Topic: How do I become a successful Bitcoin investor as a newbies? - page 6. (Read 784 times)

If a person won't do that then that person will surely miss something since he/she didn't get out from their comfort zone and if they did means they are willing to take the risk. It's good that OP did know all on the list and did share it for others. As I always said, being knowledgeable in  everything that you are interested with will surely help you on what you are aiming for it achieving your goal.

For me, just follow the basics and you’ll never get perish on it. By gaining sufficient knowledge and understanding what you are investing into, then you will know what to avoid so you won’t put your bitcoin investment into a waste. And when you decide to invest, don’t go for quick profits but learn to keep them for long term hodling, as with patience and right attitude you will get what you aim and desire in the end.

Everything that you listed OP are certainly a must when you decide to invest and aim to succeed in it. Being knowledgeable and having the willingness to take a risk is very essential because if you have knowledge yet you have fears to enter into such risky investment, then everything will be useless. Somehow, we should also learn to get out from our comfort zone and take some risky decisions like investing in bitcoin since you will never achieve significant changes in your life if you can’t manage to take some risk and overcome it.

Totally lacking right?

Newbie in ranking on forum account doesnt automatically means that you are noob in real life on which we shouldn't really be that conclusive in this regard because this might really be that possible that he might have that
experience really in real field of trading and investment but there's indeed a hole on which OP doesnt know to distinguish about investment and trading which we can say that he doesnt know on what he's been talking
because basing up on title then its talking about investing but on the content or body of text pertaining about trading which we know that there's a significant difference in between.

Speaking of success then there's no way that we could be able to reach out that state so easily even if we do give or make out some advises on which turns out to be basic
on using up your own common sense but on the time that you are on the actual situation then it would really be that just hard.

People often wants to learn without using money but they wants to put money in crypto coins. It will be profitable if you first use money to get knowledge because knowledge is the key to success and without it if you buy numerous coins you will achieve nothing.

You will get some knowledge prior to investment and remaining will be possible if you come and face the reality. I think you will learn more and more things if you are involved in crypto but it does not mean that you will start investing without knowledge because knowledge is the first step and without it everyone will act as a blind person.

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.

You have written some great points and I really like the risk factor because you should be aware of the top profit you could get by risking your capital if they are worth taking a risk then why hesitate? But if the profit is less and the loss is more as per capital then why take the risk? Leave the idea at that time and wait for a good entry point.

I think you forget to mention the most important factor for becoming a good investor which is money and how to divide your money which means how to perform DCA. I have read a topic here in the trading discussion in which op has shared a great idea of putting your money into and asset like BTC. He said we should invest according to the dip in the last 24 hours that the token had. For example, if in the last 24 hours, BTC is down by 2% then only invest 2% of your capital. This will increase the profit ratio and decrease the loss ratio. I really like that idea. But unfortunately, everything has limitations and this idea is limited due to the downtrend in BTC is not that much like even if the BTC pumped or dumped 10% you will invest 10% of your capital which is very low but that 10% in BTC is not low it lit a great impact on the whole market.

As a result a newbie should set his mind on the profit he is expecting and how much risk is involved, when to book profit, is he trading or holding because saying investment means both but both holding and trading are two different things so he has to be aware of that.

Risk management is important if a trading wants to be successful. You need to calculate your risk to reward ratio because as you are targeting for profit that is also how you need to look at the risk you want to incur. You don't have to let loose yourself at your greed appetite for profit because the market can rebounce back to entry price and probably start any opposite trend and that is the reason to also apply stop loss to how much you are willing to loss to how much you are willing to gain in any particular trade.

Nowadays every newbie is like this, creating a long text useless guide bla bla bla.

The subject is how to become a successful investor, the first sentence of the thread is how to become a successful trader, the guide mention about investor, and the thread is posted in trading discussion section lol. So is the guide for investor or trader?

A simple thing like a trader need to learn about trend and candle stick didn't even mentioned by @OP.

You are newbie too, please don't try to teach other newbies.

When you are newbie, use your time to learn and don't teach other newbies. Because your knowledge will be not accurate, if you teach them and they believe in your lesson, what will happen?

When you use your time to write a lecture, you will waste your time which should be used for your learning. Keep learning please and practicing with your investment. You can not teach other newbies if you have yet gotten success for your investment.

Thanks for the advice, which may be useful to some, but sometimes being greedy is useful because, according to logical calculations, investing in bitcoin is high-risk, the results are not calculated, and it is unlikely that you will not recover your money. However, you are investing, so always put your investment in the money that you do not need.


What is the difference between understanding what you are investing in and being more knowledgeable? Both sound the same to me.
The past is the past, the fact that it does not affect your future decisions, but you must learn from the past.

All these tips do not make you a successful investor, but an investor.

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.

Desire -> knowledge -> experience -> consistency

For me, there is nothing too special if someone wants to become an investor for beginners.

From my experience, just the four things I mentioned will bring a beginner to become a successful investor.
From desire will give birth to knowledge in someone who wants to become an investor. Armed with the knowledge gained by continuing to learn, they will understand that in investing there will be such a thing as the risk of losing money so that it will become an experience.
Experience will bring someone to understand when the best time to buy and sell and others.

For those who are not ready for the risks that will be accepted, they will stop there. But for those who continue to be consistent, then they will continue with the belief that they will reach the desired goal.

Additional information on how to be more successful as a newbie in bitcoin investment.

1. Don't be too quick or too forward in taking decisions for an investment
2. Avoid any other cryptocurrency and focused on bitcoin alone
3. Believe that learning never ends and you're always current with the market flow
4. Learn to do things all by yourself than depending on others for a way out
5 Don't be greedy and don't develope an insatiable spirit of incontemptment

I will make an additional efforts to let you know that not your keys is not your coins, if you're investing, make use of a decentralized digital wallet to store your asset and try to avoid the use of centralized exchanges.

Trader and Bitcoin Investor are not fully same and there is a little difference. Anyway you have shared some good tips but these are too basics too know for a newbie to start trading. I saw many many threads containing basic advices for trading. To be a good trader or a Bitcoin Investor you must have knowledge about price prediction. So to be a good price Predictor I am also shared some of own experiences.
You can check here : Beginners Should Follow These To Be A Good Price Predictor

I am adding some tips here :

1. To grab the best price for investment or trading always enter the market when others are selling but similarly always for the upward or downward trend.

2. Always keep eyes on future events and regular crypto News. They can manipulate crypto market harder.

3. Avoid emotions and grow a trading strategy. Also you must have risk management because losing and wining trade is a part but we have to minimalise losing and have to maximize wining. So always do technical analysis with proper risk management and funds management.

It's common practice to drop a reply there where the newbie asked the question and not creating another thread for it. If everyone did that the forum will be filled with be threads that are not important.

Past event is not indicative of future performance but it does offer some pointers on which way it will likely go.
We learn more the longer we stay in the crypto space, I am not the same investor I was five years ago and his is cause of what I have learnt within that time period.

Bitcoin might not follow the typical four year cycle of bull runs and bear markets but you can almost be assurebutbeill follow something similar.

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 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.


Understand what you are investing on
As you would for any investment, understand exactly what you’re investing on by having enough knowledge about how it works.

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.

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.

Pardon me if this topic already exist or there are more important ones I was supposed to include, but you can as well share your knowledge and advice for us to learn and improve.