Topic: Newbies say no to Trading. - page 3. (Read 725 times)

Well to clearify not all newbie account are actually newbie some of these accounts are actually well learned when it comes to trading and other crypto related knowledge. I don't know why there is this much believe here in the community that all newbies are actually beginners, well most of these accounts are even alt account that are created in the purpose of so many alternatives here in the forum

Honestly I don't blame them for thinking crypto is some kind of a get rich quick scheme !

If you ask people that were part of the early investments of bitcoin they might be preaching this message of get rich quick as anybody that bought a decent amount of bitcoins and held was declared a crypto millionaire after a few years and with this , this has created an atmosphere of trying to replicate this success which isn't working for anybody "atm".. and it's time for a reality check.

Great advice and this should be preached to everyone.

The easiest way to trade Bitcoin is the basic buy and sell model by using peer2peer trading which can grow your coin stash in no time and I think this is the best!
Hodling of coins is stressful if you ask me, and without the volatility in the market ones portfolio may look like it's dead.

You know when you are not really oriented in something you will think negative, some of the newbie act the way they are informed before coming to the forum, some are being oriented to join forum because weekly subscription of signatures, and some are being oriented to the aspect of trading, whereas they don't have the knowledge of bitcoin trading, that is while some people always join trading whenever they find their self here and that makes them to lose.

Yes. Newbies should never jump into actual trading unless they have gained years of experience from trading scenarios. Not only they will ruin and damage their trades but they will also increase the risk to lose from their hard-earned capital. Trading should never be done randomly just like gambling, but with crucial skills and expertise as trading is more than just gaining knowledge but also requires the ability to focus and concentrate especially in a market that’s full of unpredicted events. Although newbies may always chose to learn trading, but should never compel just to gain immediate profits.

Not every bitcoin traders out there is making profits but nearly all bitcoin holders are making profits in their long term investment that's why it's needful that as newbies buy and hold should be where your interest in making profits with bitcoin starts from with further DCA as time goes. Trading is a risking task that even the experience traders makes losses they never imagined howbeit then for a newbie blowing your account in one sitting is definite.

But when you give yourself time and learn trading, gaining from the experience of seasoned traders through books and videos that teaches on trading while you practice through demo trading and a little of life trades with a very little amount trying to master different strategies through the use of either technical or fundamental analytical tools and a mastery of risk management. Not for long you will be able to confidently make trades making more profits than losses.

You're right, technical analysis is basically just a superstition, and fundamental analysis is likely impossible in crypto. First, because the fundamentals are not understood - you can't make a formula of taking a node count and calculating the objective value. Or number of users or any other metric. And second, seems like the market doesn't care about fundamentals at all. You can have 2 identical coins, but one is named after a meme, and its value is 1000 times higher than the other.

Privacy and security are the two most important factors in bitcoin that every newbie should be aware of, any other thing should come after learning this two basics of bitcoin. Trading might not be the last option for a newbie who has his mind at it and came for the purpose of trading. They can go for trading but only at their own peril when they are  yet to understand the fundamentals of bitcoin trading first. It’s advisable they begin by learning how to safeguard their money before thinking of a way to multiply in the market. You can’t multiply a money that’s not secured and have total possession of.
 

This is a very important point for those that are going to be holding for a long time especially the newbies whom most don’t have knowledge of trading and those investors that wants to earn profit in the long run and not fully into trading. 1 BTC is always 1BTC as long as you don’t touch it, the worth wouldn’t change. But if you don’t have enough savings to cover your BTC hodlings, you’ll end up spending them fraction by fraction until you spend them all. Before investing in bitcoin, it’s important to have enough savings to cater for oneself to avoid touching the main bitcoin investment

I applaud your experience and again your honesty. in advising about bitcoin and this forum in general.I have seen some people who have known about bitcoin and this forum but they would not want to say the obvious truth. They will be hiding under the canopy of Bitcoin is the savior. We are all here together to promote bitcoin and to also gain from bitcoin, but you made two emphatic statements, which I respect you for.

One of the statement is that we all came here for money. And that is the truth. Just that most of us after seeing what is even bigger than money, we started to learn other things of Bitcoin, but generally money attracted more than 80% of us here.

Your second statement said that bitcoin cannot make one rich overnight unless for a very long term holders who might gain at the long run. This is a good mindset, but the newcomers are seeing bitcoin as a get-rich-quick scheme.
Only the early adopters became millionaires and billionaires with bitcoin. For you to hit that kind of money now, you must be able to invest huge mount of money.

I think you've posted something very wise that might change the mindset of some newbies about bitcoin. I didn't really think about it because basically everyone who came here was looking for money. Beginners can trade, allowed for any reason, but they must know all the risks involved.

The problem is; Don't ever think bitcoin can make you rich overnight. It's nearly impossible, although there is a possibility.
Becoming a long-term bitcoin holder is useful advice for those who don't have the extra time to monitor the market and analyze it. I agree that each of them should consider it at their own risk regardless of whether their interest is in investing or trading. Both are at risk, of course.

I think I posted this on the forums already but just to mention it again, there was an article that I have read that trading is by no means profitable especially if you are a beginner. According to an article that I have read before, the profits that you make as a beginner trader is at least more or less equal to the salary of a bank teller; and majority of these beginner traders fall-off on the first few months of their trading scheme.

Newbies, cryptocurrency investing/trading is not a quick-way to earn some money. If this were the case, then everyone would be rich by now. If you truly want to save and profit, then it is essential that you put effort into it just like any other investment instruments already present in the market.

To conclude, there is no such thing as "easy money" in all fields. Working hard and doing the smart things/moves may give you more opportunities to be profitable in the future.

Your first paragraph kinda described me when I was finding ways to earn through Bitcoin since I was like open to one more sideline to earn from. Turns out it was not worth it in my end. I haven't really done DCA method for now since I am kinda buying at random timings/intervals.  Hodling might be called "cheap" method by other people since it is kinda being passive from everything happening in the market, but hey it's your money anyway.

Trading is just not meant for everybody including me. I had experienced the worst mental exhaustion ever back in the days when I attempted day trading. You're right that you cannot learn it by two months and heck, a year won't even be enough for an experience. It's just really not something that everyone can give patience into.

Not sure why people would quit their job for Bitcoin. It's possible, but kinda not practical and reasonable since you're kinda having an unstable ways to earn and you might end up not earning for couple of years depending on the market's condition. I can even recall the bearish days when Bitcoin was below 6k from 10k. Damn.

Suggestion/s? It's perfectly fine if trading isn't working in your end. Choose where you're most comfortable at. Trading, investing, mining or wherever you want go for it. Don't let people just tell you and force you in their ways.

Well, you've given a great advice but the truth  be told that you're making trading seem very impossible  which is wrong and there are a whole lot of features introduced in trading that is already making  trading easier even for newbie and what is actually needed is basic knowledge  of buying and selling and with that, you're already good to go.
I also spoke about the copy trading feature introduced by some brokers and with that feature  alone, one can make some good profits from copy trading and I also want to correct the fact that one can make a life and living off trading but alot of practice and research ought to be done and you also have to know that  life on it's own is risky and trading or holding isn't exempted.

For me, it’s a good mindset by convincing yourself not to trade when you know you are not ready yet to take the trading challenge. Trading is only for those who are capable to trade and knows the market well, but successful trading requires years of trading experience in the market with all the honed skills and working strategies that are proven to be helpful when trading.

Just to remind all newbies that trading isn’t the only option to be profitable in the market. If you have the knowledge and capable enough to buy bitcoin at your own risk, then you can invest on it for long term. Bitcoin is for long term investment, at least that way you’ll be able to increase your future profits depending on how long the years you are going to hold.

There is a wrong perception of some newbies that makes them easily lose control in trading or investing in crypto. And from their understanding it is what makes them often make unwise decisions and in times of panic. As we understand, crypto won't make us rich overnight, but it's all by a process that might be very complicated for everyone. But what newbies see is that only at the moment have we succeeded because of crypto, without wanting to understand what we have go through. And of course they really hope they can become successful and rich like other people. But the problem is they don't understand the concept of crypto itself and maybe don't want to understand it from studying in more detail. They sometimes do trading positions with high leverage so that they can quickly get a lot of profit but they deny the high risks they might experience.

The best choice that a newbie should make is to never trade right away instead learning first is what will help newbies in trading because if a newbie have knowledge in a field that they are interested then they will know what they are doing and the risk that they are taking for a chance to earn profits if the outcome isn't losses. What you said about being a pro or a newbie woukd still experience losses and also gaining profits.

When you trade, know that you are not chasing for profits only but losses as well. Regardless if you are a newbie or a pro in trading, losses will always be part of it. That’s why having knowledge and experience is a must, especially in trading where it’s highly considered as a battle of minds. While others have exceeded their expectations and make exceptional profits, a lot of traders are still failing on it. However, with practice and persistency to perform in the market despite of its uncertainties, in the end you may be able to see yourself succeeding.

Yeah. I agree with you on this, trading shouldn't be rushed into hence, you could get your fingers burnt. Trading is for professionals who understand how it works. Personally, for me, i don't day trade, I buy and hodl.

I agree that newbie should shy away from actual trading but can start learning trading to use of demo accounts.  Trading if mastered is better than just holding and getting your coins idle.  Trading can increase our portfolio without spending additional funds to buy new Bitcoins to include in our portfolio.  Trading although a hard task, can be learn and possibly mastered.  It takes time though.

So I agree that beginners must not jump automatically to trading, if we want to make trading to increase our portfolio we mus allocate time to learn it and understand the all things of trading.  Practice with demo accounts and when we think we have learned the needed skills then it is time to test them on actual trading.

They also need to understand that one of the reasons why bitcoin trading is not for them is that not only will profit come by itself without them doing any technical analysis, but the risk that is involved in bitcoin investment is a little bit of a risk that when they are able to take it and invest, the amount they can lose will also help them. Why did I say that? Because a newbie doesn’t have any knowledge regarding bitcoin trading, and someone who wants to be a successful trader must take a long time learning the crypto space and other technical aspects of it. And any other things that are needed because some newbies think that since trading doesn’t require much time, they prefer it without knowing the risk that is involved, which is inappropriate for them. Also, when we compare the risk of bitcoin trading and bitcoin investment, it's clear that investments don’t have as much risk as bitcoin trading.


Bitcoin investment is a choice that until someone wishes they could make, we can’t force people to engage, and anyone who quits their job because they have acquired some bitcoins will blame themselves at the end when the price did not go well for them. That is why you should have another job out there so that your investment will just be a reserve and your eye will not go there when you have financial problems except when you don't have an alternative way than to sell what you have already invested.

The best advice should not be that newbies should totally stay off trading. It would have been better if you said that newbies should not trade but rather they should learn how to trade and maybe they should continue to learn until they are able to trade by themselves. Saying that only professional traders should trade because they know how to make profit is not a lie, but where I do not like your position is that professional traders did not become professionals overnight. I mean they were once newbies, assuming they stayed away from trading they wouldn't have been professionals anyways.
So newbies should to learn until they are sure they can trade and control their emotion.