Why does everyone want to trade? - page 11.

monineklutak

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Quote from: adaseb on October 30, 2022, 10:20:25 PM

From what I understand. Your friend traded demo, made lots of money. Said “hey this is easy” went out and borrowed money and lost it all on real trading? Sound familiar.

Yes this happens all the time because trading with demo is always easy and there are no risks. With real money on the line you get emotional and make bad decisions which end up emptying your account.

It must be understood that trading with the demo and trading in real is clearly different,
it can't be a benchmark so don't expect if successful trading with a demo doesn't mean the results will be the same if trading for real,
the risk is certainly greater and it is necessary to prepare many things before trading

Awaklara

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Every trader starts from a beginner. although some already have basic trading skills they have acquired from other markets. but in trading, everything will still start and experience the same problem.
those who like to trade on the stock market, even though they have some skills, to adjust to the crypto market will still find problems.
about losses, I guess every trader will have a different experience. as in my trading, I may lose at the beginning of my trade $700.
to become a good or successful trader. it all depends on how capable you are of developing your skills and experience. obviously, in this situation everyone is different. I realized that my trading skills were not enough. but I have better luck with long term investments. So, I don't open trades very often. only occasionally when I'm in a good mood. I prefer to collect decent coins for the long term.

Alisha-k

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Binary is pure gambling and nothing less. Demo accounts of most brokers are setups for newbies in trading to feel confident of what ever strategy they chose. Even the forex market has become very manipulative by this same brokers. There is no strategy that can fit into binary option if one wins a trade it is purely luck and no strategy at all. Demo is not a guarantee that one has mastered the act of trading and trading on Binary is no trading at all.

pooya87

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I also consider binary option to be gambling but regardless of that, it is normal for people who don't have enough experience to lose money when entering trading markets specially if they do it with borrowed money instead of what they can afford to lose. The pressure is so much higher on them which makes them make worse decissions.

Things are worse when it comes to cryptocurrency markets because of the pump and dump nature of them. All speculations and analysis become worthless when the altcoin market is heavily manipulated.

These demo accounts are also acting like double edge swords. People sometimes enter the market at a good time (like the cryptocurrency market during 2017) and make random "bets" that happen to be successful. Consequently they gain a false sense of expertise that leads them into making a bigger investment. But by that time the market trend has changed and since these people have no experience they don't know what to do under this new market conditions and lose a lot of money (like the cryptocurrency market during 2018-2019).

Strongkored

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Quote from: MainIbem on October 30, 2022, 04:11:23 PM

a friend of mine who have been trading on binary using Demo account to trade for about 2 year, reading all forms of technical books and watching lots of videos online from which he had made an increase started building the account from bonuses given to him he would build time 5 of the initial fake funds and he would be happy to start improvement.

This part finally makes your friend end up losing all capital. The demo account is only to learn about the features that exist on the exchange and success on the demo account cannot be a reference that has made a successful trader, because trading with a demo account there is no pressure because when you lose it will not affect anything, but your friends patient enough to be able to use a demo account for 2 years.
Binary options like gambling is better to trade right away even with very limited capital like $10 but we can learn how to the pressure and study the market well and spot trading is better for beginners

noorman0

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Quote from: MainIbem on October 30, 2022, 04:11:23 PM

-snip-
he went ahead and take a loan of $1.5k converting to our local currency then was about 1m.

Mistakes several times, borrowing money to trade then taking binary options which is not really a trade.
I was shown a lot how binary options bookie cheats fool users, learning to trade using this type of "trading" feels useless. The demo account is the strength of their promotion where it will display the original price chart and even insert a certain algorithm until you always get a profit, and then the situation is different when you use a real account.

adaseb

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From what I understand. Your friend traded demo, made lots of money. Said “hey this is easy” went out and borrowed money and lost it all on real trading? Sound familiar.

Yes this happens all the time because trading with demo is always easy and there are no risks. With real money on the line you get emotional and make bad decisions which end up emptying your account.

Wexnident

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I don't request loans~

The very fact that he asked for a loan to use for his so-called "trading" already shows how he did not understand the basics of what you should do as a trader. The basic rule is to only invest/trade what you can afford to lose, failing to understand that simple idea already shows a lot imo.

Trading is a trial and error imo, no matter the amount of prior study you do you'd still end up getting hit somewhere down the road, so be prepared to lose a lot. Though I'd agree with others saying it isn't for all, I myself gave up on it and is just DCA'ing.

GeorgeJohn

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From my objectives in trading i found out while everyone is curious to learn trading, it's because trading is the one of the aspect of cryptocurrency that multiply the investment of someone, trading have to do with two perspective either you lose or you merit it during the process of trading. So most at times many people who knows the rudiments or the foundation of trading do make a profit during trading, and mostly professional traders.

blockman

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Everyone faces the same scenario, we're good at those trial accounts but we lose fluke whenever we do it with actual trading. Everyone wants to start trading because it seems too good and easy to make money from there when we're hearing from those people about how they've made a lot of money. With just simple words about telling that it's from there and they're doing their living from it, it sounds normal for them as if the activity is indeed too easy to be made.

sheenshane

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Quote from: MainIbem on October 30, 2022, 04:11:23 PM

So my question is; does those who started trading on binary faces this same issues?
And if yes how much have you lost so far?
How long do you think to learn to be perfect in trading generally both binary options and spot trading or any other trading?

Please share as I almost fall victim of joining him but he lost made me to lost interest.

In general, this question means trading isn't meant for everyone and if you lack knowledge of it you can try a small amount for practice while gaining experience and don't expect of making a profit while you're practicing. Another mistake is that taking a loan for capital in trading, sounds like you're playing a double swords knife, it might wipe out your entire wallet and pay your debt.

There's no perfect in trading, everything is on trial and error, and gain experience because I believed as they say that experience is the best teacher in a good trader. Copy trading might be worth considering while you're new in this field, but only an amount that you can afford to lose.

BitMaxz

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Spot trading is not as risky as a binary option if you are trading on the binary option you only have 2 options if it's high or low. Look at the IQ option as a sample you only have two options to choose from if the movement is going to high or low.

Unlike in spot trading, you can use the limit order and set it to any price you want. You can also avoid your losses in spot trading by using stop limit order. That is a big disadvantage of the Binary option. I also have experience with binary but I never made any profit with them except on their referral commission.

Kelvinid

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Demo accounts that are used in trading are just a way of learning and familiarizing the market. It sometimes gives you a signal when to trade, it was just like there is a bot guiding you on how to trade and you are not afraid to make decisions unlike if you are already dealing with your hard-earned money. Because at this point, many things will change and your emotions will also increase making you unable to decide the right thing which is mostly ended up emptying your wallet.

Trading in general is really risky. And there is one reason why most traders have failed even though they have experience and that is emotions. I believe your friend OP struggled to control it.

carlfebz2

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^
Its still considered as a trading and we do really have that binary options trading but i do consider it as a gambling.It do look like scalping but on a very active manner since this would be talking a minute

or seconds trading which we know that there's no strategy that you could really be able to apply on a short time duration which is something that not suggested for someone to deal off with.

On the thing where people do have thoughts on making trades directly is that they do believe that they could make easy money with it but once reality
do slap into your face then you would definitely be able to realize on whats the true experience when doing up trades.

Oshosondy

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Binary option in a way he will predict the price to increase or decrease within certain time like 1 minute, 5 minutes, days or months? If that is it, that is not trading but gambling. It is pure gambling, not trading.

Scalping, day and swing trading are the basic types of trading, while arbitrage may be included too among. But binary is not trading but gambling.

I have read some people that gambled with binary and earn money, but anyone that wants to trade and not gamble should choose from the basic types of trading.

To start trading, learning it? Use the amount of money you can afford to lose. If possible you can even use less amount. That would be better. If you have learnt how to trade, still continue using the amount of money you can afford to lose until you have far more profitable trades.

MainIbem

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There is something I would want to understand about people they taught trading is all about just funding their accounts and start the journey the way its.
Why do I brought up this case is that, a friend of mine who have been trading on binary using Demo account to trade for about 2 year, reading all forms of technical books and watching lots of videos online from which he had made an increase started building the account from bonuses given to him he would build time 5 of the initial fake funds and he would be happy to start improvement.

Reaching sometimes, he thought is now a professional who can control the real account, he went ahead and take a loan of $1.5k converting to our local currency then was about 1m. During the lockdown period he took the loan hoping to pay as we got released from the covid-19 but sorry he couldn't make it to trade out same $1.5k instead ended up emptying his account.

So my question is; does those who started trading on binary faces this same issues?
And if yes how much have you lost so far?
How long do you think to learn to be perfect in trading generally both binary options and spot trading or any other trading?

Please share as I almost fall victim of joining him but he lost made me to lost interest.

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