Topic: I am doomed on trading - page 5. (Read 1320 times)

I follow you with that. It's part of the business, losing some of your investment, but if you keep repeating the same mistake, that's not normal, you need to excel and take those mistakes as good learning patterns; you have to adjust, not repeating that same failure and try to do something good for your investment. The more you see what are your lapses the more you can change your strategy.

It's not going to happen in a short span of time, but it's a continuous process that you need to adopt if you wanted to survive

inside this business, you have to find ways to establish your trading practices.

What I know is that fortune is indeed God's destiny.
However, trading is not destiny, it is a choice.
And to make a choice can't be done in a hurry, even more so when deciding something in a place that you don't understand yourself and haven't learned. This will actually take a very high risk for you and your child.

I can't blame you, many people are in the same position or almost more desperate than you. But believe me, despair is not the solution.
If you have already put money into trading, live it with taking profits, don't panic sell. But keep learning, because, without learning, your money will be wasted. You might expect to quickly make a lot of money from trading. But without knowledge, it's more like gambling.

1. Right, always set a budget on how much you're willing to lose. Trading is also like gambling so set an amount that no matter what happens, win or lose, you're totally fine seeing it where it go.

2. That's a good inspiration that you're setting. The determination and your eagerness to learn about trading will make you go far and the lessons that you've learned will remain to you. So, trade only when you're okay mentally and emotionally.

3. DYOR is a continuous factor that one should do.

I hope that you're okay after your depressing story posted nearly a year ago.

As long they wont make out some realizations then they would really commit mistakes all over again and again which is a very common for a person who do have that gambler like mind which doesnt really fit out on trader career.

Its just normal that we would lose up money but you should really learn  from any thing that you do encounter along the way and you should really take good grasps so that you would be aware
on next encounter or face up.

This do takes time and if you are impatient then this thing isnt really for you but rather find out another alternatives which you could seek off.

He could just as well take his money to the casino and lose it. So the point here is not in trade, but in the person himself and his attitude to earnings. Usually such people come back again and to lose their money again, since they do not analyze their losses.

No matter the situation you go through in life, you should always remember that life goes on. It doesn't pause at any point to wait on you to correct your errors or catch up from where you left off. You can only try to add and learn along the way. That's how it works.

What is lost is lost, now, you should focus on what you can gain fron the future. You took your time and saved for this long, you can also start up another savings and earn yourself something worth the while over time. Never be discouraged, always try to learn before you dive in and ask the professionals on how they manage it. Depending on your comprehension skills, you might get to grasps what it's really all about.

But people treat them as traders from the day one itself . Most of the naive traders are getting deceived by fake success stories of other traders. Some brokers are intentionally doing such kind of success stories to attract new people into trading. Anyhow, it would be basic responsibility of individuals to protect their hard earned money, regardless of whatever attracting them to start risking in trading.

I agree with that number one rule of trading; risking in trading is not at all recommended when you're not having any other income stream. It means that trading should be started like a part-time one but over the course of time we may adopt it as a full-time job.

In the event that you put stock in online media a lot of that Crypto can make you rich speedy it will take a cycle. He ought to have saved assets for his fundamental requirements. I'm certain you will discover openings as opposed to depending on exchanging benefits that have positively no assurance of accomplishment. Exchanging isn't a thing that you could dominate expedite and expect significant yields after you purchased a coin to utilize it on exchanging.

Okay, the scenario the OP painted is one simply jumping into the sea without first learning how to swim or getting in a car and trying to drive off without first learning how to drive just because one is the owner of that car. Besides the desperation to feed her baby I observed that OP is pressed for time to make profit. Wrong tactics. Stress and trading don't go well together. Again, missing the basic skill sets for trading did the OP in expectedly, (of course, it will always come to that for anyone who doesn't have the skill sets). However, how people tend to think they can hop on trading without learning the rudiments for it, at least, is what I don't get. Trading is a profession and should be treated with respect. No one calls themselves doctors or lawyers without the required training years.

If this story is true then it is really hard to lose money as a parent and besides you have mentioned that you don't have work to turn back the money that has lost, maybe this would just be a good lesson for you, do not invest and try to trade if you can afford to lose your money, that is the number one rule that we have mind before doing trading, you know the risk for it and still you take it and that would be the consequence.

Hope OP's financial condition already recovered for today. But maybe OP is not alone and other people maybe will do that too. With this post other people must be concerned that trading is a risky thing especially future trading. Chance to lose all money in balance is big although maybe other people look success in it. So don't trade without analysis and only use balance that we afford to lose.

That's unfortunate and I felt really bad, that is why it is never recommended to use your money in investment if you cannot afford to lose it because it is still not certain if you will get it back or make a profit from it, especially that you have just recently entered this field. But if you will insist on going to invest make sure to invest in Bitcoin or top high volume coins in the market as they are less risky than those altcoins. And if you are going to invest in altcoins make sure that you did some proper research first due to the fact that it is risky.

The best advice that anyone could ever give you OP is probably you should do all the research needed with the help of old master trader. Learn first before you try and try not to rely in youtube. I believe you bought a coin who slowly decrease in value and now your 400$ is in total disaster in just an instant. Another advice is don't follow those whales whose trying to manipulate the market.

Not currently, the best thing for OP is to never try to trade again! I am not sure that I understand his words correctly, he placed a buy order and that's it?! Money lost? I saw more about his son and food than about trading...

And why would anyone risk everything (in this case $400), on something you never ever tried before?! This is an insane move... and you know you need money for other things, but you decided to go all-in with 0 knowledge about what you are doing... and now the time for crying has come! I don't feel sorry for the guy, I feel sorry for the kid... his dad will make the same mistake again, most likely!

You are right. When we are trading without commitment then we can find peace of mind which must be more important for profitable trading in crypto markets. Having another regular income stream and then trying for extras income along with in crypto trading will definitely give traders an extra edge as they will not be in need of chasing profits but they can easily grab the opportunities which are naturally happening in market.

Both new traders and experience traders should never take pressure on them because that will easily lead to emotional failures which is a known enemy for profits making in crypto trading.

Trading cryptocurrency for a living is currently not for you. First you need to find a job to have a fixed income. Second develop your trading skills or system. Until you are very confident to do trading for a living.

Well seeing the some people fail in forex trading, it is expected that they'll go from here like it will be the same as their experience in forex trading and then just end up failing because both are different from each other or it could also be their alternative source of income just because they earned the same way in forex trading, but hell I know that when you start here in crypto trading, you'll have to start from scratch like you don't know a single thing in trading.

I think as a beginner we should not put big amount of money because it is very risky and we might lose it all in a blink of an eye if we commit a mistake. As a beginner, we should only put an amount that we can afford to lose. As a beginner, we should have or conduct a research on what we are doing because even though we see others earning big money from here, we do not what they've been through to earn that. I do not know what coin you're holding now but I hope it is not a shit coin or else maybe it is much better to cut your losses and try to trade some other promising coins.

Yups, I think so too, if possible, don't make trading your main source of income. Because as you are experiencing right now, if you lose all of your money, it will never come back to you. Better, if you can afford it, start taking on small jobs so that you can also look after your children too. For example, being a maid. Maybe this seems very low for an example, but considering your child is still a toddler, it will be difficult for you if you are not accompanied by your husband. Like it or not, you will have to become a solo career, to pay for all your daily needs, and send your children to school.

Therefore, my advice is not to make trading your main source of income, if you want to start again and keep in mind trading cannot be done carelessly. It may seem easy we just have to buy, sell or hold. But all jobs must be called skills. At a minimum, you have the basic skills to trade. To know how and what action you should take when faced with various situations. Maybe you have made a profit without any knowledge or skills, believe me it is just luck. Instead, you start looking for a job for which you will definitely get paid or profitable. Because in trading you really have to be ready to lose the money you are trading. Therefore, trade with capital that you are prepared to lose.

@OP
I would learn proper risk management. Its a good way to start with money you could afford to loose until you move the next money in next time. Lets say you invest every month $500 then you only buy with 1/4 of it instead of all in. If it goes down your mental health will be much better and you can invest more. Dont hunt the max profits, its not worth the risk. Good luck.