Topic: What influences your decisions (Read 207 times)

Of course. Additionally to what you've mentioned, I consider a few more factors while making cryptocurrency investing selections.
- Diversification: I prefer to expand my investment choices so that I do not put all of my eggs in one basket. I invest in a range of cryptocurrency assets, so even if one performs insufficiently, I am not fully exposed.
- Timing: I strive to time my investments so that I don't purchase high and sell low. I also utilize tools like the crypto calendar to be informed about major events that may affect pricing, as I don't want to make emotional, hasty decisions that might result in losses.

The economic downturn in the country has become an inherited and a come to stay on the country and there is no just hope of betterment on the nearest. The masses keep grinding hope to make a better life but yet the economic circle would never pave any relevance for the common masses instead service exchanges are gone extra miles.
I have always thought about the possibilities of engaging on any firm that enables a stress-free and enables a flexibility whereas I can put some amount of money in with the goal of making profits instead of saving up in the bank that has be no profits instead I am charged of different counters such as the maintenance fees from the banks and the taxations from the government.

I have always thought about how to scale through the governments economical that is crumbling on time after times.
Then I learnt about the potentials of the Bitcoin such as its risk of losts also as the innovative technology to profer profits of riches.
I don't want to go in details as what I am discussing about here is what influenced me to the Bitcoin industry.
Then, I understood taking part as an Bitcoin investor would grant me that enability whereas I can place my money on the Bitcoin flexible trading no personal skills required in the markets of making profits. This also was sighted to pave me the privilege to running other of my engagement.
Most impressively, I am influenced to Bitcoin after my awareness of a neighbor who seems always being at home and portrays that stress free yet he could pay his bills and living one of the enviable live like he is not affected with the nature of the lamentable and crumbling economy.
Also, I considered one of the Bitcoins potentials that our national economic regulatory downturn system where our fiat is  being devaluing to the USD is not affected with the regulatory system of Bitcoin besides the Bitcoin is said to be a decentralized digital currency howby, our government authority has no hands in the Bitcoin regulations.
So, I had to engage myself on a dynamic sector of the Bitcoin that is globally effective and accepted with the ability to beat this our countries inflations or how ever way they government and its authorities had termed to economically frustrate the masses.

Crypto is highly volatile and investing in it is a risk like other business. Life itself is arisk and only those that can take the risk will make money from it. Although not all risk worth taking but there are some reasonable risk you have to take to make it in life. Most time what works for me may not work for you in life. That is why it may be difficult for one to compare himself or herself with someone. For me, I invest majorly in Bitcoin with the little I have for future purpose and also do more of spot trading for short term profit after making enough research on the coin.

Investing in crypto may be a bit different from real life investment. These are things I consider in crypto:
👉How much can I avoid to lose on this investment
I only invest what I can avoid to lose especially when I'm trading. These has helped me in so many ways. If I later lose the trade, it won't be highly painful to me because I have used a spare money for the trade
👉Is the risk I'm about to take a reasonable one and what are the reason why I'm investing on this coin?
The reason why I have chosen this coin as a choice of investment determine if I'm proceeding or not. I'm i investing because the coin is been hype? I'm i investing out of FOMO? My reasons must be reasonable enough to convince me before I go ahead to invest.

If it's a real life investment, I just need to analyze the potential risk and profit of the business by making a business plan and make enough research to know if I'm to process or not.

Some people do this as a full time job but not really advisable for newbie. This is because he/she hasn't gotten enough knowledge in crypto. He/she may be easily carried away to the overhype of a coin or by the trending news about a coin. As time goes on, after losing some money, he/ she will see trading as a gambling.

I will encourage you to stick to what really works for you in this space. Try to learn more in the space if you haven't. In any investment you do, be able to hold yourself accountable for any lost made in it. If enough plans was made before investing, you will be able to figure out why this investment has failed. But if decisions are made for you by anyone, who will you hold responsible for the faire of sure investment if such happens.

@CryptopreneurBrainboss as says it all already.  just matters on the timeframe, capital available, market sentiment and proper research, make I still add small enlightenment wen we dey talk about timeframe normally not every time you go dey enter market, u just got to set your personal time to trade.while for capital available u go need good funds and money wey b Shey u go fit afford to risk sha nor go use your house rent or your school fees Ohh!!. This market sentiment mostly for memes coin, but this one either you make profit or loss e determine d time u tey enter because most time after the hype d coin go later dip. This one of the main thing you need the most self.  proper research, always make your personal research before u go invest or trade.

For me if i wan buy crypto, na only bitcoin I dey buy now and the only thing wey dey influence me buying Bitcoin or my accumulation na DCA, I no get time wey I take dey buy, anytime wey money enter my hand, I go just carry small portion take buy either from person or directly from bank. So I no dey hope on price movement before I start to buy, though e get one strategy wey JJG been give for buy the dip and hold oo, e say make wey add DCA and buy the dip so that if na every month wey you take dey do DCA you fit just try to find the dip for that month den buy for the dip, for example as Bitcoin don reach 44k and e don come down to 43.1k na to just buy for here so that when e increase back to 44k, you go get small profit. Mostly buy the dip na strategy wey dey widely practiced by traders, so if you be trader I recommend make you buy for for the dip.

Yes trading and investing can be a full time job but it won't be advisable to make that your only source of income especially as a newbie just starting that you don't have the experience yet to have an advantage over the market and also will be needing money regularly. You can make trading your full time job but have other side hustle that'll give you money in times when the market goes against your predictions. No matter how good you dey, some days things no go your way and in those times if you been get other hustle wey dey give you money you no go dey para but when you no get na better wahala be dat.

Some things that influence my decision before I make my investment or decision to trade are;

• Timeframe: E no mata wetin I wan do if na to run trade or investment, I dey always consider the time wey dey involved for that investment before I sell. If na trading I go also make sure say I know the period of time I go trade before I comot  for the market.
• Market sentiment: In as much as we no like hype for the market, e get when a particular trend dey wey be say projects wey dey develop for that sector go dey trend and if you trade dem you for make better profits.
• Capital available: I no dey borrow to trade or invest and I dey only use money wey be say I no go need for a very long time so if I no get that kind money available, e no matter wetin dey happen for market, I go just hold my peace and dey on my line they hustle for the capital until I get am. Invest based on your own strength no go use another person eyes take Invest.
• Proper research before trading or investing; if you no do your own research na yourself wey you do because na you go surfer am. Alot of distraction full the market so na to filter the bad one out and trade the somehow good ones and na only research go fit run am for you.

Nor be all of us be traders, some of us nor too get that kind money to risk because of how we country dey where e hard to get money. We dey follow up crypto especially bitcoins, but we dey run am with sense make we for nor go loose money when we just dey try to get. Personally, na to buy bitcoins dey keep i dey unto so, I nor too concern myself with trading until my hand go strong because nor be small hustle to see money and responsibility dey man neck like necklace.

E go dey hard to make trading full time job, unless you dun turn strong hand wey other people and companies dun commit money enter your hand to trade with and nor too dey mind if you dey make small small loses sometimes.

True. And in my own perspective, there is practically no job right now on earth that one cannot turn to a full time job or that is not alright another person’s job right now. I’ve said it right before now that if cobblers can venture into such businesses in full time and make a living with it, then, why can’t a bitcoin trader turn that to a full time business and a make a life out of it. The buttomline is that the paths to success are plenty and it is a decision of an individual to choose from which path they have decided to make a life with.

We've learnt from the stories of the likes of Betsy Lobb who was the manager of the John Lobb Shoemaker and the company in itself that have grown years after years to be a very big profitable business in the world now. It was because they were able to make a living with such skills so why can’t trading be someone’s primary source of income. I think everyone into trading in full time must have taken that bold decision to face it heads-on.

Trading fit be full time job if and only if (you sabi am and dey make steady profit from am) because check am if you sabi the winning trading strategy you go always dey cash out foreign pepper, na you go even be big boy pass yahoo guys or guys wey don jakpa but the truth be say trading no be for children. If you no sabi am, na barba shop go dey relate with your account. That na why you no need rely on trading.

As for investment, that one na seasonal na so you no go still depend on only investment. Like now guys dey expect bull next year and dem dey hodl tight and after this bull most likely na another 4 years. So crypto investment no dey regular and you no fit rely on am.

When it comes to cryptocurrency trading the level of the way which we understand should determine the way we make decisions,  let understanding influences the decision we make. Some traders do not have any understanding about trading but yet they still make wrong decisions of going into trading to make money by all means. Knowing what should be done should be what influences their decisions. Trading is very complicated and it is easy for people to lose money so fast  in trading,  understanding trading be the reason why people must make decisions in going into trading.

I think it Wil be best to carefully read and understand wetin this our senior man here dey try let u understand. You can make huge sum of money from doing day to day trading but it has the highest  risk involved, in some seconds, before the blink of an eye thousands of dollars can be lost and it will lead into abject poverty  and nothing can be done, it has gone.
Neglet some of those people who tell you dey do only trading for a living, most of them have business and investments which gives them money, when they go into loss dey borrow some of their profits and continue doing their trading till something good comes out of it. Why do trading, with biggest risk than venturing into buying and holding Bitcoin. Even in the DIP there is still every assurance of bouncing back with better profits in return

Op wattin baba tell you na true, trading fit even give person money wey e go take buy land build house and begin feed em family until e die, but no be wattin we suppose consider as full time job, truth to be told some person take am say na their life career be that but to me, anything wey concern online job suppose be our backup and not our main source of income because, online wey we dey see so get em merits and demerits. Make e no go be say something bad go come happen make dem come say Nigerians no go fit login again or register just as e been happen for twitter case and some online platform.

Anyway to the major reason for this discussion. When we dey talk about trading the way you take set your lot price matters a lot, plenty newbies wey just enter the system go just leave the lot price for 1 or higher number to attract more profit if the stock get small spike, but the truth of the matter na be say as much as say small spike fit give you enough profit na so e fit still empty your account.
Check out this post wey I take talk about the lot price settings based on your account deposit Re: How can you make profit in forex

Then when it comes to signals from telegram groups, e no dey advised make person put em hope for signals from other to take trade, because dem be human being like you and 100% accuracy no dey for all those predictions, though some person signal dey somehow accurate but my advise na be say if you wan use any signal make e be say na to just use take compare your prediction based on the knowledge wey you get.

But there are people who take trading as their only source of income. The article isn't meant to mislead but to get opinion on how experienced traders make their market judgement and decisions and the things the look out for before making those decisions

Insamuch as life is concerned, risk is worth taking and it is important to understand the ethics that are involved in the kind of risk we want to take like knowing the basics techniques, guidelines and principles that should be followed in other to achieve a favourable result or outcome. In life most times, our motivation comes from others who have been in the system for a long time and they recorded huge success hence our interest to also want to know what they do that made them become so successful.

At first when cryptocurrency was introduced, some persons took it like some kind of scam and asset that will not go a long way more especially Bitcoin but over the years, due to the increase in value of Bitcoin and the demand to aquire Bitcoin because of the success it has recorded so far made lots of people to develop interest either in mining it or just buying and hodling the top cryptocurrency Bitcoin.

In life basically it is important for us to try and learn new things regardless of some circumstances that surrounds it as it may lead us to unveiling more concise things that may proffer solution to the society at large so no matter what you're doing and it looks nobody is giving you support and attention but you know perfectly well that what you want to do is something that will bring about a positive change in the live of people you just need to keep doing it as one day your goal and objective will be achieved and your efforts and your resilience will be applauded by others.

Trading and investment needs thorough study before one can venture into it because it may raise you up or bring you down if you don't follow the right steps and making it in trading is dependent on the kind of asset you invested in as if you invest in an asset that is future is very subtle then you may actually be going towards the wrong direction so it is necessary to navigate very well to know the kind of asset you wish to invest in before starting you investment. And trading is just like a 50/50 chance of gaining or losing so it is just left for you to observe when the right signals comes up before you can either buy or sell.

Trading can be a means someone can make money, but it should not be considered a full time job. It will only mislead new traders and they may likely see it as gambling after losing coins/money. Trading is very similar to gambling, only just few differences. They are both highly risky.

To make it in trading, you have to follow the trading rules, not letting emotion to change your trading plan. You should not use more than the amount of money that you can not afford to lose to trade. If you have $1000, not going more than $50 to $100 is better. Not using leverage, or be using low leverage. Some traders can start to trade with just $20 from the $100 they have, but later increasing the money if the market is not favoring them but not go more than $100 and not using high leverage.

Investment is different, but many altcoins are shitcoins and not worth investing on. If you want to invest on good coins like bitcoin, make research about when price can increase and fall and know when to buy. Right now, bitcoin price will still increase, it is not bad to buy now. If the price reduces, do not sell, but wait until it reach all-time-high. Likely it will get to six digits some months after halving.

Crypto generally is a game of high risk to reward ratio. As a crypto trader and enthusiast what do u base your decisions on.
When you decide on  those investment plan and draft what are the things you consider most.

Trading and investment can be a full time job if well managed and properly planned. And this can also be a big life changer if well managed. So for education sake I will like to know how people make their own decision so we all can grow in this volatile market together