Try to go down to the reason why making trades causes you to have high emotional periods and then try to solve those in order to trade with no emotions in the future, that would be a lot better. I believe that it's going to end up with something much better and that way you will be making a lot of profits as well. That's just my thought at least, would be different if you ask someone else.
I believe that emotion is part of trading to a large extent because it is even the emotion that triggers you to make a trade order in the first place, so someone can not trade without a kind of emotion. It is also that emotion that triggers a trader to exit but the challenge there is on newbie who can't control it, they fly in at everything that looks like a good trading position without doing proper check like comparing different timing and indicators for confirmation. So there emotion isn't stable or balanced because they don't have proper understanding towards the spikes that try to push them inside the market. Emotion is important but needs to be stable. |
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The first point is very much instructive. A trader doesn't need anger or bitter heart because it is a cool mind that is able to rightly judge the market or analyse it. Market involves losses and profit so whichever one that come should be taken with good faith and if you lose, you don't need to begin to put out trade orders to chase back your money. Doing this may result to further losses because you are not going to give the best analysis to the market. You can allow the time and moment to cool off before taking another decision.
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I can definitely deal with seeing 1 BTC @ $557,000  It probably won’t happen in the upcoming bull market but this decade, it’s a definite possibility with the flow of institutional money following likely spot ETF approvals. It will happen, it’s just a question of when, hopefully sooner rather than later. When will take sometime before it happens, this decade? Well that will depend on the ATH after 2024 halving. The possibility is there but I'm not going to be banking on that anytime soon. Although acquiring some coins is the right way to go in expectation of the bull. It is a right thought, bitcoin dominance of course is undoubtedly overwhelming in the crypto market and institutional interest is increasing steadily. |
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also help me to use open interest to predict the price.
How can you use open interest to predict price? Open interest is the number of active hodlers in the market. They are open positions that have not yet expired. By your own chart, you can only predict the price with what you have analysed that are open for either long or short. It is not automatic or facts but based on your own sentiment from what is happening in the market. You can check for numbers of long or frequency of short and at what price range to do a prediction, maybe that is what you are talking about but that may be difficult to do and not scientific nor certain. |
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Does decentralized enthusiast do AI trading or not. Or i am the one taking the whole thing wrong.
They should also not minding the risk of there privacy. If it is guaranteed to make profit for a trader who has been recording losses, I think they will give in to Al trading if the bots will make profit. Most people that dislike KYC will think otherwise if there is guarantee that after KYC, you can make profit. But what is the point after KYC, no profit is guaranteed. |
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It is also important to adapt ones trading strategy to the bull and bear market because what works in the bull market most of the time won't work in the bear market
On the contrary I feel what works for bull market can also work for bear market what it means is to upturn the strategy because for example using RSI to interpret, you have overbought and oversold, likewise for MA can be used for determining the range of market movement bought for bull or bear. Fibonacci and other indicators too can work both ways depending on how you are placing your fibo. It is reasonably so because market don't go move just one direction, it is either bull or bear and it is same indicator that are used to analyze the chart. |
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* Emotions in trading
Our emotions are part of our human behavior and it has a profound impact on our trading decisions. In the context of trading, the two primary emotions that affect our decision-making are "FEAR and GREED" Fear is a powerful emotion that will push us to think twice about entering and exiting the trade. Sometimes because of our fear of the trade, we exit immediately even though we know that it is too early to do so. And when fear dominates we become overly cautious, which also causes us to miss the opportunity for profitable trade even though we have seen the high probability set-up we should enter a trade but we don't because of fear.
You become a victim of emotion when you don't have a believed trading system or strategy that works, which guides you to know the entry and existing point of each trade. And to tackle this, one should develop a trading strategy around chart patterns because they are technical analysis simplified which tells you the time to get in and get out of the market because of its proven historical performances in the past. I think emotion is the greatest problem of a newbie trader. We all have gone through this while starting up but because of experience we can now discuss it as something not very serious but emotion is very serious and need to be put in perspective. One of the ways to work out the fears or emotion is to learn good money management. We fear of our emotion because we don't want to lose our money, so in the same light, if we use stop loss we will do better. However, this is difficult for a new trader to totally leave out emotion while trading because sometimes an experienced trader has same fear. |
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I know of DerivGo. I think it is a different platform though and they require KYC up to last level of documentation and tax payment if need be or a prove of some sort. It uses meta5 trading channel and of course you can demo. You can trade FX pairs on it, commodities, synthetics, crypto etc .
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for someone who has no better knowledge about trading, they cannot even think of how to work on develop their own strategy; some of them will only rely mostly on copy trading, which is not a very good way of trading.
This is not a good representation of newbies. It is derogatory to say newbies can't think of how to develop their own strategy. They are new in trading and does not understand what is happening. Just like any other thing that we are trying to learn. Every newbie is a potential experienced trader if they go through the learning process, acquire knowledge and skill. |
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I will just have to say that trading is a serious business and for serious people. You won't be unserious and what to be a trader because that determines how committed and far you will go. Challenges in trading are not what unserious people get into. However, you have to mention your challenges after you have gone through the links you have already.
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Things you need to know about the market and Trading before starting.
Knowledge about trading:
First of all, you need to know about the market condition and need to know about blockchain, technology, and the crypto market. You can get knowledge by reading books, articles, and videos available on the internet. Stay updated about the latest news that affects the price of the crypto market.
This is a basis for learning how to trade. A trader should be ready to read on trading materials and that shows interest in the first place. Someone who wants to trade will be ready to make effort to sacrifice time for what he wants. While trading to trade, you will have internet, zeal and commitment. Someone who is not committed at slightest discouragement at trade will give up so it is better build your zeal from foundation because trading is not a tea party. |
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I blame myself a lot for spending so much and being irresponsible with money,
This is the first point you need to understand and now that you have identified it, you can now start planning how to make yourself better with money. You can't keep giving yourself excuse that you are not the only one not good with spending money because it is a personal decision and not group. Train yourself on how to manage your income. but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?
No I don't think the society contribute to high level of expenses that people incur. The economic hardship is rather making people to adjust. Spending irrational is the reason people are having bills hanging their neck. |
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This is a good gesture for the Biden`s administration. It is far better than forgiving those who have loothed the public wealth. Some government have mistaken priority and they decide on policies that won't add value to the economy. This loan that has been forgiven is still going to be channeled into the economy one way or the other because those students are going to be graduates that will contribute to the economy and those who want to start up a small business can use the money that would have been used to repay the loan to start the business.
It is a good decision but may not be unconnected with the forthcoming election because politicians know that the largest voting population is the youth and so they focus to win them over during electioneering season.
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In short, retail traders use their own money to trade, while professional traders trade with funds or investment banks. Retail traders trade at home from a private account. Professional traders go to work for which they receive monthly salaries and trading bonuses for successful trades. A retail trader's task is to earn as much money as possible using his own funds. The professional trader has slightly different tasks. Let's talk about this in more detail now.
This is the detail understanding of the difference between professional trader and retail trader and the different factors pointed out are what put out the difference. Professional traders don't take personal risk, they rely on trading bonus and salary and this explains why they have lesser emotion to the market and they can take profitable risk on the long term. For a retail trader, he may run out of a future profiting trade because of fear of losing his money. Some trades that retail trader finally become a profiting trade but the retail trader exit faster while the professional trader stays on and accumulate the profit on a longtime. The retail trader is equally experienced just like the professional trader but finance set them apart especially because whose source the funding come from. Of course, the fund also determines the emotion and confidence level. |
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and that in 2024 bitcoin will be worth $120k. If this is coming from Robert Kiyosaki I won't be surprised because has a soft support for bitcoin unlike Warren buffet who saw bitcoin to be a bubble that will soon burst to tin air. Robert after writing his book rich dad poor dad has grown in he preaches for wealth creation. Predicting $120k for bitcoin in 1- 2years time is very reasonable if we look at the last ATH @64k, so it is very likely to happen with the rate of value it holds with institutions and whales that are accumulating while some are waiting for a drop before the real bull next year. |
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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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