Topic: Things I learned through the years of Buying and Trading Bitcoin (Read 865 times)
all the points mention are valid while trading for crypto all these points are valid in trading we should keep a track on investments nt to leave our crypto in ex changers is most important thing
What I learnt that if you are patient enough then you can actually make a profit no matter what. I was not patient during 2017 and sold bunch of bitcoins during summer from 1-3 thousand dollar levels and I was quite sad when I saw the price went as much as 20k. Then when I was making money during the bear run of 2018 I did the same mistake and when I saw the price going down I was spending money because I had to and I knew that it would eventually go up and now we are at over 10k these days so I have lost a lot of money there too.
None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
Impatience is really a killer of trade and if you look at what usually lead to FOMO, it is impatience, and even recently, it was still part of my impatience that made me make a trade entry at the wrong time, when bitcoin was heading towards $13,800.None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
I already knew that it usually comes with a corresponding correction, but at that point, I thought it was heading for $15k already, and if I was still patient a little, I would have actually escape investing around that figure, and look at me now, my coin is still stuck in that value, because I would lose if I sell now since there is possibility of us touching the value again, but I have already missed the number of turnout I would have done between that period and now. Patience is really key to success.
just want to add little stuff for backup your seed or phrase , make a letter and put in on bank especially if they save big ammount of coin , also you
can write it on you wall at your bedroom i do it and it help me when i lost data on my pc
can write it on you wall at your bedroom i do it and it help me when i lost data on my pc
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What I learnt that if you are patient enough then you can actually make a profit no matter what.
That's quite true and that has also been my lesson so far with addition to never, try to outsmart the market especially when you're not equiped (skilled) on that aspect of speculating correctly. I tried that once (to out smart the market) without any knowledge, just predicted on mere assumptions and it did backfired which sent me into desperation for some number of weeks until I took up courage, bought back some bitcoin and just continued with the patience (Hodling) strategy and only sell some fractions when I'm in neee of cash.
This is a well detailed information on trading techniques and the prons/cons to look after before venturing into the trading part of cryptocurrency. Honestly it's not easy to maintain this guide for newbie but I believe with time, such person will get used to it. The important ones a person has to consider is number 6 and 8, these two are to be strictly adhered to.
What I learnt that if you are patient enough then you can actually make a profit no matter what. I was not patient during 2017 and sold bunch of bitcoins during summer from 1-3 thousand dollar levels and I was quite sad when I saw the price went as much as 20k. Then when I was making money during the bear run of 2018 I did the same mistake and when I saw the price going down I was spending money because I had to and I knew that it would eventually go up and now we are at over 10k these days so I have lost a lot of money there too.
None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
One thing I have learnt over the years trading btc is that it is very difficult to call yourself a pro in the crypto space because of the volatility of the market, at a point you will begin to believe that you have mastered the market and always going to make profit from it and then the market changes its form, you now have to state revamping yourself to understand the new way of the market in order to benefit from it, though I love trading crypto than forex.
A good trader should always be aware of most everything that is going on the market. It is very difficult. You must devote all the time to learn this stuff and use it to manage to make profits.
Not all of the investors are fully into cryptocurrencies, some of them just invested and just left it for the time when it will be a good price to sell.
Also, with the fast-changing price of cryptocurrencies, sometimes, it is hard to follow and all you gotta do is do the things you can do that time. It is very difficult to adjust but if you can adjust quickly, you will be seeing those profits in just a few weeks. You don't need to devote all your time since it is not that hard to monitor one cryptocurrency.
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Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
I just realized I did not create paper wallet either that the use of hardware wallet. After reading this thread, I will probably create one. Looks like there is still someone like me who aren't aware of anything like that and I was only using mobile phone for tradings.
After I read these tips I immediately write my seed phrase and some private keys in a paper. Good job, OP. Those you have learned from your previous trades is what we also learned and should remind us our mistakes before. Anyway, setting up goal profit is often times effective and on the other hand, stop loss every trades is also significant to save up from huge losses
April 27, 2019, 06:36:21 PM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I agree. Hardware wallets are secure but we also have to accept the fact that it is expensive that needs updates and upgrade that paper don't. As what others say everything is possible with cryptos and is sometimes unexpected. We sometimes lose and win with our investments but that is not how all this will end depending on our strategy, methods and techniques and of course the lesson learned from our experiences through the years. Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
April 27, 2019, 05:10:18 PM
for me I learned that you need lot of patience for trading bitcoin whatever the trend . and prices of bitcoin can rise again to 18000usd per btc like it can crash under 1000 usd per btc
Well it is a possibilty that it will happrn but I don't think it will sink so low at $1K. Patience is really needed as an investor, it is not a joke since we are dealing with a volatile investment. Bitcoin can go as low as $3K from the price of $8K, if that happens you don't want to sell them so quickly, you need to wait. It is a virtue and it is essential for us investors.
Anything is possible in cryptos . the price of bitcoin can go up and can go down without limit . it all depends on the mood of the whales because they are the ones that can deal huge impact on the price but like what you said , patience is the key to victory . we can combat this issues on the market if we have a patience to wait and to hodl . courage is also the forgotten trait that one must posses so that he can buy at any times without worrying to much .
April 27, 2019, 03:02:03 PM
This is a very nice piece. If all this rules are strictly followed, one would rarely meet loses. Although in trading, there are time FA and TA fails But the dynamism of the market and price action prevails. But in all, one of the powerful virtue that has been helping me is patience and not being greedy with profit.
Know when to Cash out. It helps.
Know when to Cash out. It helps.
April 27, 2019, 02:46:49 PM
One thing I have learnt over the years trading btc is that it is very difficult to call yourself a pro in the crypto space because of the volatility of the market, at a point you will begin to believe that you have mastered the market and always going to make profit from it and then the market changes its form, you now have to state revamping yourself to understand the new way of the market in order to benefit from it, though I love trading crypto than forex.
A good trader should always be aware of most everything that is going on the market. It is very difficult. You must devote all the time to learn this stuff and use it to manage to make profits.
April 26, 2019, 07:07:31 PM
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
I've been in crypto for a while, so I wasn't expecting to learn something from your post. But I did - the bit about bots scanning txt files. So thanks.
April 20, 2019, 07:22:54 PM
for me I learned that you need lot of patience for trading bitcoin whatever the trend . and prices of bitcoin can rise again to 18000usd per btc like it can crash under 1000 usd per btc
Well it is a possibilty that it will happrn but I don't think it will sink so low at $1K. Patience is really needed as an investor, it is not a joke since we are dealing with a volatile investment. Bitcoin can go as low as $3K from the price of $8K, if that happens you don't want to sell them so quickly, you need to wait. It is a virtue and it is essential for us investors.
April 20, 2019, 07:12:33 PM
You forgot to add another thing here which is being patient and not being greedy, most new people come to investing and trading in bitcoin and cryptocurrency and they expect to immediately get profit and they invest all of their money and at any sign of price going down they panic and bail out, they think that that all those people who were able to make profit from it was just in night and day, they have waited and supported the bitcoin since the beginning through its ups and downs and to be able to be like them you have to be patient and actually support the cause of the currency and not just invest init for the money.
April 20, 2019, 02:27:52 PM
One thing I have learnt over the years trading btc is that it is very difficult to call yourself a pro in the crypto space because of the volatility of the market, at a point you will begin to believe that you have mastered the market and always going to make profit from it and then the market changes its form, you now have to state revamping yourself to understand the new way of the market in order to benefit from it, though I love trading crypto than forex.
April 19, 2019, 08:30:59 AM
therefore I think using free money to invest is still better
Of course that's better, but people being so greedy aren't satisfied with what they already have. It's not for nothing that even when people invest/trade with money they can 'afford to lose', they still leverage their trades on platforms as Bitmex and rekt themselves in the process.
People don't find it worthwhile to scoop up profits of 0.005/0.01BTC per trade, while that's actually pretty decent money, especially if you can do that a few times per week. I usually trade with 1BTC at most, and the few % I manage to make (some times mildy leveraged, some times no leverage at all) is something I to this day am still very happy with.
Bitmex is a casino more often than not, and most people walk away with losses. Doing 100x isn't normal, neither is 50x but it has become that with how fearless and greedy people are.
April 19, 2019, 07:56:30 AM
Perhaps, I would have combined two paragraphs - not investing more than you can afford to lose and don't get in debt buying bitcoin. In my opinion, this is the same thing. Since the one who borrows money initially takes someone else's, and in case he loses this money, he will lose doubly.
it will be a burden to invest in debt first. it certainly contains double risk. and I think it can interfere psychologically, so that panic is possible. therefore I think using free money to invest is still better April 19, 2019, 07:41:04 AM
Perhaps, I would have combined two paragraphs - not investing more than you can afford to lose and don't get in debt buying bitcoin. In my opinion, this is the same thing. Since the one who borrows money initially takes someone else's, and in case he loses this money, he will lose doubly.
April 18, 2019, 03:25:30 PM
Almost all traders experience the same experience. But, maybe traders and investors disagree about the wallet used especially about the hardware wallet. whether online wallet or hard wallet is as good as security as long as we don't tell anyone the seed phrase we have to access a wallet that we have and use as an investment wallet in the form of bitcoin.
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