Should trading be for the rich? - page 13.

TakeItEasy

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Quote from: jeraldskie11 on November 28, 2023, 07:09:25 PM

Anyone can trade wether you're rich or poor. For me, there is no difference between them but their trading capital. Why? Because they can both become profitable or not profitable in trading. They both need to do backtest or do a demo account. Rich traders don't trade with the same margin as poor traders, they put margin based on what they can afford to lose. The only difference I see in them is their trading knowledge and mindset.

Trading knowledge of a rich person and a poor person can't be equal, because there will be many ways through which the rich trader may pass and he may faces different problems but the poor trader in these ways didn't worked because he didn't have fund at some place. Therefore the rich trader I think will be more knowledge about the trading. And knowledge in the trading has different benefits which can only understandable if there is a situation came in which loss is near.

By gaining much experience puts a person in some safe zone, he knows how to work in which place at trading. He have the ability to get more profit by investing just a small amount many times.

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

It's obvious, not because of the risks involved, but anything in the world that requires money is specifically for people that have money, there is nothing to be confused about that at all. Trading is the process of making money by buying and selling things, assets, and currencies, so it's obvious that only a person who has money can do it and someone who gains knowledge and does research wouldn't be able to start trading as long as they don't have capital to begin with.

Those who lose their capital because they think a lot about losing and are afraid of losses are not supposed to get into trading in the first place until they feel that they are ready to face all sorts of situations. Trading has its risks, and even the most expert traders tend to make mistakes and lose money sometimes. It's all about learning and growing and getting up after every fall and moving forward with more determination.

cute nmp

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Think the Trading skills is more important than the capital itself . Many have the funds to trade but don't know how to do it and end up losing the funds so i don't think Trading is for the rich only it is for everyone some don't have the skills to do it while others have but don't have the capital. If given enough capital they can be able to succeed in the field more than the rich.

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Quote from: jeraldskie11 on November 28, 2023, 07:09:25 PM

Anyone can trade wether you're rich or poor. For me, there is no difference between them but their trading capital. Why? Because they can both become profitable or not profitable in trading. They both need to do backtest or do a demo account. Rich traders don't trade with the same margin as poor traders, they put margin based on what they can afford to lose. The only difference I see in them is their trading knowledge and mindset.

Trading is for everyone. It is a matter of the level of understanding we have in the market. This is why we don't have to be a weak trader or relax to the little things that we know about the market. It is good when we try as much as possible to improve our skills so that we can easily adapt to the change in market structure. Market structure is something we need to be prepared for which is going help us in a long run understanding more about the market and what coild possibly happens next..

AnonBitCoiner

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Quote from: KingsDen on November 28, 2023, 06:58:14 AM

First, trading is not for everyone, this is one truth everyone has to know in order not to get into troubles with the cryptocurrency market.

Secondly, trading has something to do with the volume of capital. No matter how experienced you are as a trader, you may never make a fortune with $5 capital, no matter the leverage you use.

Thirdly, it is no all about the money. You may have the money but if you don't know how to trade, 24hrs is enough to blow $10k

Trading is not easy as those who think that they learned all about trading when enter into the market then the thing which they get realize is that they have minimum knowledge which is not enough to get reward. Trading requires your attention because price changes regular and decision should also be changed according to market changes.
Money and knowledge both are necessary so if you lack one of these two then consider that trading is not for you. Some wealthy people think that they will win in trading easily because they can use more money but they don't know that this large amount of money can easily be lost with a single fault because of insufficient knowledge.

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

Not actually for the rich and those who are comfortable of losing but for those who are not faint-hearted that when they experience massive losses, they easily resort in wrong decision making that will make their trades doom to failure and losses. While poor traders can be more susceptible to losses, but even rich traders as well as their huge capital does not guarantee the success of their trades.

However, I understand your main point OP but when one decides to trade without patience and caution, there will always be inevitable losses that even rich traders will create a negative effect on their finances and if not dealt wisely, these traders will end up being broke and homeless in the long run.

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Funds is of course needed to start trading, but before learn and practice first, because fund will be come in your hand today or tomorrow then you can start trade.
I know some of my friends they have good funds but they have no knowledge about trading. Small traders always worried because if they will lose money.

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

I understand that trading requires not just knowledge and skills but also money. Yes, often to say that those who have enough capital can stay in trading while those who are incapable or limited resources will quit. Well, the truth is that even if you are poor but your level of market understanding is quite good, making a profit is not impossible. In fact, we can start trading at the minimum amount and grow it. As long as we are able to manage carefully our trades, it is not impossible to grow them and become rich. As a trader, we should have to live in a positive mindset.

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

Determining whether trading should only be accessible to people who can afford to lose money is difficult. The principle of adjusting access to trading opportunities is widely accepted in the cryptocurrency community, even if trading entails risks and necessitates a certain amount of financial stability as well as financial backing. In an effort to lower these barriers, decentralised finance (DeFi) systems, for instance, offer more open and welcoming trade environments.
Recognise the dangers inherent in trading as well as the need of prudent money management.

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Trading is for those who have more money (not rich but more money) and have the knowledge, knowledge and analysis to support it. I suggest that if your income is small, it is better to avoid trading, especially if we have no experience and minimal knowledge in trading. That will only waste time and money. If investing, for example buying Bitcoin and holding. This is more beneficial for growing your portfolio.

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Quote from: EarnOnVictor on November 29, 2023, 05:29:49 AM

There's no how the demo account will not help, however, learning continues with the live account since it's the main account, but this shouldn't be a discouragement for anyone. Everything that needs to be learned in trading can actually be learned through the demo account, which includes emotional control that you referrred to. But unfortunately, true emotional control can only be learned with the live account where you commit your real money, which is what new traders should keep in mind.

Still, we are different and this psychological aspect of trading was learned by some people and it wasn't a different issue when they traded live accounts. Most often, what aggravates the psychological issue is that new traders do not start trading with the money they can afford to lose, but those traders that were able to scape through avoided that. Not only that, they also made sure they started with a very low amount of money to practice the live trading experience, and they did this before they eventaully grow to the level of using the bigger money to trade instead of just wasting money in the beginning.

This is wisdom, you know!

These are the right thoughts, if a trader tries to trade with money, that is not a comfortable amount for him, then this will interfere with his transactions. Excessive excitement will always lead to mistakes, or the fear of losing this money will lead to excessive caution and this will interfere with making a possible profit.

I have never tried to trade on a demo account, and perhaps the main role in this was played by the discussions I read about the demo account on the forum. The opinions of experienced traders that there is no point in this influenced my decision to start trading immediately with real money. But I started trading with little money from the beginning and it wasn't that difficult when I started to gradually increase my deposit. Practice will always be more valuable than any theory.

EarnOnVictor

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Quote from: hd49728 on November 28, 2023, 04:28:06 AM

Quote from: EarnOnVictor on November 28, 2023, 04:19:59 AM

Fine, almost all the exchanges I know do not allow a demo account, but this still does not stop anybody from starting small. If a well-prepared trader or the rich ones are trading with big money, why can't you start with a very small amount to learn the market trading and also get conversant with the trading platform before depositing big later?

Demo account for trading can not help too much for your actual trading. Very few people can use what they learn from Demo account trading to actual trading. Because when they use their own money and chase profit, they let greediness controls their decisions. So knowledge, experience with Demo trading can not help them. With actual trading, they will have to face with fud in the market too and as newbies they will mostly fail.

There's no how the demo account will not help, however, learning continues with the live account since it's the main account, but this shouldn't be a discouragement for anyone. Everything that needs to be learned in trading can actually be learned through the demo account, which includes emotional control that you referrred to. But unfortunately, true emotional control can only be learned with the live account where you commit your real money, which is what new traders should keep in mind.

Still, we are different and this psychological aspect of trading was learned by some people and it wasn't a different issue when they traded live accounts. Most often, what aggravates the psychological issue is that new traders do not start trading with the money they can afford to lose, but those traders that were able to scape through avoided that. Not only that, they also made sure they started with a very low amount of money to practice the live trading experience, and they did this before they eventaully grow to the level of using the bigger money to trade instead of just wasting money in the beginning.

This is wisdom, you know!

Strongkored

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

Traders who enter trading because they think this can be a job that will provide a steady income to finance their lives are the ones who often end up failing, they think trading is something that is easy to conquer without realizing that under any circumstances trading will still lead to losses because of the market that don't move according to analysis and the pressure to always produce gives more and more opportunities for wrong analysis, and so far I only get profits when the market is bullish and on normal days everything is unclear, whereas those that are already economically stable will not face any pressure about how much profits that must be obtained so that they can analyze more calmly.

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op First of all thank you very much you have brought up many important points. True, there are still many people who have enough knowledge to trade Bitcoin, but due to financial reasons, they may not be able to trade in Bitcoin. I will discuss a personal one. A friend of mine had quite good knowledge about Bitcoin. But due to financial problems of his family, he could not trade in Bitcoin properly. I personally gave my friend some money to trade in Bitcoin and then he never looked back. He is now a successful Bitcoin trader.

jeraldskie11

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Anyone can trade wether you're rich or poor. For me, there is no difference between them but their trading capital. Why? Because they can both become profitable or not profitable in trading. They both need to do backtest or do a demo account. Rich traders don't trade with the same margin as poor traders, they put margin based on what they can afford to lose. The only difference I see in them is their trading knowledge and mindset.

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Quote from: Dr.Bitcoin_Strange on November 28, 2023, 06:57:21 PM

Just some days ago, one of my friends at the university was charting with me, and he said he wanted someone who would invest in his trading skills and that he was 90% sure of his strategy working and yielding more profit than loss. I wanted to give him a try, but when I asked him if he had invested any money yet and he said no, that it was just a demo that he had used to learn all the strategies, I gave because I didn't want to be the escape goat who ends up losing his money after his first trade.

OP, trading is for everyone as long as the person has the zeal for it. While learning how to trade, the person can also be sourcing for ways to earn some money that they can invest in the real trade and try their skill out.

People nowadays are too believing to themselves even if without the actual experience. I guess that's a good capital for them and can't blame them for being too confident without proper application of actual trading.
While it's true that trading is for everyone even these people that are thinking that they are investable because they think they're smart and skilled, they don't know yet how brutal trading is.

Dr.Bitcoin_Strange

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Just some days ago, one of my friends at the university was charting with me, and he said he wanted someone who would invest in his trading skills and that he was 90% sure of his strategy working and yielding more profit than loss. I wanted to give him a try, but when I asked him if he had invested any money yet and he said no, that it was just a demo that he had used to learn all the strategies, I gave because I didn't want to be the escape goat who ends up losing his money after his first trade.

OP, trading is for everyone as long as the person has the zeal for it. While learning how to trade, the person can also be sourcing for ways to earn some money that they can invest in the real trade and try their skill out.

gunhell16

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

If other individual traders enter crypto trading and feel scared and worried as traders, I don't think he belongs in this industry. We must understand that traders rely on you to be aware of unforeseen events in the market.

That is why it is not possible here if you do not know how to read and apply each of the trading indicators used to predict the direction of the price of the coin you are trading on an exchange. Because it is certain that your trading activity will have no destination if you merely create estimates as a basis that you do not apply.

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

When trading, there will only be two possibilities, gains or losses. When we want to enter trading, we must be ready for both. If we have these worries and cannot control them or control these worries, then that means we are not ready for all the risks of trading. So, it would be better if we don't carry out trading activities first. Indeed, worry is not completely wrong, we are allowed to have it, especially with this worry, we will be more careful and also better prepared to carry out various analyzes and strategies based on sufficient knowledge. However, on the other hand, if the worry is too excessive and makes us uneasy and can disturb our focus on trading, then that means we are really not ready mentally and emotionally for trading. And this is quite dangerous.

Pro traders usually have their own tactics so they can consider trading as a way to get money and collect it. So they might be able to achieve glory and success in trading. However, if we are really new and/or don't really understand trading and still have the concerns above, then it is too high if we aim to get rich from trading. In fact, expectations that are too high sometimes actually make us too stressed when trading, especially if it doesn't match expectations.

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Quote from: Stepstowealth on November 27, 2023, 05:44:13 PM

There are people who have learnt how to trade, practiced on demo accounts for long but have not had the money to try trading on the market, and so they have abandoned trading to try search for money first. While there are others who have too little income, that they cannot profit from the market trading, they are always worried about loosing and because of that they make mistakes with their technical analysis and end up loosing the little money they have. Should trading be exclusive to financially comfortable and rich because of how risky it is?

There is no distinction in trading, regardless if you are rich or poor, everyone is given equal opportunities to trade and make profits. The only reason why trading is not for everyone is that if you trade without sufficient knowledge and skills, because surely trading will only put you to your losing end. But if you have the requirements to trade, and you are good enough to manage your emotions in trading, then trading is right for you, even if you don't have huge funds to trade.

However, I see it as an advantage if you are a rich trader, because that means that it won't be easier for you to quit and just leave gambling easily. Instead, you will use your money to keep practicing trading until you develop your own skills and valuable strategies that will make you successful and profitable trader.

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