be the best teacher. One can never truly learn without putting practical application on it most especially in trading market where uncertainty and volatility is very high.