Topic: Is Bitcoin trading for the lily-livered? - page 2. (Read 298 times)

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.

For example, imagine that someone who is addicted to smoking decides to stop smoking for health reasons and not money. You can take advantage of the money you used to spend on tobacco, to now buy Bitcoin. If you lose, it's like you spent on tobacco, if you win, you'll be all happy!

Imo to be a successful crypto trader, you need to have the skill set and a certain temperament to do the job. This isn’t something you are born with, anyone can learn to develop a strong mindset. Trading is a psychological exercise and your emotions can cost you money. It’s not enough to have one without the other, you can have a good knowledge about trading and still lose trades because you’re not confident in your trading plan, and you can also have a strong mindset and lose trades because you do not understand the trading patterns.

If possible can you name those experts? Do you really think that the experts are wasting their time on YouTube instead of making money or they just looking for some contents so their videos will get more views.

First of all don't believe in everything they tell and no one is really 100% successful in trading cause the nature of it is highly volatile makes it unpredictable that is why still people are interested in playing with the volatility. Trading is not suitable for someone who doesn't have multiple income sources.

To engage in Bitcoin trading you are expected to get some foundational knowledge about the field. You should be conversant with fundamental and technical analysis. It is a risky sector to venture in because the price of bitcoin is unpredictable so you can gain sometimes and other trades might not be favorable. There are risks attached to all businesses in the world but trading risk is higher and the profits are also good and fast. You need to be brave to venture into such a sector. You should be prepared for the worst.

It will also be to your advantage if you won't put all your money into Bitcoin trading. You should invest the sum so that even if you lose all, you would still live a comfortable life. Don't also borrow or sell a valuable asset to invest because bitcoin trading is risky. If you are not a good risk taker, trading might not be your calling.

It is not for the fainthearted. It's like going to war without prior preparation and training you're fated to lose and same implies in bitcoin trading, that's why it's advised to first get a thorough knowledge about it before going into trading as your knowledge about trading would embolden and build you to be strategic and avoid/reduce supposed loses that you would have made being a lily-livered.

And also making use of Indicators like RSI and MACD could be helpful to you in the market if you could frame yourself around one or more with which you make your technical analysis giving you a direction about market trends. If you jump into bitcoin trading as a whimp you would end up running series of losses that may blow your account to zero.

Do the words "lily-livered" mean something different from the meaning that I am aware of? "Coward" and a fearful someone
If that's what you mean, then I will say that bitcoin trading might not be the best option for you. Ordinarily,  you can't make a perfect decision on your own and stand by it; you will literally do anything that someone tells you without even thinking about the outcome. So getting yourself involved in Bitcoin trading with such a mindset might make you incur losses that you might not be aware of, and you will not know what market analysis you will have to follow in order to make the right trading decision.

And holding Bitcoin for a long time requires courage. If you happen to be holding Bitcoin that you have decided to hold for a long period of time, that could be possible for you if you avoid hearing what others have to say or the opinions that they have to share about holding. Today some might tell you to sell and take back your money because it's not safe for you to be holding Bitcoin, and the next day another person will come up with another suggestion, and all of that, in the end, will cost you a waste of money instead of you making a profit.
So if I'm to advise you, I will say you should first work on yourself. You need to take away fear from your mind in order to be able to overcome some fuzz that could result in panic selling. If you can control your fear and be your own decision-maker, then I guess you will be ready to learn other things that will make your trading life easier.

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?