Topic: Experience is key, go for it. - page 3. (Read 484 times)

Whether it's a scam or not, we'll still be able to learn from our bad crypto experiences. The only way that you can say one has not learned from it is if he still chose to repeat the same mistake again.

However, when we talk about investing or trading, being well-experienced on the market is a must. If you only focus on increasing your acquired knowledge without honing your skills, you can't say that you are actually learning. Because to be honest, we all learn through our different experiences regardless if they are good or not, as long as they bring us lessons to learn and ponder. And by the time that we can conclude what is trading or investing, that's the time that we have experienced their different risks until we finally come to understand them.

OP, I agree with you here. Having vast knowledge isn't enough for trading. Experience is the key when it comes to trading. I saw that Binance recently added a feature called copy trading to their platform. You can basically copy a trader's trade techniques or methods. Anyone with good knowledge can perform this simple task. But profit isn't guaranteed here unless you know when to trade and when to hold. Only an experienced person knows when and when. This is true for everything we do like gambling, betting, tading, mining etc.

Either way, knowledge and experience are everything we need in life, especially the bad ones. They will ensure that you won't make the same mistake twice. Of course there will be ups and downs, at least you would know what went wrong.

Learning to trade without practicing it will not help a person understand how to trade. They won't have much experience without practice. By practicing what they have learned, they will gain valuable experience.

And a person's experience can increase as his ability to analyze the market increases. With experience, someone can learn and fix their mistakes so they don't experience or make the same mistakes. Experience helps people know when to trade and exit the market.

And that experience applies not only to trading but also to everyday life. With experience, we can also become wise in facing life every day and it will also help control our emotions so that when we trade, we can also control our emotions well.

You're saying banal things, OP. But in practice, how many successful traders do you know in your circle, for example? And how many of those for whom the experience of mistakes and failures has forever discouraged the desire to do this? When should a person understand that he is ready to practice? It usually takes a lot of time to gain experience, and I am more than sure that for many people, experience is always associated with many mistakes. What should a person do next if they have too much self-confidence and a great desire to get rich quickly? And what should he do when he realizes, after regularly making mistakes, that he is not doing his own thing? You know, write the kind of posts that are full of them on the Internet. There are a lot of posts motivating people to go ahead, but the fact is that there are some moments of luck that go together with experience, and only this makes a person successful.

This is applicable to even scenarios outside the forum also just like when someone explains for you how to drive a car if you don’t put it into practice you may never understand fully how to move the car but you just have idea about it so it is with here and i see it more like a step if you really want to become an expert. Be it trading, mining or anything you will need to get rid of fear amd put what you learned into practice and gradually you will understand it better.

The first time I tried using p2p to buy a coin after learning about it somewhere I can’t remember to be precise everything look so different than how i read it, i was confused seeing plenty of buttons but I managed to complete my order and my next experience was much easier than the first and gradually I understood it more now i can even perform a p2p trade with my eyes closed…LOL. That’s how it is, practice makes perfect.

Trading with just learning expertise is not enough, you will require constant practice before you can fully understand it. You need to be exposed to the trading environment to fully understand how the market behaves and know when to stop loss or probably enter a trade.

They both work hand in hand with each other if one wants to be successful. You can’t skip a step and claim you want to achieve success, you need to start by learning the fundamentals and making sure you fully understand where to apply them and practicing them while applying them correctly in the right place. Also remember, every successful trader is a risk taker so you need to also learn how to take calculated risks.

You have provided the best tips for the newbies which will surely benefit the newbies a lot and they will get the best results in terms of trading. In any field, experience does not begin until a man enters the field.As most people trade by following the signals of others. In the same way, if we do not try to learn by following the words of others, then we will always be in need of others.

However, every person starts learning all these things with time.Often when we lose in a trade we realize more about our mistakes and we start to see where we went wrong.However, trading is a risky market where even experienced traders sometimes lose because sometimes the  market can go against our analysis and predictions.As the cryptocurrency market often fluctuates due to good and bad news,there fore global news also needs to be closely monitored.

Like they always say experience is the best teacher, experience gives a better understanding in every aspect of trading and investment. Experience explains better of how the market operates and not to panic when the market is going down dip. Experience helps traders and investors to have more patience with the market. Experience is everything to become a better trader or investors, experience helps to know which project is scam.
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That's why when their are little loses in trading in trading their is no need to panic,  it is just an experience that will help in the future to do better and not to go back to the same mistake that led  to the cause of lose.

Of course, as what the saying goes, experience is the best teacher. And that's not just the key here in crypto but in life though. That's why we all know that let's say falling for a scam is very annoying. But when you experienced it first hand, you will understand how you fell to the scammers trap and so you make yourself battle tested already and for sure you are not going to be scam again.

I'm not saying that everyone should be scammed or what to get that feeling and experience. But what I'm just saying if in the beginning, like myself, we was a victim of bitcoin doubler way back, it really made me what I'm today in crypto, not trusting anyone, and then the so good to be true offer, that is a red flag that it is a scam.

This isn't applied to only traders, or anything related to crypto, but in everyday life as well.
There are some things that we can only learn thru experiencing. There are times where we need to face hardships in order for us to be better. Experiencing the hard times makes us better.

As for traders out there, experience really makes them better that's why most of the newbie traders tend to lose money in their first try. It's because they don't know what to do, and the only way for them to adjust is to learn from their mistakes. What's important is that, you are learning from the experiences that you are gaining every single day.

Words of wisdom for the day. Thanks OP

Experienced, professional and disciplined traders don't hodl.

Why I said so. It's because they are traders who are very disciplined with opening and closing their positions. When they open their positions, they clearly have plans that when they will close their positions for either taking profit or cutting loss or simply closing their positions when time will no longer good to let it opens.

Because they are disciplined and professional, they will cut loss without hesitation when they see something is wrong.

Trading to hodling is only for amateur traders who don't have any plan for their tradings so when they fail with trading, they switch to hodling. But you know, they hodl for a while till a time their patience hits limit and they will panic sell.

There is a sayings that says practice makes perfect. When one continuously makes practice of what he or she has learnt it makes them perfect which gives them the experience they sort after. They say experience is a teacher and as well the key to perfection. So it would be nice if as an individual you always practice what you have been taught because when you practice,it becomes part of you. Ordinarily, you must not wait to work to gain experience but your constant practice of what you have learnt gives you the experience in waiting so that when the opportunity avails itself, you can take advantage of it as you have already gained the experience in your own practicing.

One path to learning is in the application. You can be grounded in the theory but the prove that you’ve learnt and it actually works is in you having to be able to apply what you’ve learnt. It becomes a means to gain from the knowledge you’ve got and build on it as well.
Some people have resigned to the theory and set aside the practical work because, it ain’t always the same with the theories having to play out in the same way in the market and that is to trade.

That’s why experience might be key but, you don’t need all the experiences out there to learn a lesson. You can as well learn from other people’s experiences.

Experience is is good and there are many ways to acquire the experience in the crypto space. You are always learning from yourself and from others. The quickest way to get experience is through others but I don know how effective it is compared to experience from oneself. I thinking that experience acquired through personal encounter is customizable. I prefer this type of experience. You get the message faster.

Well said and I wish all newbies get to see and also read through this short and precise writing and most times, most newbies come with the mentality of making quick profits without any effort which is absolutely wrong, I’ve always made it clear that cryptocurrency isn’t a get roach quick scheme and as such should be given time and just as the Bible said that what ever the hand find doing, should be done well and such should be applied here as whatever area or aspect of crypto we find ourselves, we should always try to give it our best but firstly, we should figure out and identify what area we’re really good at and try to stick to it.

It's different this time. It's so nice to see that many newbies are already welcoming and knowledgeable with what they're entering and that's the market, investing in Bitcoin and as well as the forum.

Exactly. As you start, start small and take it like you're on a ladder through step by step. But no one stops them if they want an instant knowledge, instant investment and so on. But the thing is to learn the process and make a progress.

There are people who don't put into practice of whatever information they have had but they always want to be receiving, the thing is you must learn to practice before acquiring more information. Like for instance someone who studied Mechanical engineering and he was thought how the machine works and the necessary areas of his field without even partaking in practical works does not make you a sound and qualify students because your experience is what they would classified you as before the Degree obtained from the school same is learning.

This isn't a forum about moneymaking though. This is a general forum about Bitcoin, where people discuss everything about Bitcoin - like its place in this world, technical developments, how to use it, etc. Making money in Bitcoin ecosystem is just one aspect of this forum. Beginners shouldn't think that the main purpose of this forum is to learn about making money with Bitcoin.

But when we say about bad crypto experiences then people set the mindset that it is scam so can we say they have learnt from it? They make different assumptions out of it but good experience comes from learning and once you start exploring and understanding about it so it should be best option although you learn from your mistakes as well.

Experience is the best teacher. But its better if you learn from the experience of others than waiting till you get the experience before you learn. When it comes to trading, there are lots of experience that has been shared on the internet especially in the forum here for beginners and other level to learn and practice so that they wont fall victim of any. So if you go through them try to understand what they have shared if it is what you will adapt and practice. One thing for sure is that the final decision is still yours to make whether to adhere to what they have shared and follow their advise or you can try your pattern to see if it will work best for you not minding the repercussion. This means that you are accepting any consequences and your ready to learn from your mistake. So in conclusion there are two ways to learn. One is from the experience of others and the other the experience you get form your own mistake.

What do you mean experience?? Like....in trading and risk management like you explained below?? Or in a coin transactions?? Like... P2P Transactions, staking, trading and volatility/ trend analysis?... Lemme just believe it's not about getting experienced on scammy projects... That might get 'em discouraged already..
I believe the forum was introduced for the essence of making a "readthrough" experience ( atleast from 'em peeps that never knew about BTT before getting registered on scammy sites)

Sandra 🧑‍🦰