Trading crypto is a different ball game

[semobo]

Stock market analyzing knowledge can be helpful to do crypto trading but if some applies the same strategy of stock market into crypto trading then they are going to lose their money in no time as mentioned in OP.Crypto market is highly volatile so the strategies should be adjusted accordingly and for the beginners they should play with less capital until they know about crypto trading.

[stomachgrowls]

I believe that it has a learning curve for sure, but I believe that learning curve is not really as high for someone who has done trading in other stuff versus people who haven't done anything like that before.

So, let's assume we have two people, one of them has done nothing in the trading world at all and never been involved with financial system but just work and get salary and that's it, and the other one is a very successful stock trader, just because one has some experience doesn't mean that he will start with a ton of profit right away, but it does mean that the trader would have a quicker learning curve and start to profit before the other person. Plus, we also have to take the moment they get in into consideration, someone who gets in during bearish time is likely to lose versus the guy who got in during bull time.

People that do had already some knowledge into some markets will definitely had an edge compared to those who do actually started from scratch.Duration or times on grasping something new would really be different
since the other one had already had experience and knowledge but somehow that new thing does have differences on what he had known in other stuff that he'd been doing.

In the case scenario above which it does really shows that stocks and crypto are totally different and if you do take it lightly then you'll surely experience some nasty loss and you would soon realize
that it doesnt really work that way.

The amount that had been lost would really be just a small amount to him but its great that he had realized something and it was just right that he had differentiated between crypto and stocks.

[LUCKMCFLY]

Many of those who talk about crypto trading is that volatility often does its part and if you bet against it, to recover is very difficult, apart from that before going for any currency you must understand and try to predict the price of Bitcoin so that you do not go against you.

[Yogee]

Investors like Dave Portnoy who are already successful trading in the stocks market have high self-confidence.
This is what makes him lose money when he tries crypto trading, he equates crypto trading with the stocks market.

If you watched his video and read his tweets about cryptocurrency trading, you may notice that he didn't equate crypto trading with stock market. He underestimated it. He thought he'd make a lot of money because he saw it as an unregulated market where pumps and dumps are allowed.

He became careless because of his greed, ignorance of the market, and self-confidence that he can pump some tokens to the high heavens. When I looked back at what happened, I realized that he didn't even apply any of the TA skills he supposedly learned from stocks trading. He just went full hype and FOMO.

[chip1994]

This is a warning for traders who want to get rich quickly in a short time. Even people who have had so many years of experience can still fail as usual, and the most important thing is discipline. The new traders are often very complacent when they just win the first trading, that will lead to a heavy failure. I myself used to be complacent when speculating on the WPP token and it was x11 after listed exchange. After that I used money to invest a lot and I failed, I realized that there is no career that will help us get rich quickly, the important thing is patience and discipline. Hope my lessons and Dave Portnoy will help you realize more.

[Paycoinzzz]

In fact, all financial markets are bubbles and there are always lots of money behind to manipulate it. all are not according to the laws of nature, only man makes the law. So in the world of finance, we should have a cool mind to adapt to every situation that happens. The plan is one of the most essential to avoid the huge pump or dump of the whales. That is my experience and understanding of financial markets. So how about you guys? I am willing to hear from you.

[TheUltraElite]

Many of those who talk about crypto trading is that volatility often does its part and if you bet against it, to recover is very difficult, apart from that before going for any currency you must understand and try to predict the price of Bitcoin so that you do not go against you.

What I can say is that volatility can both make you rich and poor. Depends on what price you bought and when you are selling to being forced to sell.

Now the important thing is that many newbie traders have the habit of blaming the volatile markets as a scapegoat. While in many cases this is only partly true. The bitcoin price is currently on the rise but few months back the scenario was different. We saw stagnant prices a long time after the 2018dump.

Prices of 6k usd are still etched in memories of many users.

However if you buy at a lower price you have nothing to fret. The ones crying are the one who were going FOMO. Some analysts may say something but does not need to change your stance. You can be your own boss in the market.

[maydna]

In fact, all financial markets are bubbles and there are always lots of money behind to manipulate it. all are not according to the laws of nature, only man makes the law. So in the world of finance, we should have a cool mind to adapt to every situation that happens. The plan is one of the most essential to avoid the huge pump or dump of the whales. That is my experience and understanding of financial markets. So how about you guys? I am willing to hear from you.

Even if the market has been manipulated, if we can get in the right time to buy and sell, I think we don't have to worry because we can make a profit behind them. We need to have more than one plan because we can follow the market with the other plan, especially if it turns the direction. I think we don't have to avoid the huge pump or dump because that will be the best time for us to make a big profit and buy the coin at a lower price.

But the crypto market will always be volatile, and the price will always change every second. There will be a chance to see the pump and dump happen in the market,  but we can use it for our benefits.

[adaseb]

Well is the stock market manipulated right now? Everyone says that its the bank and large whales that manipulate the price of certain stocks. However right now most people who are driving the market are 18 year olds on robinhood. Remember what happened right after the Hertz bankruptcy?

Someone basically posted they would buy it on wallstreetbets and the next day it kept going up and up and up and eventually it was priced higher than a few days prior to the bankrupty. So is this considered manipulation? There was real demand.

Hence its a term that's thrown around losely and everyone says everything is manipulated.

[South Park]

if you already have the trading skills, it will be easier for you once you grasp how crypto market works. because every alt or token, is like different companies that you are studying here. so you need to get a hold of what's going on in every project so as not to make mistake in investing your money to pump and dump coin or to an empty token surrounded by fomo only. we all started from scratch and only experience, all the tips and tricks gained thru the years will make you confident in crypto market.

This is true and at the same time it isn't, let me explain, it is true that technical analysis should apply to any kind of asset regardless of the market in which it is in, however there is one big exception and that is that if an asset does not have enough volume then it is impossible to apply technical analysis to it and you will be better off applying fundamental analysis instead, why is that? This is because if the volume is too low then a whale could manipulate the price in whatever way they want and you will be unable to predict it with technical analysis, this is the reason why trying to apply technical analysis to any coin which is not in the top 20 is a waste of time.

[wiss19]

If his followers chooses to not like Bitcoin or cryptocurrency as a whole, then that is their own cup of tea.

You already said he was encouraging pump and dump, so deserves what he got from the market; he was planning to pump and dump the bags on who exactly? Lol on other investors? Don’t you think he just drank from his own cup, what he was planning to do to other people is what happened to him, he shouldn’t be whining about it.

By the way, cryptocurrency is like a free place, anyone that think it’s not meant for them shouldn’t be part of it, everybody must not be part of it.

[el kaka22]

I would say people are really not prepared that is the craziness crypto is, I would say that people would really need to understand that crypto has one difference, decentralization. You may think that not having power of someone over crypto is not something that we tried to use so far, because nobody tried to took control of it aside from maybe the bitcoin cash people, but in reality all the approach towards crypto has been done knowing full on well that we are actually not on a centralized thing so people couldn't really change anything if they failed.

Big huge corporations can't just risk everything for huge returns and when they fail get bitcoin bail outs, so at the end of the day we are talking about something so different than fiat that people who have done fiat can't really understand crypto.

[Zemomtum]

Everything is total different when it comes to trading crypto. If you have background in other assets and want to apply it in cryptocurrencies trading, you might get crushed immediately. It needed time to study and get it properly.

[TheGreatPython]

Cryptocurrency and stock market may seem quite similar in some ways, but there are ways they are different from each other and you wouldn’t know this until you’re part of it. The media portrays cryptocurrency as a market to make huge profits, and they like to make it seem like there are no risks involved in cryptocurrency trading, which is totally wrong.

I have asked some people why they think cryptocurrency is a good investment to make and their answers they mostly give to me, like 90% of the time, is that cryptocurrency is means to get more money and become rich. They all hear stories of those that turned millionaires, and they believe that if they get in it will also work for them the same way, and the most annoying part of it is that they want that profit to come in a day.

[AmoreJaz]

Cryptocurrency and stock market may seem quite similar in some ways, but there are ways they are different from each other and you wouldn’t know this until you’re part of it. The media portrays cryptocurrency as a market to make huge profits, and they like to make it seem like there are no risks involved in cryptocurrency trading, which is totally wrong.

I have asked some people why they think cryptocurrency is a good investment to make and their answers they mostly give to me, like 90% of the time, is that cryptocurrency is means to get more money and become rich. They all hear stories of those that turned millionaires, and they believe that if they get in it will also work for them the same way, and the most annoying part of it is that they want that profit to come in a day.

sad but true, they thought that if you are into crypto, you are rich! this is the reason when a newbie tried to get into crypto trading and lost, he will blame that crypto or btc is a fraud showing his ignorance on this market. the media plays an important role on creating some of initial perception towards crypto.
 people usually judge what is being given to them without doing any kind of research. but a responsible viewer will take his time to read and understand what is really going on in crypto. and those that will take their time to do their own research will turn to be a good crypto user.
 

[TalkStar]

The media portrays cryptocurrency as a market to make huge profits, and they like to make it seem like there are no risks involved in cryptocurrency trading, which is totally wrong.

Its not a wise decision to start trading or making investment just by following media or crypto based news portals. Yeah its true that worldwide people are making good profits by investing their money on crypto but they are doing this because of their knowledge and experiences. If anyone make investment just by hearing some media press releases that people are getting millionaire overnight then its definitely a wrong decision. Every investment have the possibility of profits and losses and its just not only applicable to crypto investment.  

They all hear stories of those that turned millionaires, and they believe that if they get in it will also work for them the same way, and the most annoying part of it is that they want that profit to come in a day.

Its nothing new and pretty much common in new crypto investors. I always suggest newbies to enrich their knowledge vault about the specific field before making early investment.

[dunfida]

Cryptocurrency and stock market may seem quite similar in some ways, but there are ways they are different from each other and you wouldn’t know this until you’re part of it. The media portrays cryptocurrency as a market to make huge profits, and they like to make it seem like there are no risks involved in cryptocurrency trading, which is totally wrong.

I have asked some people why they think cryptocurrency is a good investment to make and their answers they mostly give to me, like 90% of the time, is that cryptocurrency is means to get more money and become rich. They all hear stories of those that turned millionaires, and they believe that if they get in it will also work for them the same way, and the most annoying part of it is that they want that profit to come in a day.

sad but true, they thought that if you are into crypto, you are rich! this is the reason when a newbie tried to get into crypto trading and lost, he will blame that crypto or btc is a fraud showing his ignorance on this market. the media plays an important role on creating some of initial perception towards crypto.
 people usually judge what is being given to them without doing any kind of research. but a responsible viewer will take his time to read and understand what is really going on in crypto. and those that will take their time to do their own research will turn to be a good crypto user.
 

Common happenings here on this crypto market or even lets talk on traditional markets where there are still noobs who do believe that forex and stocks can give out that financial freedom if they do decide to jump on it
but when reality slapped up their faces then thats the time they do realize that things or expectations wont happen as they anticipated.For people who do make up rush decisions will most likely end up on the wrong path or do start on a very bad outcome yet it does need up more search and study on how things works here on this market before making any steps forward.It is indeed a different ball game and people should
really be aware on that in the first place.

[ChronoLite]

it is also because our fault tbh. mostly if people talks with you about how do you make money at trading, they will say trading because it's the easiest money making on cryptos. and by saying that trading is an easy task and everyone can do that, and people will literally believe that also after they lose, they just bitching about cryptocurrency because things are not looking at they have expected before

[Lorence.xD]

it is also because our fault tbh. mostly if people talks with you about how do you make money at trading, they will say trading because it's the easiest money making on cryptos. and by saying that trading is an easy task and everyone can do that, and people will literally believe that also after they lose, they just bitching about cryptocurrency because things are not looking at they have expected before

It is not the fault of the people who say trading is easy, it is up to the person whether they should believe or not, in the end the decision to do crypto trading falls in your hands as you are the one who will benefit or not from it. Regarding OP saying that having experience in other trading will not help you when you trade in crypto, I think so otherwise, when you get experience, you can use it to provide a foundation for new endeavors, the problem was he got cocky and have others manipulate the pump.

[yhiaali3]

What happened to the guy has both good and bad impact on crypto.
- Good: It shows that whoever comes in and take crypto as another get rich quick or pump and dump scheme will have to learn the hard way. It's not something that can be mastered in a short time even if you are a business owner or a veteran trader in other markets.
- Bad: It confirms what many critics have been saying about cryptocurrencies that it's a place of hype or pumps and dumps. A lot of his followers who are skeptical on bitcoin has more reasons to stay away now.

I do not agree with you that this will have a bad impact on crypto, because cryptocurrencies, especially Bitcoin, do not need such people who do not understand the truth of Bitcoin and its importance and deal with it as if they were going to a night club to play gambling and then return to their homes with some profits or losses.
Bitcoin needs people who understand the importance of Bitcoin and believe in it as a currency of value and help adopt it globally as the world's No. 1 currency of the future. This is what we need and we do not need such people who do not understand the true value of Bitcoin and cryptocurrencies.