Topic: Lost of my capital has made me to have a change of mind about Bitcoin . - page 3. (Read 495 times)

First, don't trade if you don't want to lose your capital. That's simple as that. When you trade, you already accepted two things, winning and losing.

Aside from that, the risk that you'll take always comes with the opposite direction and possible outcome of losing. That's what it is.

Also, become an investor and don't trade, with that you'll keep your holdings but you need to add more with known strategy called DCA. Only trade when you're about to sell during profit taking.

Do you think it takes just a months or a year for someone to generally study about the bitcoin market? No! Because there are lots of sacrifice you need to do before going to that extent and this includes learning from people around the internet/ forum here especially with different knowledge after which you developed your own skills that will suit your trading journey. Most traders always gets used to other people trading pattern whenever it's not favoring them they voice out.

So if you must last long or continues your trading journey you need to start with Demo to practice them and develop the best trading methods you can use to explore, though sometimes Demo doesn't function as real account because its more tensed when using a live account, so the best is DCA just as few people had already mentioned, keep in mind that no short cut to trading if you must want to trade, you must follow all the principle otherwise you will keep losing your equity.

from your writing, I see you want to ask and get an answer about the fastest way to become a profitable trader, here I am not commenting as an expert but from my experience, traders who can make a profit are not booked in a short time, even a trader has never said he spent more than 5 years to be able to make a profit when trading, there are many techniques that you have to learn apart from technique, you also have to control your emotions because usually unstable emotions when trading will only cause big losses like what you are experiencing.

but I want to ask, do you have a friend in the real world who is a trader? having a direct mentor can actually shorten your time to becoming a good trader.

Trading is really complicated, not because you are able the candle stick and other TA stuff, it will bring you to successful trading.  Remember there is also some factor that work outside the chart.  The fundamental of the market, the sentiment of the investors and the news and current events of the market.  One should be able to integrate both fundamentals and TA perfectly in order to have an advantage over other traders.  

About your question of what method is the safest, in trading there is no safe method, all have risk, to minimize risk you can just hodl and wait for the price of Bitcoin to increase before selling your stash.  Aside from that, it will take time for a trader to fully grasp the market and don't be sadden about your result, even professional traders lose in trading.  What matters is that they never give up and learn from their failures and mistake.

Trading is not for everyone. I have never done any short-period trades, always went with a weekly or monthly timeframe. I called a move from $45k to $22k and I waited for that to happen. And guess what? It actually happened when everyone said it would not, even some OG accounts on this forum were against my bet. Doesn't matter, In trading you have to always go with what the chart is showing, not with your feelings.

For beginners, Holding is the best option.

As you have already been told, trading is an activity in which you have a high probability of losing your capital. Very high, despite what is promoted. And no matter if it's Bitcoin, stocks or commodities, it's the trading, not the Bitcoin, that has made you lose your money.

The first thing you should learn is what Bitcoin is, why it was created and what problems it solves, what its essential properties are, and so on.

Then you will see that it is best to invest for the long term, with DCA being an optimal strategy if you have little capital as for example BlackBoss_ recommends. But it's a slow and boring process and it's not going to make you a multimillionaire overnight by investing $100.

Welcome to Bitcoin forum. Let's kick off your adventure with a forum's Help page; and some sticky threads like

[Bitcointalk sticky threads] Newbies - read before starting.

You will see some of those sticky threads pinned in Beginners & Help board, see them at top of a page.

Don't trade. Invest, please.

Invest with DCA is good.
https://dcabtc.com/

But maybe I can not stop you from trading, so I have it for you
Awesome Crypto Trading.

Firstly I would advise you change your mindset about not loosing, every pro trader at a point in their trading journey have lost their capitals to the market, some even lost their full portfolio severally before ever becoming a pro, so if you are just starting know that it's part of the journey but you shouldn't give up because you lost money, stay consistent and you will definitely get your pay day and you will recover all you have lost.

Secondly talking about strategy, it's very important you understand aswell that there's no best strategy in trading, any strategy judiciously followed can be a good strategy in their time provided the parameters for which such strategy is executed are met then the strategy will be the best at that moment but every traders have got their peculiarities and that influences their strategy, so what works for some other person as a strategy may not work for another because they have their varring appetite with risk management and parameters. So my advice is try out as many strategy as you can find and pick that which best suit your trading style and risk appetite, then make that your best strategy by staying consistent with it and watch your trading take a new shape

OP, first of all, I would like to inform you that there were many traders who blew their accounts during their early stages of trading; some of them did not only blow their accounts once or twice, but they were persistent and kept learning. Greed and emotion are what can easily blow your account. If you lose your temper due to repeated losses, you will definitely be tempted to take a great risk if you can recover all your losses. That's where greed comes in play. You are chasing a big profit, while you are still a newbie who is still trying to get familiar with the market. Don't trade with your emotions, and if you don't get so greedy, then you will likely not blow your account.

My friend I must confess there is Nothing like Best strategy to trade without losing. Every business man is bound to loose. business is all about profit and loss, it can never be a win win. The best thing so far is to apply the DCA method buy accumulating Bitcoin for the next bulrun or investing for future purpose just like @adultcrypto said  buying the dip and hold is the best strategy. Trading can cause you psycological trauma expecialy when you lost a huge amount of money due to price fluctuation.

Welcome to the platform and sorry for your loss. You are in the right place so you should not be worried but as a newbie who ventured into trading without proper knowledge, I think you should count or consider it as an experience you have learnt so far and to be frank with you trading at this stage of your level was a wrong move you made.
As a newbie with no much trading experience the best option you could do is to buy and hold for a long time to make profit as that would have been better rather than trading for a short time which you have no much trading skills and experience  and lastly, thee is no perfect trading strategies you would think of as the Bitcoin market is very much volatile and unpredictable.

Due to how volatile crypto market is, there is no any trading strategy that you will use and not to lose some money provided you are trading altcoin because they are very risky, although there will some strategy than can help you maintain your capital but the best and easiest way to maintain your capital is to invest in Bitcoin for long term.

If I may give you, a straight-up answer to this, I will say that trading is not suitable for a newbie, since you stated that you were introduced by your friend to cryptocurrency and you lack the basic knowledge on things, and all the candle stick story blah blah blah, is sound weird to me but anyways we have to face the reality as a newbie, is better to avoid high-risk things and trading is one of that high-risk aspect of the cryptocurrency.
And since you are seeking possible help, I will say then that you have the best method in cryptocurrency investment when you buy and hold them in your personal wallet, this way you are sure that you are not risking losing your assets and all that you need at that point is to remain consistent and being able to wait and hold for a long terms base.

Welcome to the forum mate. When it comes to Cryptocurrency, there's always a risk in what you are doing even if you are only buying Bitcoin to hold how much if you decided to trade or invest which is more risky than holding but if you're willing to risk then there's a chance for you to earn money if you are lucky and have good skills and knowledge about what you are doing. Also, don't  forget that if you have a chance to double or triple your money then there's also a chance to lose some of your capital or maybe all of it. Learning from mistakes would make you better than before and more knowledgeable.

The nature of cryptocurrency day trading is losses and profits. You cannot do without loses, no matter how knowledgeable you are in trading. What really happens is that, good traders will always have to get more wins than losses on the long run. So, for you not to lose your capital is that you must device a strategy that works for you and stick to that strategy. This doesn't happen instantly, the losses you are having is accumulation of knowledge, you have to build on that to become a successful trader.

But then, avoid lossing money unnecessary. That is where the problem lies. If you lose money out of your careless and continue to lose and call it part of the process, you will not be profitable on the long run.

Does your friend tell you that trading is risky and has no assurance of making a profit and incurring losses? Because if he did it already, then you are aware that every time you trade, you can't make sure that your money will get back fully, or might lose some of it.

I will tell you OP that there is no perfect strategy in trading but you can practice more using spot trading. You can also use a demo account to further enhance your trading knowledge and skill but still, this won't give you the assurance that you will never lose as it seems possible, in fact, even old traders still experiencing this one.

I'm not a crypto expert, but let me share my experience.
Basically, every investment in crypto, especially trading, will have risks. The worst risk is losing our money.
But actually there are several ways to anticipate it:
1. Do you trade in the future market? If yes, then the risk will be higher and it is better to avoid it. because, our cash capital can really run out quickly even if we trade Bitcoin.

2. However, if you trade on the spot market, with Bitcoin as the asset, then in fact you will not lose as long as you are still holding and not selling at a cheaper price than when you bought it. Basically, the amount of Bitcoin we have is still the same, but because the price of BTC is volatile, sometimes its value goes up and down, as if our assets are decreasing and we are making big losses, so we panic and sell. So, when we sell at a lower price, we actually lose our money, including our capital.

3. For this reason, to avoid trading risks, regardless of market conditions, if we have not yet made a profit according to our target, it would be better to continue holding or keeping Bitcoin as our investment. Don't be fixated on converting our fiat value because that will definitely make us more stressed because of the ups and downs in the value of our assets in our fiat conversion. Be patient until at least we reach the target price. Don't panic easily when a market drop or market correction occurs. As long as the coin you choose is Bitcoin, it will continue to be valuable if you hold it.

Trading is certainly hard most especially for newbies that don't  have enough experiences in trading. Although trading is open for everyone, but not all those who decide to trade will be given chances to succeed and be in profits. Of course, everything depends on how knowledgeable and skillful you are, and how can you beat the market with your honed strategies and developed right attitude towards in trading. And obviously, newbies don't have any of these yet.

While you can say that your knowledge has been sufficient enough for you to decide to trade, but trading itself is not all about knowledge but more on practical application and skills. And for newbies to achieve this, you need to widen your experiences first and definitely learn from all the mistakes and losses that you have experienced.

Losing is part of trading so expect that in every trade you made, there will always be inevitable losses that you will surely incur. However, with your current position as a trader, I can't say that trading with less knowledge and experience will be a good decision to trade. You are not supposed to be trading in the market because you're not even capable yet, the moment you decide to trade, the risk even becomes higher that made you lose your capital while trading.

This is not only happening to you but to all the newbies who decide to quickly enter trading believing that it could be easy for them to make profits. But in reality, there will be more possible losses than gains when newbies decide to trade, simply because they don't have enough skills and strategies that will make them protected against the risk of losing.

To me, I would say that trading Bitcoin is just another way of gambling with your Bitcoin, but the difference is just that gambling is for fun and Bitcoin trading is for people that are looking for profits. It will be so easy for you to invest in Bitcoin rather than to trade it. However, I am not a Bitcoin trader. I am just an investor that is applying the DCA strategy so I can accumulate more Bitcoin, and my accumulating process is going so well for me because I am not being affected.
So I am trying to say that one of the best ways for you not to lose your money in crypto currency, you just have to invest in it with the little capital you can afford to lose, then use the DCA method to accumulate more Bitcoin and you hold it for dear life, although ways, profits are not guaranteed, but it is one of the best way to invest and accumulate Bitcoin.