Topic: How do I become a successful Bitcoin investor as a newbies? - page 5. (Read 799 times)

Among beginners, there are indeed many who ask about this, and maybe it's normal for beginners in bitcoin/crypto to ask this. But if you think about it more deeply, currently there are many beginners who have just entered the world of bitcoin/crypto, but have thought about the benefits first. This is not wrong, but sometimes in the crypto world, sometimes you are too focused on profit, especially from the beginning of your foray into the crypto world. Usually, if for example these benefits have not been achieved yet, usually what will happen is there is a feeling of wanting to give up. So in my opinion, for the initial stages of being involved in the crypto field, focus first on the knowledge. Only then can you think about the advantages.
The suggestions that you wrote down, all of them are indeed very appropriate and very good suggestions for beginners. Because this advice is really needed by beginners in bitcoin.

And it is true that for beginners in the field of bitcoin / crypto, what must be prioritized first is knowledge first. Because in my opinion it is an important point that must be learned at the beginning of the journey to trade or invest in bitcoin/crypto. As for the second point to the fourth point, in my opinion it is more about mental preparation for investing in bitcoin, and that is also very important in bitcoin investment.

I will not add any suggestions, because I think the advice you provide is sufficient for beginners in the field of bitcoin investment. But maybe it just needs a little more extensive development from the suggestions that anfa gave, because these suggestions still need to be deepened again by beginners.

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".

Every started journey has a mission and destination point, as an investment, you only know the reason you want to start investing in Bitcoin in the first place and outline what you are anticipating to achieve during your investment.

1. Which is when are you expecting ROI? I prefer midterm, long time investment, a minimum of 1+ years for better results.

2. Take measures to safeguard or secure your investment because the security of your capital is paramount to any investment, this is where you avoid storing your cryptos in centralized exchange because by doing so they now own your funds and not you, to avoid this, use self-custody wallets, meaning you store in wallets like Trezor, Electrum wallet, Nano Ledger X, etc.

3. Lastly, When purchasing your Bitcoin, ensure you adopt a DCA buying strategy.

Furthermore, trading is highly risky so you need to be more patient and create consistent learning about the market so you can identify and analyze those factors that makes trading more risky and more susceptible to losses. Hence, if you keep trading as a newbie with limited knowledge and skills, you will never mitigate its risks but will fail eventually and commit losses. The reason why newbies are not advisable to trade, unless if they gained adequate knowledge and experience in trading.

however neither trader nor Invertor has been successful in a short time. everything certainly requires the process in achieving success. those who take risks certainly have a chance to win it than those who are afraid to take the step to try. failure may occur, but when someone can manage it properly, it will be better.
most novice traders are wrong in choosing the assets they will trade. this will be an important lesson that beginners should understand first before trying more trading to gain experience.

It must be recognized that risk management is an important thing that needs to be owned,
crypto trading is so risky that it is necessary to manage it and sometimes people still ignore it,
indeed it is not easy but if we study seriously then we will be able to.

I am not sure if this thread belongs here. Talking about investing in general and not trading, probably Economics would be a more suitable board but I am not going to report it.

I just think that most people and especially newbies would do better to approach Bitcoin and financial assets in general from the perspective of the investor, and not the trader, as the vast majority of people who follow simple investment rules, make money in the long run, while more than 90% of traders lose money. With that, the OP's advice is not bad, to which we could add some more, such as diversification.

If the information given is common-knowledge, then it's probably safe to assume that a similar topic has already been posted multiple times already. The only reason you post a similar topic is if you're really confident you actually did a far better job with your topic and if you have some information provided that the others didn't. Obviously there's nothing really new here.

That is right. for me, trading needs pacience because you should wait until it's the right time to buy. and you should wait again when it is right time to sell.

We should also accept small losses along the way because if we don't accept small losses and did not set stop loss. on our trades, we will loss a lot of money when the pricess fall down. That is why it is good to set up stop loss on our trading decissions.

One more thing we should atleast study the simple support and resistance before diving into trading.

And lastly only trade the money you can afford to loss because of the volatility of the market we cannot be sure of what will happen on the market.

There is no other option to become a successful bitcoin investor, just buy every drop and Hodl for the long haul or you can buy as much as you can when the price is low and within your means, then leave with the best security, and come back when the bitcoin price is high. And this trail has been proven by those who knew and were involved in the bitcoin world at that time, and when the bitcoin price rose high they came back and were successful.

Since this thread is in the trading section, I recommend doing in-depth research on the cryptocurrency market and being knowledgeable about the bitcoin or coin you want to work with, understand the associated risks and historical performance of bitcoin, as well as market trends. Stay up-to-date with relevant news, other developments and regulations, and any factors that may affect the price of bitcoin and with that you can make short or medium term profits.

Invest in Bitcoin has risk too but they are safer by investing in Bitcoin without knowledge. Best of luck for them if they do the same with altcoins. Without research, without knowledge, if they invest in altcoins that way, they will have like 80% to more than 90% to lose their capital.

It is popular with newbies and most of newbies step on a same shit steps like that but it is related to personal traits too. Some people have careless traits and they just bring it to cryptocurrency investment. In fact they are careless with many things in their life, not only in investment.

They even do a worse practice, invest money which they can not afford to lose, borrow money to invest but don't have plan B when they lose their capital.

Among the rest, this is very remarkable to me. Because most newbies that starting to invest in cryptocurrency or in Bitcoin don't have any idea how Bitcoin works, they only know "easy money". They don't consider the risk.
But we can't blame them because maybe that is what they saw on the internet and they just click and go without doing any research, it's a bad move. New people must need proper education before starting.

As time goes by and learn so much in trading, I understand that the key to success in trading is the risk management. Before I believe that if you have good trading plan without a risk management will make succeed. Since I always adding funds to my futures account, I didn't notice that I already lose even though in my mind I'm profitable because I have many successful trades. That's why I could say that no matter how good your trading plan is but without risk management is just useless.

One common phrase I could tag with DYOR is to 'observe'. Better put, to be observant. Both here on the forum and where it is being discussed or practiced.
Yes, keep your eyes opened. And if you have social media accounts that offer news or whale alerts or market trends updates, this is where knowledge is learnt and insight gained to become more of a successful trader than anticipated.

One hidden fact that becomes revealed to the BTC investor/trader in the long run is that, opportunities open up to you as much as the way a normal fiat bank would accord a long time customer some cordiality, formality and leverage over new comers.

• DYOR
• Proper risk management
• Proper emotion management
• Stick to your plans
• Set plan A,B or further on

Success isnt guaranteed on this space but if you do know on how to get along with the waves then you might be having the chance for you to succeed but of course it would really be depending
or basing up on the thing that you would really be doing. Being an investor or being a trader is never been that simple.There's lots of things which you would really be needing to consider out
and make learn out of it for you to make yourself that sufficient into this market. I agree on some points that you shouldn't really be hurrying up yourself because this would
really be creating that desperation on which it isnt something that ideal on doing so.

Challenges will always be present during your learning phase, and that’s a big threat for you already but of course if you are committed to learn more about Bitcoin then it is still possible to happen. Bitcoin investing is not easy and not a guaranteed profit, just try to keep going and choose the best way for you to learn it, you should not think about an overnight success here because its just a hype.

 -work hard
 -keep on learning
 -be patient
 -keep motivated despite the losses and mistakes

Well, it wasn't easy as we read. Trading is a difficult job that most newbies had failed. Because if we want to succeed in trading, it was not just by simply following those things but also, it needs consistency which I find usually missing. To become successful, we have to step up and never called ourselves as newbie anymore.

You first have to distinguish your plan, as an investor then usually this is for the long term. If you want to be a trader then you're aware that it's mostly for the short term that you're planning to stay in the market and maximize the potential profit that you wanna have.
The first thing you've mentioned is right. There are many newbies that gets into bitcoin investing but they don't understand what bitcoin is and they're simply into the thought that the soonest, the investment they make will already make them profit. Somehow they're right with that expectation but usually, they need to understand that volatility might not allow that to happen easy.

After understanding all of these things and having good mental and risk management, then make sure that you are confident and ready to invest in Bitcoin. Because, starting to invest in something new is sometimes quite difficult to do. And if you have started investing in Bitcoin, what needs to be done is consistency to hold it until it reaches the desired target. What's left is patience to achieve the results of the holding / investment because the investment is not made in a short time, so it takes patience to do it. What might be difficult later is the condition during the holding, market conditions will not be as smooth as you expect, there are often even sudden market drops which make many people lose patience, panic, and end up selling Bitcin at a low price. That's why, we you have to understand that if Bitcoin is like that, there will always be ups and downs. so you have to be more patient and never panic no matter what happens.

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.