Topic: Few tips of advise in bitcoin or crypto trading (Read 373 times)

Often there are people who invest their money in investments in search of ease and faster growth thinking that they will double their money.  New traders are often inspired by watching professional traders, who are making profits from trading.  But don't realize that these professional traders have years of experience and a deep understanding of the market.  Without experience and the right strategy crypto trading often leads to losses.  Newbies make rash impulsive decisions that get them into trouble.  Improve patience as well as proper research and education is a must before any investment.  It is important to believe that the pursuit of rapid growth can often lead to loss.

In trading good knowledge is very important to scale through. Understanding is the trading is the first thing that people are supposed to try their best to acquire but they feel getting understanding in trading is not necessary which they believe they can make profit from trading with the little understanding they have.

When it comes to trading most beginners don't even care about getting knowledge what they are interested of is to make profit from trading so quick. Knowledge is the principal thing in trading and without having knowledge it is impossible to make profit instead the lack of knowledge will cause one to lose much money, this is to tell that getting knowledge in trading is very profitable.

Some time cannot be wasted on unproductive things and for people who are not ready for the risks that come with trading then it is better to choose another path such as investment rather than getting involved in trading that will actually lose money every time.
Experience will be the best teacher for anyone but without that knowledge they will not get results. We can see in the last few days where almost all people have experienced liquidation in trading and almost most people have lost money in unexpected amounts.
Then what is the attitude of people who do not understand trading well, are they okay or does it affect their psychology because what I know is that dealing with the risk of losing a lot of money is not easy.
Most people do not come to trading with more prepared abilities and most of them just force themselves to make money in the wrong way and trading must be understood not always to be profitable because the market can change so quickly because of speculative talk.

Just let them be on which it will really be just that up to them on how they will really be gonna handling it out later on. Sooner or later they will really be able to realize on how unpredictable and harsh this market would be on which at the moment or time that it will really be giving out that kind of learning basing up into the experience that you had been able to meet up. Advise would be talking about risks management and emotion handling on which this is mostly the main problem for most traders and they cant be able to handle it out well when it comes into this manner. Experience would really be the best teacher as they say on which at the moment that you will really be able to meet up certain problems and able to make out solutions then this is the time that you will be able to apply it out into your future trades and this will be that happening as you do go forward. Dealing with this market is something that could trigger out both psychological and emotional aspect on which this is something that cant really be removed out when it comes on trading or any investment that involves volatility and too much risks. Be sure that you will really be that wary on how this market works so that you wont be getting shocked at the moment that you step your foot in.
Some people do really that become delusional on the moment or time that they will really be trying out to do something.

Most people think they will make big profits in crypto trading and they do not understand that involvement in it requires knowledge and experience.
There are many people who lose money in their early trading because they have difficulty seeing opportunities and they are generally influenced by the desires of others who are able to make money in trading.
Trading can indeed be learned but it takes consistency and there is no guarantee that it can generate profits consistently.

Managing risk is very important so that we are not involved in worse psychology because the habits of people involved in early trading will definitely experience losses because their knowledge and experience are not yet mature.

Before they start trading, they must learn how to trade with right. Without learning, they will not be able to find the right coins and even they can get the right coin, they will difficult to make a profit. Trading needs skill to analyze the price moves so they can know when they can enter to the market.

Most people don't learn about analysis the market and makes them difficult to select the coin. If they have skill, they will know what coin they need to buy and sell. They will not just depend on the top 50 coin list because they will explore the list to find the profitable coins. They know that they have a big chance to make a big profit but they must research and analyze before they choose the coin.

Been at the top of the table on coinmarket cap or coingecko does not mean those coins can be dependent on for the long time, at some point, they lose their relevancy and not worth anything. Those type of coins can easily be controlled by a group of people or entity and trading such coins can just get you rugged as you won’t be able to make your analysis right as they will make it look like a pump and dump scenario. Coins in the top crypto market cap are good choices for trading and holding but overtime, you should also check their trading volume and demand for investors to hold and invest into, those have given more relevancy to the coins. Any coin that may not be seen in the top 100 can just be allowed to be on their own and stay away from.

Thank you for this update, it's really basic as you put it. And am really sure any newbie here would understand this with ease.
But one thing a newbie should understand also about crypto currencies and trading is,
It is never a get rich quick scheme, where massive returns on investment are just made overnight.
Rather it is something you have to develop patience with in order to reap the fruit of your labor.

I agree that everything in this world requires effort, as they say, no farmer can plant today and harvest tomorrow, they have to wait a few months before harvesting, and while waiting for the harvest time, we need to monitor what we planted because it might be spoiled later.

The same goes of course for crypto or bitcoin trading, where we are not only a community but also traders to obtain profit in the future via crypto assets that will be purchased as tools for us to get earnings in the end.

For those new into crypto and wants to trade , i suggest educate your self first because it's not easy to be honest, wherein you need to deep more before you become good on it.  Infact for others it took years for them to become profitable, so i advice to don't be in a hurry and take the process .and for choosing a good palce to store crypto better rely which is on the top and has good ratings to ensure your capital is in a safe place.

If there is no good knowledge about trade, it will be difficult for people to manage risks because they do not know how to handle trade properly and manage risk alone is also not enough.
The key is never to think of getting big profits in a short time and trade does not provide the opportunity to think or act like that.
It takes a lot of things that need to be learned because trade is not easy to run, risk management and analysis of coin movements need to be learned so that we have a direction when we want to enter the market to install an entry.
Nothing is instant in this world and trading does not provide consistent profits because even though we are experienced there are times when we experience losses in trading especially for beginners.

The uncertainty is what I call as luck, we always read stories like crypto trader made 100K from 2000 and such but that's I can only relate as someone who won the lottery. We can do everything right from analysis, strategies, picking the right coins and pairs but we still need to be at the right time at the right moment to make is profitable. So it's a gamble but on different level which is why I won't suggest trading for someone to be their primary or only source of income unless they are already rich and doesn't need to rely on the profits coming from their trades.

Right now, we can see that a lot of people did whatever they could do and they still profited because bull market provides a good proof no matter what you do, there isn't really any single way of making money in the bull market, people are making profit in all kinds of ways. Some are trading with different indicators, there are over a dozen indicator people are using and most of them are making a profit from all of them, some are doing airdrops, some are doing futures, some do margins, some do early investment before launch, some do after listing, there are so many strategies and all of them are profiting, or at least most of them.

Only the people who losing are the people who invested into rug pulls, and during bull period the hype is a lot and everyone jumps into everything, so rug pulls are a bit more common, you should be careful about them and if you can do that then you are going to make a lot of money without worrying about much.

Perhaps those traders who compare trading to gambling—saying it relies on luck to make money—are speaking from their own experiences. But just like gambling, there is no perfect strategy in trading; that is true. Even having many years of experience, we can’t guarantee profits because of the volatile nature of the market.

We understand that the market is full of surprises, but guess what? This also gives us hope—the chance to earn big if we get the right timing (buy/sell). However, trading is still a step ahead of gambling. With the right approach and smart strategies, trading can become a sustainable way to live and thrive.

Especially since this is not really speculation on our end but an event we have seen happening several times before, projects that enjoyed the support of the community suffered a tremendous fall in a matter of days and then they never really recovered, so trusting on the top coins simply because they seem to be too big to fail is a big mistake, which explains why many members are bitcoin maximalists, as bitcoin is the only coin I can see surviving no matter what during the next decades.

Top coins in terms of marketcap value doesn't mean it's stable crypto, it can crash overnight and no one might be expect that so don't came into any conclusions based on the market value which is always changing. But for a beginner lesser they choose then it's possible for them to concentrate on its analysis and make better prediction of market movements.

I got to say something even if we are the master of TA, still we need a bit of luck to be successful and profitable.

A very good insight around t he basics of cryptocurrency and Bitcoin but I will say to the newbies,this isn't a financial advise so you are expected to still DYOR so you get better insight I to what you should do and how to make decisions for yourself when it has to do with picking the coin you would want to invest in or probably trade as the case maybe.

Do not do what you don't understand rather seek clearity then make sure you have gotten enough knowledge then you can delve deep in under an informed decision.

These words of the OP seem to me to be a summary regarding traders who are conducting trading activities in the field of cryptocurrency business. It is also just a guideline that in case newbies enter an industry like this, they have an idea of what to do, especially how to choose crypto assets that will provide profit.

There is no community that enters trading in the crypto space or bitcoin without thinking about profit, but it is better to have knowledge before trading because there are others who trade first before learning about trading, which is for me not the right way or strategy as a newbie trader.

If you invest in the top 5, you will definitely make a profit in 3-4 years.
But that won't be trading 
So, yeah. Lots of work should be put into finding the gem on the market and having exact facts about why you think this exact coin/project would be afloat for the time to come or even pump in the future.

The most important thing would be to manage the risks properly and start out small.
You won't make a life change in one day - it's hard work of adaptation and sweat put into analysis + knowledge in the space.