Experienced people always say that trading is not for getting rich quickly that is a true fact. Unfortunately, many beginners fall for online mentoring, or influencers who show off their trading wealth and say trading crypto coins is an easy way to earn money. the fact is beginners are more interested in it until they regret the losses because they think they can get rich soon by being in crypto trading.
I don't blame beginners having the mindset that trading can make them to become rich, most of the experience trader don't tell beginners what they are suppose to know. Experience traders only talk about things concerning trading that will attract beginners to their content that will be benefit to them. Most beginners later learn from their own experience by realising trading does not make one to become rich quick. I had the mindset of becoming rich in trading as a beginner but my experience thought me the reality of trading. More like an experienced scammer to me since a lot of people out there promoting something that will benefit themself rather than guiding new people for trading. Everyone looking for new opportunities in this crypto market that's why not wondering many people thinking about becoming rich in trading crypto but we should able to control our greed since our greediness will turn our profit become losses in a short time. |
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Recently I have had numerous reunions with Uncles from my extended family. Some of them are successful businessmen for decades. They built their business from nothing and are living quite a comfortable life now. We had long conversations about life in general, including their key to success. I knew very well that they have been hard workers ever since I had a memory so I would contribute their success to endless efforts. However, one thing they had mentioned in common was luck. They believe pure luck made them meet and grasp those opportunities and become successful rather than their smartness and efforts. I've thought about this before and couldn't agree with this more. They've set very good examples to me, including my father, and now I tend to focus more on work itself consistently and let luck or fate takes the rest.
Well I don't believe something like success is determined by luck but luck is affecting our effort because luck won't appear if we don't do any effort, just like opportunities won't come if we only stay at home. Something like that will make some people who are unlucky give up quickly if they don't have good luck after a few tries since we know a lot of successful people out there become successful after a lot of tries and that is because they keep their effort going on. |
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~snip~ Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?
That's what traders do normally, they predict the market based on historical prices, patterns, news, and any other things. They do that to increase their profit cause if we only trade using our luck only we just like to gamble our money out there. We can't 100% accurately predict where the market movement but at least by doing analysis we have a reason why we sell and why we buy. |
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If you use technical analysis, then it can help you make more informed trading decisions based on the analysis of price charts and other data. Technical analysis can help you determine price direction, support and resistance levels, and when to buy and sell.
However, if you prefer fundamental analysis, then technical analysis may not be that important to you. Fundamental analysis focuses on factors that affect the market, such as company news, events, and financial statements, and can help you determine which assets may be overvalued or undervalued.
Both can be combined and if we do that we can get better results, We can also copy other people's strategies if I'm not wrong for those people who don't want to learn technical analysis. Well, learning won't be easy at first but if we have that knowledge our trading results definitely different rather than not using it. |
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The high fees of gwei in Ethereum transactions are due to the supply and demand dynamics of the network. When the network is congested, users need to pay higher fees to prioritize their transactions. The popularity of DeFi and NFTs has increased demand for Ethereum transactions, leading to higher fees.
You can always use another altcoin depending on what you're using with that altcoin, there are a lot of alternatives like BNB, TRON, etc. which will have lower fees compared to Ethereum. If you insist on using Ethereum because have a special reason then wait until there are not many transactions in the Ethereum chain and you will see lower fees if that happens. |
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~snip~
i want to hear your opinion,,,
and are you freaking out about the high btc transaction fees...?
but in my opinion if transacting btc it would be better to use a cheap transaction method.
Bitcoin transaction fees become high is not new in crypto, since many people doing transactions the fee will increase. I have the same mindset as you, hold for the long term and keep investing because the price is still at a discount. Those people who do transactions is a traders who looking for more profit and it's normal, if we want to transactions there is a lightning network feature for lower fees I guess. |
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We all know the problem of the recent high bitcoin fees and because we can't do much, at least postpone all your bitcoin transactions for this week, including a call to all signature campaigns and your friends to postpone payment for this week for several days.
~snip~
Well this year I never made one transaction for Bitcoin, because I always hodl till the next bull run ended. It's crazy seeing many whales moving their Bitcoin made the fees grow up and also this year Bitcoin movements are really volatile due to many whales moving their holding that making fear to traders. Well since I'm holding for the long term I'm just going to buy more since right now the price is at a discount... |
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I'm a fan of cardano and I think it is making great progress these past years especially last few. But in the crypto community, cardano just seems to be getting hate and also from crypto media. They do not point out the great upgrades and updates that ada is having but just seem to talk about the bad or not true. Why do you think this happens?  Its normal, just like Bitcoin many top altcoins will have a lot of bad news to make the price down purposely so they can buy that altcoin at a cheaper price. You will see a lot of negative comments or haters on social media, news, coinmarketcap, etc. that's why we should not get on that FUD so we won't become a weak hand just because other people spread negative comments. |
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~snip~
So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?
Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?
Altcoins help cryptocurrency adoption for sure, there are a lot of altcoins with many utilities that Bitcoin doesn't have. just like its name altcoins tends to become alternative to Bitcoin since some of them have lower fees compared to Bitcoin, some of them have NFT and metaverse that Bitcoin doesn't have, and many more. Without altcoins, I'm pretty sure the crypto industry won't become this big. |
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~snip~
Questions to consider:
1: What trading strategies have worked for you in the past?
2: How do you manage risk when trading cryptocurrencies?
3: What are some indicators or tools that you use to inform your trading decisions?
4: How do you deal with market volatility and sudden price swings?
5: How do you set your buy and sell orders?
6: What advice do you have for new traders who are just starting out?
Let's have a productive discussion and share our knowledge and experience with each other; Thank You
Personally, I'm not trading that much because I'm busy with my work, but when I see a chance to trade then I will try it. Mostly for simple trading analysis, I used the RSI indicator with this I can trade for the short term. As long as I use money that I can afford then I can ignore the market volatility but I highly avoid those shady tokens in the crypto market. |
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This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.
Because of that and the big volatile price of Bitcoin is the major reason why until now Bitcoin is hard to adopt in a business since when we buy something locally its still better to use fiat money since no fee is applied compared to Bitcoin, but if we want transaction for global I think Bitcoin still an option. |
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Investing does not guarantee you to get rich, but it makes it very likely, if we understand by "getting rich" the improvement of your economic situation, and we are talking about long-term investment.
It is even more likely within an overall personal finance plan, with a control of income and expenses, an emergency fund for unforeseen events and a diversification according to your knowledge and risk tolerance. With this, if we discount unlikely bad luck scenarios that make you need to dip into your saved and invested money, everyone improves their financial situation, or gets richer, if you prefer.
Having an investment of course doesn't make you rich in instant there's always be a process. Investing your funds it's much better than saving it but you can do both so some of your money are working for you and some for in case of emergency. There's always a risk but a high risk always come with high reward but also none, still better to have a probability of success than nothing. Investment could make you rich for a long term, it we think of it people who bought BTC decades ago if they still have it then most likely they are rich now. I agree many rich people out there become rich because they hodl for the long term, those people who hodl for the short term because they want to become rich quickly won't get rich in the end. We should be able to separate emergency savings and investments because still a lot of people use their investments as their emergency funds so it made they won't hodl for long. |
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