Topic: Have a Income? Invest in Crypto or Not? Let's think realistically - page 6. (Read 764 times)

At the end of the day, hodl seem to be the best option for the majority who finds trading very stressful and overwhelming. The difference between trading and hodling is that... trading gives you instant money if the market was in your Favor while buying to hodl takes a longer time and either which way you will still make profit.
 

Trading is challenging because it will take a lot of patience and effort for you to become familiar with efficient risk management techniques. When you hear about other people's successes, it may sound simpler or appear to be a path to wealth, but this is a false assessment of the situation. We often risk everything we have because we have the false impression that we can profit from it easily, which typically leads to significant losses. Trading requires a lot of learning, and even experienced traders suffered a lot of losses in the beginning. Although it is profitable, trying it without deeper knowledge will just leave you frustrated. If you truly want to pursue it, however, you must make sure that you are aware of potential challenges that you can encounter while doing it. You should only risk the amount of money that you can afford to lose, and as much as possible, allocate only a percentage of your salary.

Spent some time on YouTube to day after a long while and intermittently between the video there are ads where a particular person claims to be a master trader and has taught thousands of people how to make wealth from trading.

I am bring out this point because those ads plays on the minds of people, so I took out time to go check the guy out (mind you don’t do this with a device that has your sensitivity stuffs) I must give it to him it was well organized and constructed with fake proofs of those he has helped he even has a Google certificate which nowadays anyone can get.

Many unfortunate newbies actually fall for this and with the removal of all chances of loosing money they can go as far as borrowing funds to trade and also register for such schemes. One of my basic advice is to not let greed overshadow reasoning.

Your post is very insightful regarding challenges trades usually face to control their emotion to be successful in trading profession. Even if a trader is proficient in reading charts and understanding technical indicators. The ability to control emotions is essential for generating profits through trading. In fact without emotional discipline, it is very difficult to succeed in trading. I agree with your expert advice to take things slow and focus on learning from our experiences of others to make well informed decisions.

That's called charge experience dude. 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.

It is always advisable to try in one way or the other to have an investment aside your hustle. Sure your hustle should pay but what if your hustle somehow is not as it used to be do you not think your investment must have accrued to help sustain you for a period of time pending when your hustle ( work) pays. Just as mvdheuvel1983 has said no profit is too small or big as long as it serves a purpose for you, it is something worth it.

Looking at your experience, I saw the issue of self discipline. If you had mapped out your trading limit, you would not have had that terrible experience. Self discipline is very much applicable in trading likewise gambling. When you have self control, there is a limit to which you do some certain things which does not affect you in any ways.

I will advise traders to exercise discipline when trading, do not trade with vengeance of recovering all you have lost otherwise you will keep losing more.

People who are more easily tempted by fast money or quick profits are usually people who only think about profits without thinking about the risk of loss. That is, he begins to forget things that he should understand before doing something to achieve his goal. This kind of person is very vulnerable to losses because besides being inexperienced in a field, he is also more easily used by others because he immediately believes in every new thing.

It's not wrong to have big ambitions in earning money as long as it can be logical enough for someone to achieve, but darkening their eyes because of being obsessed with faster profits is wrong. Because someone who is obsessed with it will find it easier to lose money than to get more. I think that kind of person will also be more easily frustrated when his goals are not achieved as he would like.

Because you are not based on good fundamentals, it is clear that you will definitely get stuck and lose a lot of money because I choose the coins that are traded so you are too ambitious to see other people benefit while you yourself are not equipped with an understanding of how to trade well and positive, in essence you think too much about profits without thinking about the risks of losses.

It has often been discussed on trading boards if someone only relies on pumping channels, first he will be given a profit, maybe once or twice, but after that the admin will trap you and then tell you to buy coins that you are not familiar with, after that the coins will fall it's bad but only members suffer losses and it's quite clear that the specialized trading channels will not give you any benefit.

If you already know that, that's what you have to apply and stay disciplined in managing your finances, but the most important thing is that you have to put additional money into trading or investing, not money from your salary, because that will be your need to survive.

All of those trades are quite effective if you have good skills some people suggest not trading futures and better on the spot but it depends on each individual's skills but for now the healthier one like what you say is DCA bitcoin it will not be mentally more severe psychologically.

None in this industry are easy especially we tackle all about the funds in order to make huge profit or future funds. Having an income especially if you don't have kids to support is advantage for you to have extra money, which can be used to investment and trading since you can afford to lose the money. You could start little by little, it's a wrong move to put all your funds that you will be needing to pay for your bills, since small profit still a profit.

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.

There are thousands of lessons that we need to learn when talking about trading, it's easy to say but to do as we want or as originally planned is not easy. For me, trading is not easy and not for everyone, even a seasoned person will make some of the mistakes you mentioned. Because when entering trading, we cannot fully control our own minds and emotions even though we have prepared thoroughly beforehand. The market is nothing more than a matrix that will mess our minds up if we are momentarily negligent. In my opinion, the best way is not to rush, slow down little by little, and draw lessons that are right for you without having to learn too much from others. Experience and feel the market for yourself and do what you think is best for you.

Really? really tempting group pumping at that time. In the eyes of lazy people like me, with obsession with fast money, group pumping is an angel. But in reality it is a trap.


The saying goes "Experience is the best teacher", it seems that sharing sessions from people who have done silly things also need to be taken into consideration so that we can be better and not get stuck in useless things.


I agree with this.
Close your laptop, computer or cell phone when emotions take over your fucking brain. Don't trade, trust me. Not a profits you will get.. You will damt loss. Not detracting from the truth one bit, I always lose trades when my emotions get me. This is a warning guys!

I'm not even sure this thread belongs in this section, probably Altcoin Discussion, because the OP talks about 'trading crypto'.


That's what happens to all of you who think you've found a way to win at the casino, whether it's a land-based casino, an online one or a shitcoin casino.


I have a better one: stay away from shitcoins, stay away from short-time trading.


DCA bitcoin is a good way but with shitcoins it is not unless you can guess which one will still be alive in 5 or 10 years time, which is no easy task.

Now that's what new players sometimes forget, especially if they are already tempted by crypto influencers, tempted by fast money. 

Sometimes people will darken their eyes if they are obsessed and too ambitious to get fast money. Sometimes many people will try their best to use money that is not theirs. Maybe that is also what makes a trader's mentality weak and unable to develop in his trading.

The first lesson is never intended to take revenge for your losses in trading because it will make you despair.

The second lesson is never to be tempted to get big profits in a short time because all of that takes a process to get.

The third lesson is always to learn and practice. It will make your analytical skills increase. It will be useful to you when you want to analyze.

The fourth lesson is most important is only to use the money you can afford. Many beginners trade using big money without thinking about the risks. Once they get stuck buying at a high price, they won't be able to buy again if the price drops drastically and that's what many beginners experience.

Fifth lesson, you need to manage your salary first, then you can know how much money you have left that can be used for other things, such as trading. And still, avoid using big money if you are still a beginner.

Maybe other lessons can be added by other friends.

Well, this is the quote that I always hear applies.
"When emotions are high, intelligence is low."

Crazy? Full of revenge? Do you think the market cares about your emotions? No OP. Nothing cares about your emotions, and that's the hard truth. When you're trading, try to be emotionless. When you're trading, set aside your emotions. Your emotions lead you to follow some telegram pump and dump groups that obviously is a scam because the moment that they will tell you the coin that they will pump, when you try to trade on it, the coin already pumped. Well, I just hope that you've learned a lesson from this one.

Just to share as well that like you, I've also tried to join these pump and dump groups because I thought that it was a shortcut in trading because I'm a bit lazy at that time. Cut the story short, I ended up losing money following them, and from that I tried to learn trading. Spent time watching videos, applying it, and building the best strategy that works for me.

It's good that you didn't gave up on trading, but continued to learn.

There are some lazy people (like me) who wants to earn profit thru trading in a quick, and easy way. I hope that these people will wake up one day, and realize that it wasn't that easy to gain profit in trading. If it's that easy to make profit thru trading then all of us must've been rich by now.

To all traders out there, take OP's advice, but don't focus on what he said, since there are many things that you need to learn thru trading.

If I will share a tip that will help newbie traders in trading, I guess it will be "Be emotionless." 2 powerful words that will help a trader to be successful. Being emotionless in trading is hard especially when you're starting, but as you gain experience, you will gradually learn how to control your emotion, and eventually set it aside. I'm too emotional as well when I started trading, and because of that I lost more than half of my initial capital. My losses taught me to set aside emotion, and as I trade, I learned to be emotionless.

Many growth stocks are down to the same degree that crypto is. It has nothing to do with the quality of the industry. It's just what happens when tech businesses who reinvest in the themselves and therefore on paper don't have a profit respond to rising interest rates. A massive number of the Nasdaq companies are down the same amount as crypto. Why? because they are responding to the same circumstantial changes in the economy. When the money printer gets turned back on you'll see growth stocks and crypto off the races again.

Trading is not easy,
especially when you first try it. I am sure that almost all traders who exist today must have had a dark experience when trading. But by experiencing this dark experience, traders can learn more from their mistakes. So the dark experience that occurred when trading in crypto, can be a very extraordinary lesson for the future, so that it is even more powerful in trading.
When it comes to the capital that must be used for trading in crypto, it is not recommended to use the salary money fully worked, especially those who still have a lot of needs through the salary money. So basically when you want to start trading in crypto, you have to use really cold money/capital. Because if you use money that is still hot, most traders will complain of worry and eventually lose control, because their mentality has fallen. And
I personally, when I want to buy crypto assets, always use money/capital from the money left over from the cost of my basic needs and from the savings I have, so I feel calmer and less stressed.

Greetings cryptomaniacs...

Before entering the topic I will tell you a little about me. I used to work at Media Crypto and had some income from there. The salary is very decent, from this job I also have many relationships who are experts in their field, of course. Traders and influencers are no exception.

# Trading Cryptocurrency (Spot/Futures/Margin)

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. With a passion for multiplying money, I am, who at that time was lazy to learn about trading, charts, doji and all kinds of things related to trading, my capital money ran out in 2 nights.

In the following month I was crazy. Full of revenge, I thought of all the ways how to make my capital money that was lost at that time come back through the next trade. I found group pumping in the telegram application. I follow and I pay attention on it.

After payday I immediately made a deposit. In the first execution when participating in group pumping, I got a profit, even though it was 25 percent. The second and third executions went according to plan and pocketed a profit.

Enter the next executable. Because in all three executions I made a profit I decided to go all in. Unexpectedly, pumping didn't go according to plan and only happened in a matter of seconds. My money was stuck and I lost 75 percent.

I'm Frustrated. And I decided not to trade crypto in 4 Months.

In those four months I gradually learned about trading self-taught on the internet. I started with money trading management, self control, DCA, charts and several indicators. Even though there are some, until now I don't understand either.

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!

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!

And in my opinion, an effective way to trade spot and futures, DCA is the one way a healthy and good. But I'm sure there are some other good ways out there that I'm not familiar with.

# Trading Forex and Stock

Apart from trading crypto, I also tried forex and stocks. It's the same with crypto, my basic in trading is still 0. I did all of this because I was purely tempted by the advertisements that appeared that trading provides easy profits where money will work for us. But it's not as beautiful as the reality, in practice I was destroyed and my money ran out. Random use of lots, entered without research, blind to news.

Nearly 2 years of salary from my work wasted. Fortunately, at that time I was not married.

I fell that trading in stocks and forex was very slow and not as comfortable as trading in crypto so I only stayed there for a while then moved back to Crypto

In short I started to get married and build small businesses such as selling children's clothes and kebabs. I am grateful that even though my business is small, it is able to meet basic needs and have leftovers to save.

Here I have also done various trials and errors, where I will not use the money from my small business to trade crypto. I made this decision because I have a basis where I also have to maintain the health of my business.

Avoid unwanted things. I am currently trading crypto using money from my side jobs such as campaigns on Bitcointalk and some of the leftovers from the 2017 crypto party.

What I want to convey here from my experience is Be good at self-management and strategy. Don't be tempted by what we see. What we see is not necessarily easy when we do it. Classify your investment type. Don't mix it up. If one is destroyed then it cannot affect your other investments/businesses.

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..

This story is only limited to my experience. And it is not meant to be solicitation or patronizing.