Have a Income? Invest in Crypto or Not? Let's think realistically - page 4.

Unbunplease

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Quote from: Jody.Drummer on May 07, 2023, 01:17:23 PM

Greed is always something that will destroy us, therefore we must avoid as much as possible not to become greedy people. Investing in cryptocurrencies is something that is profitable if we really understand what to do, and it's true that we also have to be able to control ourselves so we don't become greedy people. Because greedy people will end up with unwanted things.
I'm going to invest in cryptocurrencies, but I'm also not going to expect huge returns. That's one of my ways to keep me from being overpowered by greed.

Of course, greed is bad, but there is also such a thing as lost profit syndrome. For example, you invested in one cryptocurrency and sold it for a 50% profit. After that, the price immediately went up another 300%. Okay, you got over it. Then you invested in another cryptocurrency and sold it for a 50% profit. A day later the price went up 500%. The question is, what do you do when you invest a third time? Sell at a 50% profit or wait? Here's the dilemma. That's easy to say until you find yourself in that situation. And if you do?

nimogsm

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Hey, it's strange that you haven't tried to find something with passive income. You have made the most common mistake when a trader has money and no experience, he enters the market immediately with the entire amount. In general, everything is described correctly in the topic and all the most popular mistakes are listed. I hope beginners will take knowledge for themselves and will not lose their deposit in 1-2 days.

southerngentuk

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Greed for the greens in front of you in this electronic market will only make you an addict, and sooner or later you will be eliminated. So learn to control and discipline yourself when trading. Even though it is difficult and you have to go through a lot of mistakes, once you master it, you will have good judgment and not be blurred by profits in front of your eyes. In addition, you should also learn to accept losses, which is also a good lesson from which to draw valuable experiences, but it is important not to be discouraged and give up.

Jody.Drummer

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Quote from: xSkylarx on May 06, 2023, 08:36:12 PM

Market will catch you if you are too confident and greedy for profit that is what happened to you and the possibility that will happen to everyone because there are really time that we got too greedy that is why you need to have self control as well as knowledge on everything so that it can lessen your losses because in trading you really lose there are really time the market doesn't go well on your strategy that is why learn to stay away that time

Greed is always something that will destroy us, therefore we must avoid as much as possible not to become greedy people. Investing in cryptocurrencies is something that is profitable if we really understand what to do, and it's true that we also have to be able to control ourselves so we don't become greedy people. Because greedy people will end up with unwanted things.
I'm going to invest in cryptocurrencies, but I'm also not going to expect huge returns. That's one of my ways to keep me from being overpowered by greed.

Russlenat

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Quote from: mvdheuvel1983 on May 05, 2023, 10:40:13 AM

Small profit is still profit. And the first rule of thumb for me is contentment. If you as a newbie trader compares yourself with a Joe that is a professional trader who makes $500k per week on trading you may truncate whatever trading career you are building up for yourself.

Because you refused to control yourself and your emotions. Pro traders do not let their emotions control them. That's why they know when to trade and when to take a rest.

Trading does not necessarily mean that you are in for big profits, of course everyone should start with small trades and small profits until they start to improve and prosper in trading and adjust their trading capital and risk bigger amount to attract bigger chances for profits. But let me remind everyone that when you trade for bigger capital, that won’t never guarantee bigger profits too. At most times, you even lose your capital. The reason why we should never be greedy when trading. Small profits are still significant profits, so we should learn to appreciate it especially that we all know that trading is never easy and it’s very hard to trade successfully knowing the market condition keeps changing most of the time.

lombok

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Quote from: BitDane on May 06, 2023, 06:58:14 PM

I agree that trading Bitcoin in perfect way may maximize the profit since we can short and rebuy at the bottom increasing our Bitcoin portfolio but the risk is when the market goes the other way right after we short the market. It will mean a loss to us. So many people advice that if we lack the skills and understanding of trading, hodl is always the better choice.

I also did this buy BTC and hold. And I did it DCA and I saved it in a hardware wallet.
But remember, buy and hold applies to bluechip coins, in my opinion, like BTC, ETH or BNB, in my opinion.
However, if we buy and hold with shitcoin, I cannot guarantee that our long-term investment or trading is safe. I once lost 0.8 BTC on the AMP coin in 2018-2019 because of a scam project that was trading on the Bittrex platform at that time.

So choosing a coin for this trading model must be observant and full of attention in research

Quote from: DanWalker on May 06, 2023, 10:31:20 PM

Diversification is a good thing when it comes to investing but buying altcoins, I don't think it's diversification. The entire crypto market depends on bitcoin, if bitcoin crashes, then no altcoins will survive, so buying altcoins for diversification is a serious mistake, many people are making. If you want to diversify your portfolio, you should invest in non-crypto assets like gold, stocks, real estate, etc. That will ensure your safety since they are not related to each other.

DanWalker I give merit to you. I think your opinion about Diversification is very reasonable. If we spread our money only in the crypto market it is the same as Suicide. What DanWalker suggests sounds very realistic and makes sense. Even if the crypto market is f*ck*d up, our non-crypto assets will at least provide another opportunity.

michellee

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from the story you explained, there is indeed a lot of experience that we can take, because you can master some of the things that are really needed to participate in the crypto world, every job we do doesn't always go according to what we want, sometimes we can get a good profit very big and you can also experience losses, so never give up because that is one way to keep up the enthusiasm, and in investing in the crypto world, never use real work money where the income is indeed limited because when you experience a loss, we will definitely feel frustrated like What you are experiencing, for me this is the most important thing, and I have also felt frustrated because every investment always fails to get big profits, but I will not give up before all my wishes are fulfilled.

And always try to learn to improve skills in trading or investing because only by learning can we have better abilities than other people. Everyone must have experienced failure but what distinguishes us is how strong our desire to be able to get up and try again.

That will distinguish us from other people who fail in trying because we never want to give up on existing situations and conditions. I used to feel it too but after I tried again, I could feel the difference in myself and trying to profit from trading.

And as long as we study, we must also be able to control the money we use and only use the money we can afford. This is to minimize losses that can come at any time. And even though you are already a professional with better skills, you still have to limit the use of money.

coin-investor

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Quote from: posi on May 07, 2023, 08:46:21 AM

While investing is easier and less stressful than trading, that doesn't mean it doesn't require knowledge when it comes to investing. At the very least, you should arm yourself with some basic knowledge of the market, as long-term holding is not easy. Suppose you have no knowledge of bitcoin and have never learned anything related to bitcoin, when it becomes volatile, you will panic and sell, and you will also lose.

Not only trading and investing, but before deciding to do any work, it is necessary to have prior knowledge. Without knowledge, you will fail.

Anything that requires money to invest you should back it up with knowledge, and hands-on knowledge on what to do, it applies to everything like trading, Cryptocurrency, and mutual funds.
Here in Cryptocurrency, even if you are good and knowledgeable you can still suffer losses, losing is part of gaining experience, it's the best teacher, so it's important to cut your losses by having the right knowledge.
There's no perfect investor when it comes to Cryptocurrency, you have to combine your knowledge with patience, part of losing is not having patience.

posi

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Quote from: irhact on May 07, 2023, 01:30:43 AM

Quote from: smile1218 on May 06, 2023, 10:57:20 PM

Doing trading is not easy, at first you will experience a big profit then suddenly the market will fall dramatically that will result to losses of your investment. Trading is a trial and error especially to newbies in the market. I had experienced a lot of times losses in my investments. I had invested in altcoins and the timing is really really wrong that results to losses. With those experiences i had encounter i am very much careful now in investing because loosing causes a lot of stress and i do not even know if my investments would recover. So practically now it is better to have a steadily income while saving something for investment.

Trading should never be a trailer and error thing or you'll lose all your capital, nobody should start trading without having the knowledge needed to be successful at it. A newbie that has no knowledge should first learn and that can be done easily from the comfort of your home and through the internet. You can watch videos on YouTube and become a professional before trading.

Instead of stressing yourself with daily trading, you can just have an income and invest in Bitcoin. Investing is less stressful and very convenient for anyone to do. You don't need an experience in this, just your capital and using a reputable exchange to buy your Bitcoin and store in an offline wallet.

While investing is easier and less stressful than trading, that doesn't mean it doesn't require knowledge when it comes to investing. At the very least, you should arm yourself with some basic knowledge of the market, as long-term holding is not easy. Suppose you have no knowledge of bitcoin and have never learned anything related to bitcoin, when it becomes volatile, you will panic and sell, and you will also lose.

Not only trading and investing, but before deciding to do any work, it is necessary to have prior knowledge. Without knowledge, you will fail.

imamusma

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Quote from: Bananington on May 07, 2023, 02:19:00 AM

It is easy to be tempted when you see the other people post their trading results,. It is why self control is important. Having an understanding that some of this people who post trading results only post the results of their successful trades will first make you understand not to be moved by everything that you see. On social media almost nobody post their failures for the world to see, the post you see are mostly the happy sides to their lives which is real sometimes and also fake some other times.

Everyone will be happy when they can earn the same income as everyone else, but don't be tempted by other people's income from trading before you have really good knowledge and skills to start with. After all trading is not a competition where you have to be very careful with all the risks and whatever is involved in the market. Self-control, understanding strategy, having analytical skills are some of the things that must be possessed to support your trading plan.

On this topic, it's certainly good to consider investing instead of keeping fiat in the bank. However, this investment plan must be quite balanced with the budget that you manage to save each month. I will invest if I can save money, but of course I would not use 100% of my budget to invest without having reserves.

Bananington

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Quote from: lombok on May 05, 2023, 07:45:23 AM

At first I only used my salary to make ends meet, but over time I was tempted by trader friends who posted their trading results, and started playing trading on the Bittrex platform at that time.

It is easy to be tempted when you see the other people post their trading results,. It is why self control is important. Having an understanding that some of this people who post trading results only post the results of their successful trades will first make you understand not to be moved by everything that you see. On social media almost nobody post their failures for the world to see, the post you see are mostly the happy sides to their lives which is real sometimes and also fake some other times.

FrozenBit

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I also have some very limited experience in the crypto market, but since learning about it it has changed a lot in my life. Indeed, there are many pitfalls that attract us, it hits everyone's greed, maybe right from the start we can equip ourselves with skills, but when experiencing the actual process, greed competition makes us not want to be left behind, the fomo mentality that accompanies the experience. I have also received a lot of failed lessons to be able to limit mistakes but not all good, I find that investing not only brings material returns, but also brings many lessons. Knowledge such as our psychology and behavior are also exposed in this environment. It can be admitted that the cryptocurrency space is really a wide environment that includes a lot of different valuable knowledge in life.

irhact

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Quote from: smile1218 on May 06, 2023, 10:57:20 PM

Doing trading is not easy, at first you will experience a big profit then suddenly the market will fall dramatically that will result to losses of your investment. Trading is a trial and error especially to newbies in the market. I had experienced a lot of times losses in my investments. I had invested in altcoins and the timing is really really wrong that results to losses. With those experiences i had encounter i am very much careful now in investing because loosing causes a lot of stress and i do not even know if my investments would recover. So practically now it is better to have a steadily income while saving something for investment.

Trading should never be a trailer and error thing or you'll lose all your capital, nobody should start trading without having the knowledge needed to be successful at it. A newbie that has no knowledge should first learn and that can be done easily from the comfort of your home and through the internet. You can watch videos on YouTube and become a professional before trading.

Instead of stressing yourself with daily trading, you can just have an income and invest in Bitcoin. Investing is less stressful and very convenient for anyone to do. You don't need an experience in this, just your capital and using a reputable exchange to buy your Bitcoin and store in an offline wallet.

ethereumhunter

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Quote from: smile1218 on May 06, 2023, 10:57:20 PM

Doing trading is not easy, at first you will experience a big profit then suddenly the market will fall dramatically that will result to losses of your investment. Trading is a trial and error especially to newbies in the market. I had experienced a lot of times losses in my investments. I had invested in altcoins and the timing is really really wrong that results to losses. With those experiences i had encounter i am very much careful now in investing because loosing causes a lot of stress and i do not even know if my investments would recover. So practically now it is better to have a steadily income while saving something for investment.

What is important from that is learning to trade because only trading can help us make a profit from trading. And with our expertise, we also analyze the market to find the time to trade. Investing also requires more knowledge because we have to find the right coin as an investment and many people choose the wrong coin. We must be careful and not be tempted to invest in one coin at the suggestion of others before we analyze the project. And if you have a steady income, you can make ends meet while you can allocate some of the money for trading and investing. Those are three ways to make more money for you.

smile1218

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Doing trading is not easy, at first you will experience a big profit then suddenly the market will fall dramatically that will result to losses of your investment. Trading is a trial and error especially to newbies in the market. I had experienced a lot of times losses in my investments. I had invested in altcoins and the timing is really really wrong that results to losses. With those experiences i had encounter i am very much careful now in investing because loosing causes a lot of stress and i do not even know if my investments would recover. So practically now it is better to have a steadily income while saving something for investment.

DanWalker

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Quote from: Yatsan on May 05, 2023, 05:58:25 PM

Quote from: darkangel11 on May 05, 2023, 05:24:40 PM

Quote from: bayu7adi on May 05, 2023, 03:01:39 PM

Quote from: lombok on May 05, 2023, 07:45:23 AM

Well, are there any additional tips on trading and managing finances from the salary we get or experience similar to mine? Please share here. thank you..

Another tip that may be valuable for beginners is asset diversification to avoid investing solely in one place. Spreading your investments across various avenues can minimize the risk of losses. Don't follow the example of those who have succeeded by going all-in during trading, as I am certain that many have failed but remain unpublicized. It is better to enjoy the stages of trading with smaller amounts first, as this will enhance your ability to manage larger sums of money in the future.

I say it often and I'll say it again here, buying a lot of cheap shit doesn't make you safer than buying a single expensive shit. After all, you still own shit.
Diversification among bitcoin and altcoins doesn't work and makes no sense to me.
I also see what OP problem was and it was really simple. You lost money because you were buying shit. That pump group episode is really telling. Instead of buying bitcoin you bought shitcoins, lost money, joined a shitcoin pump group, lost money again and now you're telling us that life is hard. Some of us learn the hard way.

Diversification of asset is a good thing because gigen that no assurance is there for a single coin, atleast you'd have chance to your other buckets. Problem is choosing your alternatives 'coz if other options would be bad risk is just being bigger.

Diversification is a good thing when it comes to investing but buying altcoins, I don't think it's diversification. The entire crypto market depends on bitcoin, if bitcoin crashes, then no altcoins will survive, so buying altcoins for diversification is a serious mistake, many people are making. If you want to diversify your portfolio, you should invest in non-crypto assets like gold, stocks, real estate, etc. That will ensure your safety since they are not related to each other.

BobK71

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There are some time when it is extremely difficult to profit from trading. Because when the market is always in the negative view. For those who cannot take the right decision at that moment, they have to face big loses. Moreover, a big strategy in trading is patience. That is, if you are greedy for some reason you will fail ‍and it will be very difficult to get success in trading platform. Before taking new trade, many things should be considered. In addition to experience, a trader should also have the tendency to take a risk. If a trader belongs to both of the virtues, he can quickly get success from his trading life.

xSkylarx

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Market will catch you if you are too confident and greedy for profit that is what happened to you and the possibility that will happen to everyone because there are really time that we got too greedy that is why you need to have self control as well as knowledge on everything so that it can lessen your losses because in trading you really lose there are really time the market doesn't go well on your strategy that is why learn to stay away that time

BitDane

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If you have extra money to spare then it is best to invest in cryptocurrency specifically Bitcoin. Investing in Bitcoin does not mean we need to do day trade or scalping. If we are not knowledgeable enough to do day trade, we can always sort to hodl. Hodl for long term. And since we only use the money we can afford to lose, it won't hurt us if we hodl Bitcoin for years and as a result of long term investment, the Bitcoin investment may give us huge profit and if we have invested enough, the profit we get might be a life changing for us.

I agree that trading Bitcoin in perfect way may maximize the profit since we can short and rebuy at the bottom increasing our Bitcoin portfolio but the risk is when the market goes the other way right after we short the market. It will mean a loss to us. So many people advice that if we lack the skills and understanding of trading, hodl is always the better choice.

Twentyonepaylots

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Quote from: goaldigger on May 05, 2023, 04:54:08 PM

Quote from: usekevin on May 05, 2023, 02:07:14 PM

I had my real job apart from the forum and cryptocurrency investments.So it’s my habitual trading of crypto currency with the 30 percentage of my income every month.As like you think,it’s not the easy one to keep add 30 percentage of your salary to the investment.You should ready to keep in mind,when the price reduced also allow us to regain after some days.Some greedy people want to get hundred percentage of profit from their investment with a short period of time.

Having your stable source of income is still a good one, this only means that you can be worry free if the market goes on a downtrend again because you still have the money and you only trade with your extra.

Having that percentage of your salary specifically for trading can also be good, I assume its already a free money and if you are going to trade, make sure you have enough knowledge about it because its too risky not to have the right one.

I agree with these since stable income is important these days to provide not only our needs but also some of our wants. It is important to remember that crypto trading is very risky since uncertainty of the market is there as well as the volatility. So, just take the risk you can so that other important things would not be compromised. I must add that if your allotted 30% of salary that is allotted for investment is making you having hard time in managing your finance then you can try to reduce it to a percentage that can make your financial obligations to be secured so that you cannot worry about that since it would just add up to the emotional experience in trading cryptos.

Topic: Have a Income? Invest in Crypto or Not? Let's think realistically - page 4. (Read 742 times)