Trading can ruin you - page 14. | Bitcointalksearch.org

Rruchi man

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable and sometimes challenging to traders, but it can ruin you just as gambling if you don't know how before venturing into it, I have had a handful of terrible experience while trading and I discovered that it can return you to square one in terms of your finances if precautions is not taken.

No matter how much this is said and re-said, some people will still like to have their own experience. They will never take your word for it and have the believe that you are only saying so because you were not lucky enough when you started trading. This is the same thing as when you explain to someone who has never gambled that you barely win your bets, some look at you, and the thought that runs through the head of some of them is that, if it were them, they could never be that unlucky, so some people interested in trading and new to it never really take the warning of being sure before they start live trading with money as important, because some believe that they are lucky enough to not start loosing when they start trading.

Luck has little to do with trading when compared to the required skills. You cannot be too lucky to start trading without skills and make profit from just luck alone, the skill is the first essential ingredient.

TravelMug

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable and sometimes challenging to traders, but it can ruin you just as gambling if you don't know how before venturing into it, I have had a handful of terrible experience while trading and I discovered that it can return you to square one in terms of your finances if precautions is not taken.

Though am a better trader now, but I still thred with caution, the best way for newbie to navigate their way in the market is to buy and hold, then sell when the price goes up.
When it comes to future market, newbie should stay off because it's for experience traders, even if you run a poll of people to tell of their experience in trading in this forum, %80 of people will rule out trading as a no go area based on their terrible experience while trading.

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

Just to be fair, anything in crypto has risk though, specially in trading because we all know how volatile the market is and we don't know what and where the price will go and then you have to look at a lot of factors. There could be trading bot that can help you, but still it's not enough if you don't have the experience yet under your belt.

And if you will hear successful crypto traders, they are in unison that it is really very hard in the beginning and it will take years and years to be able to make a profit and be a successful trader. Others compare it to gambling because of the huge risk involved.

edmundduke

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable and sometimes challenging to traders

I agree with what you said but i will make a point on the first part of what you said. In fact 95-99% of all traders loose money. A extremely small % of traders make money. So it would instead be: Trading is usually not profitable and always challenging.
Its a 0 sum game out there and most of the people joining in have no idea what they are doing. Its as bad a sgambling if not worse.

348Judah

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

If the advanced industries and professional trading organizations are making trades and yet failing, then anyone can also have same experience, but we can minimize the extent of this through our own knowledge and understanding of how to trade, there are individuals that perform trades and make this at the lowest risk being involved because of the extent to which they understand trading, if we can take time to know about trading, it types and various indications needed to track and speculate the market, this will draw us closer to the positive side of it than being widely exposed to the risk involved.

Die_empty

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Quote from: lovesmayfamilis on September 29, 2023, 05:26:29 AM

An interesting statistic is that many people who try to start trading have given up trading and are now ardent heralds against this activity. But another thing is interesting: people still try their luck, try, make mistakes, try again, and make mistakes again. Those who do not want to take risks pass by, reaping the bad experience. Nevertheless, someone goes to success.
It's all about letting people make their mistakes. We do not have the right to dissuade everyone. Life and experience become the best advisor, and maybe out of a hundred who try, one will be the lucky one who will say that I was born to be a trader.

I think you have a good point. Social media has made learning easy and anybody can acquire any form of skills or expertise. There has also been an increase in so-called trading gurus who claim to know all the rudiments of crypto trading. They teach trading as if there is no risk or losses. Recently one of these online teachers introduced a trading robot to his followers and told them that it has 98% accuracy. Like you said experience will always be the best teacher. With time many of these traders will know the true reality of the trading industry. Many of them will abandon the profession, while others who keep learning will gradually master the skills of trading.

Taskford

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable and sometimes challenging to traders, but it can ruin you just as gambling if you don't know how before venturing into it, I have had a handful of terrible experience while trading and I discovered that it can return you to square one in terms of your finances if precautions is not taken.

Trading will be terrible for a person who doesn't have good contentment in life and always think about huge profit in line. If you always aware about huge risk then think about securing a profit when your trades became bullish then you will be fine with that. Since you might doing a bad trade if you still insist and look for more bigger profit since we know how the market moves fast than we think.

Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Though am a better trader now, but I still thred with caution, the best way for newbie to navigate their way in the market is to buy and hold, then sell when the price goes up.
When it comes to future market, newbie should stay off because it's for experience traders, even if you run a poll of people to tell of their experience in trading in this forum, %80 of people will rule out trading as a no go area based on their terrible experience while trading.

If they want to test out the market by hodling then this might be good for them so that they can see the every situation happening in the market and see the result of what they have done for long term. But only few newbies can able to do this since majority of them are their for fast cash grab and they think that they can easily earn huge money on crypto in more faster way but they don't able to consider the risk and just late to come here to find some good feedbacks about things they execute on their trading sessions.

Quote from: Kara3 on September 28, 2023, 05:47:27 PM

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

It may be not good to advice for newbie to go on futures trading since the risk to lose is huge their and theirs no coming back if their capital is burned, Maybe they should stick on spot trading for a while to know more about the market technicalities and can able to hold their bought token if bad times happen to them.

lovesmayfamilis

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An interesting statistic is that many people who try to start trading have given up trading and are now ardent heralds against this activity. But another thing is interesting: people still try their luck, try, make mistakes, try again, and make mistakes again. Those who do not want to take risks pass by, reaping the bad experience. Nevertheless, someone goes to success.
It's all about letting people make their mistakes. We do not have the right to dissuade everyone. Life and experience become the best advisor, and maybe out of a hundred who try, one will be the lucky one who will say that I was born to be a trader.

Z390

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The easiest way of making money from crypto is buying and holding for the long term, with no stress whatsoever, trading comes with lots of stress and as a newbie, you need to learn a lot about trading before trying it out.

You need to get the right equipment that will give you signals, the truth is these software are not always free, they are premium which requires you to purchase them if you truly want to make money from trading.

Trading without any experience is like Buying Bitcoin at an all-time high and waiting for it to reach the 100,000 dollars mark, meaning you are blind without your walking stick, and you have no clue about what you are doing.

Having money without the proper knowledge will make you lose a lot of money, you need to sacrifice some time for learning only, and trading takes months to get good at it.

Salahmu

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Unlike cryptocurrency which you can use a basic knowledge to acquire and hold for long time with a rest of mind, while trading works on the opposite of holding, before going into trading you must be very knowledgeable enough by understanding the concept, Fundamentals and Technical analysis of the market before venturing into it, especially the beginners one of things that influence them is the profits ratios of trading so most of them believe that since other persons are making a huge profit from theretrading they can as well make the same profit themselves while trading without the plans to consider acquiring the knowledge first, that's why they easily get there account blown, the only way to bit trading is acquiring knowledge and sometimes even with all the knowledge acquired will not guarantee 100 percent trading accuracy.

Rockstarguy

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable and sometimes challenging to traders, but it can ruin you just as gambling if you don't know how before venturing into it, I have had a handful of terrible experience while trading and I discovered that it can return you to square one in terms of your finances if precautions is not taken.

Cryptocurrency is not as easy the way people thinks but people still go into thinking they can trade and make profit by luck, cryptocurrency is not like gambling that profit can be gained by luck sometimes. If you don't understand cryptocurrency it is impossible to make profit from trading. I think the reason beginners always fall into this big shit of losing money in trading is because they feel too lazy to learn and it can be done so good with their ordinary understanding.

To make it trading experience is needed so much, but beginners don't consider this as important. Knowledge in trading is as important just like the capital that will be use for trading , Knowledge and the money involve in trading works together.

michellee

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Trading without having analytical skills can cause losses for you. So before you start trading, at least you can analyze to find the coins. In learning to analyze, you must always practice what you learn to improve your analytical skills.

And if you are not familiar with trading spots, you don't need to try trading futures because it will be even more difficult. The price of coins on the market can change direction instantly, so if you can't analyze it well, you might experience a loss. It could drain your capital in future trades.

But if you are familiar with analyzing spot trading and finding coins to trade, you can have a chance to make a profit. But you must remember that trading requires continuous learning to improve your analytical skills.

BlackBoss_

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Quote from: mk4 on September 28, 2023, 10:27:17 PM

People simply underestimate how hard it is. I've had shorts in the past that I was pretty sure I was right (I was directionally right though) but end up getting burned anyway by those scam wicks. Or maybe my risk control just sucks I guess.

Scam wicks are terrible and a trader can lose very big with scam projects. It is a hardest experience for any trader if they touch altcoins and trade those shitcoins.

Trading is already risky but if they trade altcoins, they have bigger risk by scam wicks, arbitrary minting more new tokens like Do Kwon did with Terra $LUNA tokens in May 2022. They can suddenly lose all if those project owners rug pull and drain out liquidity pools.

Without scams, trading is already risky and hard to get profit with it in a long run.

Don Pedro Dinero

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable <...>

This is simply not true.

Quote from: SatoPrincess on September 28, 2023, 08:14:12 PM

Does TA even work?

Not really. It 'works' sometimes and sometimes it does not. What it does serve to fill the pockets of those who give trading courses, influencers and so on.

Quote from: Kara3 on September 28, 2023, 05:47:27 PM

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

In general, short-term trading is a bad idea. If it is with futures even more so, and if you use leverage even more so as you are more likely to lose everything.

Sebas.tian

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Crypto trading is different from other trading, which many newbies don't understand and they are not ready to know because they feel like once you have idea on fiat investment you can trade easily with crypto to start making millions which it has lead many newbies into losses because they refused to learn. Purchasing coins when the lights is red and the price is low at the moment is the best period for any potential traders to purchase potential coins and hold for the time of bullish to come before they can sell. As a newbies don't invest what you can't afford to lose when some challenges appear, because the price of the market can remain low to make traders to start panicking because decentralized currency is unpredictable.

Tuturtinular

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In trading, not only analytical skills are needed but also mental skills. When I first started trading, I often made mistakes and was greedy, when I was in a profitable position, sometimes I wanted more profits and in the end the market changed and my trades became negative.

I used to think that trading would make me rich quickly but it turned out to be wrong, maybe occasionally I could get a profit of more than 50% but that was something that rarely happened. Now I only set a profit of 2% - 5%, and will stop when I get a profit, I will leave the house and do activities, this is important so that my mind remains clear

mk4

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People simply underestimate how hard it is. I've had shorts in the past that I was pretty sure I was right (I was directionally right though) but end up getting burned anyway by those scam wicks. Or maybe my risk control just sucks I guess.

hd49728

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

Trading is most times profitable and sometimes challenging to traders, but it can ruin you just as gambling if you don't know how before venturing into it

If you are greed, you will make bad decisions and in trading, if you are more greed, you lose more money.

Because when you are greed, you will more likely ignore risk from fundamental to technical, then make a trading position without careful analysis and thinking as well as enough risk management. Unavoidably you will be killed by the market and greed traders usually will try to revenge the market after one or few losses. This response only cause them more losses till they have nothing to lose.

Quote

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

Even you know about fundamental and technical analysis, you can still be ruined by trading. From knowledge to practice, it's a long journey and many big differences in between.

SatoPrincess

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

Does TA even work? The art of trading is something that baffles me as I try to understand it. I advise new traders not to start with futures trading, it’s the easiest way to get liquidated. Like you said in the OP a more practical approach would be to buy, hodl and sell at a profit. Although this process is slow and is not the kind of perceptive presented to newbies by “professional traders” on the internet.

Sexylizzy2813

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Business, trading whatever the case maybe just know that it has to do with taking risk and it mustn't be profitable all the time. You have to also have someone who's in the market before you to at least coach you through, give you some words of advise, not that because you think you know or have an idea of trading that you can do it on your own. Ones you have someone to guide you then I don't think it will ruin you.
Even when you have that experience you still need a strategy to follow, because having a strategy will help you more than you could ever imagine. Sometimes those you refer to as "newbies" might be doing quite well more than yourself so is best to take advise from different sources just to be on the safer side.

sheenshane

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Quote from: Kara3 on September 28, 2023, 05:47:27 PM

So newbie, stay of trading futures if you know nothing about technical analysis or fundamental analysis for not to be ruined.

When I started trading, it took years before I decided to join in trading and try my luck, and of course, I had enough knowledge of trading at that time already. But to tell you this, that's not enough reason why I pursue trading because I know even though experts in trading may also experience losses due to the market being unpredictable.

Good thing that you've realized now.
But still, you can try your luck at an amount that you can afford to lose. Keep in mind that trading isn't a good source of income, and the chances of losing your fund are likely possible.

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