Topic: Understanding cryptocurrency - page 3. (Read 642 times)

The person in question fails to understand that you just don't jump into investment without having the ideas of how it works,the least he should have done was taken his time and read ,ask questions from who introduced him to trading Bitcoin,or at least ask for a manual he can try read for a better understanding,  some persons. Some fraudsters only make use of the name Bitcoin without know how it works or what it's all about to scam people and as long as it's Bitcoin, everyone wants to be involved to make their own money .
As a beginner, you need to read and have the knowledge of what you are about to put your money into, how it works, transaction process, how much can be invested without affecting your finance, the risk involved, the type of currency to be used , strategy to be used , in that way, you will be able to know if you are on the right track to invest in Bitcoin is genuine

What was he even expecting, going to trading without having any proper knowledge on how it works. Is like saying I don't want the money I again I want to throw it away. Because one going into trading without any proper knowledge, will only endup losing all his funds and all that. Because before one should think of going into trading, one should be well prepared, by gathering all the important knowledge concerning the aspect of trading.

The only that don't require more knowledge, like technical knowledge before going into it , is Bitcoin accumulating and holding. Because all one actually need In that aspect before starting , is just some basic knowledge, and how to keep their asset safe , and as time goes on one may choose to go deeper into Bitcoin. But still holding Bitcoin is away better than trading expecially as a newbie.

People calling Bitcoin or cryptocurrency a scam are those that didn't know what they were getting into before they joined and probably they invested in a scam project that exit scam on their investors and now they tag the whole industry as a scam because of this experience. People need to invest in Bitcoin to see how profiting the industry can be before trying other things. There are lots of distractions in the industry and alot of scam so don't think you'll make profits when you invest in something that they're are one thousand and one of them in the same market. Bitcoin is unique and different from the rest of the market but majority of the altcoins are alike and some are an exact replica of an old exiting project but just on a different Blockchain.

Don't blame the game when you don't know how to play it, investing isn't guess work despite some people thinking they can make profits from guessing what is going to be the next big altcoins. You're probably going to lose than win when you're just trying your luck, that's why investing in altcoins are strongly frown against but if you understand what you're doing is gambling then you can gamble in a disciplined manner and not put all your money and hope into a project then believe that one day you're going to wake up a millionaire. Understanding cryptocurrency is knowing that only Bitcoin that profitability can be guaranteed.

When a beginner trader experiences a financial loss in the crypto market, he will undoubtedly advise his acquaintances and peers and warn them based on his own experience. Of course, suppose they do not listen to his advice and enter the world of trading and investing in cryptocurrencies without sufficient expertise, understanding, learning, and strong knowledge. In that case, they will undoubtedly face the same fate as him.

Suppose they do not follow signals, cannot grasp the basics of trading, and cannot follow the necessary strategies for managing risks, stop-loss techniques, using analytical and technical analyses, controlling psychological errors, considering and managing risks, and many other aspects that must be accounted for. In that case, they will lose their capital, and they may exit this market quickly. So of course, understanding cryptocurrency, its risks, and self-education are among the most crucial preventive measures that are advancing in this field.

The man who complained that he had lost everything trading was actually supposed to lose his money. The biggest reason is that the person has not mastered the right knowledge about trading for himself. He used to trade just by following one person on social media, for whom he lost all his money trading. Trading is a very complex subject, you need to do a lot of analysis, know a lot and give enough time. If you don't learn by yourself and only follow from one place, you will lose money every time you trade.  It's not that you can't earn from trading but there is a lot of patience and you have to stay away from greed. If you can control greed and patience then you can earn good money from trading in time.

Listening to and reading theories about crypto and trading seems very easy when put into practice.
Trading without knowledge about it is a reckless act to do. In fact, I don't believe there are people who are willing to trade without having the knowledge. There is no such thing as try it first if the money used is real, not fake money like buying an item at a traditional market.

Signal groups are very much formed on social media platforms like Telegram. Be careful, most of them are not trustworthy.

Many beginners often make the same mistake, they rush into trading without knowing about trading, and only lose money. Actually trading is one thing where without complete knowledge it is not possible to earn money from it. We should know every aspect of trading very well then should make this money. Some newbies think they are experts by watching a few trading videos online and doing a little trading in a demo account and they rush into trading with money and end up losing all their money. This is normal, so first prepare yourself thoroughly, understand all the minor and all aspects of trading very carefully, and use money in trading only after understanding it thoroughly. Otherwise you will only lose.

Paper trading with demo accounts can certainly be good for some people but I don't think it works for most people to be honest. Because when you have nothing to lose neither to win you don't behave the same way as if your results can change your daily life. You will easily take risks that you wouldn't take if you were trading with your real money for example. And you won't take the same attention to your positions, while when you trade with your own funds you will think about it continuously and you could become slave to your own greed and your own fear.

This doesn't only apply to beginners although it applies mostly to them but then with experienced people in the crypto world they also need to further study and try to know as much as they can know because there are new innovation in the crypto world almost every new year and sometimes months and even in some cases within the week so they literally have to make sure to staying updated about new developments in the crypto world because there's evolution to better way of doing and transacting with crypto currencies.

Newbies sometimes make the mistake of trying to jump to earning from crypto just before they are able to know so much about crypto already meanwhile they fail to understand that the more knowledge they get the better they become at earning in crypto but then they sadly don't seem to understand this well enough because they just want to earn and its not even helping them well enough because they sometimes end p learning the hard way as they are going to loose their funds in trying to learn the wrong way that eventually cost them a whole lot.

However as Long as this life is concerned knowledge is required in all aspect of life, if you want to be a successful person you need to have knowledge so as to enable you execute your  plans. because in life before you could think of making any move first you need to plan very well so as to have your plans being executed. Moreover before looking out to invest in cryptocurrency first you have to understand it very well before making investment because if you don't understand the market very well there's no way you're going to make profit from crypto investment.

Knowledge is the first thing you need to grasp about the crypto space before you begin your trip. Without knowledge, you will never win in trading you will only have luck, but your losses will be much greater because you don't have a better comprehension of the trading you are attempting to perform.You are right. Trading is not for everyone because what favour you would not do for another person, but if you understand trading, you can run it and take your risk, if someone can't do trading, there are two reasons why trading is not for everyone, he is too impatient to risk his money on trading, and he lacks the necessary knowledge to risk his money on trading in order to profit.

People who rush to do future trading and lose fast are the people who just see it through social media and they will like to try and see if they will get money like them and they don't have enough knowledge on it and when they put their money on it and they lose all the money because they don't understand the market. Even if you are a newbie and you want to take risk because you are new to trading, you should trade with a small fund and see how he works before you start with huge money and take big risk and win or you lose but people that just jump in to trading without spending time to learn you won't be perfect and you will be losing funds mostly. because am very sure they will be some people that just know how to stake they won't understand the strategy they will just start there journey.

Op, knowing how to follow the signals does not mean that you have understood cryptocurrency. There is more to cryptocurrency than joining different signal groups and buying when you are prompted to and exiting when you are asked to.
Losing in cryptocurrency is something that can happen to anyone even if they have the understanding of cryptocurrency. Once there is volatility, some people will be winning the other side while some will be losing the other side. It's just to study the system and follow it and not to fight against it.

Practice makes perfect not applicable to crypto because alot of awful events have happen. Cryptocurrency is risky and here is my kind advise, don't indulge in crypto activities or projects you've slim knowledge about because handling huge loss will definitely ruled one out of the top ranking goals. Understanding crypto comes with a whole lot in the picture. It's smooth to gain crucial basis of the system and also have in mind, the estimated outcome to reach out to.

Understanding is the principal thing that one needs in cryptocurrency. Understanding cryptocurrency will help in making people to make a good decision and to do the right things but it is so unfortunate that most beginners don't even care to make sure they have Understanding of cryptocurrency. Going into cryptocurrency without having understanding can just be a wasted effort to everything.  Cryptocurrency is understanding and where it is not available it will be impossible to have successful investment from it .

Beginners always have a wrong mentality about cryptocurrency,  which they think it is very easy and it is just about having capital to start investing.  Understanding us the best thing to have for investment, when it is available eve with the least amount their will be a good results but when their is no understanding even with a big capital it can still end up bad.

One thing with beginners is that they are always eager to make quick money not only in crypto but on the Internet that is why they fall easily before they become wise though some of them quit angrily if they have lost a lot of money. Several times we have discussed in here that the first step for a beginner in cryptocurrency is not to trade yet but to learn and be conversant with how trading works but trading is not advisable for a newbie or a beginner, they can just make investments instead of trading. When i was a beginner I lost some money to trading because a friend of mine tried to convince me about trading but when I made attempts it wasn't that easy for me but when I started investing in Bitcoin my mind has always been at ease.
No one is happy after they most have encountered a loss while trading and those who trade gets emotional quickly, remove anything that makes you go emotional because it can destabilize your mental health.

That is what many beginners don't want to understand before going into crypto trading, because it requires knowledge before you will begin to achieve small income that will make you to feel that you are getting it right with your trading. Creat time to know when majority of traders use to purchase Bitcoin from the market, because there is a special season you will use to purchase Bitcoin from the market which is a bearish season and hold till the market price change to bullish season before you can trade to improve. It will be favourable, if beginners can learn how to exercise patience in their holding, because there are sometimes the market price will not be stable and all you need to do is to exercise patience for the market price to remain stable before you can trade your coins.

Trading is not a thing you can just wake up and jump into.
I have come across a simpler thread, and I will always advise you to get a better understanding of it.
I guess the guy isn't well educated about cryptocurrency, because if he has good knowledge about it, he will know that losses are also included, and he isn't wrong either about advice to his friends,  he's alone, watching out for his friends. 

It's important for you to know that in trading, there's always a loss, and it's inevitable, especially when you ignore the basics of it.

Analysis, good communication, basic knowledge of the wallet, and confidence—that's what you need for a beginner.
As a beginner, you also need a mentor, and as long as you have the ambition and patience, you can become a professional trader.

Yes the first thing is to understand the working dynamics of crypto currency and if we understand the basics we will not fall for these signals because I see how they aggressively do marketing for premium channels and signals to deceive people. I would say a lot of trading practices with a demo account is the only way forward.

Before starting with actual money for investment, people must learn and are able to see differences between Bitcoin and cryptocurrencies (altcoins) and see which one has lowest risk and which ones have bigger risks.

Bitcoin should always be a first cryptocurrency for a newbie to spend money in. Altcoins are very risky and it's not recommendable to start investment directly with altcoins. It's more easily to lose money with investment in altcoins than with investment in Bitcoin.

Very true, it's very important to understand crypto before investing any money in it, without proper knowledge one will only lose money in crypto. There have been so many scam projects in crypto world and we can't stop those but when you do your own research and understand crypto then you can earn some good profits with it.

Trading isn't for anyone, those who trade crypto without understanding trading in first place often lose everything. Most newbies go for futures trading with 10x to 20x leverage to earn fast profits, and instead of earning profits they end up losing their capital, that's why anyone who isn't knowledgeable about trading should stay away from it.