Investing doesn't guarantee you to be rich - page 16.

Cryptomultiplier

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

The majority of the investors and traders have misconception on investments because they think that they will easily become successful by putting their hard earned money in bitcoin and other assets without understanding that it is just the foundation and they need to work really hard and follow the other steps to beat the market and able to have gains in their portfolio. Don't get me wrong guys because I really promote investing but majority do not understand how it works, they think that there will be a guaranteed profits oncethey put their hard earned money but in reality, it is very harsh because outcome is not guarantee which means that there are thousands of outcome that can happen and what we need to do is to be prepared on what ever situation will be. So what are the outcome? they incur losses. They do not understand the risks associated with the asset and if the rewards are worth it or not. I read a past research and they conclude that only few percentage of investor are consistently making money and majority of the investors keep losing their money because of lack of knowledge. It is the number 1 reason why investing doesn't guarantee you to be rich.

So the question is how can we make our investing career to become successful? These are the steps that I personally formed and I think it can help you in some ways.

1. DESIRE: You should have a desire to be rich! Most of people wants to be rich by they do not have desire to become one. They simple say it but they do not put work for it. There is a big different on saying you want to become rich and you will become rich. Be sure that you are one of the people who have desire and consistently saying that you will become rich because desire is energy. And if you do not have energy, you cannot put work and effort for you to become one.

2. INVESTING ON 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 spre 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. This is one of the greatest decision that you ever made.

3. RULES: Creating rules for yourself and following it is the next step. The reason why there are a lot of people who wants to be a trader and investor because of the FREEDOM that they can have when they are doing it. It is the freedom because there are no specific rules that they should follow. The know that they can buy whenever they want, they can trade whenver they want and they can make money whenevery they want but it doesn't mean that you will not experience lossses. This is where the rules will kick in, You should have rules on what type of investment you will make, when you will entry, what is your cut loss percentage, when you will sell, how much you will allocate and knowing if the RRR is good or not.

4. ACCEPTING THE 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 are 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.

5. PLANNING : Do not just put your hard earned money on some investments or buy bitcoin immediately without having a solid plan, organized planning is what successful investors doing. They have steps that they are following because they trust that it is the best way to achieve their goals.

6. CONFIDENCE : Trust yourself, trust the plan that you created and do not ever hesitate, in this way you can perceive the market information correctly and you will not experience any fear, panic and many more negative emotions.

Discipline in the right magnitude is also needed, because one would face so many distractions and hurdles and is still expected to maintain the right investment mindset inorder to succeed.
When bills become too much one would have to find alternatives instead of dipping hands into the investment portfolio. Also, associating with like minded investors could aid ones prospect of becoming rich with investment.

GiftedMAN

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Quote from: Helena Yu on May 08, 2023, 01:33:25 AM

To be fair if you're trading a shitcoins, you have a chance to become rich, but the risk is very high.

Imo I think anyone who's trading shitcoins are gambling because the end is always very bitter. Shitcoins gives you money today and takes away your capital and the profit next day because they have no history, life span or future, I would rather not involve in an investment at all than invest in a Ponzi business like shitcoins. In shitcoins your chances of getting rich is 5% compared to 95% possible losses that's involved so don't even talk about shitcoins because they have sent many souls to early bankruptcy because of the excessive risk and losses.

usekevin

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It will be the motivation for the traders to get into the crypto trade by their wish to win on one day by their trading.But the fact is only fifty percentage of the people get into the profit zone and became a successful people.But sadly fifty percentage of the people do of random trade and loss their all the inputs by less knowledge of the trade.So they leave the court of trade by the way of bad exist.The beginning traders learn with minimum capital as compared to bank credits.When you get into trading,you should ready to fake all the difficult and risk in the trading for stock and cryptocurrency.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

The majority of the investors and traders have misconception on investments because they think that they will easily become successful by putting their hard earned money in bitcoin and other assets ...

They will not become easily successful just because they invested but they have a higher chance of being successful just because they have invested. Not all investors will become successful from it, and although their chances of being successful is higher, they still have a personal responsibility of ensuring it becomes a success by following up closely. Just like planting a seed and tendering to it till it matures into a tree.

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No investment has assured returns which supports the idea that not all investment would make you rich in an instant. Also, successful investments mostly, suffered from failures for sure no matter how an investor is prepared of it. Some of them had thoughts of giving up. It already takes courage to start an investment so what more of continuing such thing. Risk will always be present and there are variables an investor won't have control of, which could contribute to an investment's downfall. In fact, most of the investors are atleast hoping for a breakeven between asset and expenses simply because negative outcome often occurs. It is okay to have desires or big dream out of something you have started but always manage the risk and expectations 'coz not all things would come as expected.

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So anyway, I applied as a merit source :)

Quote from: S A KHAIR on May 08, 2023, 04:10:08 AM

It is not exactly the same as gambling, but it is a part of gambling,

Spot trading is an EV+ gambling. Futures, Leverage and others are all EV- gambling. This should be made clear.

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where there will be winners and losers.

Winning is only if you predict the correct movement. There need not be money involved directly, you could be dummy trading as well. I dont equate green numbers as winning here. Rather it is a question of whether you are in a total profit or not.

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Well, not everyone who invests will get rich because to become rich we need to take other people's money. The government is not printing money and pumping bitcoins up to make us all rich, but players like us are taking money from each other.

The weak hands will lose the money they invested if they sell at a loss. If they are cunning they will hold it for long enough to watch it cross the break even and then sell. It is all a matter of patience here, along with all what OP has written.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

~snip

I like the topic title. Indeed, investing doesn't give any guarantees and this is not the road to wealth, but without investing, in principle, it is impossible to increase your wealth (of course, this is only one of the options for becoming rich).

You have listed 6 points that you consider important, but missed the most important point - this is 7. ACT. Without it, everything else is empty sound. Do you want your investment career to be successful? Then start taking action. It is at this point that so many turn off their path and they never achieve the desired results.

Dunamisx

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

So the question is how can we make our investing career to become successful?

There are many ways to make good utilization of the advantages in making an investment, we have to define the purpose for our investment first, are we going on a long term investment or short one, we also needed to what exactly about the kind of investment we are making, we need to have an idea about making an investment especially when it comes to bitcoin investment in other for us to stand more chances of making profits, this will also help us in knowing when is the best time to invest, hodl and sell our asset, how to store them and then monitor the network flow on the bitcoin price through speculation.

stomachgrowls

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5. PLANNING

This is what you should really be having on your mind but actually all of those factors been mentioned on the op is really indeed that needed overall if you do really tend to engage with investment. Of course
you would really be needing different things to become success and even having needing that sort of luck when dealing up with investment because we know that no matter how hard you would try,
if things doesnt work on you or it isnt really that something for you then you would definitely fail.

Getting rich isnt something that anyone could able to achieve.You would really be needing to pass lots of trials and errors before you could be able to succeed in life.This isnt a status on which
someone could just simply able to attain on the time that they would really be wishing. This is why when it comes to investment decisions then you shouldnt really be relying into others calls
and suggestion because we are all just that risks-takers here on this market.Its never been that worth for you to listen into those people.
Act according into your own analysis and knowledge plus with a bit mix of intuitive approach.

initim

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If you don’t invest, how do you tend to make more money? Keeping money in the bank these days is a waste of effort. The purpose of investment is to make a profit and not necessarily for riches.

Please don’t get me wrong, Investing can make somebody rich and at the same time can make one poor. This is why portfolio diversification is always advised. If one investment goes bad, others may not because all investments can go bad at the same time.

We should also note that not all investments are risky so choose wisely when investing. Sometimes, the higher the risk, the higher the return so before considering any investment, it is important that we carried out due diligence.

Research before investing cannot be over-emphasized. Bitcoin as a financial market is not predictable so whichever you choose to invest in, be ready for the outcome.

In conclusion, investing doesn't guarantee riches because you may lose or gain. The gain may not even amount to wealth.

Inwestour

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Quote from: GeorgeJohn on May 08, 2023, 01:23:46 AM

Actually you are of good point mainly here, but i will tell you that those people who is a day old or new for investment are the people that will not know the strategic way of investment or have such misconception of investment by thinking that investment is a pathways of getting rich, its clear that its a capital lie, because if you don't know exactly the terms and conditions or understand the rudiments of investment you will not be successful in that investment, you can only be successful for investment when you know the principles of the investment, some investors today get lost of their investment due to lack of understanding of the investment, while some of the investors prosper, propagate due to the ability of studying and understanding the investment, its when you microscope business and know it too well, it's when you will become successful and get rich.

No one said that investing is easy, just as no one can guarantee that investing in bitcoin will bring profit, because it is not enough just to buy bitcoin and wait for profit, those who bought bitcoin at a price of 50-60k can confirm this. Perhaps many of them have already sold at a loss and are now frustrated with investing in cryptocurrencies.

To make a profit from any investment you need to have good knowledge in the field in which you are investing, otherwise it can be like a lottery. Those who buy bitcoin now and those who will buy it at 100k (I assume that there will also be such) will get completely different results, although both will invest in bitcoin, but some will make a profit, while others may suffer losses. Therefore, no one can guarantee you profit except yourself.

S A KHAIR

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The market is a battleground and bitcoin is a financial market. It is not exactly the same as gambling, but it is a part of gambling, where there will be winners and losers. Well, not everyone who invests will get rich because to become rich we need to take other people's money. The government is not printing money and pumping bitcoins up to make us all rich, but players like us are taking money from each other.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

The majority of the investors and traders have misconception on investments because they think that they will easily become successful by putting their hard earned money in bitcoin and other assets without understanding that it is just the foundation and they need to work really hard and follow the other steps to beat the market and able to have gains in their portfolio.

Such a mindset is for new investors who did not know how the process worked in both the good and bad days of the Bitcoin market; some of them believe that because they were able to raise money for an investment, they must be able to make a lot of money from it because they have heard so many stories of people who were successful through Bitcoin investment.

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1. DESIRE:
2. INVESTING ON MIND:
3. RULES:
4. ACCEPTING THE RISK:
5. PLANNING :
6. CONFIDENCE :

All of the points mentioned above are very important for an investor, but not all incoming investors consider them to be important because they believe that getting the capital is the most important thing.

I'll add mental preparation to the list because some people become emotionally depressed as a result of how the loss has affected them mentally, which is completely incorrect; one must be mentally prepared and willing to take risks in order to succeed in Bitcoin investment.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

The majority of the investors and traders have misconception on investments because they think that they will easily become successful by putting their hard earned money in bitcoin and other assets without understanding that it is just the foundation and they need to work really hard and follow the other steps to beat the market and able to have gains in their portfolio. Don't get me wrong guys because I really promote investing but majority do not understand how it works, they think that there will be a guaranteed profits oncethey put their hard earned money but in reality, it is very harsh because outcome is not guarantee which means that there are thousands of outcome that can happen and what we need to do is to be prepared on what ever situation will be. So what are the outcome? they incur losses. They do not understand the risks associated with the asset and if the rewards are worth it or not. I read a past research and they conclude that only few percentage of investor are consistently making money and majority of the investors keep losing their money because of lack of knowledge. It is the number 1 reason why investing doesn't guarantee you to be rich.

So the question is how can we make our investing career to become successful? These are the steps that I personally formed and I think it can help you in some ways.

I don't know how to drive a car but i start the car with just holding the steering wheel. I might get a little farther out but after a moments i will got into an accident. I think trading or investing whatever it is called if someone starts without knowing the proper way there can be an accident like driving that car. An investor should consider the factors that you have shared and also consider various things before an investment. We often see frustration among investors. There will be no shadow of disappointment among those who invest knowingly about Bitcoin. Maybe they are in loss but at some point they will come back to profit. There are many things to consider. An investor has to have confidence along with the plan as well as develop the mentality to accept risk otherwise the investment is not possible to be successful.

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Quote from: Helena Yu on May 08, 2023, 01:33:25 AM

To be fair if you're trading a shitcoins, you have a chance to become rich, but the risk is very high.

Since trading a shitcoins is like gambling and not advisable, most people recommend to learn a new skill that will help you to earn higher salary and this make you can start to invest in Bitcoin. I'd say investing in Bitcoin is very safe, it will not lost as long as you keep it secure and you can do anything with your coins even your country forbid to hold or use Bitcoin.

I believe if you are trading in shitcoins you have little chance of getting rich if you sell timely by making right judgement of buy low sell high but very few are lucky to do so.But there is full guarantee that creators of that shitcoins,whales and influencers whom you follow for the investment advice will become rich after dumping it on normal people.The most of projects which were in hype at one time where do they stand now? People again do the same mistakes with investment in shitcoins and loose money.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

4. ACCEPTING THE 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 are 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.

I love this part. In fact, this should be the hard nut to crack for anyone who goes into business. Sadly, this is the part a great number of people don't even want to contemplate or find out. They want to assume that the path to profiteering should be easy and smooth. For me, the first step is even to think of loss before profit taking. The first thing I ask about any business I'm getting into is the risk and loss aspect before the "mouth watering" ROI which is often the one pushed forward. There's no business without risk, investors should seek the risk and loss out first to avoid unplanned outcome later.

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To invest something, you need to have an amount that you can forget about for a while and that you can safely do without. And of course, in order to fulfill your dream of wealth, just investing once will not lead to the desired result. That is, in addition to investments, you should not just sit in anticipation of wealth but should constantly develop and have other earnings, from which you will regularly replenish your account for future growth.
We will not talk about the fact that you need to know completely where you are investing money since ignorance will certainly lead to losses, but each time you receive any profit and reinvest your profit, it is advisable to diversify your investments into several sources. For example, in addition to Bitcoin, real estate always remains in demand, and advantages from different sources sometimes become more profitable than participation in one thing.
In a word, any money should not lie in dead weight but should always work.

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Quote from: hd49728 on May 08, 2023, 01:22:24 AM

Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

6. CONFIDENCE : Trust yourself, trust the plan that you created and do not ever hesitate, in this way you can perceive the market information correctly and you will not experience any fear, panic and many more negative emotions.

It's hard for newbies to trust themselves in this market.

They might trust themselves at beginning but when they read news, fud, see price crash, their confidence will vanish quickly. They don't have enough experience to know that volatility is for short term and long term price will have less volatility up or down. It has very sharp growth since 2009 till 2023 with many big volatile price movements in those years.

They must live in this market and with time they gain experience which is important for them to trust themselves.

For me, trust is the most important factor in investing, because only when we have faith in bitcoin, and believe in our choices, we are immune to all the negativity around us. We can buy other people's knowledge, but trust is something we need to build ourselves, and to gain trust, experiencing the market is the only way. Trust cannot be bought, can not be obtained through the advice of others, but must be with your own experience.
Many people have the same knowledge, but their beliefs in the market are different, so the results will also be different, so many people have knowledge but do not necessarily succeed.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

4. ACCEPTING THE 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 are 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.

Those who are interested in investing are advised to invest as much money as you can afford to lose. This is a very big money risk. Because there are many chances of losing money. That is why the term risk-taking is associated with investment in this way. A certain amount of money, i.e. money that will not affect your finances if you lose it, should be risked.

Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

5. PLANNING : Do not just put your hard earned money on some investments or buy bitcoin immediately without having a solid plan, organized planning is what successful investors doing. They have steps that they are following because they trust that it is the best way to achieve their goals.

Planning plays a very important role in investing. Risks like investments should never be taken without planning. We have to plan beforehand as part of our plan what amount of money can be invested, for how long the investment should be held, at what time the investment should be made.

Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

6. CONFIDENCE : Trust yourself, trust the plan that you created and do not ever hesitate, in this way you can perceive the market information correctly and you will not experience any fear, panic and many more negative emotions.

We lack the most confidence to invest. I have a doctor I know who always advises his patients that if you believe in yourself or are confident in yourself, you are 30% healthy. That is, the importance of self-confidence in every work is immense. So before investing you have to have confidence and then invest. So that you always have faith that you will benefit from the investment.

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Quote from: DevilSlayer on May 08, 2023, 12:01:42 AM

So the question is how can we make our investing career to become successful?

IMO, the view of success with a certain field also depends on the thought and experience of each person, it cannot be assumed that someone's success is also the goal of everyone's success. However, looking at the way in which we invest to get back the values in life such as material, spiritual, reputation, ... then this can be very broad and can be looked back at right from the point of view we start with it. I understand some things don't come naturally but by luck, how everything turns out is a reflection of what we've done before, we're in an environment that is so full of joy, so to speak. Due to the chaos of different knowledge and values, aiming for balance in life will be seen as a starting point for success.

Topic: Investing doesn't guarantee you to be rich - page 16. (Read 2364 times)