Topic: Trading crypto is a different ball game - page 4. (Read 824 times)
I guess there are also personal differences as well, not every person in the forex or stock market trade the same way, there are differences in there as well and people do make a lot of calculated decisions there, so when those people come to crypto some of their decisions works out here and some of them doesn't, some people's methods translates well into crypto and some doesn't, we can't really say that "all of other stuff traders comes to crypto and lose money" that is too much of a broad generalization, there are people who could be successful as well, I hope that they wouldn't really lose money because we need every hand on deck during these times and when people profit they come back and try for more, I hope this dude comes back and has a success story next time.
I also know some small traders who started to trade for years in stocks or forex but when they tried to trade in cryptocurrency, jeez, they are like WTF? But what I am amazed on them, they are positive and still believe that they will get back their losses in the future and also their emotion are the best and well controlled.
Stocks trader already have their own skills on trading, they are just adjusting with cryptomarket but I'm sure they can get it sooner or later. Trader must be versatile, and trade on any market because we are all reading the same rules in trading. We always have to look for the good side despite of our losses, trading is about losing and winning and only those who survive their emotions, will have the chance to win. 
Correction: it confirms that apart from Bitcoin and a really small number of other crypto (and that's me being nice, I really just think it's Bitcoin), everything else is pure shit and speculation, using utility and vanity technology as smoke and mirrors. Shame on him if he really thought it was anything else, veteran stock traders should know better.
He's no veteran stock trader. He's a blogger and accidental celebrity. He's been at it for a few months and there is no way he is making six figures a day in the stock market. I'm amazed people in here are taking his word on that.
I'm pretty sure he lost money on Bitcoin too, not just LINK or whatever. I saw him cheering for $12K a few days ago. BTC has done nothing but dump since then.
Veteran trader relative to what a lot of people in the trading section or even in other crypto trading channels would claim. Seen a lot of them, even been in some of these channels (we all made mistakes in 2016/17, didn't we?).
I'm amazed anybody takes anybody seriously in these channels, not even experimental, they follow all in. Gotta learn these psychological things some day!
He becomes a billionaire by September and so much confidence that he could make it after being out of the game.
I don't think he's telling the truth but it just a sort of encouraging people to be like him and become a trader then have to experience losses by then. That was really funny to think.
He underestimates crypto trading and made him suffer like that. He probably knows less about trading and he never expects that would be his ends. He can be successful in his previous carrier but possibly not for crypto trading.
I don't think he's telling the truth but it just a sort of encouraging people to be like him and become a trader then have to experience losses by then. That was really funny to think.
He underestimates crypto trading and made him suffer like that. He probably knows less about trading and he never expects that would be his ends. He can be successful in his previous carrier but possibly not for crypto trading.
Why can't he just maximize his profit if he is telling the truth, the thing is some people are just boasting their profit but we really don't know if they are profitable in reality. Damn, crypto is really different as this market could sometimes be manipulated and high risk compared to stock market, so if one masters stock market already, there's no reason to try to trade in crypto, besides, the goal is the same, we just want to make money.
That's his way to set a trend so that people will believe that his ways are effective to set a huge profits, still, the truth struck him so hard.
We all want to succeed and make our trading journey profitable, but we should also consider that we should make it in our own way. You can make your trading profitable if you are willing to learn and deal with those risks.
Dealing with the stock market is not that easy depending on the market situation, but if you tried to become independent to make yourself grow your assets, that will help you learn something in every transaction that you do.
Correct, that's why he was surprise with crypto because crypto is a different ball game, success in stock trading does not automatically mean success in crypto trading as well. He should have learn his lesson, but I guess he'll not since he doesn't lose a huge amount of money that would make him think of improving his crypto trading, considering he is telling the truth that he is making 6 digits trading daily in stocks.
What happened to the guy has both good and bad impact on crypto.
- Good: It shows that whoever comes in and take crypto as another get rich quick or pump and dump scheme will have to learn the hard way. It's not something that can be mastered in a short time even if you are a business owner or a veteran trader in other markets.
They think they could just play with it just like that because they have the experience. - Good: It shows that whoever comes in and take crypto as another get rich quick or pump and dump scheme will have to learn the hard way. It's not something that can be mastered in a short time even if you are a business owner or a veteran trader in other markets.
The only problem is, it is way different and some people in this forum also think like that.
I don't think they will admit they had a difficult time from the start. It's bad for their reputation.
- Bad: It confirms what many critics have been saying about cryptocurrencies that it's a place of hype or pumps and dumps. A lot of his followers who are skeptical on bitcoin has more reasons to stay away now.
True. It might be negative when you are on that side. But for crypto traders those pumps and dumps is like a machine for profit.
-snip-
If those "veterans" traders like @Great Arkansas mentioned in his comment, i believe they will back to the game. I believe they use small money (as part of their money management) to test market. If they have adapted with the market, then they just need to apply the techniques they already have (with a few modifications of course). And don't forget, both (forex and stocks) certainly has a very volatile market in some pair/ticker. Such as gold in forex.
I also know some small traders who started to trade for years in stocks or forex but when they tried to trade in cryptocurrency, jeez, they are like WTF? But what I am amazed on them, they are positive and still believe that they will get back their losses in the future and also their emotion are the best and well controlled.
I'm sure it's fun to listen to their stories. It was probably hard for them to see 50% rise or drop in a few hours. Are they back to the game yet?Stocks and Forex are regulated markets and the usual pumps and dumps that we see in crypto won't work there I suppose. Those two markets are already considered volatile but nothing compared to how fast crypto moves.
I also know some small traders who started to trade for years in stocks or forex but when they tried to trade in cryptocurrency, jeez, they are like WTF? But what I am amazed on them, they are positive and still believe that they will get back their losses in the future and also their emotion are the best and well controlled.
..... This kind of exposure can only be good for adoption.
Bad publicity is still publicity right?I'll just say he doesn't have patience, I'm guessing he investment has all to do with $Link since that's what can be seen in the tweet he responded to. $Link had a little corrections and all he could think of was leaving, guess his little time in the space contributed to his decisions.
He invested and lost money in $oxt too. That's what he meant when he said "orchid flowers do die in crypto world" - orchid is $oxt. He was probably shocked at how the crypto market takes a quicker turn unlike in stock market. His painful experience is just the same with many new players. Correction: it confirms that apart from Bitcoin and a really small number of other crypto (and that's me being nice, I really just think it's Bitcoin), everything else is pure shit and speculation, using utility and vanity technology as smoke and mirrors.
Good eye and I'm glad you noticed. I actually thought of excluding bitcoin in the post but we can't deny that every crypto had a huge price drop before. We, bitcoin believers, would rather call it as market correction but critics and other neutral spectators would easily see the rise to $20K from few hundred bucks and then drop to $3K as PnD. I don't think they really care about the underlying tech behind Bitcoin and they would still stick with the narrative that bitcoin is backed by nothing.Quote
Shame on him if he really thought it was anything else, veteran stock traders should know better.
Do you think he listened to the wrong people and got the wrong advice?It was mentioned in the article that he talked to the Winklevoss twins and he must have been so hyped after that.
I supported what he said about crypto trading to be a different ball game due to the market highly volatility in nature which the reason why some people said crypto trading is like gambling and crypto itself is another course but I believe the reason why Dave Portnoy lost $25K is that he didn't take his time to learn the fundamental part of crypto trading especially the stop loss strategy and emotion control.
Meanwhile, every individual that cant do that shouldn't trade cryptocurrency.
Meanwhile, every individual that cant do that shouldn't trade cryptocurrency.
Correction: it confirms that apart from Bitcoin and a really small number of other crypto (and that's me being nice, I really just think it's Bitcoin), everything else is pure shit and speculation, using utility and vanity technology as smoke and mirrors. Shame on him if he really thought it was anything else, veteran stock traders should know better.
He's no veteran stock trader. He's a blogger and accidental celebrity. He's been at it for a few months and there is no way he is making six figures a day in the stock market. I'm amazed people in here are taking his word on that.
I'm pretty sure he lost money on Bitcoin too, not just LINK or whatever. I saw him cheering for $12K a few days ago. BTC has done nothing but dump since then.
He must have mistakenly compared crypto trading and stock market trading to be the same in nature. Well, at some point they are the same because you intend to do trading to earn a profit. But he must have been over confident on his trading capacity in stock market that is why he think that he can do also conquer the crypto market trading which he have been mistaken for the market we are into is very volatile which he might be surprised that his strategies he used on stock market trading cannot be that effective to be used on the crypto market trading as well.
He have seriously got the misconception about crypto market trading to think that trading on it is just like what he was doing in stock market trading which is not. He merely underestimated the nature of crypto market trading which he have surely learned about it right now.
He have seriously got the misconception about crypto market trading to think that trading on it is just like what he was doing in stock market trading which is not. He merely underestimated the nature of crypto market trading which he have surely learned about it right now.
Shouldn't he have known better 
It doesn't matter how much experience you've got when you're trading you can't be 100% sure that your actions will fall through.
In this case, his coin pumps haven't worked well and ended losing him money because he didn't account for the thousands of other users who might see and respond to the trends differently. Plus, 1 week is not enough time to know or predict the market.
I think he has underestimated the things that happen in crypto trading with his experience in stock trading, Earning six figures is a lot and can possibly give anyone confidence to crossway and trade other assets. It doesn't matter how much experience you've got when you're trading you can't be 100% sure that your actions will fall through. In this case, his coin pumps haven't worked well and ended losing him money because he didn't account for the thousands of other users who might see and respond to the trends differently. Plus, 1 week is not enough time to know or predict the market.
Yah @tylerlinklevoss somehow provoking @stoolpresidente about being weak handed and I don't know if it is a good move or a bad move that @stoolpresidente dumped his bag, It's just being so overconfident on how can he make bags of profit for weeks in crypto makes him stupid.
In his loss surely shows the volatility of cryptocurrency that even small things can influence and affect the price, that's why there is a day trading in stocks and it's not the same in Bitcoin where you need to consider and hodl a little bit because it's not always the same. 25k seems to be small to him considering the 6 figures he earned in a day, and also i think Dave Portnoy becoming a crypto millionaire in september would be plausible because that's Dave Portnoy.
Shouldn't he have known better It doesn't matter how much experience you've got when you're trading you can't be 100% sure that your actions will fall through.
In this case, his coin pumps haven't worked well and ended losing him money because he didn't account for the thousands of other users who might see and respond to the trends differently. Plus, 1 week is not enough time to know or predict the market.
It doesn't matter how much experience you've got when you're trading you can't be 100% sure that your actions will fall through. In this case, his coin pumps haven't worked well and ended losing him money because he didn't account for the thousands of other users who might see and respond to the trends differently. Plus, 1 week is not enough time to know or predict the market.
The thing about this that makes it such a great marvelous situation about bitcoin is the fact that people who are taking money out of your pockets using their own money, can fail in crypto and that is awesome.
Right now, the stock market and the likes are leaning towards rich people making more money, they are literally doing everything on the book to make sure the small timer loses money while the big whales earn, that is what stock market is all about, whereas in crypto you could simply get rich if you are lucky, or lose everything if you are unlucky, crypto doesn't care if you are rich or powerful, look at bitcoin cash people, they literally had all the mining power and all the money yet they couldn't even make a dent in bitcoin world when they wanted to.
Right now, the stock market and the likes are leaning towards rich people making more money, they are literally doing everything on the book to make sure the small timer loses money while the big whales earn, that is what stock market is all about, whereas in crypto you could simply get rich if you are lucky, or lose everything if you are unlucky, crypto doesn't care if you are rich or powerful, look at bitcoin cash people, they literally had all the mining power and all the money yet they couldn't even make a dent in bitcoin world when they wanted to.
I guess $25k is huge enough to lose in crypto trading. I guess his stock and crypto are different business and independent. He needs to understand that there are whales ready to dump at any time given.
With his wordings he already knew that, the amount he loss will be the encouragement for him
to dig deeper from this market.
He's out for now but expect him to comeback with a much better strategy, somehow he will figured
it out what will be the best strategies to use inside.
If he made it inside stocks sooner or later he will also find the right blends to work with crypto, let
time judges what he's next move.
Why can't he just maximize his profit if he is telling the truth, the thing is some people are just boasting their profit but we really don't know if they are profitable in reality. Damn, crypto is really different as this market could sometimes be manipulated and high risk compared to stock market, so if one masters stock market already, there's no reason to try to trade in crypto, besides, the goal is the same, we just want to make money.
That's his way to set a trend so that people will believe that his ways are effective to set a huge profits, still, the truth struck him so hard.
We all want to succeed and make our trading journey profitable, but we should also consider that we should make it in our own way. You can make your trading profitable if you are willing to learn and deal with those risks.
Dealing with the stock market is not that easy depending on the market situation, but if you tried to become independent to make yourself grow your assets, that will help you learn something in every transaction that you do.
I guess $25k is huge enough to lose in crypto trading. I guess his stock and crypto are different business and independent. He needs to understand that there are whales ready to dump at any time given.
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