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Author Topic: PROFIT must not be top priority in trading, instead of LEARNING first.  (Read 623 times)
Kelvinid (OP)
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March 01, 2022, 02:18:46 PM
 #1

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.

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March 01, 2022, 03:53:40 PM
 #2

You are right, knowledge first before profit because without knowledge or experience profit won't be in existence.

Many people want to make money without having the experience or knowledge of how to make money or understand the basic things that supplies the money.

So in trading, profits shouldn't be your first priority but understanding the various concept involved in trading.
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March 01, 2022, 04:06:30 PM
 #3

Let's get simply, since it's a dichotomy "buy" or "sell", you can pick up the right event in the right moment and earning a profit... but this is just based on luck or maybe in some wrong assumption that you can't use again in another trade.
If you don't know information about a market you're just gambling on the market, more similar to a casino and not a real trade.
And probably most of people that approach themselves to altcoins and bitcoin market are just doing something like this.

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March 01, 2022, 04:14:38 PM
 #4

Learning is definitely a priority and you should not enter market without any knowledge about trading, you don't want to jump into something that you have no knowledge at or any information regarding that thing, it is just like jumping without knowing where you are going to land. I think it is a common sense that you should be learning and gaining knowledge through actual trades but most of the new traders are too excited to earn profit and ended up losing.

Though I would like to clarify, in trading it is also a priority to take profit. All traders goes to market with only one goal... to have profit. But prioritizing both gaining knowledge and having a profit was a good one, both can be a priority.


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March 01, 2022, 07:58:44 PM
 #5

It's why newbies in trading are always advised to only use money they can afford to lose because making losses while trading is something that will happen throughout a person's trading career.

Even well experienced, and professional traders make bad calls/losses once in a while. The aim of learning is for one to identify the best possible trading strategy they can work with which keeps making more profits than losses over a trading period.

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March 01, 2022, 08:45:45 PM
 #6

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.
The process will always be more important than the end result, most of the time people concentrate on whether things turn out positively or negatively for them and then they adjust their behaviors according to that, however there are many instances in which this is counterproductive and instead you need to focus in the process regardless of the end result, and trading is one of those instances.

For example a newbie that comes to the market and invest in a new coin and earns a fortune out of it thinks of himself as a genius and someone with natural talent to trade the markets, but that is just because he's judging his performance based only on the results that he got, however when we think about this in terms of the process we can see that he was just lucky and that if he keeps doing that then he's going to lose all of his money eventually, so even if he got good results what he did was wrong.

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March 01, 2022, 09:11:50 PM
 #7

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.
SUSTAIN!

This should really be your first priority and next would be making profits because once you do able to sustain yourself then profits will be flowing through because you do able to make money
on longer runs.This is why surviving is the first or mindset you do have when you are dealing on this market and not just hurrying up yourself on making money because this would really
just give out those kind of desperation which might result into mistakes. Learn things first and when you do able to handle up yourself well on this market then making money
wouldnt really be hard.

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March 01, 2022, 09:40:15 PM
 #8

In trading,one must not just be after making money to grow in Bitcoin,research and reading are the major things one should do in order to grow and excel in the work.
Learning from the experienced and taking corrections is another way one can grow in the work, and when one looks highly at the profit without thinking of how to get new strategies on trading,there is every possibility that he will not excel in trading,because he will lack the strategies and experience   on how to trade.
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March 01, 2022, 09:42:09 PM
 #9

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.
SUSTAIN!

This should really be your first priority and next would be making profits because once you do able to sustain yourself then profits will be flowing through because you do able to make money
on longer runs.This is why surviving is the first or mindset you do have when you are dealing on this market and not just hurrying up yourself on making money because this would really
just give out those kind of desperation which might result into mistakes. Learn things first and when you do able to handle up yourself well on this market then making money
wouldnt really be hard.
 Not only in trading but definitely in all aspects of life. The process starts with learning and embracing all the possible ways that will make you a better trader and once you have build already your own strategies to make trading works, that will be the start of creating successful trades and start to minimize losses in trading. And once you can sustain from making profits in trading, that will be the time to focus on maximizing your profits and going on extra miles to make it more possible.

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March 01, 2022, 09:50:43 PM
 #10

I agree.

In the beginning, you have to gain what's necessary and that's knowledge and plan. A trader that doesn't have any plan and knowledge despite having the budget to trade, it's still going to be ending in a losing streak.

Learning and then earning will be next to it.

If, you gain what you have to gain and acquires knowledge relatively for trading.

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March 01, 2022, 09:55:25 PM
 #11

In trading,one must not just be after making money to grow in Bitcoin,research and reading are the major things one should do in order to grow and excel in the work.
Learning from the experienced and taking corrections is another way one can grow in the work, and when one looks highly at the profit without thinking of how to get new strategies on trading,there is every possibility that he will not excel in trading,because he will lack the strategies and experience   on how to trade.
If you are here for immediate profits, i guess you're supposed to be in gambling rather than trading. Because in trading, you need extra efforts and  the right attitude to be able to sustain yourself and not to see yourself often losing. Trading is more on mastery and expertise, and you need to start with the basics of learning and inculcate it to yourself that there is no easy way to make profits but to learn it first on how to prevent losses. And when you see yourself already build up, that will be the start to seize every trading opportunities to make you more successful and profitable.  

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March 01, 2022, 11:11:39 PM
 #12

Indeed, How can someone get many profits if they have no knowledge of trading?
That's only luck
And luck, will not be with us every time and every moment. I don't believe that every single second of someone's life will be always full of luck. That is why this seems to be gambling not trading if we have no at least the basic knowledge. Even gambling itself will also need some knowledge, won't it?  Cheesy
We often read the thread and also comment on her in this forum that we must always have a willingness to learn, to obtain more knowledge. Knowledge is not only about the theory of trading itself, or about the cryptocurrency itself, but also any kind of knowledge that will be very helpful for trading. It will involve the knowledge and ability for management of risk and funds, knowledge of psychology and mental (emotion), and also others.
By learning, we can at least acquire the basic knowledge that will be our foundation of trading. Further, we can learn by doing, by evaluating our strategy and result of trading itself. No one is successful quickly and instantly in trading.
In this case, getting profit is also important, everyone here will always expect to get profits when trading, none will expect to always get lost, of course. But everything will not be instant and need process, one of the processes and things to have is the knowledge itself.

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March 01, 2022, 11:38:52 PM
 #13

That's why I said repeatedly to anyone especially if you're new to trading, practice is very important in trading and it's considered for me as the best teacher.  So the more experienced that you have, there's a financial involved and certainly, need money for the capital.

Learning is very important but you can bypass losses if you only want to practice in trading, try different exchanges that have a free demo feature, in that case, it will improve your skills and knowledge without too many losses.  I tend to agree with the OP, it shouldn't talk profit when we are in trading.

However, trading needs luck sometimes and IMO there's no successful trader that can make a profit daily without experiencing losses.

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March 01, 2022, 11:52:01 PM
 #14

In trading,one must not just be after making money to grow in Bitcoin,research and reading are the major things one should do in order to grow and excel in the work.
Learning from the experienced and taking corrections is another way one can grow in the work, and when one looks highly at the profit without thinking of how to get new strategies on trading,there is every possibility that he will not excel in trading,because he will lack the strategies and experience   on how to trade.
If you are here for immediate profits, i guess you're supposed to be in gambling rather than trading. Because in trading, you need extra efforts and  the right attitude to be able to sustain yourself and not to see yourself often losing. Trading is more on mastery and expertise, and you need to start with the basics of learning and inculcate it to yourself that there is no easy way to make profits but to learn it first on how to prevent losses. And when you see yourself already build up, that will be the start to seize every trading opportunities to make you more successful and profitable.  
When you arent that patient on learning first and trying to hurry things up then you are just simply gambling and this isnt a recommendable kind of trading behavior on which you should do
when you do make out some trades.Try to familiarize everything and dont tend to rush things up when making trading positions.Dont hurry for profits because it would normally comes out
if you have done it correctly specially on making out buying and selling decisions although it wont be that easy and this is where we do really need to learn up first.

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Ararbermas
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March 01, 2022, 11:54:56 PM
 #15

Yhup i agree on your thread title because without knowledge you cannot make profits in trading and you will end up losses instead..

Knowledge= success

so we need to make it as a priority to become successful in trading, just don't rush the situation and be aggressive always to learn more stuff about trading because there's no a short cut to become profitable trader.  
All of us need to follow the same path to have a better future in trading so be patient.
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March 02, 2022, 06:05:09 AM
 #16

In the first place if you don't have the exact knowledge about the market and which coins to invest in then don't need to take the risk and have an idea about it or say learn some basics to enter the real trading.But if you wish to have practical experience then start with small amounts and with time knowledge will increase as you learn different approaches of market and how to make buy/sell orders you can substantially increase the amount of trading.But you are right on the part that if you have knowledge then only profits could be made so be sure to go through the first one.

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March 02, 2022, 08:02:21 AM
 #17

Not all beginner traders have such an understanding, many of them enter the trade because they want to get a earner both as the main and additional so they only focus on making money and money.
Trading is not like a job in a company if it has been accepted to work if making mistakes will still get salary, while trading if you make a mistake then it will lose money that is more important to have the right mindset to be able to survive in the world of trading, lift up the knowledge is important things.

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March 02, 2022, 10:37:51 AM
 #18

OP, in my opinion, they should be BOTH your priorities. Plus use all the tools available to you to help make you become more logical, and less emotional. Before my Bitcoin only HODLing investment, this tool was suggested to me by a close friend, https://pandaanalytics.com/index

It might help some of you. Cool

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March 02, 2022, 10:43:10 AM
 #19

I understand how bad if we lose money on our first trade but I think we have to understand as well that not all went too easily. There is something we need to change and instead of focusing on how to earn money, it supposes we have to focus on how to enhance our knowledge and skills first. For the moment that we have all of these things, it can be easy for us to make a profit in the market...it guarantees nothing but nobody was able to succeed in the absence of these things.
Profit is the ultimate goal of trading but don't expect the goal become true when you just kick started it, it takes a lot fo time, patience and loss to become successful trader. There is nothing wrong with focusing on profits but you can't actually make it unless you know what should do and how it should be done according to the situation.

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March 02, 2022, 11:10:17 AM
 #20

It's why newbies in trading are always advised to only use money they can afford to lose because making losses while trading is something that will happen throughout a person's trading career.

Yes, and these newbies have no idea what this trading means. Most of them has been influenced by social media, many promotional ads mentioning good and high return upon trading, and these newbies take the bait.

I think this is the time to stop believing of what we saw online as these people never know exactly how trading works. And I think we need to help these newbies realize the risk in trading without backup knowledge coz it is certainly different if we have these things and the result too opposite.

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