Is Bitcoin trading for the lily-livered?

chigo

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

I've been around the forum for months now and lately i have been developing serious thoughts about venturing into crypto trading
particularly bitcoin, I've gotten some little knowledge about forex trading, because there are lots of trading indicators in forex that helps you in predicting the market flow.

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

So i ask, is bitcoin trading advisable for the lily-livered?

Bitcoin trading is not for people who like to be in their comfort zone, I mean, Bitcoin trading is full of high risks and we won't know what will continue to happen in the future, and price fluctuations are always changing and it's difficult to read a chart of price movements. the only thing imo is to pay attention to the past (history) of the bitcoin price itself (backwards a few months or years)

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

I've been around the forum for months now and lately i have been developing serious thoughts about venturing into crypto trading
particularly bitcoin, I've gotten some little knowledge about forex trading, because there are lots of trading indicators in forex that helps you in predicting the market flow.

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

So i ask, is bitcoin trading advisable for the lily-livered?

Bitcoin trading is open for everyone even for those who have less courage and confidence as long as they will start to gain more of it through acquiring sufficient knowledge about crypto trading as that will help them analyzing well the market charts when trading. But they should never expect quick and big profits from trading especially for newbies as they are susceptible to more losses and mistakes on their first time trades.

Japinat

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

I've been around the forum for months now and lately i have been developing serious thoughts about venturing into crypto trading
particularly bitcoin, I've gotten some little knowledge about forex trading, because there are lots of trading indicators in forex that helps you in predicting the market flow.

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

So i ask, is bitcoin trading advisable for the lily-livered?

Bitcoin trading requires a lot of knowledge and its right application after acquisition. So if you think you are not that determined enough and is afraid to take risk, then trading might not be good enough for you. Because when you are in actual trading, you need to be brave and be confident on what you have because that will be your best weapon on making your trades successful. Otherwise, if you trade without enough courage and not persistent on what you believe, you will never get far with trading.

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Quote from: Upgrade00 on June 27, 2023, 02:18:57 PM

Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

All sorts of traders have at some point or the other gotten burnt and experienced losses, it is not peculiar to Bitcoin traders but experienced by everyone who trades any currency.

If you trade according to amounts you can easily afford to lose, your emotions would not affect you that much. You would need a bit of control to be able to resist the urge to close trades early but without much stake you would be able to stay on top of that.

Trading is a battle of your brain and emotions so you need not to do things that will easily affect your emotions as that could also ruin your future trades. However, know that all traders experience their downturns in trading especially if they resort into consistent losing and just feel like quitting, but that is normal for all traders. Just remember that no one actually wins and make profits if you decide to quit in the end and just throw all your time and efforts.

AakZaki

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I don't know what you mean by lily-livered, but what I can say, Recommended or not, all types of trading will have a different response for everyone. This depends on whether trading can be mastered or not, there are many indicators used and technical analysis will be useful to read all of them.
If they have little knowledge about trading then it won't be good, it will be more misleading even if it's trading forex or crypto. Both trades have their advantages and disadvantages, but those who already understand them can do well.

Solosanz

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I see that you're a newbie, it's better for you to choose invest rather than trading because most of traders are losers, only small portion of traders are making money.

In trading you need to accept losses because you're still learn and we don't know how much you need to lose until you have a good trading skill. If you want to make money, don't think it can be easily through trading, learning a hard skill is more guaranteed.

Spaceman1000$

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Quote from: Queentoshi on June 28, 2023, 08:26:25 AM

Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

I've been around the forum for months now and lately i have been developing serious thoughts about venturing into crypto trading
particularly bitcoin, I've gotten some little knowledge about forex trading, because there are lots of trading indicators in forex that helps you in predicting the market flow.

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.
[/b]

The people that got burnt got burnt because they underestimated cryptocurrency trading and it has thought them a lesson. Since you have some knowledge of Forex already, you have a good idea of what you are to face and you should not be in a hurry to start Cryptocurrency trading because being in a hurry to start can force mistakes that will cost you all your money. But if you are very good In trading Forex, and you make profit, you can still decide to trade Forex, make profit and invest in Cryptocurrency, you must not trade Cryptocurrency.

I've seen a little up and down on Forex while trading but like i said, experts believe cryptocurrency trading it's a bit complex than forex that's why I'm seeking the obvious question.

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

I've been around the forum for months now and lately i have been developing serious thoughts about venturing into crypto trading
particularly bitcoin, I've gotten some little knowledge about forex trading, because there are lots of trading indicators in forex that helps you in predicting the market flow.

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.
[/b]

The people that got burnt got burnt because they underestimated cryptocurrency trading and it has thought them a lesson. Since you have some knowledge of Forex already, you have a good idea of what you are to face and you should not be in a hurry to start Cryptocurrency trading because being in a hurry to start can force mistakes that will cost you all your money. But if you are very good In trading Forex, and you make profit, you can still decide to trade Forex, make profit and invest in Cryptocurrency, you must not trade Cryptocurrency.

Razmirraz

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To be successful in a field, you must have knowledge in that field. Fear is definitely not the type of Bitcoin investor, fluctuations that occur every minute require investors to have a mental steel to deal with this situation. When you walk on a double-edged sword, you need capital readiness, mentality and patience when faced with risks that might occur.
The term burnt finger can be interpreted as a risk of loss, there is no guarantee that you will make a profit if you are still afraid of the risk. Big rewards are inseparable from big risks, if you are not ready for the risk, don't invest in Bitcoin.

Crypt0Gore

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All soldiers are soldiers but they have their different areas of expertise, crypto trading is not for the weak hearted, this is like going to a war and using any possible means to survive, you can either be good with a spade or a sword or whatever, just find what suits you the best, trading is a very big income earning stream where there are endless strategy you can use to get your gains but figuring which one is best for you will be your battle.

Trust me, it's not going to be that easy, but if you have make up your mind you will eventually come up with a way, your own personal way of trading, you will spent most time learning and doing practice but if you want the fastest way, you need to find a master and buy premium trading tools.

Today we have tools that tell or signals when to buy and when to sell, they are very handy for those who know too less about trading and it's helpful, just do your own research.

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

So i ask, is bitcoin trading advisable for the lily-livered?

There's no lie that everyone trading today have paid the little demands it takes to learn the trading right from the basic through many available trading learning platforms and tips, we can only see the manifestation of the results but we wouldn't be there once they were giving it every of it demanding requirements to learn trading, but the good aspect of it all is that you will discover the an expertism in those that have given their best from what it demands to learn trading.

lovesmayfamilis

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Everyone once started with something. Those successful crypto traders you are talking about also did not immediately become such. If you are ready for your trading to suffer losses from time to time, give it a try. Analyze every step, build your strategy, but also don't be stubborn and improve your skills, because nothing is stable. If we talk about the psycho-emotional state, then, of course, you need strong nerves and patience to stop in time and control your greed, a skill that helps a good trader.

Darker45

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I'd say, no.

If you proceed with Bitcoin trading even if you know that you are emotional and weak, could easily be swayed from objectivity, has very low risk-tolerance, easily panics, and so on, you will lose.

But if you've gone through losses, it would either be that you learn lessons, get better, and toughen up or you will continue to lose until you will finally be discouraged enough that you call it quits.

But, is there any other way to become a good trader? You will probably start fearful and weak; that's normal. But surely you can minimize the risks by doing some research. Also, after studying, by the time you do actual trading, you will start small, of course. You could even start with demo trading. So there are actually preparations to somehow address your concerns as a beginner trader.

SeriouslyGiveaway

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Quote from: joker_josue on June 27, 2023, 01:51:28 PM

First of all, you have to keep the following rule in mind: "Never invest more money than you are willing to lose!"

That said, the question is: do you have that money, that if you lose it, it won't affect your life, your day to day? If yes, you can try something. If not, it is better not to invest.

I agree because we invest to make our life easier, not harder. So if we lose our capital with one investment, we should not become homeless. To avoid being homeless after one failed investment, we should never invest all capital we have.

The most important rules of investing

Quote

The Challenges of the Investment Rule

If you remember the "Never invest money that you can't afford to lose" rule and never violate it, you shouldn't have to worry about running out of funds during retirement. You'll have the funds to handle something potentially catastrophic that occurs, like job loss or illness. The key is to build up your savings before you start to invest. You shouldn't invest money that you need to meet other responsibilities.

There's a natural human tendency to want to overreach, put in more money than you can afford, and go for a huge payout.This trait tends to become magnified in the face of losses. This is referred to as the "sunk cost fallacy"—the belief that you've invested too much to walk away. Rather than selling in the face of losses, someone might hold on to a stock that's underperforming or, worse, buy more.

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If you've got a weak heart then don't enter into a very highly volatile market which is Bitcoin. You've said that you've got knowledge in forex trading and that means that you've traded there or you've just gained some trading knowledge from there? Just as how the other markets are brutally gonna eat the weak hands and hearts, you should have that bravery and courage upon doing so and as you start. Whether you've got background already on what trading is coming from forex, you should be prepared for the worst everytime if you're going to trade. This is why you see people mainly just holding but even with that, it's still not for the weak heart.

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Cryptocurrency investment general is neither for lily livers nor the greedy. A lily livered person doesn't have the capacity to see his or her investment dip and he ends up losing funds by selling at loss. On the other hand, a greedy person wants to make huge profits from a little invest. They might also get carried away by sweet offers of fake investment and thereby whose aim is the steal your funds

Finestream

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

I've been around the forum for months now and lately i have been developing serious thoughts about venturing into crypto trading
particularly bitcoin, I've gotten some little knowledge about forex trading, because there are lots of trading indicators in forex that helps you in predicting the market flow.

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

So i ask, is bitcoin trading advisable for the lily-livered?

Obviously not. Everything that have high risks are actually not advisable for those who easily faint because they lack the courage and determination for it. However, everything in trading can be learned as well, even turning those cowards into brave ones as long as they are willing to take risk and lose their money at first. That way, they will be more motivated to learn and adjust to the market as well so they can be more suitable in trading.

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

Even though I agree that trading isn’t a bed of roses and has its risks, I’m not so trusting of YouTubers who claim to be bitcoin experts and give free financial advice on the internet. In my experience they usually turn out to be fake, their endgame is to sell you on some trading bot, platform or shitcoins that can supposedly help you make millions of dollars

Ojima-ojo

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The youtube influencers video you watched was right when they're mentioned that every trader has got their finger burned a couple of time before, and if one must succeed in trading it mean you have to develop a thick skin to be able to withstand the market pressure.

And in developing that thick skin, I don't think someone who is weak in decision-making or allows fear to take over their sense of judgment will make a good trader even though they trade the most secured asset like bitcoin.

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Quote from: Spaceman1000$ on June 27, 2023, 11:45:19 AM

However according to some bitcoin trading expert's on YouTube, they will tell you they've gotten their fingers burnt a lot of times.

All sorts of traders have at some point or the other gotten burnt and experienced losses, it is not peculiar to Bitcoin traders but experienced by everyone who trades any currency.

If you trade according to amounts you can easily afford to lose, your emotions would not affect you that much. You would need a bit of control to be able to resist the urge to close trades early but without much stake you would be able to stay on top of that.

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