Bitcoin Forum

Greetings cryptomaniacs...

Before entering the topic I will tell you a little about me. I used to work at Media Crypto and had some income from there. The salary is very decent, from this job I also have many relationships who are experts in their field, of course. Traders and influencers are no exception.

# Trading Cryptocurrency (Spot/Futures/Margin)

At first I only used my salary to make ends meet, but over time I was tempted by trader friends who posted their trading results, and started playing trading on the Bittrex platform at that time. With a passion for multiplying money, I am, who at that time was lazy to learn about trading, charts, doji and all kinds of things related to trading, my capital money ran out in 2 nights.

In the following month I was crazy. Full of revenge, I thought of all the ways how to make my capital money that was lost at that time come back through the next trade. I found group pumping in the telegram application. I follow and I pay attention on it.

After payday I immediately made a deposit. In the first execution when participating in group pumping, I got a profit, even though it was 25 percent. The second and third executions went according to plan and pocketed a profit.

Enter the next executable. Because in all three executions I made a profit I decided to go all in. Unexpectedly, pumping didn't go according to plan and only happened in a matter of seconds. My money was stuck and I lost 75 percent.

I'm Frustrated. And I decided not to trade crypto in 4 Months.

In those four months I gradually learned about trading self-taught on the internet. I started with money trading management, self control, DCA, charts and several indicators. Even though there are some, until now I don't understand either.

The point I made here I want to take a red warning to new traders or someone who is tempted to trade with the aim of quick money and so on to learn and understand what you are about to do.

Don't rush, Enjoy the process. And if it's steady and ready to trade. Do it carefully, use SL and TP, be grateful for the profit, even if it's small, rather than a big loss. Don't be Greedy!

Loud of warning! Don't use your salary money let alone get into debt for trading. Just use money that is really free, afford to lose. Because if we force ourselves our mental health will be disrupted. If the mental is broken Trading will turn into a Gambling game!

And in my opinion, an effective way to trade spot and futures, DCA is the one way a healthy and good. But I'm sure there are some other good ways out there that I'm not familiar with.

# Trading Forex and Stock

Apart from trading crypto, I also tried forex and stocks. It's the same with crypto, my basic in trading is still 0. I did all of this because I was purely tempted by the advertisements that appeared that trading provides easy profits where money will work for us. But it's not as beautiful as the reality, in practice I was destroyed and my money ran out. Random use of lots, entered without research, blind to news.

Nearly 2 years of salary from my work wasted. Fortunately, at that time I was not married.

I fell that trading in stocks and forex was very slow and not as comfortable as trading in crypto so I only stayed there for a while then moved back to Crypto

In short I started to get married and build small businesses such as selling children's clothes and kebabs. I am grateful that even though my business is small, it is able to meet basic needs and have leftovers to save.

Here I have also done various trials and errors, where I will not use the money from my small business to trade crypto. I made this decision because I have a basis where I also have to maintain the health of my business.

Avoid unwanted things. I am currently trading crypto using money from my side jobs such as campaigns on Bitcointalk and some of the leftovers from the 2017 crypto party.

What I want to convey here from my experience is Be good at self-management and strategy. Don't be tempted by what we see. What we see is not necessarily easy when we do it. Classify your investment type. Don't mix it up. If one is destroyed then it cannot affect your other investments/businesses.

Well, are there any additional tips on trading and managing finances from the salary we get or experience similar to mine? Please share here. thank you..

This story is only limited to my experience. And it is not meant to be solicitation or patronizing.

Trading is not easy,
especially when you first try it. I am sure that almost all traders who exist today must have had a dark experience when trading. But by experiencing this dark experience, traders can learn more from their mistakes. So the dark experience that occurred when trading in crypto, can be a very extraordinary lesson for the future, so that it is even more powerful in trading.
When it comes to the capital that must be used for trading in crypto, it is not recommended to use the salary money fully worked, especially those who still have a lot of needs through the salary money. So basically when you want to start trading in crypto, you have to use really cold money/capital. Because if you use money that is still hot, most traders will complain of worry and eventually lose control, because their mentality has fallen. And
I personally, when I want to buy crypto assets, always use money/capital from the money left over from the cost of my basic needs and from the savings I have, so I feel calmer and less stressed.

Many growth stocks are down to the same degree that crypto is. It has nothing to do with the quality of the industry. It's just what happens when tech businesses who reinvest in the themselves and therefore on paper don't have a profit respond to rising interest rates. A massive number of the Nasdaq companies are down the same amount as crypto. Why? because they are responding to the same circumstantial changes in the economy. When the money printer gets turned back on you'll see growth stocks and crypto off the races again.

Well, this is the quote that I always hear applies.
"When emotions are high, intelligence is low."

Crazy? Full of revenge? Do you think the market cares about your emotions? No OP. Nothing cares about your emotions, and that's the hard truth. When you're trading, try to be emotionless. When you're trading, set aside your emotions. Your emotions lead you to follow some telegram pump and dump groups that obviously is a scam because the moment that they will tell you the coin that they will pump, when you try to trade on it, the coin already pumped. Well, I just hope that you've learned a lesson from this one.

Just to share as well that like you, I've also tried to join these pump and dump groups because I thought that it was a shortcut in trading because I'm a bit lazy at that time. Cut the story short, I ended up losing money following them, and from that I tried to learn trading. Spent time watching videos, applying it, and building the best strategy that works for me.

It's good that you didn't gave up on trading, but continued to learn.

There are some lazy people (like me) who wants to earn profit thru trading in a quick, and easy way. I hope that these people will wake up one day, and realize that it wasn't that easy to gain profit in trading. If it's that easy to make profit thru trading then all of us must've been rich by now.

To all traders out there, take OP's advice, but don't focus on what he said, since there are many things that you need to learn thru trading.

If I will share a tip that will help newbie traders in trading, I guess it will be "Be emotionless." 2 powerful words that will help a trader to be successful. Being emotionless in trading is hard especially when you're starting, but as you gain experience, you will gradually learn how to control your emotion, and eventually set it aside. I'm too emotional as well when I started trading, and because of that I lost more than half of my initial capital. My losses taught me to set aside emotion, and as I trade, I learned to be emotionless.

The first lesson is never intended to take revenge for your losses in trading because it will make you despair.

The second lesson is never to be tempted to get big profits in a short time because all of that takes a process to get.

The third lesson is always to learn and practice. It will make your analytical skills increase. It will be useful to you when you want to analyze.

The fourth lesson is most important is only to use the money you can afford. Many beginners trade using big money without thinking about the risks. Once they get stuck buying at a high price, they won't be able to buy again if the price drops drastically and that's what many beginners experience.

Fifth lesson, you need to manage your salary first, then you can know how much money you have left that can be used for other things, such as trading. And still, avoid using big money if you are still a beginner.

Maybe other lessons can be added by other friends.

Now that's what new players sometimes forget, especially if they are already tempted by crypto influencers, tempted by fast money. 

Sometimes people will darken their eyes if they are obsessed and too ambitious to get fast money. Sometimes many people will try their best to use money that is not theirs. Maybe that is also what makes a trader's mentality weak and unable to develop in his trading.

I'm not even sure this thread belongs in this section, probably Altcoin Discussion, because the OP talks about 'trading crypto'.


That's what happens to all of you who think you've found a way to win at the casino, whether it's a land-based casino, an online one or a shitcoin casino.


I have a better one: stay away from shitcoins, stay away from short-time trading.


DCA bitcoin is a good way but with shitcoins it is not unless you can guess which one will still be alive in 5 or 10 years time, which is no easy task.

Really? really tempting group pumping at that time. In the eyes of lazy people like me, with obsession with fast money, group pumping is an angel. But in reality it is a trap.


The saying goes "Experience is the best teacher", it seems that sharing sessions from people who have done silly things also need to be taken into consideration so that we can be better and not get stuck in useless things.


I agree with this.
Close your laptop, computer or cell phone when emotions take over your fucking brain. Don't trade, trust me. Not a profits you will get.. You will damt loss. Not detracting from the truth one bit, I always lose trades when my emotions get me. This is a warning guys!

There are thousands of lessons that we need to learn when talking about trading, it's easy to say but to do as we want or as originally planned is not easy. For me, trading is not easy and not for everyone, even a seasoned person will make some of the mistakes you mentioned. Because when entering trading, we cannot fully control our own minds and emotions even though we have prepared thoroughly beforehand. The market is nothing more than a matrix that will mess our minds up if we are momentarily negligent. In my opinion, the best way is not to rush, slow down little by little, and draw lessons that are right for you without having to learn too much from others. Experience and feel the market for yourself and do what you think is best for you.

Small profit is still profit. And the first rule of thumb for me is contentment. If you as a newbie trader compares yourself with a Joe that is a professional trader who makes $500k per week on trading you may truncate whatever trading career you are building up for yourself.

Because you refused to control yourself and your emotions. Pro traders do not let their emotions control them. That's why they know when to trade and when to take a rest.

None in this industry are easy especially we tackle all about the funds in order to make huge profit or future funds. Having an income especially if you don't have kids to support is advantage for you to have extra money, which can be used to investment and trading since you can afford to lose the money. You could start little by little, it's a wrong move to put all your funds that you will be needing to pay for your bills, since small profit still a profit.

Because you are not based on good fundamentals, it is clear that you will definitely get stuck and lose a lot of money because I choose the coins that are traded so you are too ambitious to see other people benefit while you yourself are not equipped with an understanding of how to trade well and positive, in essence you think too much about profits without thinking about the risks of losses.

It has often been discussed on trading boards if someone only relies on pumping channels, first he will be given a profit, maybe once or twice, but after that the admin will trap you and then tell you to buy coins that you are not familiar with, after that the coins will fall it's bad but only members suffer losses and it's quite clear that the specialized trading channels will not give you any benefit.

If you already know that, that's what you have to apply and stay disciplined in managing your finances, but the most important thing is that you have to put additional money into trading or investing, not money from your salary, because that will be your need to survive.

All of those trades are quite effective if you have good skills some people suggest not trading futures and better on the spot but it depends on each individual's skills but for now the healthier one like what you say is DCA bitcoin it will not be mentally more severe psychologically.

People who are more easily tempted by fast money or quick profits are usually people who only think about profits without thinking about the risk of loss. That is, he begins to forget things that he should understand before doing something to achieve his goal. This kind of person is very vulnerable to losses because besides being inexperienced in a field, he is also more easily used by others because he immediately believes in every new thing.

It's not wrong to have big ambitions in earning money as long as it can be logical enough for someone to achieve, but darkening their eyes because of being obsessed with faster profits is wrong. Because someone who is obsessed with it will find it easier to lose money than to get more. I think that kind of person will also be more easily frustrated when his goals are not achieved as he would like.

It is always advisable to try in one way or the other to have an investment aside your hustle. Sure your hustle should pay but what if your hustle somehow is not as it used to be do you not think your investment must have accrued to help sustain you for a period of time pending when your hustle ( work) pays. Just as mvdheuvel1983 has said no profit is too small or big as long as it serves a purpose for you, it is something worth it.

Looking at your experience, I saw the issue of self discipline. If you had mapped out your trading limit, you would not have had that terrible experience. Self discipline is very much applicable in trading likewise gambling. When you have self control, there is a limit to which you do some certain things which does not affect you in any ways.

I will advise traders to exercise discipline when trading, do not trade with vengeance of recovering all you have lost otherwise you will keep losing more.

That's called charge experience dude. You are the one who chose and decided why you lost, and the only mistake you did was to join the telegram pumping group, don't you know that the telegram group you joined is a nest of deceivers and scammers, They just bit you and didn't stop you not until when they saw you weren't bringing in a lot of money. Then when they saw that you had brought in a large amount, suddenly, boom, your money was dissolved for a few moments.

Now, you learn a lesson from your mistakes, even if it's not the end of the world, you can still continue to move on and face the good future waiting for you here.

Your post is very insightful regarding challenges trades usually face to control their emotion to be successful in trading profession. Even if a trader is proficient in reading charts and understanding technical indicators. The ability to control emotions is essential for generating profits through trading. In fact without emotional discipline, it is very difficult to succeed in trading. I agree with your expert advice to take things slow and focus on learning from our experiences of others to make well informed decisions.

Spent some time on YouTube to day after a long while and intermittently between the video there are ads where a particular person claims to be a master trader and has taught thousands of people how to make wealth from trading.

I am bring out this point because those ads plays on the minds of people, so I took out time to go check the guy out (mind you don’t do this with a device that has your sensitivity stuffs) I must give it to him it was well organized and constructed with fake proofs of those he has helped he even has a Google certificate which nowadays anyone can get.

Many unfortunate newbies actually fall for this and with the removal of all chances of loosing money they can go as far as borrowing funds to trade and also register for such schemes. One of my basic advice is to not let greed overshadow reasoning.

Trading is challenging because it will take a lot of patience and effort for you to become familiar with efficient risk management techniques. When you hear about other people's successes, it may sound simpler or appear to be a path to wealth, but this is a false assessment of the situation. We often risk everything we have because we have the false impression that we can profit from it easily, which typically leads to significant losses. Trading requires a lot of learning, and even experienced traders suffered a lot of losses in the beginning. Although it is profitable, trying it without deeper knowledge will just leave you frustrated. If you truly want to pursue it, however, you must make sure that you are aware of potential challenges that you can encounter while doing it. You should only risk the amount of money that you can afford to lose, and as much as possible, allocate only a percentage of your salary.

At the end of the day, hodl seem to be the best option for the majority who finds trading very stressful and overwhelming. The difference between trading and hodling is that... trading gives you instant money if the market was in your Favor while buying to hodl takes a longer time and either which way you will still make profit.
 

Don't trade when you're just encouraged to trade by your peers and because of the thinking that you'll earn big and quickly with it.

This is the downfall of many newbie traders because they've got the wrong reasons and trading takes a lot of time and experience for one to learn. Besides, you'll really have to spend a lot of money for those lessons.

If someone isn't profitable with trading, never lose hope but HODL.

We are new members who want to make trading as simple as trading is not easy money. We don't have enough knowledge about trading so we think that when the market goes down we have to take a trade and when the market goes up again we have to sell but things are actually not that simple. 
Those who have enough knowledge about trading think a lot and then take the trade. Experienced and knowledgeable investors never resort to emotion while trading. But this is not the case with new traders, they usually bring a certain amount of money to trade and when the market goes down a bit, they buy different coins. And then they suffer a lot when the market falls further below their buying levels.

I had my real job apart from the forum and cryptocurrency investments.So it’s my habitual trading of crypto currency with the 30 percentage of my income every month.As like you think,it’s not the easy one to keep add 30 percentage of your salary to the investment.You should ready to keep in mind,when the price reduced also allow us to regain after some days.Some greedy people want to get hundred percentage of profit from their investment with a short period of time.But it’s not the easy one as like expected,it take time.The trader should ready to wait till the market respect to their inputs and then we get profit from investment.

The crypto market is too complex and vast to totally understand. Anybody that claims to know all about crypto trading might not be truthful. I have never seen any trader the will claim that he has never experienced losses for like six months. That is why each time I see adverts or promotions in my country that promises consistently huge returns, I immediately know that they are scammers. I am not yet a trader  because I have not learned. And even if I ever start trading, I will never invest more than I can afford. I have never been moved to take loan to invest in any business because there no guarantee that a business will be profitable, therefore using a loan to invest in a volatile sector like the crypto space is very risky..

Some people see crypto trading as a quick way to get rich, so they jump in without doing adequate research. Most of the time, they only realize they need to learn the basics after they make a mistake and lose the money they used to start trading.

Even though such advice as ensuring you have basic knowledge before trading is always given in the forum, some new crypto traders will dismiss it as a waste of time, believing that the time they will waste learning will be their profit time.


That is why you must be mentally prepared before engaging in high-risk crypto trading.

Always invest money you can afford to lose in order to avoid developing a mental disorder as a result of the money you invested.

That's when the phrase of mostly known as "profit is profit". While others think that they've missed the huge chunk of profit because they've sold earlier but then, if they'll realize that they've been okay taking that profit because they don't know what's next to come. It's true that one shouldn't be greedy and just learn from those people that have learned that when you take profit, never regret you've done so even if it's tiny.

Those that have taken loans for trading and investing, they've got bad situations as a result. Trust us that say don't take loans for trading and investing and your profit there is what you'll be relying on to pay that debt, it's never been a good idea for making up with this plan.

Trading is really not easy at all for newbies. Trading is a challenging and complex endeavor, and it's important to approach it with caution and patience. Emotions can play a significant role in trading decisions, and it can be difficult to maintain a clear and level-headed mindset when facing market fluctuations and uncertainty.

In addition, experience and learning from mistakes are valuable parts of the learning process when it comes to trading. And seek guidance and advice from experienced traders or reputable sources, as this can help provide valuable insights and strategies that can help increase your chances of success.

Another tip that may be valuable for beginners is asset diversification to avoid investing solely in one place. Spreading your investments across various avenues can minimize the risk of losses. Don't follow the example of those who have succeeded by going all-in during trading, as I am certain that many have failed but remain unpublicized. It is better to enjoy the stages of trading with smaller amounts first, as this will enhance your ability to manage larger sums of money in the future.

I'm still into crypto trading although what I'm doing is more of a buy and forget thing rather than actively devote my time buying and selling crypto. It's worked for me in the last few years and it's still working now. I have long accepted the fact that I will not be able to learn the trading scene or devote that many hours into it, hence I moved on to the more passive option but still try to keep myself informed on what's happening in the crypto scene. This way, I still know when to buy and when to sell.

If you're really dedicated and have the time to spend on, read more and try trading using fake money and see where it takes you.

Having your stable source of income is still a good one, this only means that you can be worry free if the market goes on a downtrend again because you still have the money and you only trade with your extra.

Having that percentage of your salary specifically for trading can also be good, I assume its already a free money and if you are going to trade, make sure you have enough knowledge about it because its too risky not to have the right one.

I say it often and I'll say it again here, buying a lot of cheap shit doesn't make you safer than buying a single expensive shit. After all, you still own shit.
Diversification among bitcoin and altcoins doesn't work and makes no sense to me.
I also see what OP problem was and it was really simple. You lost money because you were buying shit. That pump group episode is really telling. Instead of buying bitcoin you bought shitcoins, lost money, joined a shitcoin pump group, lost money again and now you're telling us that life is hard. Some of us learn the hard way.

If you know what you are doing, then feel free to do so. Cryptocurrency is a good invesment if you do understand its market behavior. TA and DCA would work if you are knowledgeable of it. But if you are just seeing the profit and not the process of getting such thing, driven by the popularity of this industry alone, then I won't suggest engaging to this industry. Profit potential in this technology is high but volatility is higher and far from price volatility of other investments. Therefore, risk is always higher as well.Diversification of asset is a good thing because gigen that no assurance is there for a single coin, atleast you'd have chance to your other buckets. Problem is choosing your alternatives 'coz if other options would be bad risk is just being bigger.

This is basically just a warning about not to go in right away and take your time. 4 months is a very good period of time if you actually do study it, you could even take 3 days off every week and just study 1 hour per day for 4 days a week and just do that for 4 months and you would learn more than %90 of the traders. Obviously there are amazing traders, the best ones out there have a bigger difference than the people who are just out of top 1000, think about what would be the difference between the top one and the guy out of top 100k, but if you can be that guy, even that's better because there are millions trading which makes you still better than %90 of the world, being 100 thousandth in a thing that 10+ million people do is a great job. So take your time, learn it very well, actually spend time on it, take notes if you need to, and when you are ready, you will get better. And on top of that, you will gain experience the more you trade, so that will be even better over long period of time.

Investing in cryptocurrencies is quite a risky venture due to the fact that cryptocurrencies are currently little accepted. If a project looks stable enough, it does not mean that it will be in demand. It is difficult to define the criteria for a successful project. Luck play a big role here. Although luck loves the brave.

When you have got the ability to fulfill your daily needs and save specific amount regularly there is nothing to think about luck. With cryptocurrency luck needs to be considered when you're in need of immediate need of money and the market is at its down turn. If you got the patience or the separate emergency fund to meet unexpected needs it is easier to relay on the holding than on luck.

Compared to the past years the acceptance level and the legality to use cryptocurrency around the countries have grown high over time. So, we doesn't need to think of the acceptance. It takes time for people to get adopted to it. Even the country where bitcoin is a legal tender finds it difficult to use it due to lack of proper awareness.

Not a single trader is insured against such drawdowns, whether it is a beginner or an experienced trader. The difference between them will be that an experienced trader knows how to get out of this situation, perhaps an exit with minor losses will be more preferable (it all depends on the situation), and a beginner may just panic when he sees how his balance decreases, and eventually sell with a big loss if the fall is prolonged.

Well, there was a guy asking the same question here (https://bitcointalk.org/index.php?topic=5450626.0). He is a civil servant and started to make money from trading too, how? didn't provide all the details but after reading his post i can say "If you have a steady source of income then, Yes, you should invest in crypto". Because earning and spending at the same time will lead you nowhere. So the best practice of a progressive mindset is to "save money" and then use it to invest in land, gold, car, or BTC.

But before doing that, we have to get familiar with our intentions of doing it, are we doing it by following someone? or do we want to make quick money? Are we investing for the long term? How much can i make with this investment on how much capital? What should be the plan B if things go south?

These types of questions, are to be dealt with first because a firm plan and strategy make an investment a profitable one. So the point is, if you have a source of income and making monthly money then why not earn more by saving some money out of it to invest in BTC? Overall, if you fear of mental health due to the burden of crypto trading and doing the work daily too. Then you must make a timetable for your trading or i suggest you not to do trading but instead do holding because it will not make you worry as it's a long-run investment.

Several other trading and financial management tips:
- Before investing any money, it is critical to have a clear plan and strategy for your investments. Set realistic goals, assess your risk tolerance, and build a diversified portfolio that matches with your objectives.
- Consider receiving expert counsel from a financial adviser or investment manager if you are unclear about your investments or need direction on your financial strategy.

Crypto trading is trial and error, and offers a warning to new traders to not rush and to enjoy the learning process.

Use money that one can afford to lose, and to avoid using salary or borrowed money. Use strategies like dollar cost averaging and being careful with stop loss and take profit orders.

That was one of my fatal mistakes when I entered crypto. Not only that actually dude. I used to lose 0.5 BTC on a Bitcoin multiplier site 🤣. This is ridiculous.. Cloud mining (Josh Garza I forgot the name of the cloud mining at that time) is also included🤦. I'll admit I was completely nuts at the time because I couldn't accept losing money. And fortunately I was only passing by for a while then realized that it's not that easy to make money. Group pumps, bitcoin and altcoin multipliers, cloud mining really needs to be avoided by newbies.


Exactly right.
Hard slap for me.
Do not compare our capital, skills and profits with anyone. Including amateur traders and pro traders. Because indeed we are different and have different skills and analytical abilities. The point is, as you said, accept even the slightest profit, then stop when the mood or market is bad.



True. We know for ourselves human nature, never satisfied. We want more. There must be an image in our minds that if we profit from trading we want to buy something and it continues. Unknowingly, this urge is a poison that traders should not have. This is what makes trading destroyed.

I agree with these since stable income is important these days to provide not only our needs but also some of our wants. It is important to remember that crypto trading is very risky since uncertainty of the market is there as well as the volatility. So, just take the risk you can so that other important things would not be compromised. I must add that if your allotted 30% of salary that is allotted for investment is making you having hard time in managing your finance then you can try to reduce it to a percentage that can make your financial obligations to be secured so that you cannot worry about that since it would just add up to the emotional experience in trading cryptos.

If you have extra money to spare then it is best to invest in cryptocurrency specifically Bitcoin.  Investing in Bitcoin does not mean we need to do day trade or scalping.  If we are not knowledgeable enough to do day trade, we can always sort to hodl.  Hodl for long term.  And since we only use the money we can afford to lose, it won't hurt us if we hodl Bitcoin for years and as a result of long term investment,  the Bitcoin investment may give us huge profit and if we have invested enough, the profit we get might be a life changing for us.

I agree that trading Bitcoin in perfect way may maximize the profit since we can short and rebuy at the bottom increasing our Bitcoin portfolio but the risk is when the market goes the other way right after we short the market.  It will mean a loss to us.  So many people advice that if we lack the skills and understanding of trading, hodl is always the better choice.

Market will catch you if you are too confident and greedy for profit that is what happened to you and the possibility that will happen to everyone because there are really time that we got too greedy that is why you need to have self control as well as knowledge on everything so that it can lessen your losses because in trading you really lose there are really time the market doesn't go well on your strategy that is why learn to stay away that time

There are some time when it is extremely difficult to profit from trading. Because when the market is always in the negative view. For those who cannot take the right decision at that moment, they have to face big loses. Moreover, a big strategy in trading is patience. That is, if you are greedy for some reason you will fail ‍and it will be very difficult to get success in trading platform. Before taking new trade, many things should be considered. In addition to experience, a trader should also have the tendency to take a risk. If a trader belongs to both of the virtues, he can quickly get success from his trading life.

Diversification is a good thing when it comes to investing but buying altcoins, I don't think it's diversification. The entire crypto market depends on bitcoin, if bitcoin crashes, then no altcoins will survive, so buying altcoins for diversification is a serious mistake, many people are making. If you want to diversify your portfolio, you should invest in non-crypto assets like gold, stocks, real estate, etc. That will ensure your safety since they are not related to each other.

Doing trading is not easy, at first you will experience a big profit then suddenly the market will fall dramatically that will result to losses of your investment. Trading is a trial and error especially to newbies in the market. I had experienced a lot of times losses in my investments. I had invested in altcoins and the timing is really really wrong that results to losses. With those experiences i had encounter i am very much careful now in investing because loosing causes a lot of stress and i do not even know if my investments would recover. So practically now it is better to have a steadily income while saving something for investment.

What is important from that is learning to trade because only trading can help us make a profit from trading. And with our expertise, we also analyze the market to find the time to trade. Investing also requires more knowledge because we have to find the right coin as an investment and many people choose the wrong coin. We must be careful and not be tempted to invest in one coin at the suggestion of others before we analyze the project. And if you have a steady income, you can make ends meet while you can allocate some of the money for trading and investing. Those are three ways to make more money for you.

Trading should never be a trailer and error thing or you'll lose all your capital, nobody should start trading without having the knowledge needed to be successful at it. A newbie that has no knowledge should first learn and that can be done easily from the comfort of your home and through the internet. You can watch videos on YouTube and become a professional before trading.

Instead of stressing yourself with daily trading, you can just have an income and invest in Bitcoin. Investing is less stressful and very convenient for anyone to do. You don't need an experience in this, just your capital and using a reputable exchange to buy your Bitcoin and store in an offline wallet.

I also have some very limited experience in the crypto market, but since learning about it it has changed a lot in my life. Indeed, there are many pitfalls that attract us, it hits everyone's greed, maybe right from the start we can equip ourselves with skills, but when experiencing the actual process, greed competition makes us not want to be left behind, the fomo mentality that accompanies the experience. I have also received a lot of failed lessons to be able to limit mistakes but not all good, I find that investing not only brings material returns, but also brings many lessons. Knowledge such as our psychology and behavior are also exposed in this environment. It can be admitted that the cryptocurrency space is really a wide environment that includes a lot of different valuable knowledge in life.

It is easy to be tempted when you see the other people post their trading results,. It is why self control is important. Having an understanding that some of this people who post trading results only post the results of their successful trades will first make you understand not to be moved by everything that you see. On social media almost nobody post their failures for the world to see, the post you see are mostly the happy sides to their lives which is real sometimes and also fake some other times.

from the story you explained, there is indeed a lot of experience that we can take, because you can master some of the things that are really needed to participate in the crypto world, every job we do doesn't always go according to what we want, sometimes we can get a good profit very big and you can also experience losses, so never give up because that is one way to keep up the enthusiasm, and in investing in the crypto world, never use real work money where the income is indeed limited because when you experience a loss, we will definitely feel frustrated like What you are experiencing, for me this is the most important thing, and I have also felt frustrated because every investment always fails to get big profits, but I will not give up before all my wishes are fulfilled.

Everyone will be happy when they can earn the same income as everyone else, but don't be tempted by other people's income from trading before you have really good knowledge and skills to start with. After all trading is not a competition where you have to be very careful with all the risks and whatever is involved in the market. Self-control, understanding strategy, having analytical skills are some of the things that must be possessed to support your trading plan.

On this topic, it's certainly good to consider investing instead of keeping fiat in the bank. However, this investment plan must be quite balanced with the budget that you manage to save each month. I will invest if I can save money, but of course I would not use 100% of my budget to invest without having reserves.

While investing is easier and less stressful than trading, that doesn't mean it doesn't require knowledge when it comes to investing. At the very least, you should arm yourself with some basic knowledge of the market, as long-term holding is not easy. Suppose you have no knowledge of bitcoin and have never learned anything related to bitcoin, when it becomes volatile, you will panic and sell, and you will also lose.

Not only trading and investing, but before deciding to do any work, it is necessary to have prior knowledge. Without knowledge, you will fail.

Anything that requires money to invest you should back it up with knowledge, and hands-on knowledge on what to do, it applies to everything like trading, Cryptocurrency, and mutual funds.
Here in Cryptocurrency, even if you are good and knowledgeable you can still suffer losses, losing is part of gaining experience, it's the best teacher, so it's important to cut your losses by having the right knowledge.
There's no perfect investor when it comes to Cryptocurrency, you have to combine your knowledge with patience, part of losing is not having patience.

And always try to learn to improve skills in trading or investing because only by learning can we have better abilities than other people. Everyone must have experienced failure but what distinguishes us is how strong our desire to be able to get up and try again.

That will distinguish us from other people who fail in trying because we never want to give up on existing situations and conditions. I used to feel it too but after I tried again, I could feel the difference in myself and trying to profit from trading.

And as long as we study, we must also be able to control the money we use and only use the money we can afford. This is to minimize losses that can come at any time. And even though you are already a professional with better skills, you still have to limit the use of money.

I also did this buy BTC and hold. And I did it DCA and I saved it in a hardware wallet.
But remember, buy and hold applies to bluechip coins, in my opinion, like BTC, ETH or BNB, in my opinion.
However, if we buy and hold with shitcoin, I cannot guarantee that our long-term investment or trading is safe. I once lost 0.8 BTC on the AMP coin in 2018-2019 because of a scam project that was trading on the Bittrex platform at that time.

So choosing a coin for this trading model must be observant and full of attention in research


DanWalker I give merit to you. I think your opinion about Diversification is very reasonable. If we spread our money only in the crypto market it is the same as Suicide. What DanWalker suggests sounds very realistic and makes sense. Even if the crypto market is f*ck*d up, our non-crypto assets will at least provide another opportunity.

Trading does not necessarily mean that you are in for big profits, of course everyone should start with small trades and small profits until they start to improve and prosper in trading and adjust their trading capital and risk bigger amount to attract bigger chances for profits. But let me remind everyone that when you trade for bigger capital, that won’t never guarantee bigger profits too. At most times, you even lose your capital. The reason why we should never be greedy when trading. Small profits are still significant profits, so we should learn to appreciate it especially that we all know that trading is never easy and it’s very hard to trade successfully knowing the market condition keeps changing most of the time.

Greed is always something that will destroy us, therefore we must avoid as much as possible not to become greedy people. Investing in cryptocurrencies is something that is profitable if we really understand what to do, and it's true that we also have to be able to control ourselves so we don't become greedy people. Because greedy people will end up with unwanted things.
I'm going to invest in cryptocurrencies, but I'm also not going to expect huge returns. That's one of my ways to keep me from being overpowered by greed.

Greed for the greens in front of you in this electronic market will only make you an addict, and sooner or later you will be eliminated. So learn to control and discipline yourself when trading. Even though it is difficult and you have to go through a lot of mistakes, once you master it, you will have good judgment and not be blurred by profits in front of your eyes. In addition, you should also learn to accept losses, which is also a good lesson from which to draw valuable experiences, but it is important not to be discouraged and give up.

Hey, it's strange that you haven't tried to find something with passive income. You have made the most common mistake when a trader has money and no experience, he enters the market immediately with the entire amount. In general, everything is described correctly in the topic and all the most popular mistakes are listed. I hope beginners will take knowledge for themselves and will not lose their deposit in 1-2 days.

Of course, greed is bad, but there is also such a thing as lost profit syndrome. For example, you invested in one cryptocurrency and sold it for a 50% profit. After that, the price immediately went up another 300%. Okay, you got over it. Then you invested in another cryptocurrency and sold it for a 50% profit. A day later the price went up 500%. The question is, what do you do when you invest a third time? Sell at a 50% profit or wait? Here's the dilemma. That's easy to say until you find yourself in that situation. And if you do?

A lot of investors are having this misconception, which is alarming. They argue that diversification means investing in different altcoins, and they are safe. This is only true if we are talking exclusively about our altcoin portfolio, but more broadly, their assets are still only in one basket, which is the cryptocurrency market. And once the market crashes, their entire assets will also collapse. This has been repeated many times on the forum, but I still see many people making this mistake.

We are of course aware of what to do because when making purchases of things like this we have research and ratios about the benefits we have and as long as the target is met, why regret it because we have also made a profit, right?
Even though it sounds quite naive, but we already have our own limits about it and as long as it's profitable then why pursue something more by continuing to force it.

I do not consider greed in this case to be bad because there are times when we also have to have a spirit of greed within but on the other hand we must be aware of the targets we want to achieve because of course that is what we want to achieve.

that's right, it's not about greed when we have the desire to be able to take big profits, it's quite logical and everyone wants that even though they know about the risks that are proportional to what they will get.

investing in Crypto allows a lot of things to happen because of very significant movements, we have to think about that and because of that it is possible for a lot of things to happen.
and when we already know all the risks and possibilities then now let's think realistically, this is not about greed but about how knowledge and investment arrangements we make ourselves.

No trader takes revenge on the market and survives it. The market is the master and traders are the slaves. We go whither the market wants us to go. Doing otherwise often results to grave consequences.

That's the gospel truth and it should be imbibed by anyone who wants to be counted successful in trading. Trading should be taken as a profession and a long term career, not as a shortcut to any self aggrandizement.

That's often the issue with emotional trading and not sticking to a trading plan. At the end, the trader who indulges what you listed there end up paying dearly for that.

It's good that this happened OP, now you know what to do to get better with yourself, trading is not something that brings guaranteed results because it's still a prediction, the chart can go against you when you don't see it coming.

I prefer spot trading because it's the safest trading option for everyone, buy low and sell high its that simple, but it could take a longer time for your orders to click.

It seems you have spent a lot of time trying all those ways out but it would have been better if you used for time learning and not trying to make money, today you would have been a more smarter person, there is nothing you went through that hasn't happened to someone on this forum.

After all the rough lessons I learnt about crypto I have choose buying coins and holding for the long term over many other ways that people are using to make money in crypto, find one that works for you and adhere with it.

If the time to buy is definitely right, then there will be nothing to regret. Considering that we are still in a bear market and at the current price the investment is already profitable, then everything is done correctly.

If the bear market is not at its final stage, and the price continues to fall for some more time, then nothing bad will happen, since this will be an additional opportunity to replenish the investment portfolio.

I don’t know if we should talk about greed here, maybe we should be greedy in our desire to get as much bitcoin as possible during this period, but this greed should not prevent us from selling bitcoin in a bull market and making a profit.

In my opinion, the best thing when we invest is when we get income, the mistake of many people is that they invest by selling or getting into debt without having income so when there is a little price fluctuation, we immediately panic, if we have income, we will be calmer and not panic so we can focus on the target the profit we set.

If you have good know how about the market than you can surely invest in crypto and yes if you have a running income because investments are always risky and if you don't have any solid amount with you than don't go for big games because results can be scary.

It is clear that big profits must always be thought of and we hope for, but when our achievements and targets are set from what we hope for and are sufficient for ourselves, then indeed we do not have to force ourselves to continue to be there, especially if the project we are entering is a project that is real. not very clear with their pump and dump system.
The most important thing in this case is profit and it doesn't matter if it's big or small as long as our target is exceeded

For bitcoin maybe I would agree but in this case coming back to context I think it refers to alt most of them are temporary projects.

But on the other hand, talking about being greedy in bitcoin investment can also have a sword with 2 sides there because greed could lead to remembering that this is an investment and there is no guarantee in bitcoin, even if the hope is still good but buy when the price is low and don't be hooked on anything if you do DCA then it's still very good but don't risk it all if you can't afford to lose it.

Investing must indeed have capital or previous income that has been saved so that when someone wants to use it as an investment, they can immediately take it. That is, when a person has where to invest and which assets he must have, he must seek as much capital as he has and not try to owe or borrow elsewhere to make the investment.

Even though this kind of work has very clear risks, but for some reason there are people who think of going into debt when they want to do that kind of work in their life. It's the same as he makes two risks in his life that can result in trouble for himself.

The best set of people that are qualified for investment are does that make extra income because if the money you are making every month is not sustaining you how will you keep up? you will have to take from your investment because you have to survive and there is no any other way around it so to invest with peace of mind you need an extra source of income that you won't be spending any time soon.

There is no way to go hungry because you want to invest in crypto or Bitcoin, I have never seen anyone doing this successfully because you can't cheat hunger, you need food and you need more than food, if you have no income, investment of any kind is not meant for someone like you.

I also think the same as you, just a few days ago I had a similar exchange on this forum, it seems this idea of investing in altcoins as a way to diversify your bitcoin holdings is relatively common, but it is a mistake, as you gain no additional protection to your capital by doing that, now if someone is investing in altcoins as a way to maximize their profits then as long as they picked the right coins they may actually achieve their goals, as it is easier for an altcoin with a lower market cap to grow.

And as long as we study, we must also be able to control the money we use and only use the money we can afford to lose. This is to minimize losses that can come at any time.  You have made the most common mistake, when a trader has money and no experience, he enters the market immediately with the entire amount. All so learn ho to control and discipline yourself when trading. And when the price of bitcoin drops,it is a good time to increase DCA buying and return to normal when the price is out of limit or start to recovery and the of long term.

Well, there is a plenty of lessons we have to learn about this field. To begin with, do not trade when you’re not capable, it is really important to feed your mind with knowledge before you even start otherwise you will randomly make idiotic decisions and lose your funds within few days. In addition to that,  believe no body, as you see the social media and groups are full of fake news, predictions and information. Furthermore, start with a low budget at the beginning to avoid the risk of loss and it is certain you will gain experience by time. At that moment, you can add more money on your capital if needed.

When the market is on deep reds or something that on a bearish season then it wouldnt really be that shocking that people would really be that on extreme fear and specially into those who did make out some high or peak entry or to those who had bought on higher prices which it cant really be avoided that feeling of anxiety but for those who do have that kind of strong will and dedication on engaging into an unpredictable market then it wont really be that so shocking that on whatever price conditions would really be able to face on.

Thinking up realistically is the best approach on which you shouldnt really be making yourself expecting or anticipating on something positive because this market is really that totally random and something
that you couldnt really be able to guess. If you do have some income and tending to have that plans on extending out or diversify then you could always be having the option on making
out some investment but of course, this isnt for everyone because this is for someone who could be able to take up the risks and wont be whining later on, on the time
the market would be showing huge red candles.

We all still have good option of whatever we want to invest in. Cryptocurrency is here to stay and not everybody understand it as much like that so some persons still find it hard how people make money from crypto. We should keep trying what we think is working for us but also try new things so that we can earn too from different angles.

cryptocurrency has come to stay and the many people have known system for people that does not know how to invest in cryptocurrency they are the people that lack knowledge of grief too and they don't want to know because if they want to know concerning cryptocurrency they will ensure that they have read the article or use the currency

That's not just the case, whether you invest with loaned money or not but you have come unprepared for that risk then you're doing the wrong thing. There are too many investors that are going with the wrong way as they think that it's something that they shouldn't worry about.


Thanks for sharing this experience, this is what's wrong with today's generation. When people see others doing well in a particular investment, they're all diving and jumping in on it thinking that they should be better as well.

But little did they know is that there could be some other investments where their fate is coming and should be better for them. That idea of doing others investments is likely gonna work for them but in reality, it's not.

I disagree ... everyone come to trade empty handed with almost zero knowledge about trading , the one make huge difference is that sometimes people get too greedy and some people can get over this greedy thingy , the problem is over there i think on how you can handle the greed.

The lesson and knowledge can only learned... gained through the experience , so you better to start small even you had 0 knowledge . Remember ... 'START SMALL'

If you are an average salary earner who barely saves atleast 20% of your monthly salary perhaps, because of expenses, then investing I guess won't be advisable in this technology. Investing to Bitcoin won't give you instant profit, you will berequired to be patient. Given that in the situation you are having trouble with saving anount of your monthly salary, if ever an emergency happens or when you needed money, where will you get it? The tendency is you will pull out your investments but what if the marke price is down by the time you will need it? That would yield to a permanent loss in your investment and such thing would happen continuously. Invest an amount you can afford losing.

This is the right approach to buying bitcoin, it helps you in the long run and you should be able to do it with ease. I understand that people may not enjoy the fact that they are making a loss and all, but we are talking about making a profit that would help you one way or another. I hope that people could end up understanding what is required in the end, but the first thing you need to be able to do is buying at the right time, if you can do that then there is nothing else that could make it harder for you.

If you bought at the right time, then you did the right thing and you should not be worried, it is such a simple thing and the results would be a good thing, it just ends up being the waiting time that will change but that is fine if you are a long term investor.

I totally agree with your opinion that trading is not as easy as other people think, as well as the name of investment, what's more, investing in cryptocurrency is a very volatile market. We have to know when we enter and when we exit trading and investing as much as possible, don't ever use hot money. again all in to a coin is very high risk remember to look for coins that have the potential to go up with personal fundamental analysis don't ever follow other people's words because no one in this world can predict the market will go up or down so stay safe

it is a risk that will be faced but the risk is very comparable to the possibility that will be obtained, because the market price of Crypto is very volatile, allowing many things to happen.
I think if you already have income, investing in crypto is the right choice, not for trading, but investing for the long term and using money that is not needed to make ends meet, regardless of all the possibilities that will happen but in my opinion it is really worth it.

These risks must be faced and we cannot completely avoid them,
especially investing in top coins i think it is the best choice for long term investment,
it will be profitable even though it is also not easy because it takes patience.

Not all risks have to be faced, because everyone needs to see and study them first before deciding to face certain risks. Including risks when investing in top coins like Bitcoin, so learn first before dealing with it because there are so many people who are disappointed when they face risks that they still don't understand in terms of investment. It's not only about the top assets or coins, but also about how to understand them well and deal with them very wisely.

No, I don't think investing in top coins will be a good choice in the long term. If you want to hold for the long term, I recommend investing in bitcoin only and avoiding all altcoins. Altcoins are only suitable for the short or medium term.

If you've been through a bear season or two before. You can easily see that after each bear season comes and ends, the old altcoins will usually disappear or never recover and will be replaced by new projects.
It can be said that the altcoin market is a rapidly changing and unsustainable market. Projects are only intended to sell tokens and disappear after a while, they have no intention of building a real project.

But if we take top20-40 altcoins, then the list of them did not change radically through years. We still see same XRP, dogecoin, Tron or Ethereum. Most of top50 altcoins aint that bad for long term investment imho. Even though Bitcoin is the most popular cryptocurrency, it is easier to pump top altcoins, it is easier get higher price. I mean something serious is have happen with market or have multiple positive news and outcomes during years to happen to force Bitcoin to gain several tens percent's of profit. With top altcoin same result can be achieved with one single announcement.

P.S. I would like to find out what you consider to be short, medium and long term investment periods? Is a year a long or medium period for you?

I'd say that this is the most important moral you could've shared with us, and I fully agree with you. In my case, I have almost never invested any money in crypto from my salary because that money is meant for expenses like mortgage, food, light, taxes... and if things go wrong and I lose it I will have a big problem.

I use my spare time instead. We all agree that time is a limited resource, and some say that time is money. I like to see it like I chose a hobby from a wide variety of entertainments, and fortunately this hobby doesn't imply expenses like most hobbies do, but provides a little income instead. If I invest that little money and lose it, at least I entertained for free (and surely learnt a valuable lesson, also for free).

Well, my advice to you and others is to always contribute to good quality projects with promising future esp those you are passionate about. Your contribution could be financially or in other forms, and you will certainly reap what you sow in the projects. This is a universal law of sowing that cannot be stopped or changed. It's just that most people are not aware of it.

Failure starts when you become too attached to money rather than solving problems or developing projects. If you don't have money to contribute, then contribute your skills or help solve problems as it's equivalent to money. Money like it was said somewhere else is Work converted into "Potential Energy" to Power the Future
Here is a secret, how much stakes you have in crypto projects (or how much you benefit from crypto projects) depends on how much worthy contributions you have made. Some haven't contribute so much money but have made contributions that are worth more than trillions, and this kind of people benefit from this contribution financially or otherwise.  So, contribute alot and you will reap bountifully... and you wouldn't have to worry too much about charts, candlesticks, etc as Bitcoin/crypto will just work for you

yes that's true, only Bitcoin is promising for long-term investment, I also agree with you.
if we look at the price movement of Bitcoin from the past there should be no other choice than Bitcoin for long term investment.

and for the choice to invest in crypto or not, I think it all depends on ability and knowledge.
when we have more money then there's nothing wrong with investing in crypto with a very large percentage of profits for the future.
but all of that must also be accompanied by knowledge about investing in crypto.

If you're having money to invest, think twice about the kind of investment you're willing to make, ensure its what you know about very well and understand the do's and don't before starting, cryptocurrency is one of the most profitable investment you could venture your financial asset into while bitcoin is more preferred, when making an investment, there are some criterials you need to meet up with to avoid losses, one of them is for you to diversify your investment, avoid high risk investment, start low and grow gradually, adopt DCA method in purchasing your asset to hodl and research about bitcoin consistently.

Of course it depends on the income we get, if I earn $ 1 million per year then I will invest around 10% for bitcoin, I think crypto investment has good prospects in the future so that it makes me always leave about 5% of my monthly salary to buy bitcoin or altcoins.

I mean that's what people call it "reducing risk". They try to learn what the heck "hodl" means, while in trading, they try to learn what candlesticks, RSI, and other signals means and what do they do at all. They're top coins and assets for a reason that's why people are buying and selling them continuously.
It is not a risk if you don't have to face it at all.
Even if the project is kinda good quality and what they call "promising", it ain't a hundred percent that it will be worth it. Imagine if those ICO days on how many were legitimate projects and just got buried under the market due to sheer number of scams during 2017. Deploying a project is really a pain in the ass, let alone getting a team together even if it isn't crypto-related.
I am not surprised that there would be lesser number of "legitimate" projects in the future.

Yes, if someone said that they invest in altcoins looking to maximize their returns, I would agree because altcoins are undeniably riskier, but the rewards are much greater than investing in bitcoin. But finding and choosing the right coin that can be profitable is not easy in the altcoin market. Putting money in altcoins is not considered an investment, it would be more appropriate to call them gambling because it is too risky. But as long as someone can take the risks, they can try them. Many people have also changed their lives by investing in memes, which is something we should admit.

If you can earn 1 million dollars/year, then I think you don't need to invest more in bitcoin because, with that income, you also became a millionaire in just a few years of working. Investing in bitcoin only puts more stress on you because of its volatility.

People are investing in bitcoin or crypto because everyone wants to make 1 million dollars, and I believe when people earn that money, they will also find other things to do business than keep investing in bitcoin. Like the old members of this forum, many people left it when they became rich.

It's very unrealistic though I know it's just a delusion, a person who can make $1M a year he is a successful businessman with a monthly income is $83K more so it's impossible for us to get talking more realistic.

I know that bitcoin is a good prospect for the future but we have to be able to adjust to what becomes our income every month, say $500/1000 per month then it can be set aside but if the assumption is bigger for me it is impossible and we are talking about the seriousness of our income every month.

That's true, in fact, I can go as far as say that if I had 1 million dollars, not 1 million per year, I mean 1 million dollars total in my bank account. I do not need to keep investing it, thats an amount in my nation where you would have to work about 1000+ months to make that money, give or take 1200 months lets say, thats 100 years. As you can see, if I can make that in 100 years, then I can spend that in 100 years, as in I would not be able to spend it in my life.

Hence, there is really no reason to feel anything about any extra money. You want to leave some wealth to your kids? Try to buy a big piece of land with that money, which you can, and build something on top of it, and just rent it out. That's enough money to not only enough for you lifetime, but leaving your kid something they can never have to work again as well.

I can agree with you Ethereum, what about Tron? Do you see any innovation or progress from it? Without USDT, I think nobody would use the Tron blockchain. And I also don't understand why XRP is still in the top coin because since reaching ATH 2018, it has never crossed that level, even during the 2021 bull season. Honestly, can you tell me how potential they are? Not to mention potential altcoins like LISk, EOS, NEM, and XLM... used to be considered as potential replacements for ETH, but until now, I no longer see anyone mentioning them. Altcoins have a very short lifespan, so be careful with them.

I don't hate investing in altcoins, but as I said, they are better suited for the short and medium term than the long term.

A million dollars could be already be comfortable for me to live the rest of my life unless the inflations fucks everyone around the world. Depending on my age, but if the time will still allow, I would invest that to build a software company and just surpass on where I worked at. It might be a risky move to invest my whole mil at that point, but considering that I have daily needs and without business, that money ain't gonna grow by itself. Time will come that I might need another job to replenish all those lost money.

Considering that the person has kids like still underaged, it would be better to just invest it all to a profitable business OR if you're really going to give them money, at least do it so for their needs rather than giving them the money.

Not really that too much unrealistic, ya know? Though surely a man would own a company to earn that amount in a year. Surely $1M is like a thousand dollars in a multinational company?

For one to learn from his or her own experience, is indeed a hard way to learn, because I understand there is absolutely no way there won't be triers and errors, and one thing with trading is that, it doesn't show mercy, every error you make must cost you money, time and data, it won't "because you are new" decide not to take your money..

This is why I always tell people that live trading is not a playground for newbies, because, even being a newbie can cost you alot of money if you do not know your boundaries and step past it, or maybe you know but decided to step past it on purpose, you will pay for it..
Those learning to trade should start with a demo trading account, it helps to learn the basics and to rudiments to trading before you enter a live trading account.

Most mistakes people are they only rely on one source of income, open opportunities if we want to develop our money, do not just focus on one income and better find alternative income, the easiest thing we can do now is to invest, and the best investment we can choose is cryptocurrencies because we have full control and if you have sudden needs can be sold immediately.

Yes, it's really money they can afford to lose. Quite a lot of people always have the quest to make money by investing in crypto, but the fear of losing money has made some people not invest, and I think it's better that way. Why? Because if you cannot handle the loss, it's better to stay away instead of having to blame yourself or someone who brought you into crypto. Yesterday, I was still talking about how people don't make budgets for their expenses before investing and also save some money for arising emergencies. When their investment doesn't work out as well as they expected, they tend to be stranded and begin to blame others. Normally no one wants to take a risk where their money can just evaporate overnight, but because one characteristic of the Bitcoin price is volatility, which people must understand before going into it, it doesn't necessarily mean they will lose their money to the investment, but let them just be prepared for any bad situation that may arise. For Bitcoin investment, as long as one has not sold their coin, they have not lost their money totally. Unless they sell cheap.

Well, talking about the DCA, there is a level that the Bitcoin price can drop to where the DCA should not really be applicable, although it also depends on the amount you are buying. Perhaps if I see Bitcoin today at $12k, I don't think I will need to DCA if I want to buy 1 Bitcoin or 0.5 Bitcoin; I will just go ahead and invest it because it's really cheap for me at that level. Although this is just based on my opinion, I am not speaking for anyone else unless someone buys my idea.

Well, how are you going to get the money then? The amount you are going to invest has to come from somewhere. If not salary, then how? I mean, you could say that don't use all of your salary, then that's acceptable. You can always make a saving and put separate money in that, so that later when you plan to invest that, it will become the money which will be free from all strings.
And I do agree about the fact that when your mental health is broken, trading becomes a gamble. All you focus on is profits and you can't take the small losses and lose the will to carry on to focus on your next trades.

DCA can only keep the value of your assets in a steady amount. It is only profitable in the long run. Short term profits can be earned through DCA, but you need to have advance level experience and skills to execute that. Something like trend trading.
DCA is the best option from newbies starting their journey, but as you go forward, you need to learn the advance methods too in order to survive the competitions.

If someone sees that his investment has decreased by a third or even by half, then the understanding that it is important not to sell will not be perceived so clearly for them, they will want to sell in order to save at least some money.

But this is a consequence of the wrong time to buy. Buying too early for a beginner is also a pretty big mistake, which in the end does not allow everyone to survive the bear market. And in such periods it is difficult to explain the benefits of DCA, since this will only increase the risks in their understanding, and instead of averaging the purchase price, they decide to sell at a loss and after a while the price of course begins to rise.

The best time to invest is when we have good finances or stable income, if our income reaches $ 15k per month then leave around 30% or around $ 5000 to invest bitcoin, the mistake of many people is not wanting to invest when they have income and this will make them regret it when they have no income.

I think those people who are constantly afraid of losing money are doing a wrong thing by getting out instead of fixing their thinking. When you are in and you are afraid you lose, when you are out because you fear then you don't earn, not lose maybe but not earn, but when you stay in and start to earn and not fear, then you will do better.

I think we need to focus on that, we need to figure out a way to make it work and that should be a lot better for everyone. I know that it is not going to be easy, but it is possible to learn how to be staying away from this, not that hard neither. Just realize that when it goes down, it will come back up again and that has been done a million times already, so try to see how it has recovered each time it dropped.

I can say that naturally there are people who have investophobia; they want to make money and expand their income, but they have a great fear of losing the money. Instead, they prefer a physical thing like doing business and growing their income gradually, which is less productive in most cases unless it's a big business, and the person will also need to put in a lot of time and effort for the business to do well. I don't really blame them. I could remember when I first had Bitcoin in my wallet, I showed my friend that "look, I have acquired just a little fraction of Bitcoin, which I believe can be worth a fortune for me in the future." He laughed at me and said, "This is not real Bitcoin; you cannot get a real Bitcoin because people who have it are storing it so safely that no one can have it unless themselves." I can't even remember all he said because it's been so long.

Like seriously.. 😳😳oh reall? I just felt like I was telling a little child about Bitcoin for the first time that day because of the disappointing responses I got from this friend of mine.

So, @sana54210, it could be fear or 0% knowledge about crycurrency. It just takes a gradual process for someone who is new to cryptocurrency to really know everything at once and also kill their fear. Some people always have that fear in them, but after they keep their heads down and learn aggressively, they also get better, like any crypto professional.

Colorful language, I have to agree to with your statement. Trading is like driving a car. When you're behind the wheel, you have to be focused and alert, making informed, split-second decisions especially during the current downturn. instead of wanting to get a lot of coins because the price is already on the floor but there is no other buffer stock, huh. Cut loss ends. We have to admit trading is a long game, not a short one. It's better to make a few smart decisions over time than to try to make a big decision all at once and lose everything and don't let emotions rule us.

For investment, some people put all their eggs into the baskets while some separate them into various baskets. As a salary earner, I won't say bitcoin is my only investment but for others, it can be because it's a matter of choice and how you meant to do your savings. Money saved in a bank is not useful because it will just be idle while wasting in value.

Simple answer from you don't think much. Investing in cryptocurrencies can provide many benefits in the future by setting aside a few percent of our income. Yes. In my place, they often say, let's just say that this is playing "Julo-Julo" like the habits of traders in the market  ;D ;D.

I don't think it's a mistake, but only about the desire that still doesn't exist to invest in Bitcoin. And sometimes we also cannot equate other people's living conditions with the conditions of investors who do have the desire to invest, because everyone's desires are always different even though they already have an income of $ 15K per month which they can actually save up to invest, but maybe income of that size is still not enough to meet the needs they still need in their lives, such as expanding their business to various places.

It's strange if investing should be considered as "Julo-Julo" because investments can still experience losses, while for "Julo-Julo" you mean I don't know whether you can experience losses or not. Because when someone starts investing, they shouldn't forget one thing and only remember one thing, namely profit. But he has to be able to remember both of them so that he won't feel regret when what he hopes for doesn't come through investment. The two things I mean are remembering the losses as well as the advantages, don't just remember the advantages while the losses are starting to be forgotten by them.

I am also from 3rd world, with 1 million dollars, I can do charity and live a life without work for the rest of my life. If I have a million, I don't really need to invest in bitcoin, if I use it, I will only use it for the purpose of protecting my privacy rather than thinking of profit.
Of course, real estate is the thing that I will buy the most because it is safe and always increases in price over time, the demand for housing never ends.

Thinking of trading as a gamble is one of the biggest mistakes you can ever commit as a beginner trader. You’re literally undermining your own future by setting yourself up for failure, in the form of unprecedented losses because well, you’re belligerent enough to not be thinking what’s best for your portfolio. Not knowing that your losses compound over time and how it’s going to become the death of your entire trading journey.

You can have all the lenience in the world. An accepting wife, wads of cash to play with, a keen eye for business that you can of course monetize.

Well unless you're really at the older age where you literally don't have to work for a single penny then sure do it for the charity, but in younger age?  Considering that inflation almost screws everyone these days, the million dollars might not last for even a year or two if you just purely spend it even just for your own needs in basic sense.

I would consider building the next software company for that if I just have the means to do so. :D

It's to each and their own anyways. I am a salary earner as well, but I just purely put my extra savings in Bitcoin only. There are just way too many shitcoins in the market that is not just worth my time, money and mental health.

I don't know your country's spending, but in my country, $200-300 is the average spend for a family to have a basic life. Furthermore, inflation is not the same across countries. I live in the countryside, and most people don't care about inflation, let alone upset people. I also admit the cost here has increased, but it is very small, and people don't mind too much.

Yes one can never do anything big depending on single source of income only. So if one has source of passive income then he should invest some money elsewhere to generate some more income from there. Investing in that case can be a good plan because after investing there is nothing else to do except to hold it.  So it will not disturb any other work in any way.  So investing here and holding for long time can be a good plan. So if op has passive income then of course he can invest in crypto

You asked not to use one's salary but idle money, my question is that where is that money coming from? What you will advise is to separate it and use your savings or any money left after removing daily expenses need at least for you to be okay in a month from your salary. Your point will only work for those on multiple streams of income or else no investment.

I agree, we need to diversify our assets not because we didn't trust crypto so much but we should need to learn that there's other trading instruments thwt we can try as well. It is better to have some other things that we can try so that when one trading market is not yet pump we can check other markets but sometimes they are also all the same but my point is we can invest in crypto and put some money to other trading investment as well.

in that case, it is up to you where you will get such extra money. side jobs or other income generating activities. because if you are just living paycheck to paycheck, better not use it for your trading activities as there is no assurance that you will get profits or even your initial investments.
as the OP mentioned at one point, he lost a large part of his money by participating in the pump and dump group. so if he was using his money for the bills, he got screwed in that venture. and he will have debts afterwards. this is why if you are into crypto, better use your extra funds not your money to buy food  or any basic necessities.

In my opinion, the best thing about investing is when we have income, if we have income, we can be patient and hold it according to the target time we want, when the price drops, we don't panic and sell at low prices or lose money, unfortunately only a few people understand this is so they will not invest when they have income.