People who are successful, experienced traders - how did you get into it? - page 2.

Caladonian

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Quote from: NetFreak199 on August 21, 2016, 11:36:02 PM

Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

Well for all newbie most people say you just need to buy low and sell high in trading, but the problem how can you know that the coin you buy is in cheap price? You can know it if you multiple times trade it. More in experience ..

its really hard to know if you are just newbie to this kind of trading needed to have move study and do not rely on experience only, it is not because you got lucky ones or if you lose some you can rely on it, studying the flow is very important knowing instances on why or how the price will go up and down is very in need. I'm also a newbie right now and i keep on reading and searching for a better guide to learn more.

NetFreak199

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Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

Well for all newbie most people say you just need to buy low and sell high in trading, but the problem how can you know that the coin you buy is in cheap price? You can know it if you multiple times trade it. More in experience ..

Dudeperfect

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If you are asking to specifically successful or heavy experienced traders then I am not eligible for it but since you have not mentioned any specific ‘experience’ point, I am taking benefit of doubt to give my two cents. I am trading from last 6 months but it’s less like a long term trading more like a short term investing.

I think success is something that enriches your knowledge and skills which makes you more sensible for next trades. I don’t measure it in binary like profit is success and loss is failure. I am from commerce background thus I entered in trading during my academic period and I think first time I dealt was in domains and then I opted in for crypto trade. I am looking forward to trade in stocks (right now doing it with simulator) let’s see how it goes.

Gahs

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Minter

From coimarketcap.com, you can get the daily price of all coins. It will be good if you draw out a table, write down the price of each coin for five consecutive days to have an idea of the good coins to buy and sell

marky89

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Quote from: davis196 on August 19, 2016, 07:29:07 AM

Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

99% of the time success is just build from trial and error.

People who don`t give up succeed sooner or later.

This applies to bitcoin trading as well.

It's more than trial-and-error. People who trade that way will lose over and over. You need to develop a robust, back-tested strategy and have a proper risk management (risk vs. reward) plan for your trades. You need to be employing a profitable system from the get-go -- so the first question is: Do you have an edge? If you do, you may lose in the short term, but you should be profitable long term. Being a successful trader is all about employing that strategy over and over -- and having the discipline not to stray from it. It's easy to "tilt" and start trading based on emotions, rather than your profitable system. That will blow up your account.

davis196

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Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

99% of the time success is just build from trial and error.

People who don`t give up succeed sooner or later.

This applies to bitcoin trading as well.

Herbert2020

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Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

no you don't need a background in economics or finance, that will help you greatly though, but it is not necessary to become successful because that is something that you can gain along the way.
i have started from a small amount and just playing around with trading for a while and then over time as i were losing money and earning a little profit (more loss) i started learning more about how trading works and learned about economics and all those technical stuff and analysis which helped me a lot.

waterholeIO

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Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

There's really no background needed. My partner and I were not educated in finances and economics (just the basics) and had our own full time job as well. We learned a lot through trials and error, and from scams and fraud first hand. It was difficult at times, and there were times when trades were so slow that we wondered if we should continue. Since we were quite active and one of the top sellers at LocalBitcoins for cash deposit in the world, we were the target of a lot of new scams so we had to develop ways to prevent them from occurring again and taking an active approach of what *might* be a future possible scam.

garundang

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i started with small amount of bitcoins and i had some luck with trading as most of times i found perfect moment when to buy or sell, before huge price crash or rise

shinratensei_

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Quote from: bitcoinmasterlord on July 25, 2016, 08:40:43 PM

Quote from: BitcoinHodler on July 23, 2016, 09:30:25 AM

the key is trading without getting greedy.
it means you should get in and get out as fast as possible never wait for long to sell if you get some profit then and enjoy the profit because waiting most of the times lead to losing.

That is true, and one shouldn't trade with borrowed money because this kind of day trading is quite risky.

The profit of daily trading is unpredictable and very risky to trading using borrowed amount, we don't know does it's possible to gain profit until the day of pay off is coming. it's really not recommended trading with borrowed amount.

Indrawan77

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Professional traders usually has course or lesson before they involve in trading, it need times to learn how to trade properly but the best teacher is from the experience
Trading need huge amount of knowledge, the first one is updated news and the second is how to read chart, that is the 2 most important things in trading, then from experience you will know when is the best time to buy or to sell
I suggest you to try trading with small amount or just simply practice in free mode (if you can find one)

arwin100

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Quote from: lavapits on July 25, 2016, 04:30:11 AM

Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

if you want to be a good trader, you have to know that currency very well so you will be able to predict upcoming price pumps or dumps

You cannot predict the pump or dump eventhough you really do some research to it or even if you stalk the dev its because the traders and big whales are controlling the price thats why its better really to be more patience and make sure to check the coin if it is active or almost to be dead to avoid lose money for it like just what happen on my past tradings i lose many for those shitcoins listed on yobit and thats really really bad experience for me thats why i grow up to be better trader

bitcoinmasterlord

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Quote from: BitcoinHodler on July 23, 2016, 09:30:25 AM

the key is trading without getting greedy.
it means you should get in and get out as fast as possible never wait for long to sell if you get some profit then and enjoy the profit because waiting most of the times lead to losing.

That is true, and one shouldn't trade with borrowed money because this kind of day trading is quite risky. In case one lose borrowed money then they will end up in a worst situation. So don't ever try to trade with borrowed money and sometimes we can't make quick profits because after we buy than the price may not go up immediately, and we may need to wait for longer time.

Mumbeeptind1963

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Many people now get successfull in trading because for they hard working and they motivation in trading. If you have enough capital in trading you get high profits and you earn them all to increase your your capital so you become successfull if you have a good traders.

harizen

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Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

Having a background about economical and market related terms isn't necessary for a person who wants to do trades, at least in my case.

If a person really wants to learn the art of trading, they will seek deeply about all the information they can get. But of course, reading is not enough if they will not put themselves in the actual scene.

Like you stated in the last part of your post, yes failures from trading experiences making us a good trader. There is no trader who doesn't experience loss in my own point of view.

mobnepal

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I am actually a food technologist however i am earning enough monthly with trading altcoin and bitcoin for my living. So i think from what background you come doesn't matter for success in trading, i have also seen few other peoples who have different background than IT/finance field but are earning good online with forex and crypto trading.

lavapits

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Quote from: razor5cl on July 21, 2016, 12:17:04 PM

I'm new to the idea of bitcoin trading in general, and I was wondering how people actually get into it? It sounds like a lot of people have some sort of background in economics or finance, or work in trading in their day jobs and use btc trading as a sideline, are there a lot of people like this? Do people learn by losing money and then figuring out where they went wrong and correcting it?

I'm interested to hear people's stories.

if you want to be a good trader, you have to know that currency very well so you will be able to predict upcoming price pumps or dumps

crairezx20

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Quote from: BitcoinHodler on July 23, 2016, 09:30:25 AM

the key is trading without getting greedy.
it means you should get in and get out as fast as possible never wait for long to sell if you get some profit then and enjoy the profit because waiting most of the times lead to losing.

Yeah be satisfied of the price increase if you already maid even a small amount sell it and wait again for the price decrease and buy again..
That is the common way to make a profit.. in trading..

CoinBreader

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expect from some trading skills you gonna need understanding the charts, you must also read a lot for the coin you wanna invest/had invested etc because there is a big chance you fail & start running on a shake out, if you have done your homework right then you are FUD-proof also... shake outs & FUD cause panic, and this will lead you to a loss , and since we are in cryptoland with no limits up/down , it is good to be ready for a crazy ride!
So it is better to start with small amounts see how it will go, and remember bigger amounts are more hard to enter/exit fast, best advice i can give you is enter & exit is best to be done from buy walls Wink

BitcoinHodler

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HODLing is an art, not just a word...

the key is trading without getting greedy.
it means you should get in and get out as fast as possible never wait for long to sell if you get some profit then and enjoy the profit because waiting most of the times lead to losing.

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