Topic: What Can Happen If You Want to Trade Cryptocurrencies, but You Don’t Know How? (Read 639 times)

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The risk involves in crypto trading is never an easy one. You can win and lose your entire money within a short period(rich or poor). Crypto trading is not only for the novice, generally not for those that don't have the mental capacity to withstand their losses either.

The stories you have shared above show that nobody is perfect in crypto trading, even professional traders loss also.

This is just a wonderful piece of writeup you put all-over here. It is the best advice anybody intending to go into crypto trading needs to read, because i have come to realize that what most of this youtubers does is tell us the kind of sweet things people want to hear, e.g "How to make $1000 daily trading" even when they know between thems that it's actually not that easy, but in other to get views to cashout on Google ads, you see them polishing words too good to be true.

Lesson's learnt.

Never trade with someone else's fund's, jack borrowed and lost it all, you did it before doesn't mean you'll do it same way likewise. Same strategy that got him the first funds couldn't give him another.

It's detrimental to listen to YouTube influencers as they don't share their losses  and failure's only wins.
Noor delved into what she had little or no knowledge about and lost hugely. Putting all eggs in one basket has never been a wise decision.

Helvis desire to get rich got him Fvcked! Crypto Currencies shouldn't been seen as a scheme to get quick cash. I hope he deals with the pain and learn from he's losses.

Bottom line, they all failed to do their own research or ask advice from a financial advisor, thier desires for quick cash got them in a bastardized situation.

Thanks for sharing.

Very interesting thread here. Calling everyone's attention to the other edge of the sword. Connotatively, the testimonies or stories all had success at first, then losses afterward. Does it mean we should start trading even if with zero experience, when gotten our first profit we learn from their mistakes and run???

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Thanks for the courage to create this thread, many people keep intentional blind eyes at this side of cryptocurrencies trading stories.

Some people only think about profit and forget how a certain wrong move can destroy everything. It's about time people start getting adequate knowledge on trading and then only continue the same way with effective strategies and go on consistently with logical thinking.

Crypto Trading is much risky if traders aren't experienced a lot.Because in crypto trading you must know whats going on market and what about the selected coin to trade.
Thats why If anyone don't know how to trade he will lose funds like the same way from this topic.
So we must trade when we know it about how to do.
There is an Article where you will find 5 major tips for cryptocurrency trading.
We should follow them to avoid Trading risks.

That's exactly the problem and reason I made this thread. Those success stories, no matter how good they sound, could have just been based on luck. And there are two sides to each medal. Your friend was successful at one point during his trading career, and that's the part you decided to focus on. Eventually he lost everything and people simply overlook that part and don't consider it a real danger to them.

Inspired and jealous of has very thin border line to differentiate so self discipline is very important when it comes to investment no matter what kind of investment or how much capital we are investing and also we should never invest on anything if we don't have knowledge about it.

That story makes very little sense and has nothing to do with trading. OP was paid in bitcoin for a service he offered. He wanted to do "something useful" (as he said) so he transferred the coins to an online casino, and one that has a history of scamming. Very useful indeed. Instead of leaving them where they are and doing some research about how to convert to fiat (if that is the ultimate goal), he decides to experiment on how it is to transact with bitcoin by sending them to a platform he knows nothing about.   

Sending bitcoins to the wrong service where the balance is not credited after depositing, is one of those things that will happen if someone forces themselves to understand. Just experienced someone, I have highlighted the core part of the story here.

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Important messages from the story:
No matter how low your position as an employee is, you always have the right to refuse a form of payment that you do not understand how to use.

If you are the boss, it is important to provide education and guidance first before recommending. And make sure your employees accept those recommendations voluntarily based on ability, not with a little coercion.

Something that we don't know and force to know will lead us to get something that we don't want.
Like what in crypto, if we don't know about crypto trading but we want to trade, just learn it first until we understand.
Trading is not only about getting money and being richer because of the profits, it is more complicated than what we actually see from other people who are successful in trading.
Sometimes, we only focus on seeing other people getting money from crypto trading, and we are also greedy to try what the people do (but in fact we know nothing).
Following the hype, people trading activities, media, and also issues, and then only expecting to get big profits (without any learning or research), mean "be ready to lose)\".

But sadly, we can many cases like this

In the past, especially the ICO frenzy of 2017, it really was much easier to pick coins and tokens that would achieve short-term success and earn you good returns. But those days are gone. There isn't that big of an interest for unknown projects today. But NFTs and liquidity providers are the new money-making machines. I am curious to see for how long.

Any kind of serious work you do in your life requires training and knowledge. Without that, you are not going to have that big career you want. If you want to gamble, invest, and risk money on weird projects, that's your call. But if you want to become a professional trader and make a living with it, ensure that you have all the knowledge to actually live of the decisions you make for 20, 30, or more years. Or you can take shortcuts, lose your money, and look for another career path in a month after you started trading.     

I certainly agree with you, although i haven't had any experience yet. This statement is totally true. Some started in cryptocurrencies because of the inspiration and wanted to replicate themselves to others that achieved success from of trading in crypto. That is why it resulted in having dellusions in becoming instantly rich so easily. They thought that it was so easy, that you can do it in no time. That it's just all about purchasing coins and the profits will come.

I mean it's okay to get inspired by others success but replicating yourself from them is no good for you especially if you are taking crypto trading so lightly.
 
Some users who trade that doesn't even had knowledge in crypto trading is the worst. You'll get scammed so easily and gets to lose all of your assets. To be a good trader takes a lot of time of mastering it. You need to be knowledgeable, good marketing skills and tactics, experience is also needed and last but not the least, the most important thing you need through your journey in trading is to have a lot patience.

The thing is if you lack prerequisite knowledge about anything you wish to enter then it have its own side affects which are most probably negative.Same is the case with crypto trading that people who have no knowledge about trading and which coin to invest usually face loss sometimes even bigger than they could afford.But what are the reasons behind such loss:

1) The bitcoin and altcoin rallied previous year and this year with great surge as btc prices touched $64k near Coinbase listing and people get aroused with it and with the hope or so called greed invested in it.Then the market tumbled and prices fall and they panic sell.What was mistake? Investing in bitcoin? No investing at peak prices and moreover panic sell at dips which causes loss.

2) Some invested in so called shitcoins under someone's influence like so called fake Youtubers and social media influencers like in doge or any other zero utility coin and then hope it would make them millionaire.But that's not true they trust blindly on them and faced huge loss.

I have also heard some stories of people losing million in crypto and some on the contrary side making million.But there is slight difference between both of them which is knowledge of the market conditions and being active.If you don't know how to do trading then investing millions is like gambling only that could give return or not.

I have a friend that have two friends, two of my friend's friends and including my friend, I do not know how they learn how to trade but from what I heard, I basically know they are gambling not trading. No analysis but they just want to trade, they also like to make use of the binary option or basically the bitcoin option, it is clear how binary option is totally gambling, but not known to them while telling me even all types of trading are gambling. So basically they are oriented with novice-of-thinking ways of gambling all believing in luck which makes them to take few trades and make profit until they continue and lost all the profits and even the money deposited into the exchange.

Although, I have the opinion of $50 while 6 months is enough to learn trading in my opinion but using $100 for two years is not also bad at all, the main goal is to be patient and using low amount of money at the start to learn even the type of trading that is working best for the person because newbies will scalp, make day trades and also will want to learn swing trade while making use of both TA and FA which will help and the more the experience.

Its bad to follow a process because you find others doing it without taking out time to find out what they had to.sacrifice  to ensure the system pays off. Crypto is a very volatile business full of unforseen surprises to avoid been taken unaware or been driven off in shock of losses knowledge and good analysis will.be a good tool to have handy

Beginners very easily overestimate their competence, this is known as Dunning–Kruger effect. Beginners think that they are special, that they are smarter than those losers who lost millions on bad trade. They think that watching a 15 minute Youtube hype video from a guru and reading a Medium article counts as doing research. And buying during a bull market and seeing your portfolio grow by 30% after a day or two certainly contributes to the overconfidence.

If someone seriously wants to get into trading, I would advice them to set some tiny monthly limit, like $100 and only use that for trading and not a penny more for the first 2-3 years, and only then if you are in profit after all those years proceed to increase your trading capital.

Because their ultimate goal is to make money and profit. It is not to learn why a particular trading position should be opened or closed and based on what research and when. It's easier to trust some "expert" than doing the work yourself. He is after all an "expert". In one of those sources I mentioned in my OP (can't remember which one now), one of the people who lost money said they had no idea what they were trading. When asked why they are investing in those specific assets, one of them said because they seem to be performing really good at the moment.

That right there is the mindset of many. Crypto is something (not really sure what it is) that I can trade and make a lot of money (not sure how, but I guess it will eventually work out when I buy it). 

Thanks for the encouragement and for your story that must lesson to learn to avoid repeat mistakes in the future.

All in all above was right and overall it should be knowledgeable enough before embracing the world of crypto.  Everything in crypto is very crucial from investing to trading it should always include risk and don't think i's easy to make money in trading with zero knowledge, that's not how it will work. 
I remember before correctly before I start adopting Bitcoin, it takes a few months for me to understand the concept of Bitcoin including cryptocurrencies, and then it took another month before I understand trading how to study analysis and strategies, a year after I started trading. ]

Your willingness to learn and accept every mistake and be ready to learn will most likely lead to success.  Never give up because I believe that usually, quitters are losers.