Topic: Mindset and personal expirience, how important is it in crypto? (Read 537 times)

 personal expirience is more important in crypto, because its your own experience,  but  Mindset  is more important for market, because market is a live thing like a human

Yes experience and skill have helped me a lot in crypto world as there were many a times that someone would have scammed me or would have stolen my coins but my experience helped me identifying a potential scam. But when I was new to this world then I made pretty stupid mistakes of falling into scams like HYIP and ponzi schemes in gambling section here and lost about 0.5BTC in the process. And now I stay away from that section in the forum just in order to stay away from the temptation of winning big without any hard work.

It is very important especially in a market like crypto which is still immature and is largely manipulated, people should learn to patiently hold the good coins for maximum benefit and profit, no need to sell for cheap price.

You do not need to research a coin for half a year that is simply too long and many people to not even take 10 minutes to research it, you need to find a middle ground make a deep research that takes a week or two if after that time you are still not feeling sure about investing in a coin then you should never do it, and also you need to keep track of it so that you do not do the same work again.

Mindset is none emotional and is setting what is good to be done. Easier said than done though as sometimes we fall into greed and worry because of our emotions. Experience on the other hand is very helpful in both mindset and our emotions. I myself is a bit tough now because I have decent experience already. I saw and observed the market up and down. 

The mindset is critical, this is what separates those that make profits and those that make losses, think about the holders there are many people that think that they can hold for long term and as soon as the price began to go down people began to sell, only a few have been able to hold despite the huge crash in the market and those that are still holding are the ones that are going to get profits in the future.

Having those aspects as you are into cryptocurrencies can help a you a lot in many ways. If your mindset  is that you will hodl no matter hard the situation is, then you will survive. Your experience will also dictate you not to be shaken in times of crisis because you already know that's crisis are just normal based on your experience.

The most important quality is the desire to learn.  Abilities can be developed in oneself.  Experience also comes with time.  But if there is a desire only to receive money, and at the same time not to delve into the process, the result will not be.

What kind of mindset should we have to survive the purge? Everuthing bought since the begining of December is pretty much desroyed now. I think we need to take a break and stop checking the market until monday. Spend some time with family and friends perhaps...

for me it doesn't matter your background we are all here for the profit this is the thing that make the space to grow this big, the denominator for everyone is the money. Though having invested in stock market before now and seeing the way the market moves helped me a lot in decision maaking

Emotions is a very good point. Markt dip is the best time to invest and growing market can be a trap. I think people understand it mostly. But then market is bleeding again and we just look in fear to invest more.

Another point is that you need to have plan for any case. Be like batman and have "no plan situcation" plan. For example to to invest your fiar fight away but keep some ready to buy at a right time, like avaerage whale does. i still can't lern this lesson.

i think that investment in the cryptocurrency market needs to be planned and most of the short-term speculation will be lost . investing ia a coin requires long-term research , at least half a year . you must believe it . if you invest it . the market will rise and fall .you must keep it , until it reaches you expectations .

Mindset and personal experience both are very very important in crypto. Crypto market rise slowly, so mindset is essential.
Personal experience help to work in crypto, so it is essential.

Yes of course,if you dont have enough experience you wont get good results in trading,the experiences will teach you how the market behaves and im sure you will get familiar with the movements you are facing to,mindset will give you peace of mind in every trades you are doing so these two are imporant factors besides the technical and fundamentals.

Im sure if you dont have good mindset your mind and decision making wouldnt be that effective,experience will improve your trading instinct and decision making so yes,it is very important to everyone of us,if you mastered these two factors you will be making a lot of money from the cryptocurrencies,im sure you will be  rich.

I'm pretty sure that the simplest way to earn from crytocurrency are investing to the high profile in the market.

Yes it is very important to have both good mindsentr and experience,because you cannot learn these things from any books,your mindset will be deciding factor if you are going to open and close some trades when we are talking about trading,experience will give you the best intuition about the market's situation so these two are very important factors.

Yes,the two plays an important part,an integral part to this crypto world,you must be mentally and physically fit for this.meaning,your intellect will always set focus on pumps and dumps and to learn more,technically.

That is very important,mindset and experiences will be needed if you are making big decisions in your investments,experiences cannot be learned in books and any technical books out there,mindset will give you goals which your references in making decisions,that is why it is very imporant to most of investors,weak mindset will always fail at the end.

Of course it is,because good mindset will give you peace of mind when you are doing any investments,experience? yes it is very needed when yoi are making decision because experiences will teach you how will you do in every investments you are planing to,successful people has a good mindset and lots of experience.

I agree. However, I would say that every aspect of a person comes into play, if that could help in making good deals in the end. Whether one has a certain kind of attitude, emotional control, good strategy and a lot of assets to do business, if he would not use it for his advantage, then it could all go in vain. Therefore, as much as there is a hierarchy of consideration one must use, I would say that using all thing at your disposal including one's attitude plays a key role in making good business.

Yes it is,investors who has a lot of experiences will know which projects or coins will give or achieve success,that is why experience is really needed the mindset will give you a good idea how these projects will ends,if they have potentials or not so thats why we need to have good mindset look for the future of each project.

It is very imporant because if you dont have good experince and your mindset is too weak you wont get any success,you should look into the future of every investments you are doing so that you will have more chance of getting success,holders will always win and those people who will sell their coins early wont have good gains.

Of course it is very important mindset will dictate how will you play the investments you are joined to,most of the failed investors has weak mindset,and those who are very successful has a mindset which you cannot be read,they are always looking forward than the current investments,this will give them more chance of getting success in the future.

Having the right mindset and having the right skill set is integral to anybody success at crypto. Best part of it all, is that since the industry is fresh and new anybody can learn these skills and anybody can become a successful trader. Main reason why people aren't is because they think crypto is some get rick quick scheme and that couldn't be further from the truth. You need to have a lot of discipline, mainly in emotional and money management skills. And that is much easier said than done, in actual execution it is hard to not let our emotions get involved because we are human.


Ah that's a great one!

This is the reason why the big players are always making success compare to an average people,mindset is very important in every investments that we are taking,because these average people always wants to have an easy money compare to these people who knows some business marketing,which will look into the future expectations.

Good mindset will always have good outcome,those people who doesnt have good plans in their life will surely wont get their goals easily.Im sure not all of the people are thinking the same but a business minded personl will always have an  advantage to the people who are typically doesnt know any business background.

Learning to plan and to decide things properly plays a gery great role in the world of cryptocurrency. It enables you to do tough decisions and long term planning makes things work.

In an innovation training, a trainer gives an idea of the mindset, innovation and experience of an event that could happen in crypto.

Nothing in this world can achieve that so easy,we need to work hard so that the efforts will be paid someday when the cryptocurrencies reach its full potential it would be better for us to do everything we can until there are still hype in our community.Cryptocurrencies could really become our new money in the future,digital money makes our life easier that is why we should stick with crypto.

Having a very limited amount of emotions when investing is going to allow you to get money. Work hard after researching the project that you are in.

You sir, have a very good attitude. Some people I know (and work with) never do more than they are told to. They don't try to do their work better, they don't care. I can't imagine them in crypto. With this attitude they will loose everything.

i'm just one of the average people and I don't have any business background except that i treat my job as a business that I work for someone loyally and industriously that i kept him earning more than i could have. while i also invest in cryptocurrencies, i have my own dreams to fulfill as well.

those average people sure does have their own dreams of becoming millionaires and i guess btc is the first thing that comes in mind after learning people got rich because of it.

Everything is important and experience and knowledge, without knowledge it is impossible to gain experience. And experience is gained over the years sometimes at the cost of one's own mistakes. Many ICO now recruit inexperienced developers and it turns out that everything seems to be good, and inexperience leads to stagnation. It is difficult but necessary for everyone who is here.

offcourse if you have a positive mindset in individual coin where you put your money thats good sign for every investor . I personally not day trader i do collect lots of data and knowledge when i chose any single coin to invest my money . so i think crypto market is depends of lots of factor everyone should be learn first then deal with crypto .

This not only happens with bitcoin many people invest in stocks thinking they are going to become millionaires by just investing in the right stock if the story sounds similar to what happens in bitcoin it is because it's the same story, people invest in bitcoin thinking they will get easy and fast profits but those that got the best profits are the ones that have invested for a long period of time and that have held their coins.

Smart move! Getting expirience and educating yourself helps in any area. But when you joined, did you have this in mind, orlearnt it the hard way?

I agree with you, experience in business and investment greatly helps in the cryptocurrency market. But I'm not one of those people. I'm just a regular guy who decided to do it. Realizing that I do not have the necessary knowledge and skills, I joined the team, paid for their training and insight, and now began to understand this area. Help more books, not necessarily about the cryptocurrency, and about the business, it is important to properly configure your thinking in the first place, good luck to all in the endeavors)

I am a forex trader and a small time buy and sell guy in our city. These are my personal experience before i jump in on trading crypto and joining ICO. My past experience helps me a lot on trading. However, I do have losing trades. As of the moment i am - 50% loss in one of my Altcoin. I dont want to sell it because i know that it will go back to normal price in the future.

And now i am looking for good crypto to buy again.

One my friend who bought bicoin for $16k sold it today with a huge loss. He said crypto is not what he expected and there is no way to profit from it. I take it as a confirmation of mu thoughts.

How it will make you success? Are you drugdealer or what? Everybody says that cryptocurrency will make future better, but how? Except of money printing

Cryptocurrencies is so important because it could replace the fiat system the blockchain if most of the countries agreed will replace the centralized banking system.It is important for me because it could be the key to our success in the future,being the early adopters we have more advantages than those people who dont have any knowledge about cryptocurrencies upto date.

Sometimes not only traiding, but also investment at all. People who see crypto as magic trick that will make them rich amy also fail easily. we saw so many investing on hype at $19k and then dumping it mid january as it was going down. everyone needs to learn to maintain portfolio.

I couldn't agree with you more. Your state of mind is important because of the instability of the cryptocurrency market, which causes their prices to fluctuate wildly. When prices collapse, if your mood is bad, you panic and sell your coin right away. You will lose a lot of money.

Thank you very much for your opinion, I almost completely agree with him and also wanted to add that when integrating and legalizing crypto currency, corruption will be exhausted, if it is very good to approach it, then it will be possible.

It is something critical, experience is something that cannot be bought those that begin their trading careers trading bitcoin have a huge disadvantage the market moves very abruptly and that means that sometimes they will make the right trades and still lose money since the market moves sometimes in unpredictable ways and then they develop bad habits that are difficult to get rid off and that will lose them money in the future.

Well, mindset and personal experience are one of the reason in joining this kind of industry.
If you have the mindset of persevering from this field, you will earn more than anyone else.
Personal experience can help you to answer or be part of discussions like this. Your experiences can be shared through discussions.
It is better if one's mistake is avoided by others and one's achievement can be an inspiration to others.
I think the purpose of this discussion is for us to have more information about this industry and how it really works.

Mindset and experience obviously play a crucial role in determining whether you earn profit or lose money in the crypto market. People with a weak mindset who cannot stand the sudden changes in the crypto market values(Inherent nature of the crypto market) will pull out and spread FUD about crypto without a second thought and such people will only lose money rather than gaining any kind of profits. On the other hand, people with a strong mindset and market experience will focus on doing research and choosing the right moment to sell their coins.

If you are positive enough to do the things, the result will be positive too. The mindset is very important because it matter most the result in every activity will do. If you are a person who has many experience in bitcoin it means you know what will be the process to earn and you can easily predict for the future.

In my opinion it is quite important, if a person has plenty of experience in encryption money market, so most of the time they will be more patient waiting for tokens gains, then they will earn more money.

I trade in crypto for more than 3 years and the basic thing I do is patience. In every altcoin there will always be a pump, the only goal I have is to get profit whether it is small or big. Being greedy is also a big factor that will put you in a great danger, I remember when a lost 4 BTC for a FOMO, just my luck because those 4BTC is a profit from a previous altcoin that I sold and it was gone in a snap. Today I am more diligent every time I buy a specific altcoin and make sure it is good for long term holding.

investor might works with the custom of field with the limitation as qualifying details with parameters to refer of unit of indication as the initials to work as referring point of value with the unit of expectation to request with decision as displacing details of submission with the table of exchange with the market.

Speaking about altcoins trading, I agree, there should be some background and experience. For example, one should at least have heard about Forex schemes. And mindset matters as well - as it does everywhere. The conclusion I can make, trading is not for everyone and not for average people.

There is no black and white, there is only grey in real world. I wanted to show these two poles to illustrate my thoughts. I don't know many crypto ethusiasts personally. But from what I've seen so far, people from busisness environment don't build pipe dreams out of crypto. They don't expect instant profits and are ready to work. At the same time an average person may come here for the lottery, but as we all understand all people are different. And people here learn fast.

Of course it is. Trading is all about analysing, you cant trade without trading strategy - it will be more like bet.
So mindset is very important thing. You should understand a couple of things and their interractions. Only those who can analyze makes profit on this market. And those who have insider info

Yes, these factors are present in the crypto currency market, and these pumping are difficult to predict, and it is profitable to sell coins that you have (if you do not have insider information).

There is actually a huge difference. The pump and dump schemes that you see in crypto are illegal on the stock market, and lots of market manipulation goes on in crypto that is also banned in the stock market.

Yes to be exact, because without your mindset you cannot survive in this field. And mistake also is one of the fact that you can get lessons because with that mistake you make things go right at the end.

Correct! First thing that you need to consider the most important thing about crypto is your ability. The ability to know what would be the best standard or strategy that for you to know everything about the crypto world.

Mindset is extremely important and learning from mistakes is extremely important in crypto.

Firstly, i think your distinctions are quite wrong, for though they might factor in on the qualities they definitely do not determine a better investor. Its a great question, one i feel most should think about, for a stable mindset is very important in crypto, where you can handle the stress of market fluctuations, and take the losses alongwith profits, in your stride. Create the right balance in their life too. Personal experience can be a plus, but sometimes, it can act as a deterrent from taking steps through preconceived notions, and not a fresh market study.

It's a combination of both.
But also very important: Having the time to gather information, analyse, read through the news, charts etc. That's a pretty big issue for people having full time jobs and other time consuming commitments.

I think is not very big difference, because of different encryption monetary market and stock market, stock market make money money most of day traders, however, encryption money market a good way to make money is hold for a long time.

So you new it from the begining? You came to crypto knowing you will need to work hard to earn money here or thought that you will het easy money here? Evetyone who is in crypto for a long time understands that you need to do many things; analyze charts, read whitepapers, follow trends, track news and etc. i.e. learn a lot and work. I believe a lot of people come here beacuse they've heard stories how people invested $10k several years ago and now it turned into $1m.

Any definite difference, they have their own way to find and earn profits. Not just investors, but like many hunters reward time to earn an income. of course we want to get the most out of it, some are doing part time job to play crypto, there is also playing time full crypto During this time there is a chance, it will be very interesting to go directly to the world of crypto.

My skill in learning Crypto is always trying to find out more about Crypto Whether searching know through the internet or news about Crypto in the newspapers
and at least I should be able to speak english, and I always ask about Crypto through my friend who is already first entered the world of Crypto,
In addition,My mindset must also be knowledgeable in recognizing Crypto....

The first time I know the crypto is self-taught and I am a hired worker as you say. Very long I fight alone, learn and find information about crypto anywhere. Time running, I want to not get stuck as a hired worker, now I've started to learn and try to get the luck in trading. I also built a small community within my neighborhood that has the goal of introducing crypto to all societies.

Yes, that's true. Crypto market is so fast that 1 month here is like half of year on other markets. People have to learn fast here or they will eventually loose all the money. But it is still very interesting, that some people think diffrently from the very first day in crypto due to bussines expirience they have.

Another good part of crypto is that it makes people more self-sufficient, it teaches people to control their finance themselves, be more responsible.

I think it would be easier to make money from cryptocurrency markets if people with long-term trading experience in financial markets, because they know to stop making money, and most of it is always too greedy.

Because of the instability of the cryptocurrency market, one's mentality is important in this regard. If one is optimistic, he will be calm when he copes with a drop in currency prices. And experience, no matter what industry, is very important, it can guide you in the face of some special circumstances to make wise measures.

I have been trading for quite some time (3 years about). Personally I think the most important thing is your ability to analyze the chart and have a good strategy. IMHO

Having the right mindset and having the right skill set is integral to anybody success at crypto. Best part of it all, is that since the industry is fresh and new anybody can learn these skills and anybody can become a successful trader. Main reason why people aren't is because they think crypto is some get rick quick scheme and that couldn't be further from the truth. You need to have a lot of discipline, mainly in emotional and money management skills. And that is much easier said than done, in actual execution it is hard to not let our emotions get involved because we are human.

The very top to go with a strategy that you understand how you'll act in them to buy,or keep on market activity,or 10-20% fix. a couple of days,a lot depends on this!For example, I understand that it is better to remove part of the perspective in dolgosrok, and part of the trade, and look at the movement of the market in the first place,as it affects the direction of development

Everyone who is investing in altcoins is actually investing in busines. What previous expirience can help you? Are we all starting from the same point or do someone have an advantage on the level of mindset? I've been thinking much about it lately. Looking at the people I know, I can say that we all are on very different position.

I came to an idea that thre are 2 major archetypes of people in crypto world: bussinesman and average people. I've made a small article on this topic: https://steemit.com/cryptocurrency/@cryptohumster/mindset-archetypes-in-crypto-world

To tell my thoughts short:
There are two main categories of people here: those who work for themselves and hired workers. I don’t want to say that any category is better than the other, but it looks like one gives you mindset more suitable for crypto world.

People with business background
They invest their money and time to their business and count only on themselves. They understand several important things:
- nothing valuable is given for free
- invested money doesn’t return immediately
- you always need to have a plan/strategy
This expirience and skills help a lot in crypto world. This knowledge always comes at a price and these people already learnt it before coming here.

Average people
Hired workers, students and etc. Such people don't usually have much expirience in investmaent. They learn about crypto from news or from friends and see crypto currency as lottery ticket to a bright feature. They don't usually understand the following:
- cryptocurrency is business in the first place
- you just can't really become reach by chance without working on it
Such people do silly mistakes (I did them too, a lot actually), the FOMO into coins, make decisions based on some youtube videos, follow the hype buying at ATH and sell in the middle of correction because they haven't become rich in first 3 weeks and etc.

What do you think? What was your expirience/skill that helped you in the world of crypto?