PROFIT must not be top priority in trading, instead of LEARNING first. - page 4.

jostorres

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Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

Learning should be given highest priority and no doubt about that but at the same time this does not mean that we need to change our ultimate goal in the end. Ultimate goal of trading is making money but for that we need to get ready which is possible only through learning and not just by dreaming about making money in crypto trading.

Newbies do dream and fail to get ready by learning all the basic requirements of trading. No one could learn all the required things before getting into trading but everyone should learn all the basics of trading so that they will not lost all their capital but will find right opportunities to make profits.

michellee

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When you want to make a profit, you have to have the skills and know how to get the moment to help you make money. Learning about trading is something you have to do to know the right moment to enter the market and choose the right coin to trade. But sadly, few people take the time to trade while others rely on signals from other people to buy and sell their coins.

If you are a beginner, never rush to decide, especially if you want to buy or sell based on signals from other people because it will not always work for you. Try to keep learning from various sources, find the right trading method for you, and find your own trading style. If you can do it, you can make a profit. Profit will come to you soon.

Fatunad

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Quote from: Fredomago on March 04, 2022, 10:26:14 PM

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When I started crypto trading I was not after the profit first, afterall I started with maximum of $100 the amount of money I can afford to lose, though I had streak of loses however I was just learning and testing my strategy as well as controlling my emotions while live trading, having the mindset of learning, practicing and experimenting first which will definitely span a long period of time, though I haven't accomplish my aim yet, however I had gained a lot of charting time, learnt candlestick patterns and I was able to devise my own personal strategy based on TA and Price Action plus two indicators EMA and RSI.

You did the right thing, experienced will give you broader ideas on how to work with the industry like this, it's not an easy buy low and sell high strategy but to understand how the flow is being influenced, what are the grounds and what's the nearest pattern to form your strategy, it's gives you more knowledge on how to anticipate and how to both lessen your risk and strengthen your opportunities.

More on emotional control and continue to follow your plan strategy more instead of allowing your emotions to lure you with every decision to make.

Lots of trial and error for short on which you would need to pass up lots of things before you could discover out something for yourself on how to survive into this market.It is really just impossible
that you wont be minding about on not to make profits because this is the primary thing that we do come on here which is to make money but its true that initial mindset or thinking must
really be talking about learning up with the basics until you do upgrade and gradually learn up along the way, losing is there which is normal but its not enough for you stop when you do experience
consecutive loss.

Fredomago

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When I started crypto trading I was not after the profit first, afterall I started with maximum of $100 the amount of money I can afford to lose, though I had streak of loses however I was just learning and testing my strategy as well as controlling my emotions while live trading, having the mindset of learning, practicing and experimenting first which will definitely span a long period of time, though I haven't accomplish my aim yet, however I had gained a lot of charting time, learnt candlestick patterns and I was able to devise my own personal strategy based on TA and Price Action plus two indicators EMA and RSI.

You did the right thing, experienced will give you broader ideas on how to work with the industry like this, it's not an easy buy low and sell high strategy but to understand how the flow is being influenced, what are the grounds and what's the nearest pattern to form your strategy, it's gives you more knowledge on how to anticipate and how to both lessen your risk and strengthen your opportunities.

More on emotional control and continue to follow your plan strategy more instead of allowing your emotions to lure you with every decision to make.

judaspriest

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Quote from: Anguwa on March 03, 2022, 05:18:27 PM

Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

Actually, knowledge should be the first thing one should obtain before focusing on how much profit or gain one should expect. Many beginners, on the other hand, skip information and jump right into trading, all in the name of trying their luck, but when it doesn't work, they panic, and that's when they realize it's better to gain extensive knowledge before starting to trade and earn for profit.

I believe the reason why some are skipping the hard work is because they thought that getting into this crypto market, is like always the get-rich-quick concept that they have been reading. They don't know that some of them are just because of luck but mostly, because of the hard work of the trader. But later on, they will realize that there's more than meets the eye here. They will learn their own lessons in time.

Some of them may misinterpret it so they think that in crypto it can make instant profit,
basically all of that requires a process and I think that's what everyone should be aware of before entering the crypto world,
Becoming a professional trader of course at first has to work hard and spend a lot of time learning

tygeade

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Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

It's going to be a bad experience because it was your first time to lose but when you know that it was your first time and you don't have knowledge yet, why would you put too much money? It was also your fault on why you feel really bad.

If you keep on losing you will soon realize that there must be something wrong with the way you trade. You're not stupid enough to continue your old strategy because that can only lead to more losses but you will rework it and you will find yourself researching on how to improve yourself in trading. The chance to earn a profit should now be possible but I won't say it's now easier. Nothing is easy on here.

darewaller

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Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

Yeah that’s right. But it’s usually difficult for most people, considering how long they might have to learn about trading and how they can go about making profit. That’s why a lot of people are always failing in trading and they are losing money, and they still don’t want to take their time out to learn, majority don’t have that kind of patience. But for those who really do, it always pays off at the end.

Profit is the aim, but traders have to understand that without knowledge you’re not going anywhere at all, you’re just going to keep losing money, and what’s the need, when you’re not even making profit from it at all? So, the first thing we have to do is to chill and leave profit and talk about knowledge, when you have gotten that knowledge, you can then start your trading and focus on using the knowledge you have got to make profit.

jaberwock

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I believe the reason why some are skipping the hard work is because they thought that getting into this crypto market, is like always the get-rich-quick concept that they have been reading. They don't know that some of them are just because of luck but mostly, because of the hard work of the trader. But later on, they will realize that there's more than meets the eye here. They will learn their own lessons in time.

The problem is usually because of the kind of news that the media disseminates; the media is always making it seem like it is so easy for anyone to get on cryptocurrency trading and get rich the next day, but that’s not how things works here. They are always spreading the news about how people became millionaires because they were trading or investing in Bitcoin, but they hardly share stories that reveals the other side of cryptocurrency investment;the risk part of it.

There are lots of people who are losing money in the market more than those who have turned millionaire. And only a few that able to know to gain knowledge first, are the ones that don’t fall into this trap.

Anguwa

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Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

Actually, knowledge should be the first thing one should obtain before focusing on how much profit or gain one should expect. Many beginners, on the other hand, skip information and jump right into trading, all in the name of trying their luck, but when it doesn't work, they panic, and that's when they realize it's better to gain extensive knowledge before starting to trade and earn for profit.

Issa56

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I believe you are really right, as a beginner I believe you will definitely lose money, if you are after money as a beginner in Cryptocurrency you will continue to lose money, but as a beginner in Cryptocurrency if you focus on enhancing your knowledge and improving your skills then you will definitely start making money after getting the appropriate knowledge, but if you are after money, I believe you will continue to lose money and you won't know why you are losing money, so as a beginner I believe you should always go for knowledge first.

milewilda

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Quote from: Oceat on March 02, 2022, 06:46:10 PM

Knowledge will always comes first because that's how it all works and you didn't see someone gaining lots of profit without knowing what they were doing. If you see one, then it's most likely they were gambling and that is just pure luck it takes a little while if you will win again but for most people it's a complete disaster if they gamble in the long run.

That's why we always said to these newbies to learn the basics first not just in trading but for almost everything. Don't put money first, invest in books, knowledge is important in order to gain money.

Having a goal or setting a target isnt bad specially it would really be on making profits but if you do hurry up yourself then this is where mistakes do happen and it shouldnt really be that tolerated.
Learning would be the first priority and that via means with real experience and next would be profits because you would realize for yourself that you are making money while you are learning.
On next trades then you do know on what you are dealing off and on how to handle up yourself with this very unpredictable market.

goaldigger

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Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

We trade to make money, but I agree on the concept of this one since having a good knowledge can make you more profitable so if you’re a bigger you should learn how to analyze first, and you should know how to create your own strategy since trading is too risky and if you are not familiar with it, losing money is inevitable.

There are a lot of ways to learn trading now a days, to keep yourself updated you must lend sometime on your learnings and improving yourself.

Don’t focus too much on the money because it will come to you once you have that good strategy.

boyptc

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Quote from: monineklutak on March 02, 2022, 05:36:59 PM

Quote from: boyptc on March 02, 2022, 03:47:51 PM

Quote from: Cling18 on March 02, 2022, 12:33:13 PM

I certainly agree with this because based on my experience, our funds would be nothing no matter how big it is if we aren't knowledgeable about trading. We have to invest knowledge first so we'll be able to create the right decisions and we'll know how to deal with every market situation. Trading is a long process of learning but it's an edge because we couldn't gain the profit that we want if we lack knowledge.

It's the first step.

Take it from those professional traders that they've been through several ups and downs before they've reached themselves into that peak of their trading career.

Learn in all aspects that you should as you trade like in experience, trial and errors, risk management, emotional management and as in almost everything.

More or less like that and it should be realized also that in doing all of that make sure you have to be patient,
in learning it all to reach the peak of a career like them professional traders it takes time,
nothing is instant and everything needs a process

Patience can be learned even if you're not.

Like the other important aspects, in trading, it's needed for you to be patient all of the time. So if you want to stay in trading for so long and make money the most from it.

You need to be patient no matter what the situation is saying. The latter part of what you said is true, it's all coming into a process and you have to taste every part of it so that you'll become better as you stay.

suzanne5223

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Quote from: Kelvinid on March 01, 2022, 09:18:46 AM

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

You make a good point but I believe it all depends on individual comprehension mind because no one will have the thought of enchanting his/her knowledge or skills without having the thought of making a strong or buzz which is called purpose in other words which will call profit in crypto investment.
You can go and check the only story of all successful traders, especially in the arbitrage, they always dream big and later work on it. Working on achieving that great dream is the major problem we have now in the market.

Wind_FURY

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Quote from: jaberwock on March 02, 2022, 11:08:52 AM

Quote from: SirLancelot on March 02, 2022, 06:59:44 AM

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Well, that's why sometimes someone is recommended to enter with the minimum possible capital when just trying to trade. As far as I know, the profits that beginners make are usually due to luck, and there is a high chance that they will lose money at first. however, it does require knowledge. let's just say that the loss is the payment of experience. if they were really good at it when they made their first trade, it may be an ability that has been with them for a long time.

If they already have an ability to trade then they are not called beginners anymore but beginners are someone that are completely new to this activity. You said a newbie trader can earn a profit because of luck? but later on you also said that they made it because they are good at? That's a bit confusing but I think the first one is more correct.

There is what we called a beginners luck and it did happen because I also experience this not only in trading but also in gambling and other activities where money is involved. You don't need to pay money to have an experience but we have tools scattered around the web that are free to use. One example is demo trading.

I would guess that you need to be a bit good to get lucky, that's how I think about everything. If you work hard and get good at ANYTHING in life, when the opportunity comes then you will make a good amount of money as well.

Plus it's also important to know that "hard fork" just for hard work sometimes isn't enough, especially in a very competitive activity like trading. Your hard work might only be 50% of the work of another better, younger, hungrier trader. Sometimes accept your limitations and be more effective with your capital in other ways.

Bollexz1

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You're absolutely right. Looking back to when I started, I've missed out taking some huge profits in the past and I used to feel bad whenever it happens. But last year alone, I took one of the biggest profit of my lifetime not only in crypto but in life and that's due to my calmness in learning. It all adds up to my experience.

Oceat

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Knowledge will always comes first because that's how it all works and you didn't see someone gaining lots of profit without knowing what they were doing. If you see one, then it's most likely they were gambling and that is just pure luck it takes a little while if you will win again but for most people it's a complete disaster if they gamble in the long run.

That's why we always said to these newbies to learn the basics first not just in trading but for almost everything. Don't put money first, invest in books, knowledge is important in order to gain money.

DoublerHunter

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Quote from: Kelvinid on March 02, 2022, 06:10:17 AM

Quote from: Bitcoin_Arena on March 01, 2022, 02:58:44 PM

It's why newbies in trading are always advised to only use money they can afford to lose because making losses while trading is something that will happen throughout a person's trading career.

Yes, and these newbies have no idea what this trading means. Most of them has been influenced by social media, many promotional ads mentioning good and high return upon trading, and these newbies take the bait.

I think this is the time to stop believing of what we saw online as these people never know exactly how trading works. And I think we need to help these newbies realize the risk in trading without backup knowledge coz it is certainly different if we have these things and the result too opposite.

^ Not only influenced, but it also convinced by their friends, relatives or any close to them saying that trading is a good investment but the fact is they after for the affiliate program that the trading platform has. Trading is very risky if you don't have enough skills on it and knowledge about it, people should understand first how it will work before proceeding into this kind of making a profit because it is not easy to generate profit in trading.
Nevertheless, we can't blame them if they really wanted to explore and that is normal to have losses before you will learn.

monineklutak

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Quote from: boyptc on March 02, 2022, 03:47:51 PM

Quote from: Cling18 on March 02, 2022, 12:33:13 PM

I certainly agree with this because based on my experience, our funds would be nothing no matter how big it is if we aren't knowledgeable about trading. We have to invest knowledge first so we'll be able to create the right decisions and we'll know how to deal with every market situation. Trading is a long process of learning but it's an edge because we couldn't gain the profit that we want if we lack knowledge.

It's the first step.

Take it from those professional traders that they've been through several ups and downs before they've reached themselves into that peak of their trading career.

Learn in all aspects that you should as you trade like in experience, trial and errors, risk management, emotional management and as in almost everything.

More or less like that and it should be realized also that in doing all of that make sure you have to be patient,
in learning it all to reach the peak of a career like them professional traders it takes time,
nothing is instant and everything needs a process

stomachgrowls

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Quote from: boyptc on March 02, 2022, 03:47:51 PM

Quote from: Cling18 on March 02, 2022, 12:33:13 PM

I certainly agree with this because based on my experience, our funds would be nothing no matter how big it is if we aren't knowledgeable about trading. We have to invest knowledge first so we'll be able to create the right decisions and we'll know how to deal with every market situation. Trading is a long process of learning but it's an edge because we couldn't gain the profit that we want if we lack knowledge.

It's the first step.

Take it from those professional traders that they've been through several ups and downs before they've reached themselves into that peak of their trading career.

Learn in all aspects that you should as you trade like in experience, trial and errors, risk management, emotional management and as in almost everything.

You would need to learn everything and having a good control of it because if one of those factors are lacking then you wouldnt really be that much a good trader or sustainable ones.

Ex. Emotional aspect on which if you do fail on this one alone then you would really be having a problem on sustaining yourself into this career yet this one
would create some problems which would really be hard for you to fix it out if you arent that good on handling your emotions.
This is one of the example and there are lots of rest which you do need to learn and need to control of.

Topic: PROFIT must not be top priority in trading, instead of LEARNING first. - page 4. (Read 715 times)