Loss aversion This looks like what every trader struggle with and that is because a trader is a human being with all the hormones that is responsible for making you feel bad when you are not happy and you will definitely not be happy when you lose especially if you are a consistent loser  Seriously, we all try to chase after our loses sometimes but this is particularly from newbies because they don't understand why they should lose. Loss aversion occurs lesser with experienced traders, they chase when they see the need or they decide to allow it for the next opportunity but surely it is a strong factor that causes losses. |
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I'm interested in day trading but I am still not so experienced so I am having a hard time to understand the indicators for the entry and exit points.
I don't believe in videos because I never understood it as a newbie. So I don't know how you can understand videos that easy. You have to put more effort in learning whatever is difficult to you. Even when you watch videos it doesn't end there. You need personal effort to make your trading experience profiting for you. Use indicators like RSI and MA and you have to know that as a day trader, your focus is on what happens in the market for the day, your focus should be the prospect of the market reaction for just that day and not spilling over your trade because tomorrow is a different and new trading day. You have to close your trade for the day and don't allow it to swap over to the next day. |
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• Can gambling or crypto trading/crypto investment be considered as a skill?
I could agree for a crypto trader even though gamblers are also feeling it is a profession to gamble. Crypto trading is more research oriented and you have to be knowledgeable to be able to understand not only how to trade but the blockchain of most of the coins traded.
• Can a gambler or crypto trader/crypto investor earn as much as $10k in a month besides any of the aforementioned skills?
It is possible for a crypto trader depending on the risk appetite. It may not be consistent but I think it may be more consistent than gambling.
• is it even okay to classify being a bitcoiner/signature/campaign member as a skill? If yes, under what skill bracket can it be included?
No. To be a signature campaign member is not a skill but you could have a writing, analytical skills and knowledge to be a member but it is not a skill in itself, it can however expose to cryptocurrency. |
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Bitcoin itself is not a gambling but if you do some actions that are more about gambling, then you can consider it.
This two has been compared for many times, and there's still no correct answer here because it will always depend on your own perception.
For me, Bitcoin is more as an investment asset and not just a crypto currency, again this is my own perception and I'm sure some will not agree on this.
There is standard to things whether opinion different or not and such standard is from majority of the general opinion just as your opinion is that bitcoin is more of investment asset. So trading is not gambling like gambling is also not trading. Many responses here have followed the same line as yours. Trade is a more calculated indices which are futuristic and realistic unlike gambling whose main principles stand on luck and prediction. |
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CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Don't invest in low quality coins. Some coins are not able to generate good volume because they don't have large community but because they are cheap you see people investing in them. Shit coins don't bring you smile but regret. So becareful and invest on valuable coins like bitcoin. With bitcoin you can get more value for your money than keeping the lots of shit in your wallet because you feel they will bring you returns with the speed of lightening. |
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My simple definition of gambling is "try your luck", because you don't know what will be the outcome of the game that you staked.
That is what it is I think so because most people gambling still talk about how they were lucky or not. From my observation, people don't have much regards for gamblers, they either see them as lazy people who don't like to work, or people who want to take shortcut to get rich.
Maybe in the past but now the narrative has changed either because of the economic hard realities across the world. And the world has really moved out from a box and analyse things differently, technological growth etc. There are different types of games also so you expect that gambling interest should increase Although people are entitled to their opinions, but I don't like to categorize bitcoin in this group of " try your luck ". I know bitcoin is of a higher level, it's a decentralized digital currency that you can use to make transactions, at the same time you can cash in when the coin appreciates., or even trade it to make profit.
So having made all this comparisons, do you think that bitcoin can be classified as gambling?
This is the point. Gambling and trading are different. You can stop your loses in trading by using stop loss but staking a bet you can't stop it or reduce the rate of your lose until the game is finished. Trading involves more critical analysis than what you have in gambling. |
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For example it can give clear idea if Bitcoin stood its resistance when FTX collapse was happening or if China declared no bitcoin country etc etc. This is just example but such analysis can be done easily. On the other front it is easy to understand the pattern of specific coin, it’s volume, it’s growth and declining nature etc. This is the reason multiple time frames should be done.
I guess the FTX and China analysis is funny to me even though I understand the point you were making there but however, it is still difficult to see that through the chart except it is a fresh chart, probably the same day they happened. But if it is a long time ago, it may not be easy to know except you are specifically checking for that which may be of no use on the long run because that incident is not repeating itself again. But it is right to use different time frame for trade, it gives more direction for trend. |
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If btc is legally accepted in all countries then huge number of investors will increase. and the use of btc in various fields will increase.
what is your opinion about this?
This is possible but for now don't hatch your eyes before they are layed. Go with the current trend and invest just how much you can handle and not to rush in with borrowed money with the hope that the time for price increase has come. Adoption of bitcoin is a gradual step like it is having some legislative support from EU in trying to have a regulation on the system as far as they can. It is a gradual process, be wise and don't carry all you can not. |
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Therefore, you will find most of these faucets, either they steal your data, they are fraud, or the revenue from them is not enough to buy you cups of coffee.
Either of the two is very possible. Either you are scammed or escape being scammed but you just get megre amount of ridiculous satoshi. I read OP in one of the requirements to get the faucet btc withdrawn to your personal wallet as 1btc. How easy can this be? 1 btc is $30k and someone dreaming not to be frustrated out of getting it. I have tried faucet in the past and yes it is quite frustrating even if you are playing the faucet from a scam free website or app. |
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4. Start with a Demo Account:
7. Continuously Educate Yourself:
These two is important for a starter and while learning and educating yourself more, other points will follow but if you jump in directly to trade with having a clue to practicing you will have to come back to it after series of loses. It is better going through stages in trading. However, if you have opened threads like this, you could close them or this one. |
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The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?
Is this a sign to end the second quarter on a bear?
If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?
As we are already in a very deep valley if you see the overall bitcoin chart be prepared for more such drops. What I feel is that we'll see a lot of points in next few months which will make you doubt overall concept of bitcoin. But those will be the absolute buying points for bitcoin and you'll definitely see a big reversal from exactly those points. I wouldn't doubt the overall concept of bitcoin if price starts dropping because it has already been speculated to fall down to $10k but contrary to that, the price have stayed up in the corners of $30k-$31k. We expect more volatility during 3rd quarter as we approach halving. I think also that a part of the reason for stability of bitcoin for now could be the result of regulatory policies through EU MICA laws, maybe the confidence in bitcoin is rising. |
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However, what we can use as a reference is that conditions like this do not last long, so there is no need to panic. instead we have to be able to use it to buy when panic prices come, because we actually know the characteristics of bitcoin. and the events of 2018 may not have happened for now, at which time bitcoin reached a price of $3500, due to panic among investors. therefore for now we actually have to hunt for prices if there is a dump, as before bitcoin touched a price of $ 16500
The scenario of what happened in 2018 like you analysed that bitcoin dropped from $20k down to $4k and after some time went further down to $3,500 before picking again in 2020 during the COVID-19 will not repeat itself again. The reason it won't repeat again is there is more awareness that has made the desire to acquire bitcoin has increased. Now, so many are waiting for such drop to enter the market so you see people setting DCA slightly below $30k, some $25k and $20k. So now the price rally going down to $25k will have a strong support where buys are waiting to buy, also in $20k levels. So I don't think we could see such ridiculous fall before halving. |
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Then those people are forced to sell and then the bots may finally allow for the market to take its natural course, so newbies need to be incredibly careful when trading patterns like this as we cannot hope they are as effective as they were decades ago.
Flags are not to be traded alone for better result. I see flagpole as a signal to enter the market but that should not mean to jump in without checking out other indicators. So it is wiser to recheck on other indicators but as for market moving in a probable wrong way, it is happens sometimes and that is to take out stop losses first before taking the right direction. Bots are also configured to function that way but it is not as accurate as manual. |
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Why would anyone ever think Centralized exchange would replace decentralized exchange in the future. The only way I see that happening is if government takes over crypto-currency which I think would be impossible.
I don't think if government takes over cryptocurrency or cex exchanges that people will patronize it more than Dex. In fact it appears that Dex is not very much in use now or popular but if the government come up with policy to acquire cex then you will see more people living cex to patronize Dex, this is because of trust. Government is not trusted with the people, people already avoid KYC because of the believe that government could have them if they want so to have cex under government control directly, more people won't patronize cex. They would rather go with Dex if that happens. |
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Each bot has a different trading strategy, so you must study it more to find one that works. But bots like that are unreliable because you still have to rearrange the orders so that they work according to market conditions.
Rearranging of orders is for someone who already have a strategy and understand the market movement but some traders especially those running after bots don't have strategy or don't trade by themselves, they only rely on application of the bot. Bots sometimes can malfunction to the extent that before you realise it all your capital is gone. I don't advise traders to only rely on robot but if you already have the trading skill , you may as well combine if you feel so . However taking a manual decision is better and including your SL. |
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your wife will be suffering and will probably get another husband and your son will be taken care of by another man and because of your bad behavior of stealing money your son will also be stealing money and will be arrested or murdered, so this is what you want for the future? in this world it is better to earn little money but earn it honestly than to earn millions dishonestly, the money that comes dishonestly it always harms, so stay on the right path, do not steal, do not lie and value your family and not to money. don't keep doing things wrong
The things we do today are likely going to be repeated by those we give birth to or we foster. It is not proper to allow the children to learn negative vices because children learn fast and seeing or observing what the adult life is, they can start living such life ignorantly thinking is right. Focus on the jobs you do and gradually you will get there and not to start stealing or involve in illegal business because if you are caught, you will be punished and the extent of the punishment is what you don't know now |
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when i was kids, i need to study very hard, to get a lot of score in the test. if i got a zero mark in a math test, i am very scare to go home and show the test paper to my mum.
when i am grown up, i have kids and wife now, i need to work very hard, to get a lot of money in the job. if i got a paycut, or i got fired, i am very scared to go home, i can't sleep well, my head is sweating, the memory of getting zero mark in a test keep haunting me like the nightmare, i need to go out and make a lot of money!!
tell me anything i need to do to make a lot of money. doesn't matter what, i would do anything to get all the money, even if it mean unlawful and unethical!
I was enjoying your story looking like it just the circle of life that when somebody is a child you are worried about some and you still get old, you still worried about something but I think you made comments at the end that doesn't end well for me. A good story but bad ending. Life is about struggling for survival, winning and losing, climbing or falling but you can't say you want to make money by all means, unlawful and unethical. This does not show a good example and that allow fear of failure lead you into frustration, desperation and depression. Build your confidence and commit to what ever little way you are making money and God will bless you. |
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The Rich/Government has used money as a tool to oppress the poor in a way that they practically use it to control everything in the world with the help of financial institutions.
The high class as they are called has maintained dominance in everything, not to be bitcoin biased or cynical, but in this case, I see Bitcoin as the alternative to this controversy and if we want to eliminate the power that is intoxicating us, then we must advocate for alternative means, Bitcoin as a currency without any central control will handle this menace in a manner that everybody will have power, control and self custody of their bitcoin, the market forces will now depend on more individual investments in it and group or institutional adoption, just imagine making Bitcoin handy and accessible to the populace.
I think the world will be a better place without notice or segregation between the rich and the poor if Bitcoin is embraced fully since Bitcoin is not a currency of a particular country everyone has the equal right and power to either store it or use it.
It's theoretically possible for the rich elite/governments to manipulate the Bitcoin price(by buying BTC, by spreading FUD or by directly banning BTC/crypto). What happens then? I've said this multiple times. Bitcoin is not some kind of magical solution for all problems. Bitcoin cannot end wealth inequality. Bitcoin cannot take away the power from the rich elite and give it to the masses. You are right about one thing. Money is a tool. But money is not the main source of the rich elite's economical and financial power. The rich elite owns various financial assets and production facilities. This is way more important than simply having money in the bank. The point remains that there is no way that we can't see that side of bitcoin and the whole of cryptocurrency that has not helped the pocket or bankroll of majority of those trading or hodling on to it. Come next year after the halving, we are going to see more millionaires that will emerge from hodling and investing in bitcoin. Majority of benefactors of bitcoin are the lower income earners, the middle class and the poor because they constitute the large number of bitcoin community. Most rich homes hold on to their oligarchy class, production and controlling of the government which can be a reason that bitcoin is facing the challenges of restrictions, ban , seizure of accounts. |
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Contrary to what some people think there will always be a divide between rich people and poor people,
Bitcoin wont solve this but it can offer everyone an opportunity to store and transfer whatever wealth
they have without permission from a third party.
I agree to this and I agree more that bitcoin can offer even the poor the opportunity to be able to hodl bitcoin in expectation of an increase in what they have invested in the future. Although the quantity of investment by the rich and poor varies because the poor can only afford to invest in smaller quantities but at least it has an investment power that will become worthy of value in the long run. Even where bitcoin can't solve the gap between the poor and the rich but it reduces it quite significantly. Like we see many traders and hodlers of bitcoin unlike when it was newly created, this shows more people are getting into the circle of bitcoin. |
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