Topic: For newbies and plebs who want to self-study to become "traders" - page 6. (Read 773 times)

Yeah right on the point I like it. You just made a good point about all these scammers. Yes they are scammers because they would just use the weak points of the others for their own gain. In trading world the weak point is money, people being hungry about the knowledge and people being hungry about the quick money earning tips. Mostly the YouTube’s channel work in this manner. They will sell what’s really needed by weakness and not by what’s actually needed to remove that weakness. It’s like showing the world a good life, leisure time and what not to attract but there is nothing on the other side. So definitely be careful about such books and channels.

Most of the trading book materials is not teaching specific strategies but rather the proper use of indicators for your own strategy. They sometimes give their personal experience on the application of the tools they are discussing but it doesn’t mean that they are teaching a specific guide to have a successful trading.

I don’t read a lot of trading books but the one I read and learned trading only guides reader how to properly trade by use of the trading tools and guide on how to come a working strategy for your trade.

Be careful is the most appropriate advice in trading or investing and study it in more detail before you decide that you don't lose a lot of money. But even if later you experience losing money, you should not give up because it is a learning process and everyone experiences it too. You still have to learn more so you can succeed.

And if you still feel that trading is too hard for you, you can hold your Bitcoins and not trade and just buy Bitcoins regularly. That will reduce the risk of losing money trading because you are not buying and selling and just buying to keep to your desired limit.

If you are already successful in trading, don't assume you are an expert because there are more experts in trading but they don't call themselves experts and keep learning. Remember that crypto trading is always changing so you should keep learning more.

Or just for content fillers to get their sponsorship get through . No one will tell ya how to be rich in trading, or simply put it no one will tell ya how to get rich at all.

I am one of those people that "learned their lesson the hard way and just HODL Bitcoin". It's just not worth investing my mental health in keeping up with my trades daily especially that what I was doing was merely day trading. What I earned? Lesson and experience.   I still learned quite few technical stuffs like Bollinger Band and RSI though.

It's perfectly fine if trading isn't working out for ya. Trading is not for everyone.

This is so true.

Another way of scamming people is to create a lot of "signals" regularly and these scammers use social media (eg. twitter or telegram). Basically they buy a shitcoin then start advertising it as a "good shitcoin to buy" so that after others bought it and price went up, they could dump it and make profit while others bag-hold and lose money.
They are easy to recognize too because if anybody had a "good signal" they wouldn't be giving it away for free or even for money. They'd invest themselves and make a lot of money.

I don't think experience people that deals with investment do pay attention on those kind of investment proposals through Internet or in any social media, what us to understand over these points of yours, is that it's the newbies and people who is not aware of scam that always be a victim of this fraud or scam from my perspective, because they always be inquisitive to give any funking information they come across on social media and Internet a trial, so an experience person won't be a victim of it.

It's necessary that a trader most experience lose in one of it's trade, and if a trader loses and find out the area that lead he or her to lose I think it will to try for the second time, if its a legitimate platform I think giving a second trial to the same platform you might have noted your observations of what triggers the first lose. When you learn and know the key of trading and observe your lapses in your previous participation in trading, you should be able to know where the loophole come from in the previous trade, secondly what makes people to be curious to go for a second trial is they want to recover the one they have already lose, so I think that a trader should trade with what it can afford to lose without thinking of recovering the one it lost already, when such mindsets enters into a trader that is when what you narrated will happen to the trader.

Just like financial advisors who are selling their knowledge to someone. To be honest I think it is still helpful to read those books, articles and videos but it should at less or zero cost to you. There's no perfect way to execute a perfect trade on trading, everything comes with experience to deal with situational happenings. Though I think it is ok to start up with reading those materials as a boost in learning how to trade given that those materials is sorted with the important parts to learn about trading. Though never expect to make millions by just following it.

They can be lecturers at universities, can be professors and have deep knowledge about trading but if they trade, they might not be winners. Between theory and reality, practice are very different and they can not trade successfully if they only apply knowledge but can not control their emotion.

Books if don't have advice about investment is safer than trading, are not worth to read.

If traders buy books, authors receive money and it's good for them. If traders register their accounts by referral links from their trading teachers, signal group owners, those guys will get money from referral money.

Traders lose or win, who care?

It IS actual gambling, especially for us plebs. I don't care what "skill arguments and justifications" many people post because if there's any possibility that we'll lose money in something, then it's a gamble.

Having said that, even starting a business is a gamble, and a leveraged gamble at that if you, as the entrepreneur, are using borrowed/loaned money.

Trading is like gambling most especially future trading and swing trades that could wipe off your entire balance,  and what I do as newbie trader back then was to trade only in stable coins like USTD so that I can be safe if the market goes against my liquidation,  take for instance,  if you trade in coins that are unstable in price,  their market actions and reactions could affect the amount you hold as an asset and if the trade goes against you at the same time then you lose becomes double and that could mean more loses for the traders.,  but that is when trading in manual ways.

On the topic of trading guides,  books,  and articles,  my thought on them is that reading and depending on them can only help you to gain some experience from the writer's own experiences which could differ from your own overall experience and also more so that,  you tend to increase your chances of getting misleading information relying on the tips being offered by those so-called expert writer's because some of them lack the practical experience since they only write to make sells from the writer of the book than being involved in the practice of what is written in their books.

I can't afford to risk my Bitcoin in trading and if I have to trade then it must be with USTD because for me my Bitcoin is solely for holding for long terms.

I have been trading for some years now, I check my net profit and loss, I still lose more than I win on most exchanges that I am using, except only one which is Huobi global which I still have profit, all other exchanges that I am using, I lose more than win. This has nothing to do with the exchanges, but it is just what happened to me.

According to one research in the past, Among 100% of traders, many of them changed to swing trading and holding after they have lost money and they continue to lose in scalping and day trading. Traders that are married prefer to trade with little amount of money that they can afford to lose. Some traders, especially those that are not married and have no responsibilities yet continue to trade with high amount of money and lose, while only few traders like 5% out if 100% that are making profit from trading.

It is good to be patient, holding could be better. Holding could be better.

True, there is a saying for it as "All that glitters is not gold" i have read many stories in my school and childhood life. Still observing many events like these where big or promising projects, represent them as the best investments projects but instead they just luring you into phishing scams.

I totally agree with you and will always remain care full, i have seen many examples, like the recent one. SCAM or not ?. we should all remained careful either we are newbie or not because human mind is full of feelings and once a human mind falls for some phishing scheme it become difficult to get out of it. So best practice is not to look at such schemes and always do proper research.

My advice - BE CAREFUL

Investment and trading books, articles and videos are made by people who might not actually be winning traders. They make their money by writing "investment materials" and sell it to us, the plebs.

Plus "as traders", most of you will lose money and leave. Some of you might return and lose more money. Some might have learned their lesson the hard way and just HODL Bitcoin. The few who actually put in the most time, effort and who are well-capitalized might make it.