Blaming others is what I think the successful people don't do. They own up to their mistakes and work over it not to repeat it again and when you don't repeat mistakes you are likely to get things right. Because successful people are not susceptible to such mistakes, they say it is the wise that learns from people's mistake therefore it is a very good think not to keep making mistakes but if we do , we should learn to rise fast.
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Self custody of your crypto is an absolute must for everyone that are using crypto ..
It is our responsibility to safeguard our coins by ourself and no body can do that for you. Having your coins in an exchange is more risky as we have seen in the collapse of FTX. So if you leave your coins and you leave them at the exchange, it is at risk if the exchange is scammed.
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As such depending on the reason of their failure the actions needed to correct those outcomes will be different, however taking into account what I see in the forum with those which are newbies, I really think the majority of them do in fact lose their money due to a lack of understanding about the markets, as they believe they can make a lot of money without the need to invest their time and effort to understand what trading is really about.
I agree to this because greed is a major problem not only for newbie trader but for the trader who thinks he is experienced. If a trader of any standard get greedy, he will be tempted to chase profit and leave out the important trading strategy which will guide them. This is a serious thing for traders, greed makes a trader to increase leverage and sometimes trade in martingale style.
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you cannot be a trader if did not spend too much time for this area because Trading needs skills , time and effort and of course Knowledge that is very important in this part. I must admit that for how many times that I tried to trade but losing is what I got so maybe better to understand this strongly before dealing with more money .
This is the real factor for a trader to understand. If you jump into trading then you will also jump out of it. It is better learning the rudiment of trading than going in like that as novice. Trading is like farming, with farming you have to be ready with your hoes and cutlass likewise in trading, you have to know how to use your indicators and how to do a proper analysis of them.
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I have gone through some online Courses out of curiosity and did few minor trades all ready and want to get experience live day/swing trading?
-Much appreciate any help, Thanks!
I think you will have to stop looking for what does not exist. Most times the experience we need or asking for is to be persistence in the little we have learnt or know. No knowledge is waste, build on what you know because most of what you are asking for is the same with what you already know. Put yourself into more demo trading and build yourself in strategy, then you can trade live with very little money to build proper emotion and real live trade experience.
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I decided to spend my money buying myself some Christmas gifts which is Bitcoin instead of buying some expensive clothes or shoes I decide to carry the digital Gold BTC in my wallet, instead of wearing shit that will soon get worn out.
This is a good gift that you have given to yourself. Buying bitcoin now is good because it will keep growing for you especially if you can be patient for the longtime. It is not everyone that will decide to do this to invest in bitcoin although shirt is not that of same value except you bought few fraction of bitcoin. Buying shit is also good because it makes you look good.
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As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.
Always have your coins in your wallet and when you can afford a hardware wallet do not hesitate to order for one.
This is the part that is easy to understand because the other part of auditor wasn't really connecting with the whole body, content and meaning to your post. Anyway, nice to remind users here on the right thing to do regarding the coins they have. Maybe some have the habit to procrastinate about moving their coins from the exchange to at least their own wallet and I hope they will have a new year resolution to do that and take a step to see that they adjust their coins to proper wallet to avoid crashing with an exchange like it happened to some people while FTX crashed.
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And i do btc analysis aswell but recently btc price quite stalled sideways.
If you are doing your job very well like you claim and you want to direct people to your telegram service then bitcoin price stalling sideways or whatever way won't be a problem to you because maybe you are an expert that you want to start selling some service on your telegram. Investors won't listen to such excuse that bitcoin price has stalled, they want to get profit from their investment and no excuse will be acceptable.
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This is obviously contradicting. If you are fully aware of the high risks of cryptocurrency trading then you will never think about adding another risk factor to your work through borrowed funds. You must always need peace of mind for better decision making but adding another risk factor will definitely influence your results by pressurizing you. So, no one will recommend you to use loans for trading. It is a well known universal fact now.
This is true loan taking for trade adds another pressure on the trader. You want to trade and not lose the loan so you will find yourself always jumping in at anything that looks to you as opportunity because you want to pay up interest coming from the loan. You have to trade in peace of mind and not be in a haste for profit, having hasty mindset is dangerous for trading this volatilie market .
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Op looks like he is promoting his signal group hehe But for me I don't have to rely on such because nothing is perfect with trading. You can't win all trades that you make order into so if this is so, it is better to reduce your risk like activating your stop, I think that will be better than paying for a signal group that you are not sure at the end will be profitable.
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It is true that some people have become rich through crypto trading in the recent times. But considering the high risk involved in trading, do you think it's proper/wise to trade with borrowed funds as your capital irrespective of your trading experience?
Borrowing is not totally bad if you can return the money because it will serve as capital for you and you can use that as stepping stone to grow and nobody will know if you borrowed money to start your business or not, and the talk of borrowing money will become in the past. However in trading, there are kinds of borrowing. You can borrow money directly from someone that you know to fund your account to trade and there is another kind of borrowing which is same thing as leverage. With leverage trading, you are allowed some amount of additional money which you don't own in your trading platform but the broker allow that for you. You have to be careful with leverage not to borrow in high leverage that will eventually destroy your account at the time of high volatility.
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It is not a false that banks are doing unreasonable and unexplained charges to money saved with them. Bitcoin awareness is greeted very well because of the inefficiency of bank apart from excessive charges, the third party involvement is a limitation to financial freedom. Keeping money in bank is now realised as support or investment with the bank where you are given very little in return so these discourage banking and create more awareness for decentralised currency.
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These trading strategies that OP mentioned can only be obsolete when no one becomes a trader. Strategies can be improved in other ways but it doesn't mean that the old strategies are already useless. Traders have their own strategies, sometimes they created their own but guess what, it was mostly just a twist to the old one. We can say that the foundation is from the old one meaning traders still give value to them even though they are not using it literally.
Trading is a knowledge built together and as they say no knowledge is lost or useless so also trading strategies. Like you said, old strategies can be reformed into new one to fit into the current challenges in the market. This how strategies are built and it becomes new one especially if it has taken care of the laspes in your trade that is causing you losses. No trader likes to lose so they find ways to make their trading ability better. You build from old strategies to reform it into current challenges of the market.
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Most traders don’t fail at trading because it is hard. They fail because they are not willing to put in the work to create a detailed plan, test the plan, and then follow the plan.
I don't agree that traders fail because they don't put work or create detailed plan, they do but because it doesn't work out doesn't mean they don't but what I believe is that it is a process of learning and mastering of trade takes time. Trading is not about detailed plan but you must have the confidence and emotion required for trading and if you don't have control over your emotions then you will struggle for more longer time.
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It still depends on how the market would go and how the strategy you would have set would respond.
I think this is where the missing link is between human and trading bots. Those times that the bots doesn't have the order from you on what to do when that depending on what the market does is not given, the bots doesn't have what to do. At this point the bots is usually left at the mercy of the market.
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Those learnings will be used in the future, so whatever we lost before, may possibly be recover in the future.
Whatever is in the past has gone to the past. Such money that have been lost as a result of past trades are gone even if you recover them you are only thinking like that by yourself because you made the said recovery because you have been trading better and making profit, so the past money is not what you have recovered you are just better in trade and have avoided the past mistakes. We don't need to look in the past because if we do that we will be chasing the market to recover and that is dangerous.
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There are certain things that I have learnt in trading this year that I was not practicing in the past and they have helped me to save some extra money that would have been lost unnecessarily and they are , I learnt to stop a losing trade where I see I would lose all the money if I allow the trade to continue. I have learnt to use stop loss and I have also learnt to be patient and watch my entry time to come.
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It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.
This does not look like a planned attack or one of such attack. It is a scam orchestrated by the FTX exchange manage who probably want to make unscrupulous money from the investment of genuine investors and he wasn't smart enough and the deeds he did in secret found way to meet him in the public. This is what happened and not that it was planned and it is not a way for politicians to sell CBDC down the throat of people. There is no similarity between CBDC and cryptocurrency exchange collapse.
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Isn’t it our advantage if everyone is using same indicator and using it as reference for there trading strategy since we are all buying at the same time which will create a strong market buy pressure to pump the price?
If this is possible then who will lose? If everyone understand when to make profit then nobody will lose including you, or you enjoy to lose? The beauty of the market is the loss and profit without this it is not trading and if you take that away from it nobody will go into it. People go into trading with the hope that they will be better profit takers but unfortunately it is not like that because of different interactive factors in the market.
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But big news like the bankruptcy of FTX is probably the best and most reliable indicator.
Funny you here. What do you really mean ? So which direction are you expecting the price to go from your analysis of the FTX exchange scam? Yes investors expected that price will drop but yet we are not seeing that happen so far. So what is your analytical expectations of FTX scam from what you see and your prediction from it buddy?
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