I did virtual trading before I put a large money on my real account and I thought that I was fully ready but when I put real money, everything is different. When we do trading, emotions are main factors and it can affect our decisions and it is the reason why we should be aware on our thoughts, ego and our current state of mind.
It is hard to trade especially for beginners because it still the start of adapting the volatility of the market, but time will past and we can get used to it. Cryptocurrency trading can become consistent if we will commit to our mastery.
You must have been unstoppable on your virtual account
I believe the volatility and instability in trading crypto pairs is way too much for a novice.
It's better one starts from a market with the least volatility, then scale up.
If only we could all trade like robots and get rid of emotions
As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.
This, not for everyone and not for the faint of heart. Because the price can suddenly switch in minutes and majority of crypto traders specially those who are new don't know how to react properly and got burned.
My experience was the same as yours, didn't made that much on my beginning days. Until I've decided to stop it and just focus in holding. I guess you can consider that there's still trading in it but, it only happens when you want to sell at a higher price or buy when the price was a bit low but you have to wait again. So it's a combination of patience and target selling/buying.
I would say that I also have a so-so performance when I was just a newbie trader. Every trade was a nerve nerve wracking to me. Specially thinking that if I did the right move and even withdrawal or deposit back then was causing some stress on me, Lol. But it give me some confidence and experience to continue and ways to look for more profits.
I remember so many times back then when i close my positions in small bit of losses just cos i couldn't react properly to the switch in price. Never knew the losses were accumulating in my trade history.
Eventually, my trading balance was transferred to my trading history
As what other traders have been experienced in trading, I had lost my money from doing it, I tried trading before when I was don't have enough knowledge about it, I became interested from it because of some videos I watched on YouTube, it seems like easy money when you watch it on YouTube but if you are going to try reading, it would be hard for you to make your money profitable especially if you don't have any skills and knowledge about it.
After losing that money, I quit trading, I didn't explore it anymore because I don't know where I can get skills about good trading.
As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.
Indeed, I tried trading before when I was a beginner, I don't have skills and enough knowledge it, I just tried it because of some videos I had watched from YouTube but I realized that it wasn't enough for good trading so I ended up losing.
Starting ones trading journey from the right source is very key to reaching consistent profitability quickly.
One wouldn't really find much useful content on youtube.
There are courses on cryptocurrency you can take that is fully based on crypto trading. You can PM me to check it out.
We had different experiences about trading, some have good and bad experiences, on my own experience, I can say that it's not that good for me, I had some trading experience where I won and there are also some trading experience where I had lost money, but if I am going to compare both things I can say that I lost my money in trading.
Bu leaving is not my option, I am still trading as of this days, even though I already lost huge amount of money from here, I still working from it because it finds so good for me I always entertained when doing it. May be I don't have still enough knowledge and skills about it so I always ended up losing it.
It's fantastic to hear this!
You have the passion.
I tried trading before way back 2019 when my friend told me about this, at back 2019 when I asked him about the ways on how he earn money and he recommended the trading, with having a reminder that I shouldn't tried this unless I already have knowledge and skill about it but I don't listen on him so I started trading even though I don't have enough skills and knowledge about it, I watched tutorials on YouTube about finance good trading and I really amazed on some people who earn so much money doing it, but upon trying it, I realized that it is not that easy as what I had watched on YouTube. Yes I lost money from doing it as what other beginners had experienced before.
As I tell everyone who asks me at my day job ( investment advisor by trade ) you should only be trading money that you first off can stand to lose. Secondly, only those with a great deal of experience, those whom have mastered fundamental analysis and have a good grip on technical analysis should be "trading" cryptocurrency. It's one thing to trade crypto, let alone regular equities (stocks). More volatile, more "unknowns'.
Both trading and investing are profitable, but both things are risky so in order for you to lessen the risk of losing your money, you should have skills and knowledge first before trying it.
Often times, novice are sold the dream of trading.
If you go on social media, you find a lot of "traders" flexing super cars and it makes you see yourself in their position in a short period of time. (although most of the so called "successful traders" usually fake it!)
One needs to focus more on the knowledge. The money will come automatically.
It was of course disastrous for me with no experience and knowledge i quickly ventured in it without the required preparations underestimating it as simple and easy. But my plan to earn money quick backfired at me and my investment got burned.
So i've change strategy to holding long term instead of day trading.
We all had our fair share of lessons.
Seems we all got burnt