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Author Topic: Have you tried trading only to realize you should stick with mining?  (Read 1232 times)
davemanet
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November 14, 2017, 03:26:37 AM
 #1

Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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November 14, 2017, 03:58:26 AM
 #2

I originally mined on Butterfly Labs ASICs, and pretty much kept my BTC.  I didn't start to trade until the miners became unprofitable and obsolete.  I was kind of forced into trading because at that time because I wanted more.  I had around 400 LTC stolen by Big Vern at Cryptsy.  If you are making a profit mining now and are happy with it, then stick to it.  I just hope you are banking something for the future.  If you feel the need to trade just take a small portion of your profits and throw it at altcoins for long term holds.  Don't try and beat the market, make a portfolio and see what happens.  Do not leave your coins on exchanged. You also might want to try acquiring some staking coins to help out with passive income.

Good luck!




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puwaha
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November 14, 2017, 04:26:06 AM
 #3

Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?

Luckily, not much.  I don't have time to watch charts all day, so mining is a great (mostly) passive way to be a part of this circus.

I've always been curious about trading bots, but I'm skeptical at the same time.

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November 14, 2017, 04:42:41 AM
 #4

I stay away from trading.   Usually its small wins and big losses. 

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November 14, 2017, 05:12:52 AM
 #5

yea i learned really quickly that i don't have the patience for trading. lost a good ammount of bitcoin with OKCash Sad

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November 14, 2017, 05:16:30 AM
 #6

I started as a simple miner myself, but then I go to exchange much and much more
and now I can see that 50% of my income comes from exchange and mining gives me like 30% as a support role, another 20% I'm getting from PoS, nodes, airdrops
so all in all i'm very happy how things are going!  Roll Eyes

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November 14, 2017, 05:32:06 AM
 #7

Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?

Luckily, not much.  I don't have time to watch charts all day, so mining is a great (mostly) passive way to be a part of this circus.

I've always been curious about trading bots, but I'm skeptical at the same time.

hahah "passive way to be a part of the circus".  great way to put it, i'm going to start using that phrase
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November 14, 2017, 05:50:38 AM
 #8

Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?

Yes, I have tried to trade on poloniex and I can say it was somewhat successful  Roll Eyes
Of course there were some losses< while I was getting experience,  but all in all I think I'm earning like 30% each month from exchange.
For me it is a good  deal  Smiley

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November 14, 2017, 06:01:23 AM
 #9

ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.

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November 14, 2017, 06:18:56 AM
 #10

ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.

That makes a lot of sense.  I'm really glad to hear everyones perspectives.  One of my close friends told me that you have to trade to make money faster.  I tried trading and lost money and learned my lesson.  It's really nice to hear from you guys that trading is not for everyone and that some of us should stick to mining.
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November 14, 2017, 08:35:25 AM
 #11

In mining you do research and then implement
In trading, you need to learn first, you need to learn constantly, and you need to have patience and you also have to learn to do nothing, just sit on your hands. And learn meanwhile Smiley
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November 14, 2017, 04:54:14 PM
 #12

ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
Yes, you are right, we do not have any power and control.  Undecided
We are common miners and some times traders.  Roll Eyes
We are just trying to do something new and interesting. And can earn on this.

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▬▬     WHITEPAPER    ▬▬
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November 14, 2017, 06:36:54 PM
 #13

ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
Yes, you are right, we do not have any power and control.  Undecided
We are common miners and some times traders.  Roll Eyes
We are just trying to do something new and interesting. And can earn on this.

That is right. I trade the coins I mine.
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November 14, 2017, 07:42:11 PM
 #14

I just mine and wait and only sell on parabolic moves. Buy more gpu's, rinse and repeat.

This strategy works great for me. Very passive income and doesn't stress me out or take much of my time.
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November 14, 2017, 10:01:31 PM
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Mining is a race, to find the next hash, trading is about patience, whether you go short or long, this takes time and obedience to observe the markets, try not to follow the crowd, for the FOMO is strong with them, this can incite an early, or late click and thereby easily loose when ahead.
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November 14, 2017, 10:12:05 PM
 #16

Tried, and found it easier than mining, so no I mostly stick with trading Smiley

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November 15, 2017, 09:51:09 AM
 #17

Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?

Luckily, not much.  I don't have time to watch charts all day, so mining is a great (mostly) passive way to be a part of this circus.

I've always been curious about trading bots, but I'm skeptical at the same time.

ohh man trading bots are awesome, BUT here is the thing, that's if you find a good one but that's easier said than done. I happen to be in the right place right time and got in while the project was still really early, turned out I found a really good one even made my btc back that I spent on it, but I'm one person, btw the one I use I believe is advertised here on bitcointalk somewhere he has a post up that talks about it and explains it, etc.

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November 15, 2017, 11:24:33 AM
 #18

Yeah, while I have timed some of my sells pretty good, I am not a very good trader when trying to predict when to buy. I think for now I will stick to mining and when I send my coins to an exchange I am not usually in a hurry so I set the sell price to what I want. Sometimes it takes days or weeks to fill, but that is probably why I am more successful doing it that way than actively trying to trade the day to day fluctuations.

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November 15, 2017, 11:51:03 AM
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Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?

There are times I feel like trading, but as you say, I too have no time to look at charts and follow the whole shazam all day long. Made a very profitable long trade with BCH this week-end though. But I mostly stick to mining as well and just try to sell some coins when they are high enough.

The volatility of cryptos means you'd have to watch the exchanges all day long to spot the right time to move. Too much panic sellers out there for the average Joe. Looking at my CMC app, there are days where I'm +1500$ and the next -2000 lol. What goes up goes down and comes back up. Just look at Signatum, made a 100% return over the last 7 days...

A good place to keep an eye on: cryptopanic.com
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November 15, 2017, 12:31:38 PM
 #20

Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.
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