How do I become a successful Bitcoin investor as a newbies? - page 3.

Russlenat

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Quote from: justdimin on July 06, 2023, 06:46:05 AM

Quote from: yhiaali3 on July 05, 2023, 11:08:50 AM

Yes, it is not wrong to spend some dollars on learning before you start investing in bitcoin or trading. This is required in any field not only in crypto. If you enter any field and you do not have sufficient knowledge about it, you will surely fail.

Also, it is not wrong to benefit from the lessons of the past or the past cycles of Bitcoin because they are similar, but of course it is wrong to think that they will be exactly the same. History gives us useful lessons to learn from and benefit in the future to avoid mistakes.

There are many things that the investor must learn, and the most important thing is that he does not stop learning and constantly developing himself.

Some spend some dollars to buy online courses and to hire a mentor because they think it's better to learn this way but it's still possible to learn without any capital. We still have this forum, Youtube and other places which provides free crypto knowledge. Learning is necessary but it's crazy how some people can skip it because they are rushing to make money.

Well, they can get lucky but it's not sustainable. It's like they are only playing a gambling and most of the times they can only lose. Crypto market works in cycle so some strategies can still be able to work after some time though it's always better to have different strategies so that we can continue earning a profit at any market conditions.

Regardless if you spend for your knowledge or gained it free from online, as long as you absorb all the details that you needed to learn then that’s a good start. Acquisition of knowledge is very essential prior to developing your skills and strategies from your personal experiences in the market. That will increase the chances for a successful bitcoin investing. However, if you invest just for quick profits without exerting a lot of effort to learn, then it’s like gambling your capital. Your money and time will certainly go into waste.

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Quote from: irhact on July 07, 2023, 05:34:37 AM

Becoming a successful traders or investors isn't just about having the money to invest but knowing how to invest. You need the right guidelines, that's why the forum is very important as you can get good guidelines from people that have been in the industry before you.

I just keep imagining how some people have a mentality that having money is enough for invest and no need to go further to make research to get knowledge to make investment profitable. Investment is not just just about money, knowledge matters so much. Knowledge is the principal thing for every investment, with no knowledge the investment is just waste, their is no how it will be profitable. Knowledge is the first element in investment , then money comes second.

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Quote from: Botnake on July 07, 2023, 04:16:26 PM

These factors are always the basics when investing. You cannot invest on a certain thing if you don’t have an idea about it and how to make it work so you need to acquire adequate knowledge first so you can also understand your investment, and the purpose why you are investing in the first place. Then once you have gained your knowledge, develop your good attitudes towards investing. Knowledge without the right attitude will always be futile. And lastly, you have to be consistent on what your are doing. Keep learning everyday and always be creative and hardworking as that will definitely turn your investments into a success and progressive one.

Consistency is very important actually. Many people have a good start and make money but as time goes by, they eventually change and become inconsistent and it leads to losses. That is why it is very important in trading and so much for newbies. If we get tired of learning and improving our skills, no way to expect success as we only just fail in the end. Keep motivated, focus on our goal, and be patient - nothing is impossible because success doesn't get too easy as it needs hard work and perseverance.

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Quote from: lovesmayfamilis on July 06, 2023, 08:37:56 AM

Any sane person who wants to increase his capital in one way or another will learn about all the intricacies of the business from which he wants to make a profit. But to be successful or not, I think it depends on the amount of funds that are to be contributed. If the amount to be inverted is too small, even in a good market, will the owner enjoy profiting from a few pennies? And then to say that he is successful, I think, is not entirely correct. At this time, a good amount is important, and usually, not beginners own it but people who are already successful in some other business. Therefore, all guides are useful, but it is hard to believe that by following them, a beginner will succeed.

Well, it's obviously true that the size of your capital has a great influence on the success of your investment, and even if you gain success with a small capital, the outcome won't make much of a difference since it won't be much, so when someone thinks about making investments to earn money that they can use to do something, they should first make sure that they put together the capital that they will be using for their investment.

Once the capital is all ready, then one should go ahead and learn the industry they are diving in from top to bottom and leave no page unturned, because that is what's going to help them in their journey and won't let them fail at any step if they understand everything and do things the right way.

ancafe

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Quote from: Salahmu on July 05, 2023, 03:32:34 AM

I came across a post by newbie asking how to be a successful trader and the things that must be considered before investing, so I was encouraged to create this topic for us to share our knowledge, so below are some steps to be considered before investing:

Unfortunately there are many things that some beginners sometimes don't do and they see results more often than the process. Anything they hear about making a profit will motivate them to do it, even if their level of knowledge about it is not very high. Trading only talks about strategy and accuracy to get profits and it takes a process to achieve these profits. Consistency will bring anyone to the stage of perfection in trading and experience will teach one how to use the right strategy.

If you only study theory and are not directly involved, the ability to take risks is much more difficult, but being directly involved without knowledge is also a big mistake that must be avoided. Use small trading opportunities to learn technical things and prioritize finding out how to do it right, theory must also be combined with practice because both are needed.

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Quote from: irhact on July 07, 2023, 05:34:37 AM

Becoming a successful traders or investors isn't just about having the money to invest but knowing how to invest. You need the right guidelines, that's why the forum is very important as you can get good guidelines from people that have been in the industry before you.

There have been a lot of generous successful people here that have shared their thoughts about the market and not just that. It's about the market insights and the news that we're having.

These factors give someone an advantage as an investor be it in bitcoin or any altcoin that someone wants to get in.

Life lessons as well as guide for a newbie can be found if researchful.

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Knowledge is the first thing to have. Knowledge make us know how to invest in a proper way, how the potential of crypto coins, and how to deal with risks. We also won't be affected with the FUDs if we have sufficient knowledge because we know what the truth is. Personally, I assume knowledge has the most crucial role for the success in a crypto investment or a crypto trading.

The second one to have is a strong mentality and good emotional management. These are needed to deal with FUDs and the high volatility in crypto, weak people never have a chance to success in crypto. We need to have good psychology to survive in crypto business.

The last one to have is experience. People call it as the best source for lessons, experiences learn people to have a better attitude and smarter. If we have a lack experience, we probably won't be confident to hold crypto coins for a long time. It needs a lot of research and learning process, to be a confident holder/trader and have enough knowledge.

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Quote from: AakZaki on July 07, 2023, 02:25:05 PM

Quote from: bitgolden on July 07, 2023, 07:15:19 AM

Whales can't do that with bitcoin all that easily, people think that it's the whales that pump and dump the price but it's all of us. We are talking about billions in trading which means that we are not going to see just a single whale that change anything.

We are going to see people reacting to the market, so if it drops even due to a whale just a little bit, we all end up selling together because of it and drop the price and then blame the whale for making it drop a bit. Like Elon, you think Elon made bitcoin or doge go up? Of course not, his money wasn't enough to make it go from 3 cents to 70 cents, he would have to spend all his money, he did not do it, then who did? All the people who bought because of him, it was all of us basically, we did that.

Everyone does contribute to the increase and decrease in coin prices, that's what is called the market, there are those who sell and then buy. Whales are only starters who will change market trends to their liking. Whales spread FUD because they want to get cheaper prices and when they get cheap prices, Whales spread the good news to start selling so they get lots of profits. It's just speculation and it's been set up behind the scenes. We just follow how the whales act and those who panic too much will have an impact on the market.

Just go with the flow, even if we arent whales but at least we do have that kind of knowledge or common sense that we should really be having on need on the ride on which it would really be that understandable that

you should really know on how to handle up yourself with this volatile world. Success isnt something that could be known because there would really be lots of factors on which it would really be able to
affect your success rate due to some factors on which it would really be that understandable that you would be needing to adjust. Everything wont really be that so simple on which it would really be
that normal that you would be facing up lots of challenges along the way and it isnt something that you could really be able to avoid but at least you've been wary about the probabilities.

On this case, then you are already making yourself that prepared and already have think about the things that you must do.

Botnake

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These factors are always the basics when investing. You cannot invest on a certain thing if you don’t have an idea about it and how to make it work so you need to acquire adequate knowledge first so you can also understand your investment, and the purpose why you are investing in the first place. Then once you have gained your knowledge, develop your good attitudes towards investing. Knowledge without the right attitude will always be futile. And lastly, you have to be consistent on what your are doing. Keep learning everyday and always be creative and hardworking as that will definitely turn your investments into a success and progressive one.

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Quote from: bitgolden on July 07, 2023, 07:15:19 AM

Whales can't do that with bitcoin all that easily, people think that it's the whales that pump and dump the price but it's all of us. We are talking about billions in trading which means that we are not going to see just a single whale that change anything.

We are going to see people reacting to the market, so if it drops even due to a whale just a little bit, we all end up selling together because of it and drop the price and then blame the whale for making it drop a bit. Like Elon, you think Elon made bitcoin or doge go up? Of course not, his money wasn't enough to make it go from 3 cents to 70 cents, he would have to spend all his money, he did not do it, then who did? All the people who bought because of him, it was all of us basically, we did that.

Everyone does contribute to the increase and decrease in coin prices, that's what is called the market, there are those who sell and then buy. Whales are only starters who will change market trends to their liking. Whales spread FUD because they want to get cheaper prices and when they get cheap prices, Whales spread the good news to start selling so they get lots of profits. It's just speculation and it's been set up behind the scenes. We just follow how the whales act and those who panic too much will have an impact on the market.

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Quote from: bitgolden on July 07, 2023, 07:15:19 AM

Quote from: armanda90 on July 06, 2023, 04:56:05 AM

Quote from: jeraldskie11 on July 06, 2023, 03:42:52 AM

Honestly, we do not need to study hard to be able to learn a risk management. The thing is that when you are in the actual trade something has happen like you don't apply the risk management always in your trade especially if you're experiencing consecutive losses. But if you're a disciplined person, you handle the strong emotion results from bad trades. In order to be a disciplined person in trading, there are lot of recommendable books to read and I prefer to "Atomic Habits".

You right, its not important about what technical do you use when whales coming and they can easy how to make price or bitcoin pump or dump. To be successful trader not required study hard and controlling about trading management but need practice and have experienced will make us easy understand how to be successful trader. Based on my experienced, I don't learn hard and understanding about basic thing in trading like deposit and withdrawing fund. But has important thing in trading how smart controlling with emotion exactly when price going drop keep holding assets without panic. Don't be long term holding when coins raise to higher price, many trader greedy exactly when their coins assets going up and waiting to another higher price before back to lower price.

Whales can't do that with bitcoin all that easily, people think that it's the whales that pump and dump the price but it's all of us. We are talking about billions in trading which means that we are not going to see just a single whale that change anything.

We are going to see people reacting to the market, so if it drops even due to a whale just a little bit, we all end up selling together because of it and drop the price and then blame the whale for making it drop a bit. Like Elon, you think Elon made bitcoin or doge go up? Of course not, his money wasn't enough to make it go from 3 cents to 70 cents, he would have to spend all his money, he did not do it, then who did? All the people who bought because of him, it was all of us basically, we did that.

Small traders can't move the price of Bitcoin just by buying or selling, if you sold $5000 worth of Bitcoin you can't make it drop the price. So it's the institutions or whales are the reason why there's drastic up move or down move in the market. If you see the small volume candlesticks in the market usually that is small traders.

I agree that Elon can't make the price increases that much with his own wealth. But we have to accept that because he is famous, his tweet caused a hype to all of his supporters. A lot of investors and institutions take advantage on that, they buy and make the price move drastically and catch unaware people to buy with them before they sell off.

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Quote from: bitgolden on July 07, 2023, 07:15:19 AM

Whales can't do that with bitcoin all that easily, people think that it's the whales that pump and dump the price but it's all of us. We are talking about billions in trading which means that we are not going to see just a single whale that change anything.

They can not do that by their own capital but they use news as their best weapon to manipulate the market. Human in the market don't change, they want to read news and let news affect their emotion, psychology and decisions. Whales are big players who release news to the market, feed it with news to manipulate it ups and downs. Surely there are many whales on the market, not only one.

Quote

We are going to see people reacting to the market, so if it drops even due to a whale just a little bit, we all end up selling together because of it and drop the price and then blame the whale for making it drop a bit. Like Elon, you think Elon made bitcoin or doge go up? Of course not, his money wasn't enough to make it go from 3 cents to 70 cents, he would have to spend all his money, he did not do it, then who did? All the people who bought because of him, it was all of us basically, we did that.

Whales release news, market reacts and forced liquidation will do its task. With forced liquidations, price will be lifted up or down very sharply and small investors, traders can not have enough time to close their positions, exit the market and later they will be fed with other news to explain why the market moves like that.

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Quote from: armanda90 on July 06, 2023, 04:56:05 AM

Quote from: jeraldskie11 on July 06, 2023, 03:42:52 AM

Honestly, we do not need to study hard to be able to learn a risk management. The thing is that when you are in the actual trade something has happen like you don't apply the risk management always in your trade especially if you're experiencing consecutive losses. But if you're a disciplined person, you handle the strong emotion results from bad trades. In order to be a disciplined person in trading, there are lot of recommendable books to read and I prefer to "Atomic Habits".

You right, its not important about what technical do you use when whales coming and they can easy how to make price or bitcoin pump or dump. To be successful trader not required study hard and controlling about trading management but need practice and have experienced will make us easy understand how to be successful trader. Based on my experienced, I don't learn hard and understanding about basic thing in trading like deposit and withdrawing fund. But has important thing in trading how smart controlling with emotion exactly when price going drop keep holding assets without panic. Don't be long term holding when coins raise to higher price, many trader greedy exactly when their coins assets going up and waiting to another higher price before back to lower price.

Whales can't do that with bitcoin all that easily, people think that it's the whales that pump and dump the price but it's all of us. We are talking about billions in trading which means that we are not going to see just a single whale that change anything.

We are going to see people reacting to the market, so if it drops even due to a whale just a little bit, we all end up selling together because of it and drop the price and then blame the whale for making it drop a bit. Like Elon, you think Elon made bitcoin or doge go up? Of course not, his money wasn't enough to make it go from 3 cents to 70 cents, he would have to spend all his money, he did not do it, then who did? All the people who bought because of him, it was all of us basically, we did that.

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Quote from: goaldigger on July 05, 2023, 04:15:10 PM

It takes time to become successful but if you are more responsible since day 1, then its more possible for you to make more profit and succeed later on. Proper handling of your finances and strategies will also matter aside from having the right knowledge, you have to be a complete package if you want a success. There’s a big chance for you to succeed in crypto market, you just have to take the risk carefully.

That's one thing I like about the crypto market, there are lots of opportunities everywhere for you to succeed but to do that you have to be prepared because if you aren't prepared then you'll be scammed multiple times because as there's opportunity in the market so is there scammers. The crypto market is unregulated so alot of scammers are in the market trying to trick you into believing a project to be legit meanwhile it's just one of their scams.

Becoming a successful traders or investors isn't just about having the money to invest but knowing how to invest. You need the right guidelines, that's why the forum is very important as you can get good guidelines from people that have been in the industry before you.

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Quote from: Salahmu on July 05, 2023, 03:32:34 AM

Risk
You cannot be profitable if you do not know how to accept the risk, majority of people ignoring it and that is why they keep losing. Be aware on how much money you can incur before the trade and in that way you can have an idea if the investment is worth it or not.

A thing or two I wish to correct here, forgive me if someone else have pointed this out before in one of the pages..

Not accepting risk is not a reason not to be profitable if I already invested, what fear to take risk does is that, it stops you from investing at all, which as a result, you could miss out on any potential profits, that is, profits you would have made if you had invested..

So in nutshell, not accepting risk only makes one not to invest, it doesn't stop one from making profit if they already invested.

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Knowledge should be regarded as the initial step in the bitcoin sector because it is crucial in all facets of life. Beginners shouldn't rush into Bitcoin investments unless they are well-versed in the technology and the cryptocurrency market to avoid making poor choices. It is never a good idea to invest in the cryptocurrency sector without proper knowledge since you run the danger of losing all of your funds easily. Even when it comes to risk, if someone lacks adequate knowledge, he will never know the risks it is supposed to go for. As for me, I believe that knowledge is the key to success in the cryptocurrency sector because, in my opinion, without knowledge, one cannot come up with innovative or effective ideas.

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To become a successful person must also carry a positive mindset, a concrete plan, and a characteristic of being successful.

- knowledge and skill
- strategies
These things play an important role in trading and so we need to acquire them. But never expect that success comes too fast and too easy that is why only a few people become successful because many are impatient. We can be aggressive but never too much as this only lead to frustration and quitting.

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Quote from: Obari on July 06, 2023, 06:35:12 PM

Since this thread isn't about trading basically but about bitcoin and how to succeed in it, then I will.advice that you move the thread to the bitcoin discussion board to give a broader show your thread to people who will have more interest and knowledge to share on this.

But nevertheless, you really made great points in your thread and I couldn't agree any less with you because you already said it all and my emphasis is on letting the past stay in the past especially the past losses because when this isn't left behind, there is always this mindset of wanting to revenge and chase after losses which we all know never ends well.

Basically psychology plays an important role to achieve success. If we experience a loss and must immediately repay the loss, it will make our minds confused, so that we cannot analyze properly and cannot determine attitudes properly, because emotions surround us. even though it is normal for everyone to happen, but as much as possible we must be able to control it and have a realistic view of the market that is happening at that time, so don't force our will and hope the market will follow our will

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Since this thread isn't about trading basically but about bitcoin and how to succeed in it, then I will.advice that you move the thread to the bitcoin discussion board to give a broader show your thread to people who will have more interest and knowledge to share on this.

But nevertheless, you really made great points in your thread and I couldn't agree any less with you because you already said it all and my emphasis is on letting the past stay in the past especially the past losses because when this isn't left behind, there is always this mindset of wanting to revenge and chase after losses which we all know never ends well.

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There's a lot of knowledge right now in the internet and it's ideal to use those resources whenit comes from the experience in trading there's a lot of platform offering engagement for example, forums and channels that serves as guide into you.
If you are totally newbie information might overwhelms you a lot ideal to know the basics after that you have a prior insights and now that's the time you can now identify your next steps.
For newbie base on my experience always watch the market, plot a basic support and resistance, set position to buy and sell when you get a profit depends how long you will hold can be ATH.

Topic: How do I become a successful Bitcoin investor as a newbies? - page 3. (Read 799 times)