What was your experience trading cryptocurrency?

[Bright_dhykseen]

Been trading for quite a while now and it took me time to get to where i am today coming from a noob in trading. Trading cryptocurrencies was one hell of an experience for me .

The first cryptocurrency i traded back in late 2018 was bitcoin and i lost a whole lot of money trading it. I guess i didn't learn enough about the crypto market and the volatility involved before delving into it  .

Ever since then, i picked another instrument of choice. I went into the FOREX trading. I plan on coming back into trading cryptocurencies but for now i'm still learning about the crypto market. 

It was a painful experience though 

What was your experience ?

[1715098437]

1715098437

[sunsilk]

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

My experience was the same as yours, didn't made that much on my beginning days. Until I've decided to stop it and just focus in holding. I guess you can consider that there's still trading in it but, it only happens when you want to sell at a higher price or buy when the price was a bit low but you have to wait again. So it's a combination of patience and target selling/buying.

[ChiBitCTy]

As I tell everyone who asks me at my day job ( investment advisor by trade ) you should only be trading money that you first off can stand to lose.  Secondly, only those with a great deal of experience, those whom have mastered fundamental analysis and have a good grip on technical analysis should be "trading" cryptocurrency.  It's one thing to trade crypto, let alone regular equities (stocks).  More volatile, more "unknowns'.

[Bright_dhykseen]

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

My experience was the same as yours, didn't made that much on my beginning days. Until I've decided to stop it and just focus in holding. I guess you can consider that there's still trading in it but, it only happens when you want to sell at a higher price or buy when the price was a bit low but you have to wait again. So it's a combination of patience and target selling/buying.

Exactly! Trading is not for everyone.

Hodling also has its downsides. I invested heavily in so many projects back in 2017/2018. I was hoping one of them will be the next bitcoin.
Even though i took partial profits, i literally lost most of the money i left on the table. Losing in crypto is outrageous; you get to lose a large % of your investment in just one day.

I believe everyone needs to know what cryptocurrency investment entails and invest what they can lose.

As I tell everyone who asks me at my day job ( investment advisor by trade ) you should only be trading money that you first off can stand to lose.  Secondly, only those with a great deal of experience, those whom have mastered fundamental analysis and have a good grip on technical analysis should be "trading" cryptocurrency.  It's one thing to trade crypto, let alone regular equities (stocks).  More volatile, more "unknowns'.

The "unknown" is the scary part!

[harizen]

Hodling also has its downsides. I invested heavily in so many projects back in 2017/2018. I was hoping one of them will be the next bitcoin.

Hodling shouldn't be the thing to blame here but your mindset and thinking. There is no project from 2017/2018 that can be considered as the next bitcoin. It looks like you just got dragged by overhype.

I hope it served a lesson for you and I think you are doing great now.

Anyways, I think it's better to move the thread here: Trading Discussion

[supine]

Trading saved me multiply times by now back when I had nothing left but my alt-coins that I bought it gave me hope because those alt-coins suddenly pumps up.
And most of the time I would just hold them until I really need some cash or it already hit the price that I am aiming for so yeah trading saved me so many times when it comes to my financial crisis.

[Twinkledoe]

Been trading different alts for quite number of years already. And one important factor for me is the reputation of the exchange. I always checked the feedback of users, because what's the use of making a good trade if you can't get your funds out? That you will wait for days and days before they will send your coins, it is like waiting in vain and you don't have idea if they will ever credit your coins to your wallet. So that's one important factor for me, if I can deposit and withdraw coins smoothly. Also, the liquidity is important, because as a trader, I want fast turnover and not wait for my orders to be filled.

[Sayma83]

I first came to Crypto Currency through an online friend, first I had 100 100 + invest in a revenue share site called Mypaingads, but unfortunately I lost the first 100 $ bitcoin of my life by investing in that site. After that, Aslam came here in Crypto trading, Alhamdulillah, he didn't do very well, but almost all my losses came up, money came from this khan to run my own business, but I am still learning to do something good, there is no alternative to learning.

[online73]

Hello everybody. Cryptocurrency trading has always been more volatile than conventional markets. I know little of people who successfully trade the assets of the cryptocurrency market, at least they started almost everything with bad experience. I also consider myself a loser. I am talking now about trading with leverage. I still believe that only holding can be successful in cryptocurrency trading. Maybe I'm wrong, moreover, I agree with those who argue that cryptocurrency can and should be traded. Personally, my experience is that it is not successful, so I chose the tactic of simple waiting, I wait for the price to drop and just buy with all the money that I have accumulated all the months, while the price was at the top. And now, there’s a huge chance of a price returning to 3.5 K. Here I think there’s nothing to think of, the market goes in a sine wave, if tomorrow the price is maximum, then in a month or in a few months, the price will be at minimum. The most important experience should be to maintain psychological health, and this can only be achieved with successful trading.

[Sadlife]

It was of course disastrous for me with no experience and knowledge i quickly ventured in it without the required preparations underestimating it as simple and easy. But my plan to earn money quick backfired at me and my investment got burned.
So i've change strategy to holding long term instead of day trading.

[Bright_dhykseen]

Hodling also has its downsides. I invested heavily in so many projects back in 2017/2018. I was hoping one of them will be the next bitcoin.

Hodling shouldn't be the thing to blame here but your mindset and thinking. There is no project from 2017/2018 that can be considered as the next bitcoin. It looks like you just got dragged by overhype.

I hope it served a lesson for you and I think you are doing great now.

Anyways, I think it's better to move the thread here: Trading Discussion

Yes the mindset and psychology general matters a lot.
I did learn a lot. i don't regret anything.

Oh thanks!
Done that!

Trading saved me multiply times by now back when I had nothing left but my alt-coins that I bought it gave me hope because those alt-coins suddenly pumps up.
And most of the time I would just hold them until I really need some cash or it already hit the price that I am aiming for so yeah trading saved me so many times when it comes to my financial crisis.

I'ts very nice you had targets for your investments.
The greed factor was playing on my psychology back then.

Been trading different alts for quite number of years already. And one important factor for me is the reputation of the exchange. I always checked the feedback of users, because what's the use of making a good trade if you can't get your funds out? That you will wait for days and days before they will send your coins, it is like waiting in vain and you don't have idea if they will ever credit your coins to your wallet. So that's one important factor for me, if I can deposit and withdraw coins smoothly. Also, the liquidity is important, because as a trader, I want fast turnover and not wait for my orders to be filled.

I really only traded on major exchanges with a lot of volume.

Those upcoming exchanges are never the best when it comes to trading as you might not get to sell your crypto holdings in profit due to little trade volume.

I first came to Crypto Currency through an online friend, first I had 100 100 + invest in a revenue share site called Mypaingads, but unfortunately I lost the first 100 $ bitcoin of my life by investing in that site. After that, Aslam came here in Crypto trading, Alhamdulillah, he didn't do very well, but almost all my losses came up, money came from this khan to run my own business, but I am still learning to do something good, there is no alternative to learning.

I've also fallen victim of scam sites.  
I was happy i was getting monthly returns. It crashed after the first month; i had re-invested all my capital + my profit!

I'm happy we all had our fair share of lessons

Hello everybody. Cryptocurrency trading has always been more volatile than conventional markets. I know little of people who successfully trade the assets of the cryptocurrency market, at least they started almost everything with bad experience. I also consider myself a loser. I am talking now about trading with leverage. I still believe that only holding can be successful in cryptocurrency trading. Maybe I'm wrong, moreover, I agree with those who argue that cryptocurrency can and should be traded. Personally, my experience is that it is not successful, so I chose the tactic of simple waiting, I wait for the price to drop and just buy with all the money that I have accumulated all the months, while the price was at the top. And now, there’s a huge chance of a price returning to 3.5 K. Here I think there’s nothing to think of, the market goes in a sine wave, if tomorrow the price is maximum, then in a month or in a few months, the price will be at minimum. The most important experience should be to maintain psychological health, and this can only be achieved with successful trading.

Actually, on the contrary, i know successful traders in the crypto-space. There is a way to go about it.

successful leveraged crypto traders get to enjoy high Risk to reward ratio compared to Hodling.

What matters is finding an edge that works in the crypto market and using proper risk management alongside.

A lot of us really don't accept the risk involved in placing a trade more the reason psychology plays us.

It was of course disastrous for me with no experience and knowledge i quickly ventured in it without the required preparations underestimating it as simple and easy. But my plan to earn money quick backfired at me and my investment got burned.
So i've change strategy to holding long term instead of day trading.

i'm happy you found what works for you!

The Get-rich-quick mindset never pays off!

I hope a novice trader will go through this thread and avoid grievous mistakes.

[KnightElite]

I did virtual trading before I put a large money on my real account and I thought that I was fully ready but when I put real money, everything is different. When we do trading, emotions are main factors and it can affect our decisions and it is the reason why we should be aware on our thoughts, ego and our current state of mind.

It is hard to trade especially for beginners because it still the start of adapting the volatility of the market, but time will past and we can get used to it. Cryptocurrency trading can become consistent if we will commit to our mastery.

[TravelMug]

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

This, not for everyone and not for the faint of heart. Because the price can suddenly switch in minutes and majority of crypto traders specially those who are new don't know how to react properly and got burned.

My experience was the same as yours, didn't made that much on my beginning days. Until I've decided to stop it and just focus in holding. I guess you can consider that there's still trading in it but, it only happens when you want to sell at a higher price or buy when the price was a bit low but you have to wait again. So it's a combination of patience and target selling/buying.

I would say that I also have a so-so performance when I was just a newbie trader. Every trade was a nerve nerve wracking to me. Specially thinking that if I did the right move and even withdrawal or deposit back then was causing some stress on me, Lol. But it give me some confidence and experience to continue and ways to look for more profits.

[KrisAlex18]

As what other traders have been experienced in trading, I had lost my money from doing it, I tried trading before when I was don't have enough knowledge about it, I became interested from it because of some videos I watched on YouTube, it seems like easy money when you watch it on YouTube but if you are going to try reading, it would be hard for you to make your money profitable especially if you don't have any skills and knowledge about it.
After losing that money, I quit trading, I didn't explore it anymore because I don't know where I can get skills about good trading.

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

Indeed, I tried trading before when I was a beginner, I don't have skills and enough knowledge it, I just tried it because of some videos I had watched from YouTube but I realized that it wasn't enough for good trading so I ended up losing.

[Eugenar]

We had different experiences about trading, some have good and bad experiences, on my own experience, I can say that it's not that good for me, I had some trading experience where I won and there are also some trading experience where I had lost money, but if I am going to compare both things I can say that I lost my money in trading.

Bu leaving is not my option, I am still trading as of this days, even though I already lost huge amount of money from here, I still working from it because it finds so good for me I always entertained when doing it. May be I don't have still enough knowledge and skills about it so I always ended up losing it.

[Alucard1]

I tried trading before way back 2019 when my friend told me about this, at back 2019 when I asked him about the ways on how he earn money and he recommended the trading, with having a reminder that I shouldn't tried this unless I already have knowledge and skill about it but I don't listen on him so I started trading even though I don't have enough skills and knowledge about it, I watched tutorials on YouTube about finance good trading and I really amazed on some people who earn so much money doing it, but upon trying it, I realized that it is not that easy as what I had watched on YouTube. Yes I lost money from doing it as what other beginners had experienced before.

As I tell everyone who asks me at my day job ( investment advisor by trade ) you should only be trading money that you first off can stand to lose.  Secondly, only those with a great deal of experience, those whom have mastered fundamental analysis and have a good grip on technical analysis should be "trading" cryptocurrency.  It's one thing to trade crypto, let alone regular equities (stocks).  More volatile, more "unknowns'.

Both trading and investing are profitable, but both things are risky so in order for you to lessen the risk of losing your money, you should have skills and knowledge first before trying it.

[Claudia621]

It was of course disastrous for me with no experience and knowledge i quickly ventured in it without the required preparations underestimating it as simple and easy. But my plan to earn money quickly backfired at me and my investment got burned.
So I've change strategy to holding long term instead of day trading.



quickpayportal

[Bright_dhykseen]

I did virtual trading before I put a large money on my real account and I thought that I was fully ready but when I put real money, everything is different. When we do trading, emotions are main factors and it can affect our decisions and it is the reason why we should be aware on our thoughts, ego and our current state of mind.

It is hard to trade especially for beginners because it still the start of adapting the volatility of the market, but time will past and we can get used to it. Cryptocurrency trading can become consistent if we will commit to our mastery.

You must have been unstoppable on your virtual account  

I believe the volatility and instability in trading crypto pairs is way too much for a novice.
It's better one starts from a market with the least volatility, then scale up.

If only we could all trade like robots and get rid of emotions  

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

This, not for everyone and not for the faint of heart. Because the price can suddenly switch in minutes and majority of crypto traders specially those who are new don't know how to react properly and got burned.

My experience was the same as yours, didn't made that much on my beginning days. Until I've decided to stop it and just focus in holding. I guess you can consider that there's still trading in it but, it only happens when you want to sell at a higher price or buy when the price was a bit low but you have to wait again. So it's a combination of patience and target selling/buying.

I would say that I also have a so-so performance when I was just a newbie trader. Every trade was a nerve nerve wracking to me. Specially thinking that if I did the right move and even withdrawal or deposit back then was causing some stress on me, Lol. But it give me some confidence and experience to continue and ways to look for more profits.

I remember so many times back then when i close my positions in small bit of losses just cos i couldn't react properly to the switch in price. Never knew the losses were accumulating in my trade history.

Eventually, my trading balance was transferred to my trading history  

As what other traders have been experienced in trading, I had lost my money from doing it, I tried trading before when I was don't have enough knowledge about it, I became interested from it because of some videos I watched on YouTube, it seems like easy money when you watch it on YouTube but if you are going to try reading, it would be hard for you to make your money profitable especially if you don't have any skills and knowledge about it.
After losing that money, I quit trading, I didn't explore it anymore because I don't know where I can get skills about good trading.

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

Indeed, I tried trading before when I was a beginner, I don't have skills and enough knowledge it, I just tried it because of some videos I had watched from YouTube but I realized that it wasn't enough for good trading so I ended up losing.

Starting ones trading journey from the right source is very key to reaching consistent profitability quickly.
One wouldn't really find much useful content on youtube.
There are courses on cryptocurrency you can take that is fully based on crypto trading. You can PM me to check it out.

We had different experiences about trading, some have good and bad experiences, on my own experience, I can say that it's not that good for me, I had some trading experience where I won and there are also some trading experience where I had lost money, but if I am going to compare both things I can say that I lost my money in trading.

Bu leaving is not my option, I am still trading as of this days, even though I already lost huge amount of money from here, I still working from it because it finds so good for me I always entertained when doing it. May be I don't have still enough knowledge and skills about it so I always ended up losing it.

It's fantastic to hear this!

You have the passion.

I tried trading before way back 2019 when my friend told me about this, at back 2019 when I asked him about the ways on how he earn money and he recommended the trading, with having a reminder that I shouldn't tried this unless I already have knowledge and skill about it but I don't listen on him so I started trading even though I don't have enough skills and knowledge about it, I watched tutorials on YouTube about finance good trading and I really amazed on some people who earn so much money doing it, but upon trying it, I realized that it is not that easy as what I had watched on YouTube. Yes I lost money from doing it as what other beginners had experienced before.

As I tell everyone who asks me at my day job ( investment advisor by trade ) you should only be trading money that you first off can stand to lose.  Secondly, only those with a great deal of experience, those whom have mastered fundamental analysis and have a good grip on technical analysis should be "trading" cryptocurrency.  It's one thing to trade crypto, let alone regular equities (stocks).  More volatile, more "unknowns'.

Both trading and investing are profitable, but both things are risky so in order for you to lessen the risk of losing your money, you should have skills and knowledge first before trying it.

Often times, novice are sold the dream of trading.
If you go on social media, you find a lot of "traders" flexing super cars and it makes you see yourself in their position in a short period of time. (although most of the so called "successful traders" usually fake it!)  

One needs to focus more on the knowledge. The money will come automatically.

It was of course disastrous for me with no experience and knowledge i quickly ventured in it without the required preparations underestimating it as simple and easy. But my plan to earn money quick backfired at me and my investment got burned.
So i've change strategy to holding long term instead of day trading.

We all had our fair share of lessons.

Seems we all got burnt  

[South Park]

Been trading for quite a while now and it took me time to get to where i am today coming from a noob in trading. Trading cryptocurrencies was one hell of an experience for me .

The first cryptocurrency i traded back in late 2018 was bitcoin and i lost a whole lot of money trading it. I guess i didn't learn enough about the crypto market and the volatility involved before delving into it  .

Ever since then, i picked another instrument of choice. I went into the FOREX trading. I plan on coming back into trading cryptocurencies but for now i'm still learning about the crypto market. 

It was a painful experience though 

What was your experience ?

To begin with you should probably move this thread to the trading section of the forum since that section seems to be the right section for this topic.

My experience trading bitcoin has been in fact positive but that is because I have dedicated an enormous amount of time to try to learn how to trade, anyone that dedicated just a few days or weeks is bound to eventually fail, trading is a very deep subject and there is no one that can master it so quickly, not only that even if there are many ways to trade that could be profitable there are only a few that could be right for you, also it takes a lot of time to backtest your strategy so you make sure that it actually works, when you combine all of these factors it is really no wonder why so few people are successful, so my recommendation is that before you pick a new instrument to trade that you try to find the reasons of why failed and then you correct them.

[sunsilk]

As every trader says, trading isn't for everyone so if you are into looking forward to high profits having a lack of knowledge and experience, trading isn't for you. Good for you that you were able to make in other markets as you say, the forex.

My experience was the same as yours, didn't made that much on my beginning days. Until I've decided to stop it and just focus in holding. I guess you can consider that there's still trading in it but, it only happens when you want to sell at a higher price or buy when the price was a bit low but you have to wait again. So it's a combination of patience and target selling/buying.

Exactly! Trading is not for everyone.

Hodling also has its downsides. I invested heavily in so many projects back in 2017/2018. I was hoping one of them will be the next bitcoin.
Even though i took partial profits, i literally lost most of the money i left on the table. Losing in crypto is outrageous; you get to lose a large % of your investment in just one day.

I believe everyone needs to know what cryptocurrency investment entails and invest what they can lose.

Everyone has the same mindset way back those years because it's the era of ICO. Many thought that there will be something new that can kick bitcoin out of its place but it's proven to be a wrong mindset because bitcoin will remain at the top.

Those lessons and experiences that we've learned during those times are helpful if you apply it in today's time. Investors, trader or holder, there's always an attached risk that we have to remember.