Topic: How do I become a successful Bitcoin investor as a newbies? - page 4. (Read 787 times)
Simply just buy and hold bitcoin is the right answer given here. A lot of people end up with questions regarding how to invest, but basically its just about turning your fiat into bitcoin and keep doing that for a long time. If you can do that then you are going to be fine and there won't be any issues. I understand that some people are a bit more worried about it and I know that it makes a lot of people question the situation and all that, but as long as you keep doing what you should, there shouldn't be any issues. I hope that newbies do not make any crazy mistakes by doing things that will risk their money, because I have seen too many newbies end up with a lot of wrong moves, just buy bitcoin and hold it and don't do anything crazy.
Newbies do not literally mean that they are less knowledgeable and less experienced in the market. They might be new in the market but some may have gained knowledge and experience even before about crypto investment. So the only thing I can see that is an important factor to be a successful bitcoin investor is how you manage your greed and emotions when investing. You may have good amount of bitcoin in your portfolio but that won’t be enough to say that you’ll be in huge profits especially if you don’t have the patience to hold and you easily fall on market FUDs that let you create your wrong decisions and end up regretting and losing.
That is probably because they have a lack of experience and they wanted to know what are the usual things to do when starting trading. Although they might have the knowledge and ideas already or have been using a demo account but that is somewhat different when doing it actually which sends them asking. It was really hard to reach our goal if there is already uncertainties and I see that newbies are working to eliminate and replace them with courage and trust when they know what are the things needed. And they will keep asking until they become satisfied.
Investing in information, understanding the asset, accepting risk, and looking ahead make sense. "Diversification" is up for discussion. Diversification maximises rewards and manages risk. By diversifying your investments, you protect yourself against a single investment's failure and increase your profits. Trading "emotions" is another issue. Investing can bring anxiety, greed, exhilaration, and disillusionment. These must be managed. Impulsive trading is a recipe for disaster.
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.
There are lots of guides for crypto trading available but its hard to say which one will suit you since something that worked for me wont work for you and vice versa. If that's not the case then everyone would be a millionaire via copy trading. One thing all of us must adhere is that there is not shortcut to success or we cant be rich overnight. Being successful trader requires you to spend your time and effort in the market. Huge capital is only recommended if you have proper knowledge and skills to handle crypto volatility.
It's actually a long process of learning and if another person is successfully using his own strategy, it doesn't mean that we'll also succeed doing the same thing. It's a series of trial and error that we will be facing. We're actually lucky because there are already trusted resources where we could learn from nowadays.
Success doesn't happen in just a single click. We could still face lots of failures and might make wrong decisions and it will be a roller coaster like ride that we have to deal with. If we want success, then we have to be well determined to learn, risk and deal with the volatility of the market. We should also be ready emotionally, financially and physically and should also have the proper mindset for this.
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.
There are lots of guides for crypto trading available but its hard to say which one will suit you since something that worked for me wont work for you and vice versa. If that's not the case then everyone would be a millionaire via copy trading. One thing all of us must adhere is that there is not shortcut to success or we cant be rich overnight. Being successful trader requires you to spend your time and effort in the market. Huge capital is only recommended if you have proper knowledge and skills to handle crypto volatility.
Although you are right, what about analysis? Past performance may not have an impact on your future profits, but when you need to understand the market, you need to explore the past too. The Bitcoin price is at what now? 30k? Well, will you invest in Bitcoin right now without knowing what its price was and how long, and how it has managed to reach here? Sticking to the past is not an option, but learning from it has to be one.
Starting with cryptocurrencies demands intelligent market entry planning and preparation. At first determine your trading objectives and goals. For example, are you seeking to make long-term investments or short-term profits? Choose a trading technique that works best for you, specify your preferences and take consideration of your time limitations. Create your trading objectives and techniques so that you can maintain your trading discipline and regularity. Review your plan frequently and make any necessary updates.
It takes time, work, and experience to become a successful trader in the cryptocurrency market. Be persistent, patient, and dedicated to learning in detail about cryptos for lifelong development.
Remember the Past is Past
A mistake that many new investors make is looking at the past and extrapolating that to the future. Yes, Bitcoin used to be worth pennies, but now is worth much more, so investors look to the future, not to what an asset has done in the past. What will drive future returns, Traders buying a cryptocurrency today need tomorrow’s gains, not yesterday’s.
Although you are right, what about analysis? Past performance may not have an impact on your future profits, but when you need to understand the market, you need to explore the past too. The Bitcoin price is at what now? 30k? Well, will you invest in Bitcoin right now without knowing what its price was and how long, and how it has managed to reach here? Sticking to the past is not an option, but learning from it has to be one.A mistake that many new investors make is looking at the past and extrapolating that to the future. Yes, Bitcoin used to be worth pennies, but now is worth much more, so investors look to the future, not to what an asset has done in the past. What will drive future returns, Traders buying a cryptocurrency today need tomorrow’s gains, not yesterday’s.
The process of market analysis, where does it come from? Was it created in one night or do traders trade based on recent data? We need the help of the past in order to create our future. Past performance does not affect the present or future of anything, but it holds value if you want to learn about that thing. Past will always be the past, but as a newbie, we should learn from it.
You need to first define what you mean by success. What amount is sufficient for you to be considered successful? If you aim at the extreme end from the start only, then you will definitely lose concentration, which is important in any type of investment. While investing in Bitcoins, your main motive should be not to make losses. If you avoid this and try to concentrate only on profits, when you become bankrupt, you won’t be able to know about that. In order to be successful in Bitcoin investments, you have to acquire knowledge and manage your risks.
Newbies do not literally mean that they are less knowledgeable and less experienced in the market. They might be new in the market but some may have gained knowledge and experience even before about crypto investment. So the only thing I can see that is an important factor to be a successful bitcoin investor is how you manage your greed and emotions when investing. You may have good amount of bitcoin in your portfolio but that won’t be enough to say that you’ll be in huge profits especially if you don’t have the patience to hold and you easily fall on market FUDs that let you create your wrong decisions and end up regretting and losing.
Controlling yourself from greed and emotions is something that is very important especially with the very fast movement of Bitcoin prices so it is important to be able to control yourself from panic or greed, but all of that must be accompanied by knowledge before investing, many things must be learned first and over time experience will be able to become the main capital as the most important knowledge of what is happening to be even better in the future.
Newbies do not literally mean that they are less knowledgeable and less experienced in the market. They might be new in the market but some may have gained knowledge and experience even before about crypto investment. So the only thing I can see that is an important factor to be a successful bitcoin investor is how you manage your greed and emotions when investing. You may have good amount of bitcoin in your portfolio but that won’t be enough to say that you’ll be in huge profits especially if you don’t have the patience to hold and you easily fall on market FUDs that let you create your wrong decisions and end up regretting and losing.
That's what a newbie should do when they are just starting. Honestly, I am not an expert when it comes to investments but I know that a person who wants to invest should be knowledgeable about what they want to invest in. Willingness to take risk is also important because if an investor is not willing to take risk then that investor is more likely not earning the same as those investors who are willing to take risks. OP, what you mentioned is good enough for newbie investors to become successful and an investor whoose profit or make mistakes will learn from it or in short, learn from mistakes to become better.
While knowledge and skills are much important in bitcoin investing, I think the passion and the patience to consistently learn and understand the market is a must too. Without them, you will never be successful as a bitcoin investor. In addition, a sufficient amount of capital will be a great help too since you can’t invest and maximize your portfolio if you don’t have enough means to make it possible. 
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.
Before we enter in the world of trading, we all want knowledge for free and that's why we choose to watch on YouTube or read books than having a mentorship. I know most of us are doing that before. Since we have in our mind the urge of earning quickly, we immediately do a trade thinking that knowledge and strategy we get from YouTube is enough. But this is a mistake, and you can only determine your mistakes when there's someone who teaches you the right thing to do, and that's what I have understood when I joined mentorships. I really regret that I didn't immediately joined a mentorship before because I loses a lot with the unorganized knowledge that I get from YouTube . It is really better to have a mentor in trading because you have someone that you can ask questions to, or even just a friend who has been a trader for a long time and is not the actual mentor because they have more experience in it. Like before, I just remember that when I learn how to use indicators and know what their uses are, I tend to add them to my chart, which makes me confused about what to follow. At that time, a friend of mine taught me about his trading strategy and explained the indicators he uses, and he then told me that it is not necessary to put them all together, so it is really better if someone is guiding you so that you can know where or what to learn and reduce your mistakes.
but it's not easy to have a mentor who really has a good capacity,
especially with those who become mentors are our own friends, so we won't hesitate to ask questions.
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.
Before we enter in the world of trading, we all want knowledge for free and that's why we choose to watch on YouTube or read books than having a mentorship. I know most of us are doing that before. Since we have in our mind the urge of earning quickly, we immediately do a trade thinking that knowledge and strategy we get from YouTube is enough. But this is a mistake, and you can only determine your mistakes when there's someone who teaches you the right thing to do, and that's what I have understood when I joined mentorships. I really regret that I didn't immediately joined a mentorship before because I loses a lot with the unorganized knowledge that I get from YouTube . It is really better to have a mentor in trading because you have someone that you can ask questions to, or even just a friend who has been a trader for a long time and is not the actual mentor because they have more experience in it. Like before, I just remember that when I learn how to use indicators and know what their uses are, I tend to add them to my chart, which makes me confused about what to follow. At that time, a friend of mine taught me about his trading strategy and explained the indicators he uses, and he then told me that it is not necessary to put them all together, so it is really better if someone is guiding you so that you can know where or what to learn and reduce your mistakes.
1. In order to be successful in investing, first of all it is necessary to have adequate understanding about investing.
2. Investments can never be rushed. That is, after observing the market with time, you have to invest.
3.Must have a tendency to take risks.
4. Sufficient patience is required to be successful in investing.
5. Avoid anger or emotion in investment and then invest.
6. Always try to take advantage of opportunities.
7. Always try to learn something new.
8. Learn from the mistakes you have made in the past and use them now.
If we can follow them then surely we can succeed in investing.
2. Investments can never be rushed. That is, after observing the market with time, you have to invest.
3.Must have a tendency to take risks.
4. Sufficient patience is required to be successful in investing.
5. Avoid anger or emotion in investment and then invest.
6. Always try to take advantage of opportunities.
7. Always try to learn something new.
8. Learn from the mistakes you have made in the past and use them now.
If we can follow them then surely we can succeed in investing.
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.
Before we enter in the world of trading, we all want knowledge for free and that's why we choose to watch on YouTube or read books than having a mentorship. I know most of us are doing that before. Since we have in our mind the urge of earning quickly, we immediately do a trade thinking that knowledge and strategy we get from YouTube is enough. But this is a mistake, and you can only determine your mistakes when there's someone who teaches you the right thing to do, and that's what I have understood when I joined mentorships. I really regret that I didn't immediately joined a mentorship before because I loses a lot with the unorganized knowledge that I get from YouTube . 
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.
To be more knowledgeable
Invest in knowledge before putting your hard earned money on bitcoin, the opportunities in the market is unlimited. Do not fall for the Fear of Missing Out because the opportunities always existing in the market especially if you train your mind to see it. People do not see those opportunities because they never invest in their knowledge. You have money to make investment but why don't you have spair money for your education? Lack of knowledge will lead you to incur losses and the only one to cure it is to make an investment in yourself. The investment that you will do is not for short term only, but it can help you to achieve a lot of great things in life. So what are you doing now? Don't hesitate and make sure that you should invest in your mind.
Invest in knowledge before putting your hard earned money on bitcoin, the opportunities in the market is unlimited. Do not fall for the Fear of Missing Out because the opportunities always existing in the market especially if you train your mind to see it. People do not see those opportunities because they never invest in their knowledge. You have money to make investment but why don't you have spair money for your education? Lack of knowledge will lead you to incur losses and the only one to cure it is to make an investment in yourself. The investment that you will do is not for short term only, but it can help you to achieve a lot of great things in life. So what are you doing now? Don't hesitate and make sure that you should invest in your mind.
Investing in your knowledge will benefit you more than just giving you the ideas you'll need to profits from your market through trading. If you don't know how to trade don't start trading or you'll lose. Invest first into learning and use weeks for practicing what you have learnt until you have perfected it then you can start trading live which will be be easy for you because now you know exactly what you're doing then when you're just trading based on guessing.
Trading isn't gambling and you don't need to just be lucky when trading as you do when gambling. You have to understand what you're doing and know when to open a trade and when to close it. You need experience fo you to be a professional trader and you need practice.
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:
To be a successful investor, you need to put other things into consideration such as your Capital, it is very essential when investing in Bitcoin because a small capital will give you small profit and big capital will give you big capital. The price entry is also important, you will never have the same profit when you buy bitcoin at high price than small that bought at lower price even when you guys buy with same capital, the profit will never be the same when you sell at the same price but if you decide to hold longer, the you may have more profit but timing and patience is another factor that will determine that profits
In addition some that I have mention, you need basic trading understanding to get the above, you need to understand the chart if we are in bull run or in bear market and also if you are buying at the support line before that, this help you in addition to what yo have expressed.
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.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.
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.
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. Jump to: