Bitcoin Trading: My First Proper Attempt in Learning

[Davidvictorson]

About a month ago, my request for mentoring and coaching in trading bitcoin and other cryptocurrencies was granted by one of the most successful bitcoin and cryptocurrency traders I so much respect. This person is a Professor of Economics. She is a Certified Cryptocurrency Trader. She has a lot of experience in trading stocks, bitcoin, and other cryptocurrencies.

One thing that worries me is that she has got me reading books on the basics of bitcoin. Also, a book on emotional intelligence. We meet every fortnight to discuss the assigned modules. She says I first need to be grounded in the fundamentals of bitcoin and other cryptocurrencies. As for emotional intelligence, she says it is a key success factor for every experienced trader. After my years of HODLing, I thought I was already grounded in the fundamentals . Well, I must trust her judgment. An African proverb says, "What an old man/woman sees while sitting down, a young person cannot see it even if he or she climbs to the top of the tallest tree". In my spare time, I skim through articles and resources on bitcoin trading.

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

[serjent05]

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

Jumping straight into Bitcoin or cryptocurrency trading without knowing the basics is suicidal.  I can say, you have a great mentor out there.  She first lets you acquire the basics, fundamentals, and even emotional intelligence.  We had seen several TA masters and FA masters crumbling down because of a lack of EQ.  Trading is a rough road and learning the ways of trading is even a steeper one.  So your mentor is right to prepare your emotional judgment capability for what is coming ahead.

[BitMaxz]

I have experience in jumping straight into trading usually I will end up losing in trading due to fear and greed.

Like you feel that the price of Bitcoin sooner will drop so you will end up selling them early and the price of Bitcoin after a few minutes increase more than 10%.
About greed, it is like you already made a profit but you still holding it and expecting more price increases but it ends up huge price drop.

That is why you also need to learn how to control your fear and greed.

Adding this most of what I learn from trading is from this link below it might be useful to you to learn more about trading.

- https://github.com/SpiralDevelopment/Awesome-Crypto-Trading

[jackg]

I'd be a bit careful in your position, remember that reading books on intelligence (emotional especially) might not be the best way to actually acquire it.

Take care in deciding to run before you're able to walk. If you're getting into trading you're better off testing the waters before throwing yourself in deep water without being fully prepared.

Calling yourself a "certified crypto trader" is also worrying and I'd take everything she tells you with a pinch of salt (generally, I'd advise you don't trust things until they've been proven to you - if she's got a strategy or a few she's trying to teach it doesn't hurt to paper trade it for a while or trade with lower until you've proven your chances for success).

[Despairo]

That's really a bad way to start trading, those called novice, professional, expert traders isn't a dumb person who want to teach you free and wasting their time to you, because they can maximize their times to be productive and earn more money. Even those expert traders want to teach you by opening a private course, is still doesn't make sense because if you can earn money by daily trading, why you open a private course?

[noorman0]

-snip-
Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

To be honest I didn't have any experience trading any commodity assets until I got to know bitcoin which opened up my new experience and the results weren't as bad as people think even without an in-depth strategy.
Learning basic trading strategies is (in theory) important, but with experience it will be better for traders to be able to adjust their emotions and devise the right strategy on their own.

[cabron]

I did forex time and lose my capital which is less than a  thousand anyway. This is when I was jobless, so I worked for someone doing web research until I found BTC and then kept learning despite not learning it all I'mback again to trading.

An African proverb says, "What an old man/woman sees while sitting down, a young person cannot see it even if he or she climbs to the top of the tallest tree". In my spare time, I skim through articles and resources on bitcoin trading.

Can you tell us more about this, can you  tell us what the old folks saw that we can't? My guess is the time passing by.  I'm not sure about what African's see though.

[Oshosondy]

That's really a bad way to start trading, those called novice, professional, expert traders isn't a dumb person who want to teach you free and wasting their time to you, because they can maximize their times to be productive and earn more money. Even those expert traders want to teach you by opening a private course, is still doesn't make sense because if you can earn money by daily trading, why you open a private course?

I think that is true, why private course, not only private but that will be paid for. But if I want to teach people that do not know about trading, I will have to charge them so I will have the energy to do so. But I won't teach who I do not know because I will like it to be free. If truly making money from trading, why selling trading articles and the likes, that is true, it is a means people can know that people just want to use people to make profit an nothing more.

[palle11]

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

You can't jump into any of these without having a little knowledge about either cryptocurrency trading or forex trading and the knowledge first should come from reading. This means you are going through the right part by trying to be tutored into reading the fundamentals first. As to emotions I don't think it comes while you are still reading and studying because you have to practice a while before you know how your emotion can function. The process is to read and practice on and of then you watch the emotion and read about it. But there is really nothing you want to read about emotion concerning trading, you have to be the one to train your emotion with time and experience.

[Cling18]

That's really a bad way to start trading, those called novice, professional, expert traders isn't a dumb person who want to teach you free and wasting their time to you, because they can maximize their times to be productive and earn more money. Even those expert traders want to teach you by opening a private course, is still doesn't make sense because if you can earn money by daily trading, why do you open a private course?

Her strategy of teaching will take you a lot of time before you learn your target knowledge. You should've told her the exact thing that you want to learn and things that are related to that because as you've mentioned, you've been trading for years so studying the basics will only be a waste of time for you. You should have asked her the lessons that you really want to learn to maximize your time frame of learning. Trading is a long process of learning but since you have experience, I think strategies and technical analysis would suit you.

[cheezcarls]

I remember that time as a newbie in Bitcoin and crypto trading, I didn’t have an expert or mentor back then to teach me. I self-studied with the help of Youtube, crypto-related FB groups and also here on Bitcointalk. Months later after that, I began teaching newbies about the very basics of Bitcoin, blockchain, trading 101, etc. It all started with a word of moth individually, to teaching small groups until I finally had my biggest break in being one of the speakers in front of almost 800 people in a university and also a panel speaker in Malaysia with 300+ internationals watching me.

[YOSHIE]

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

i only learn crypto trading science in forum and internet only, i don't have professor or expert like you have and learn, my teacher failed and experienced.

Although i am not as successful as your professor, but i am enough to make my own profit in doing crypto trading, from what i got here and experience, that trading takes patience and courage to do it, I think the way people trade is different in terms of profit, you have a way like that and I have a way like this, basically profit.

I once tried the knowledge of an expert in trading, not as lucky as him, I failed, maybe that knowledge was only for him, I tried other ways to succeed in self-knowledge, it worked.

[Silberman]

About a month ago, my request for mentoring and coaching in trading bitcoin and other cryptocurrencies was granted by one of the most successful bitcoin and cryptocurrency traders I so much respect. This person is a Professor of Economics. She is a Certified Cryptocurrency Trader. She has a lot of experience in trading stocks, bitcoin, and other cryptocurrencies.

One thing that worries me is that she has got me reading books on the basics of bitcoin. Also, a book on emotional intelligence. We meet every fortnight to discuss the assigned modules. She says I first need to be grounded in the fundamentals of bitcoin and other cryptocurrencies. As for emotional intelligence, she says it is a key success factor for every experienced trader. After my years of HODLing, I thought I was already grounded in the fundamentals . Well, I must trust her judgment. An African proverb says, "What an old man/woman sees while sitting down, a young person cannot see it even if he or she climbs to the top of the tallest tree". In my spare time, I skim through articles and resources on bitcoin trading.

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

I think she is guiding you on the correct way, many people simply want to make profits on this market and nothing more without understanding anything about it, so reading some books about bitcoin is important, also I like her approach about making you to read books about emotional intelligence as well, one of the main reasons why people lose money in the markets is the lack of control over their emotions, so by making you to read more about the subject you are also improving your trading abilities, even if that may not seem to be the case at the moment.

[Slow death]

why do you need to know about bitcoin fundamentals if you will only day trade and not hodl? when we are day trading the fundamentals don't matter, what matters is what the chart is saying at that moment, the chart data is everything we need at that moment to buy or sell. The fundamentals are useful when you want to make a long-term investment, at that time you will have to consider things like: why would someone buy bitcoin, what positive aspects have bitcoin for people to buy, how many bitcoins are in circulation, what is the cost for mine bitcoin to have a more or less idea of how much profit the miners are making, how many whales are selling (in this part I don't even know how the hell these guys from the news channels manage to have the courage to look at the addresses of the guys who have a lot of bitcoin) go have to know these things. in my case I trade for a long time, so I don't worry about small movements

[kamvreto]

everyone must be a beginner first, learn the basics of trading and what the risks will be. Cryptocurrencies do tend to be riskier, but crypto returns are faster.
The person who taught you about the basics of crypto is right, he said that the important factor for every trader is emotional, because emotional will affect what steps you will take in the future.
Technical analysis and fundamental science are sciences that must be studied, because everything will be based on these two analyses.

[crwth]

Thank you for sharing your experience. It's good that you have someone to look up to and have a guide on your trading journey. She sounds like a great person and is probably really successful with trading.

One thing that worries me is that she has got me reading books on the basics of bitcoin. Also, a book on emotional intelligence. We meet every fortnight to discuss the assigned modules.

Why would it worry you that she has got you to read books? It's the best way to get information and learn about a subject. I believe you can get the best learnings in books, whether you are talking about cryptocurrency in general or any other industry, even cooking. You probably need to understand that you need to know how to absorb and apply it. In that way, you can get to know the subject deeply.

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

As for my early experience, it has been a disastrous start. I did lose a lot, and when you convert it today, it's even more depressing. But that's just life, and you need to move on. You need to understand that certain risks are involved, and that's just the start.

I do hope that you had success with your experience.

[AicecreaME]

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

I didn't.

Jumping right away just because you have money isn't gonna work, especially if you're trading in futures. Cryptocurrency trading is hard, especially in futures, at least you know the basics first and emotion control would help too. Stock trading is hard as well but safer than futures since your money won't be liquidated but you're unlucky if you bought a coin and then it rug pulled, that's why technical analysis is a must.

[milewilda]

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

I was already a Forex/stocks trader wayback before i do get involved with crypto on the time that i do know about it thats why i do make use of technicals right away.
Back into those early years where technicals arent really that precise for them to bite on when it comes to trading analysis and its outcome.
We do all start on being a noob whether you do have past experiences or not then learning isnt something that you could able to have a good grasp with it.
Learning is through experience and that would be gained along the way.

[Rockstarguy]

Jumping into Bitcoin trading because of forex trading knowledge is not a good way to start Bitcoin trading. Bitcoin trading has foundation  which is important that if it is skipped it is not possible for trading to go well without any challenge. Anyone who will think of not starting from the scratch to learn Bitcoin,  trying to use idea of something related is risking his/her money. Their is no shortcut to learn Bitcoin trading,  it must be learnt from the beginning.

[fullhdpixel]

Did you jump straight into bitcoin or crypto trading as a novice or did you already have some experience trading in stocks, and Forex before venturing into trading in bitcoin and other cryptocurrencies?

I already heard of stocks and forex before but I didn't dig deeper on them. I find them hard but I didn't feel that the first time I heard about bitcoin on some PC forums. It is truly amazing that bitcoin is our stepping stone to become more familiar later on in trading and investing.

There is no need to learn stocks and forex because we can get the same benefit here in cryptocurrencies. Goodluck by the way OP; please be a good student to your mentor. Always follow his advice as that can make you a better trader later on. To some of us, maybe it is not time yet to get a mentor because we have a problem in financial and we can still be able to learn our own.