Have a Income? Invest in Crypto or Not? Let's think realistically - page 5.

lombok

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Quote from: gunhell16 on May 05, 2023, 11:48:13 AM

You are the one who chose and decided why you lost, and the only mistake you did was to join the telegram pumping group, don't you know that the telegram group you joined is a nest of deceivers and scammers, They just bit you and didn't stop you not until when they saw you weren't bringing in a lot of money. Then when they saw that you had brought in a large amount, suddenly, boom, your money was dissolved for a few moments.

Now, you learn a lesson from your mistakes, even if it's not the end of the world, you can still continue to move on and face the good future waiting for you here.

That was one of my fatal mistakes when I entered crypto. Not only that actually dude. I used to lose 0.5 BTC on a Bitcoin multiplier site 🤣. This is ridiculous.. Cloud mining (Josh Garza I forgot the name of the cloud mining at that time) is also included🤦. I'll admit I was completely nuts at the time because I couldn't accept losing money. And fortunately I was only passing by for a while then realized that it's not that easy to make money. Group pumps, bitcoin and altcoin multipliers, cloud mining really needs to be avoided by newbies.

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.

Exactly right.
Hard slap for me.
Do not compare our capital, skills and profits with anyone. Including amateur traders and pro traders. Because indeed we are different and have different skills and analytical abilities. The point is, as you said, accept even the slightest profit, then stop when the mood or market is bad.

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.

True. We know for ourselves human nature, never satisfied. We want more. There must be an image in our minds that if we profit from trading we want to buy something and it continues. Unknowingly, this urge is a poison that traders should not have. This is what makes trading destroyed.

Weezenhofnar

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3JGWcqUePDp5LqRNkTHuxcq8AX9iqu1HFz

Crypto trading is trial and error, and offers a warning to new traders to not rush and to enjoy the learning process.

Use money that one can afford to lose, and to avoid using salary or borrowed money. Use strategies like dollar cost averaging and being careful with stop loss and take profit orders.

wajik-tempe

sr. member

Activity: 1022

Merit: 252

Several other trading and financial management tips:
- Before investing any money, it is critical to have a clear plan and strategy for your investments. Set realistic goals, assess your risk tolerance, and build a diversified portfolio that matches with your objectives.
- Consider receiving expert counsel from a financial adviser or investment manager if you are unclear about your investments or need direction on your financial strategy.

Faisal2202

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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..

Well, there was a guy asking the same question here. He is a civil servant and started to make money from trading too, how? didn't provide all the details but after reading his post i can say "If you have a steady source of income then, Yes, you should invest in crypto". Because earning and spending at the same time will lead you nowhere. So the best practice of a progressive mindset is to "save money" and then use it to invest in land, gold, car, or BTC.

But before doing that, we have to get familiar with our intentions of doing it, are we doing it by following someone? or do we want to make quick money? Are we investing for the long term? How much can i make with this investment on how much capital? What should be the plan B if things go south?

These types of questions, are to be dealt with first because a firm plan and strategy make an investment a profitable one. So the point is, if you have a source of income and making monthly money then why not earn more by saving some money out of it to invest in BTC? Overall, if you fear of mental health due to the burden of crypto trading and doing the work daily too. Then you must make a timetable for your trading or i suggest you not to do trading but instead do holding because it will not make you worry as it's a long-run investment.

Cryptmuster

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Glory To Ukraine! Glory to the heroes!

Quote from: Litzki1990 on May 05, 2023, 02:05:43 PM

We are new members who want to make trading as simple as trading is not easy money. We don't have enough knowledge about trading so we think that when the market goes down we have to take a trade and when the market goes up again we have to sell but things are actually not that simple.
Those who have enough knowledge about trading think a lot and then take the trade. Experienced and knowledgeable investors never resort to emotion while trading. But this is not the case with new traders, they usually bring a certain amount of money to trade and when the market goes down a bit, they buy different coins. And then they suffer a lot when the market falls further below their buying levels.

Not a single trader is insured against such drawdowns, whether it is a beginner or an experienced trader. The difference between them will be that an experienced trader knows how to get out of this situation, perhaps an exit with minor losses will be more preferable (it all depends on the situation), and a beginner may just panic when he sees how his balance decreases, and eventually sell with a big loss if the fall is prolonged.

romero121

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Quote from: Unbunplease on May 05, 2023, 06:33:21 PM

Investing in cryptocurrencies is quite a risky venture due to the fact that cryptocurrencies are currently little accepted. If a project looks stable enough, it does not mean that it will be in demand. It is difficult to define the criteria for a successful project. Luck play a big role here. Although luck loves the brave.

When you have got the ability to fulfill your daily needs and save specific amount regularly there is nothing to think about luck. With cryptocurrency luck needs to be considered when you're in need of immediate need of money and the market is at its down turn. If you got the patience or the separate emergency fund to meet unexpected needs it is easier to relay on the holding than on luck.

Compared to the past years the acceptance level and the legality to use cryptocurrency around the countries have grown high over time. So, we doesn't need to think of the acceptance. It takes time for people to get adopted to it. Even the country where bitcoin is a legal tender finds it difficult to use it due to lack of proper awareness.

Unbunplease

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Investing in cryptocurrencies is quite a risky venture due to the fact that cryptocurrencies are currently little accepted. If a project looks stable enough, it does not mean that it will be in demand. It is difficult to define the criteria for a successful project. Luck play a big role here. Although luck loves the brave.

Captain Corporate

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This is basically just a warning about not to go in right away and take your time. 4 months is a very good period of time if you actually do study it, you could even take 3 days off every week and just study 1 hour per day for 4 days a week and just do that for 4 months and you would learn more than %90 of the traders. Obviously there are amazing traders, the best ones out there have a bigger difference than the people who are just out of top 1000, think about what would be the difference between the top one and the guy out of top 100k, but if you can be that guy, even that's better because there are millions trading which makes you still better than %90 of the world, being 100 thousandth in a thing that 10+ million people do is a great job. So take your time, learn it very well, actually spend time on it, take notes if you need to, and when you are ready, you will get better. And on top of that, you will gain experience the more you trade, so that will be even better over long period of time.

Yatsan

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If you know what you are doing, then feel free to do so. Cryptocurrency is a good invesment if you do understand its market behavior. TA and DCA would work if you are knowledgeable of it. But if you are just seeing the profit and not the process of getting such thing, driven by the popularity of this industry alone, then I won't suggest engaging to this industry. Profit potential in this technology is high but volatility is higher and far from price volatility of other investments. Therefore, risk is always higher as well.

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.

darkangel11

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Don't let others control your BTC -> self custody

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.

goaldigger

sr. member

Activity: 2422

Merit: 357

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.

dothebeats

legendary

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I'm still into crypto trading although what I'm doing is more of a buy and forget thing rather than actively devote my time buying and selling crypto. It's worked for me in the last few years and it's still working now. I have long accepted the fact that I will not be able to learn the trading scene or devote that many hours into it, hence I moved on to the more passive option but still try to keep myself informed on what's happening in the crypto scene. This way, I still know when to buy and when to sell.

If you're really dedicated and have the time to spend on, read more and try trading using fake money and see where it takes you.

bayu7adi

hero member

Activity: 1470

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dont be greedy

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.

umbara ardian

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PredX - AI-Powered Prediction Market

Trading is really not easy at all for newbies. Trading is a challenging and complex endeavor, and it's important to approach it with caution and patience. Emotions can play a significant role in trading decisions, and it can be difficult to maintain a clear and level-headed mindset when facing market fluctuations and uncertainty.

In addition, experience and learning from mistakes are valuable parts of the learning process when it comes to trading. And seek guidance and advice from experienced traders or reputable sources, as this can help provide valuable insights and strategies that can help increase your chances of success.

tabas

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🌀 Cosmic Casino

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

Don't rush, Enjoy the process. And if it's steady and ready to trade. Do it carefully, use SL and TP, be grateful for the profit, even if it's small, rather than a big loss. Don't be Greedy!

That's when the phrase of mostly known as "profit is profit". While others think that they've missed the huge chunk of profit because they've sold earlier but then, if they'll realize that they've been okay taking that profit because they don't know what's next to come. It's true that one shouldn't be greedy and just learn from those people that have learned that when you take profit, never regret you've done so even if it's tiny.

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

Loud of warning! Don't use your salary money let alone get into debt for trading. Just use money that is really free, afford to lose. Because if we force ourselves our mental health will be disrupted. If the mental is broken Trading will turn into a Gambling game!

Those that have taken loans for trading and investing, they've got bad situations as a result. Trust us that say don't take loans for trading and investing and your profit there is what you'll be relying on to pay that debt, it's never been a good idea for making up with this plan.

Hyphen(-)

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

The point I made here I want to take a red warning to new traders or someone who is tempted to trade with the aim of quick money and so on to learn and understand what you are about to do.

Don't rush, Enjoy the process. And if it's steady and ready to trade. Do it carefully, use SL and TP, be grateful for the profit, even if it's small, rather than a big loss. Don't be Greedy!

Some people see crypto trading as a quick way to get rich, so they jump in without doing adequate research. Most of the time, they only realize they need to learn the basics after they make a mistake and lose the money they used to start trading.

Even though such advice as ensuring you have basic knowledge before trading is always given in the forum, some new crypto traders will dismiss it as a waste of time, believing that the time they will waste learning will be their profit time.

Quote

Loud of warning! Don't use your salary money let alone get into debt for trading. Just use money that is really free, afford to lose. Because if we force ourselves our mental health will be disrupted. If the mental is broken Trading will turn into a Gambling game!

That is why you must be mentally prepared before engaging in high-risk crypto trading.

Always invest money you can afford to lose in order to avoid developing a mental disorder as a result of the money you invested.

Fiatless

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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.

The crypto market is too complex and vast to totally understand. Anybody that claims to know all about crypto trading might not be truthful. I have never seen any trader the will claim that he has never experienced losses for like six months. That is why each time I see adverts or promotions in my country that promises consistently huge returns, I immediately know that they are scammers. I am not yet a trader because I have not learned. And even if I ever start trading, I will never invest more than I can afford. I have never been moved to take loan to invest in any business because there no guarantee that a business will be profitable, therefore using a loan to invest in a volatile sector like the crypto space is very risky..

usekevin

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DGbet.fun - Crypto Sportsbook

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.But it’s not the easy one as like expected,it take time.The trader should ready to wait till the market respect to their inputs and then we get profit from investment.

Litzki1990

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We are new members who want to make trading as simple as trading is not easy money. We don't have enough knowledge about trading so we think that when the market goes down we have to take a trade and when the market goes up again we have to sell but things are actually not that simple.
Those who have enough knowledge about trading think a lot and then take the trade. Experienced and knowledgeable investors never resort to emotion while trading. But this is not the case with new traders, they usually bring a certain amount of money to trade and when the market goes down a bit, they buy different coins. And then they suffer a lot when the market falls further below their buying levels.

livingfree

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Don't trade when you're just encouraged to trade by your peers and because of the thinking that you'll earn big and quickly with it.

This is the downfall of many newbie traders because they've got the wrong reasons and trading takes a lot of time and experience for one to learn. Besides, you'll really have to spend a lot of money for those lessons.

If someone isn't profitable with trading, never lose hope but HODL.

Topic: Have a Income? Invest in Crypto or Not? Let's think realistically - page 5. (Read 764 times)