Mindset and personal expirience, how important is it in crypto?

[CaptainKid]

I think is not very big difference, because of different encryption monetary market and stock market, stock market make money money most of day traders, however, encryption money market a good way to make money is hold for a long time.

There is actually a huge difference. The pump and dump schemes that you see in crypto are illegal on the stock market, and lots of market manipulation goes on in crypto that is also banned in the stock market.

Yes, these factors are present in the crypto currency market, and these pumping are difficult to predict, and it is profitable to sell coins that you have (if you do not have insider information).

[MISS_nSTASSY]

I have been trading for quite some time (3 years about). Personally I think the most important thing is your ability to analyze the chart and have a good strategy. IMHO

Of course it is. Trading is all about analysing, you cant trade without trading strategy - it will be more like bet.
So mindset is very important thing. You should understand a couple of things and their interractions. Only those who can analyze makes profit on this market. And those who have insider info

[randomhumster]

Im not sure i agree completely. To assume that a 'hired worker' cannot attain he attributes in your first list is wrong imo. I know people that are extremely accomplished 'businessmen' and they display all the characteristics of 'average people when it comes to investing in crypto. And likewise, i know students who are new in this space that display the tendencies of 'people with business background' I do agree however, that the successful people in crypto will very often take on the behaviours described in first list, and unsuccessful people will behave like the second list.

There is no black and white, there is only grey in real world. I wanted to show these two poles to illustrate my thoughts. I don't know many crypto ethusiasts personally. But from what I've seen so far, people from busisness environment don't build pipe dreams out of crypto. They don't expect instant profits and are ready to work. At the same time an average person may come here for the lottery, but as we all understand all people are different. And people here learn fast.

[explosion]

Speaking about altcoins trading, I agree, there should be some background and experience. For example, one should at least have heard about Forex schemes. And mindset matters as well - as it does everywhere. The conclusion I can make, trading is not for everyone and not for average people.

[mirgo1791]

investor might works with the custom of field with the limitation as qualifying details with parameters to refer of unit of indication as the initials to work as referring point of value with the unit of expectation to request with decision as displacing details of submission with the table of exchange with the market.

[VanKleiss]

I trade in crypto for more than 3 years and the basic thing I do is patience. In every altcoin there will always be a pump, the only goal I have is to get profit whether it is small or big. Being greedy is also a big factor that will put you in a great danger, I remember when a lost 4 BTC for a FOMO, just my luck because those 4BTC is a profit from a previous altcoin that I sold and it was gone in a snap. Today I am more diligent every time I buy a specific altcoin and make sure it is good for long term holding.

[Duzenn]

In my opinion it is quite important, if a person has plenty of experience in encryption money market, so most of the time they will be more patient waiting for tokens gains, then they will earn more money.

[tannerchum]

If you are positive enough to do the things, the result will be positive too. The mindset is very important because it matter most the result in every activity will do. If you are a person who has many experience in bitcoin it means you know what will be the process to earn and you can easily predict for the future.

[Haunebu]

Mindset and experience obviously play a crucial role in determining whether you earn profit or lose money in the crypto market. People with a weak mindset who cannot stand the sudden changes in the crypto market values(Inherent nature of the crypto market) will pull out and spread FUD about crypto without a second thought and such people will only lose money rather than gaining any kind of profits. On the other hand, people with a strong mindset and market experience will focus on doing research and choosing the right moment to sell their coins.

[Novgabby]

Well, mindset and personal experience are one of the reason in joining this kind of industry.
If you have the mindset of persevering from this field, you will earn more than anyone else.
Personal experience can help you to answer or be part of discussions like this. Your experiences can be shared through discussions.
It is better if one's mistake is avoided by others and one's achievement can be an inspiration to others.
I think the purpose of this discussion is for us to have more information about this industry and how it really works.

[andrei56]

It is something critical, experience is something that cannot be bought those that begin their trading careers trading bitcoin have a huge disadvantage the market moves very abruptly and that means that sometimes they will make the right trades and still lose money since the market moves sometimes in unpredictable ways and then they develop bad habits that are difficult to get rid off and that will lose them money in the future.

[JohnMacZeppelin]

Thank you very much for your opinion, I almost completely agree with him and also wanted to add that when integrating and legalizing crypto currency, corruption will be exhausted, if it is very good to approach it, then it will be possible.

[woshiniubia]

Everyone who is investing in altcoins is actually investing in busines. What previous expirience can help you? Are we all starting from the same point or do someone have an advantage on the level of mindset? I've been thinking much about it lately. Looking at the people I know, I can say that we all are on very different position.

I came to an idea that thre are 2 major archetypes of people in crypto world: bussinesman and average people. I've made a small article on this topic: https://steemit.com/cryptocurrency/@cryptohumster/mindset-archetypes-in-crypto-world

To tell my thoughts short:
There are two main categories of people here: those who work for themselves and hired workers. I don’t want to say that any category is better than the other, but it looks like one gives you mindset more suitable for crypto world.

People with business background
They invest their money and time to their business and count only on themselves. They understand several important things:
- nothing valuable is given for free
- invested money doesn’t return immediately
- you always need to have a plan/strategy
This expirience and skills help a lot in crypto world. This knowledge always comes at a price and these people already learnt it before coming here.

Average people
Hired workers, students and etc. Such people don't usually have much expirience in investmaent. They learn about crypto from news or from friends and see crypto currency as lottery ticket to a bright feature. They don't usually understand the following:
- cryptocurrency is business in the first place
- you just can't really become reach by chance without working on it
Such people do silly mistakes (I did them too, a lot actually), the FOMO into coins, make decisions based on some youtube videos, follow the hype buying at ATH and sell in the middle of correction because they haven't become rich in first 3 weeks and etc.

What do you think? What was your expirience/skill that helped you in the world of crypto?

I couldn't agree with you more. Your state of mind is important because of the instability of the cryptocurrency market, which causes their prices to fluctuate wildly. When prices collapse, if your mood is bad, you panic and sell your coin right away. You will lose a lot of money.

[randomhumster]

Speaking about altcoins trading, I agree, there should be some background and experience. For example, one should at least have heard about Forex schemes. And mindset matters as well - as it does everywhere. The conclusion I can make, trading is not for everyone and not for average people.

Sometimes not only traiding, but also investment at all. People who see crypto as magic trick that will make them rich amy also fail easily. we saw so many investing on hype at $19k and then dumping it mid january as it was going down. everyone needs to learn to maintain portfolio.

[abduljacklu]

Cryptocurrencies is so important because it could replace the fiat system the blockchain if most of the countries agreed will replace the centralized banking system.It is important for me because it could be the key to our success in the future,being the early adopters we have more advantages than those people who dont have any knowledge about cryptocurrencies upto date.

[realsmans]

Cryptocurrencies is so important because it could replace the fiat system the blockchain if most of the countries agreed will replace the centralized banking system.It is important for me because it could be the key to our success in the future,being the early adopters we have more advantages than those people who dont have any knowledge about cryptocurrencies upto date.

How it will make you success? Are you drugdealer or what? Everybody says that cryptocurrency will make future better, but how? Except of money printing

[randomhumster]

One my friend who bought bicoin for $16k sold it today with a huge loss. He said crypto is not what he expected and there is no way to profit from it. I take it as a confirmation of mu thoughts.

[rommelzkie]

I am a forex trader and a small time buy and sell guy in our city. These are my personal experience before i jump in on trading crypto and joining ICO. My past experience helps me a lot on trading. However, I do have losing trades. As of the moment i am - 50% loss in one of my Altcoin. I dont want to sell it because i know that it will go back to normal price in the future.

And now i am looking for good crypto to buy again.

[Treshkilling]

I agree with you, experience in business and investment greatly helps in the cryptocurrency market. But I'm not one of those people. I'm just a regular guy who decided to do it. Realizing that I do not have the necessary knowledge and skills, I joined the team, paid for their training and insight, and now began to understand this area. Help more books, not necessarily about the cryptocurrency, and about the business, it is important to properly configure your thinking in the first place, good luck to all in the endeavors)

[randomhumster]

I agree with you, experience in business and investment greatly helps in the cryptocurrency market. But I'm not one of those people. I'm just a regular guy who decided to do it. Realizing that I do not have the necessary knowledge and skills, I joined the team, paid for their training and insight, and now began to understand this area. Help more books, not necessarily about the cryptocurrency, and about the business, it is important to properly configure your thinking in the first place, good luck to all in the endeavors)

Smart move! Getting expirience and educating yourself helps in any area. But when you joined, did you have this in mind, orlearnt it the hard way?