Risk management allows us to manage our losses, on how we are going to deal with it, without risk management, we will have a hard time on making decisions on how to deal with our losses. To make this simple, for example is you enter a trade with a $50 on it, but you lost it.
Now, most of the traders would do is to enter a trade with a $100 so when they win, they'll have profits instantly, a high risk, high reward move. However, the most safest way for it is to bet lower than $50 and slowly recover your losses, because losing the $100 will just make your loss even more big.
That depends on the risk tolerance of a person, if they have a high risk tolerance then probably the risk management for them will be different. But if you are not one, I agree with what @AicecreaME says here, take it slow and you will arrive there eventually. Risk management is the important key to success in trading, but many do not know how to manage it. But I agree with @AicecreaME that if we use a bet lower than $50 and try to recover the losses while still having the rest amount, that will be a backup for us. We can only use small parts to trade and try to make a profit and if we can do that, we can only rinse and repeat the process to make a bigger profit. Do not chase bigger profit if the market is not moving good.
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It depends on the person who will bet. Some want to prolong their gambling time to have fun even if they win or lose the bet as long as they have the excitement and fun they want compared to one time bet. In one time bet, some doesn't want to bet many times if they know that they will lose or win the bet.
Yes, maybe they will have their reason why they do that. There are many scenarios for the gamblers to use that strategy because if they want to have fun, they will not use a one-time bet instead of using a small amount to prolong their time playing gambling. Maybe we can say that it is wrong to say about the one-time bet to other people and we suggest them to use little money to gamble, but that will depend on them.
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I understand how you feel as when you want to transfer your eth to other wallet, exchange or a gambling platform but the fees will hurt you. You should try to check the app now and see how much it cost. I have checked it earlier that the fee is now at 0.0363 eth which can really take your fund down. If you want to take your funds out of coins.ph then use the xrp which the fee is even lower than 1 peso. Before you convert your eth to xrp you have to use the coins pro which the buy and sell rate is different than the app.
I agree with you. Using XRP can reduce the fee that we need to pay. But with the XRP price now being down, I guess we need to wait for a while before selling XRP and getting the money back. Maybe if we sell directly after we receive the amount will reduce the money value so we consider what we should do. Maybe there is another coin besides XRP which can help him to reduce the fee. Not only XRP is down, but most altcoins.. when you are using it for gambling, you don't need timing as the price could dump or pump, all your focus is to win because you are not trading here. Transactoin cost for xrp is very cheap, so you can transac micro amounts anytime and you can do more since below 1 usd is just so cheap at the moment compared to btc where 10 usd minimum is the fee. A wise gambler will check the situations before they gamble. If they gamble using crypto, they will check the market first before buying any coins, including bitcoin or altcoins. And if they see the altcoin is down, they will buy in a large amount and only use some parts to gamble while holding the rest. Not many gambling sites accept XRP, so I think we need to search for another gambling site. We can still use the other altcoins besides XRP, which have a fast confirming transaction.
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I'm sure they know the risk upon joining on gambling site but they ignore it since many of them think that they can double their money more faster if they try their luck to gamble their money. The new generation of gamblers now is so aggressive maybe the pandemic contribute since it creates hope for others to earn money since they don't have any resource known to earn money by quick schemes. I am not sure about that. Even if they knew about that, they will still play gambling on the illegal gambling place because they want to make money fast or double their money shortly. I am very worried about the new generation in this era because many can not use the chance to make their lives better instead of ruining their lives. We are still in this pandemic but that does not mean we can not change our lives, especially to earn money. I hope the other young generations will not follow their step and use their time to have a better life.
More illegal casinos operate in that country or other countries because people want to make money fast without trying hard. Those young generation does not realize the danger of playing gambling with a card game. They think that playing gambling can give them a chance to make money fast, but they are wrong because they will lose their money at any second and hard to recover the losses.
Not because they are trying to earn faster but they are preventing from taxation or they don't feel comfortable in Legal casinos. sometimes ordinary people felt like Out of Place when going to casinos but instead they wanted to small gambling houses. No, I do not think that is about taxation because young generations seem to want to have a fast result than to enjoy the process. So they are trying to playing gambling which can help them to make money fast. But they are wrong if they think like that because gambling can not make them rich and have money instead of losing their money fast. But gladly, they were caught by the officers, hoping they do not do the same thing again in the future. It is a lesson for us, especially if we have children who grow up to always take care of them and watch out for their environment, not to make a wrong way with their friends.
18 years old is not a children and they are at many countries are allowable to gamble. Yes, they are not children anymore, but they still need help from an adult to guide their lives and have a better life in the future. They lack control when they gamble and they can get addicted to gambling anytime. Even if in their country, gambling is allowable, they are susceptible to lose control in gambling.
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==
It is what it is. It is not like it surprised us all with this dump, we all knew it was coming and for those who have been in the market for a while, we know that buying is most important when it dips. There will always be fluctuations but when BTC drops by more than 10% in a day it is normal to be concerned but at the same time for true believers it is a time buy in more... Nobody is perfect, we all learn from experience, and let this dip be another lesson for those panic selling. Sometimes, I feel funny and laugh to see what my friends said. They are involved in crypto for more than 5 years ago, and I am sure they knew about this cycle, but what they say is they still surprise to see the drops hahaha. They say that they are not yet to profit from bitcoin and altcoin while bitcoin price slowly gets down. I only tell them that you are too greedy to chase a bigger profit while you know that the drops will comes anytime. They just laugh when I said that ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Yes, this moment is the best time to accumulate more bitcoin as the price drops too deep and we do not know when it will go up. If we can use the time to load more bitcoin and hold it, we will laugh out load later. ==
I am planning to save some fiat for me to buy more bitcoin since I feel like this dump is going to continue for awhile. The funny thing about the people who tweet shit about bitcoin going down don't even have a job themselves and I feel like most of them are bitter that they didn't profit a lot when bitcoin was going up. Good, that is what it should do at this moment as the bitcoin price now is lower than before. But be careful to make an order buy and I hope you can make a few order buy instead only use one order buy to prevent from another drop. Maybe they want to make noise in this downtrend and make people panic but we knew that would not work for people who already prepare for the downtrend.
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Hold will not easy, but I am sure we can hold bitcoin this time. Before the price increase so high and back to above $60k and break the barrier and still increase, maybe a correction like this will be necessary to get more supports. The early people involved in bitcoin will not panic if they see the drop of bitcoin price because they can buy back more bitcoin at once or make many orders buy at a lower price.
This situation is only temporary, and people do not have to worry about this because sooner or later, the price will start the rally and who knows, the next rally will bring more chance for bitcoin to back to $60k and make a new ATH.
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This month gives a chance for us, especially for people who want to have more bitcoin because bitcoin is now down a lot below $50k. And with the price now is down again at $48k, that can down for more to $47k but I am sure we can still hold bitcoin and even many of us will buy more bitcoin.
But I think it is funny to read the tweet from many people who support and do not support bitcoin because they are defending their opinion, making new people confused to determine who is right or wrong.
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More illegal casinos operate in that country or other countries because people want to make money fast without trying hard. Those young generation does not realize the danger of playing gambling with a card game. They think that playing gambling can give them a chance to make money fast, but they are wrong because they will lose their money at any second and hard to recover the losses.
It is a lesson for us, especially if we have children who grow up to always take care of them and watch out for their environment, not to make a wrong way with their friends.
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I always limit my time to play gambling, because that is my way to prevent gambling addiction. The thing is I have a friend who is addicted to gambling and whose life is ruined, I don't want that to happen to me either. Because I know that the longer we gamble, the harder it is for us to control ourselves. Because if I already play games on the PlayStation, it's hard to stop, because every time I lose, I'm always curious to win. And it can happen in the world of gambling too, If I do not limit the time I play gambling there is the potential to become addicted.
Limiting the time to play gambling will always be suggested to all gamblers to help them prevent the addiction. But unfortunately, not many gamblers will do that because once they found the excitement of playing gambling, they will forget about limitations and play longer than usual. We might see many friends who are playing gambling finally become addicting to gambling and we can not do something for them because they do not want to get help from us. But we can at least try to give something that may be worth it for them and we can always warn them about the danger of playing gambling for some time.
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I understand how you feel as when you want to transfer your eth to other wallet, exchange or a gambling platform but the fees will hurt you. You should try to check the app now and see how much it cost. I have checked it earlier that the fee is now at 0.0363 eth which can really take your fund down. If you want to take your funds out of coins.ph then use the xrp which the fee is even lower than 1 peso. Before you convert your eth to xrp you have to use the coins pro which the buy and sell rate is different than the app.
I agree with you. Using XRP can reduce the fee that we need to pay. But with the XRP price now being down, I guess we need to wait for a while before selling XRP and getting the money back. Maybe if we sell directly after we receive the amount will reduce the money value so we consider what we should do. Maybe there is another coin besides XRP which can help him to reduce the fee.
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Or a much better choice is not to play at all, you don't lose money and you don't win and in gambling, losing is much more frequent than winning. You save yourself from stress over the losses and you still have the money to spend on otber things like investing. At this moment, not playing gambling will be the best solution to save the bitcoin or altcoin that we have because we will have the opportunity to make a big profit from bitcoin and altcoin. Besides that, we do not have to stress to see the money is gone in the gambling table instead, we can wait for the next increases in the price or use the coin for trading to make the amount bigger than before. Hopefully, we will know what we need to do related to the current situations.
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Both of them are right because they have their opinion about bitcoin. They have money to do anything they want, but they do not know what will happen with bitcoin, but in the long-term, bitcoin can increase higher and the price will be more than the price now.
It's there point of views which whatever it is there's no wrong about it, The matter here is how deeper they'll be willing to undergo and follow this industry, Musk up to this point continue to cast his support and we see the impacts. The fact is the impacts will only up and down if one of those people gives their statements about bitcoin, which will indirectly impact the market. So far, we already see what Musk did had a big impact on the market, especially Dogecoin. So there is a chance for Musk to tweet to the other coin in the future or soon. We do not have to follow what they say because I think they will have their own reason to say like that and we do not know if they have their plan on bitcoin. Both of them want to attract more investors to join bitcoin and maybe that can help bitcoin grow in the future.
Yes, we should have our own view and our own assessment, it saves our ass not to rely with anyone but with our own understanding. That is why we always suggest people research what they want to know and not just believe other people. That will be too risky if we just rely on them without searching for more info because we can get into a scam, which is the biggest risk that we will get. Bitcoin needs people like them to grow the popularity and maybe the government will accept bitcoin soon. But once again, let them say anything about bitcoin while we must do our best to make money.
With known personalities, it adds up more people to see the potentials, it attracts more people if they've seen those known names are already following and supporting this investment currency. It seems the big name of those people can convince the public, especially people who do not know much about bitcoin, to follow to invest in bitcoin. But if they do not search for more about how to invest in bitcoin with the right, they will stress to see the price fluctuated.
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If they have a strong belief in fate, they will not try to use gambling because that will not result in anything unless it can bring you losses. But if you have a skill and strategy and can analyze in sports betting, maybe you will have a chance to win as the analysis will be the important thing to select the right team.
No, I guess people who are having belief in fate kind of things, should try only gambling. Because, if they win then they will enjoy and if they lose then they will simply move-on after blaming their fate. But, people who feel their own responsibilities may not simply move-on on occurrence of losses. They will get frustrations and may try to recover back their losses which usually end up in gambling addictions. So in my opinion, people who believe into their fate are the most appropriate people to gamble. Those people will enjoy their moment in the gambling and will take easy with all of the results that will come out later. They do not think much about win or lose because they know that gambling does not need to respond seriously. I've met some people who gamble in the illegal offline casino before. They did not stop talking about their experience in the casino, no matter if they win or lose. They said that if they lose, they will recover and if they win, sometimes they continue playing but sometimes, they will quit gambling, depend on how their heart situations. But I do not know much if they believe their fate will be the most appropriate people to gamble because that will depend on each person we do not know how they react with gambling.
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==
Stop when you win and enjoy those profits, instead of trying to push for more luck and try to recover your past loses. It's important to understand that your winning chance is far lesser compare to the house. If you manage to quit after to you get something, sooner you'll learn the right attitude towards this activities, your winning chance will increase along the way. Just need to appreciate small profits is better than losing your entire bankroll due to your greediness. Some gamblers will not satisfy their winning instead of getting more wins, and I guess we already have that experience before. Yes, we do not have a big chance to win compared to the house, but some of us are still trying to against the house and the result is many of us losing the money. Controlling ourselves in this part will be important because that helps us learn the right thing that we need to do, especially if we can win. It is better to get small profits than never because not many gamblers can win and profit from gambling games. Losing money will be the result that we will get if we are trying to chase the losses and if you do not want to get that loss, you must stop as soon as possible before something worst happens to you. We should stop right away when we win and do not try to continue playing because the chance to lose the win money will be bigger. And never try to chase your losses because that can attract more losses sooner or later.
Being a greedy gambler will only be bad for the gambler's finance in the end. Chasing losses is not the right way to cover previous losses because it does not rule out the possibility of us spending 3 times as much money when our emotion are out of control. Many people may find it easy to say not to be greedy, but the truth is we can't stop after winning. Control over gambling is necessary, but many people can't do as well as suggested. We will forget how many times we spend the money as we only want to recover the loss. I am sure we've been there before and many of us slumped at that moment but many of us can rise and trying to control ourselves because we do not want to have the same experience. Whenever our emotion becomes bigger, that will make us rush and greedy to get more winning, giving us the chance to lose more money. We lose control because of greediness and we lose money.
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I wish I can add more but I think I had enough WAX, TRX, BNB, EXRD which I believe will make significant move too this year though BNB already did but I think it might not settle until it hits $1k per coin this year. Some good coins are potentially to make their ATH’s too, so just hold if you are holding those coins.
I have a feeling that BNB will be the hottest coin besides ethereum and bitcoin because BNB now is in the number three position and the price can increase and break $600 in nearly. TRX can increase too but it needs more time, so maybe we can buy more TRX while the price is not too high. ADA, DOT and UNI and the other coin at the top 20 can be the next potential to increase, so if you have one or more coins on that list, you can be expected to make a profit later. But the altcoin movement will depend on how bitcoin moves, so we need to wait and see.
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I do not think that fiat currency will disappear soon because people still need fiat currency, and many still do not know about crypto. People use crypto for the investment side because if they use crypto to be used for the payment system, that will need agreement from the government. And that is not easy to see crypto will use for the payment system. I prefer to see cryptocurrency work together with fiat money to have their option to pay, whether they will choose fiat money or use cryptocurrency. We can not deny that the government be part of this because they are the regulator in all countries and without them, cryptocurrency will be nothing.
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maybe wait for the effect of this berlin hard fork this month and see if there will be improvement in gas efficiencies.
The improvement might take several months or even years. Hopefully, it will as not just for gambling but I have lots of tokens residing in ERC20 network. For me, just forget ETH in terms of using it on gambling as there are lots of options to choose from that can save our pockets to pay on more fees. For some reason, it is better to use ethereum to search for a profit in another way, such as trading, for example, to make money besides playing gambling. The effect of the berlin hard fork will not happen shortly and I do not think that will reduce the gas fee in a fast. Maybe the next update after berlin will help the gas fee reduce, but we need to wait for that.
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In fact, many now use the Martingale system instead of doing one stroke of luck, and the strange thing is that it is also liable to lose the same "chance" if it plays one betting with all the amount, and the question here is, why do gamblers prefer this system to a single roll?
I don't want to lose everything in one roll I would like to prolong and enjoy the game and variations of the martingale will make me play longer, I have experienced playing using a martingale and I sometimes my game last minutes to a few hours, this is what we all want, to play and enjoy the game for a longer period of time. That feeling will be a pain in our head to see all of the money lost in just one roll without recovering the losses because the money is gone already. But if you can have control over yourself, you will use one time bet to play gambling to play for more rounds. Even if you lose in the current round, you will have a chance to win in the next roll, although that is not advisable to continue playing gambling after losing for some rolls. Maybe a gambler wants to test their luck in the one time bet so they do that occasionally.
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I believe a lot of gamblers have won today and lost more when they played gambling again. That is indeed a fact that occurs in the world of gambling, therefore my advice is that I have been playing gambling for a long time, stop immediately when you succeed in winning the gambling game. And continue again the next day, that way our thoughts and emotions can be calmer when playing gambling again.
There is a study where they tried to chart the money that is when someone is gambling and they observed a downward slope pattern as the player continues to gamble which proves @MCobian's point that you will lose money as time goes on if you continue to chase your losses. Losing money will be the result that we will get if we are trying to chase the losses and if you do not want to get that loss, you must stop as soon as possible before something worst happens to you. We should stop right away when we win and do not try to continue playing because the chance to lose the win money will be bigger. And never try to chase your losses because that can attract more losses sooner or later.
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Gambling involves staking betting of something of value, with consciousness of risk and hope of gain. The outcomes of gambling games may be determined by chance alone or by physical skill, prowess or by a combination of strategy and chance. Operationally, Gamblers with strong belief in fate were more likely to think that gambling could bring positive outcomes and were unable to resist the urge to gamble.
If they have a strong belief in fate, they will not try to use gambling because that will not result in anything unless it can bring you losses. But if you have a skill and strategy and can analyze in sports betting, maybe you will have a chance to win as the analysis will be the important thing to select the right team. Gambling games are designed for getting pleasure in the games and you do not need to try hard to win in every round because that will not easy. But if you use gambling as a source of income, you will risk your money because of losing your money.
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