Trading not for everyone!

[taufik123]

I like your submission on that. That's the whole essence of SL by my rule. It's akin to he who fights and runs away lives to fight another day. What gets most traders into trouble is staying in bad trades and hoping the trades reverse in their direction. It's a bad strategy. In fact, it's not a strategy. Trades can float for months in loss without wiping one's capital off but won't give one the opportunity of taking another trade for the fear that one will be over trading. This is the same trade one can end in loss, take a breather and then trigger another trade and recover the loss in a day or within few days instead of allowing it float for weeks in hope it reverses. That's not trading at all. I learnt this the hard way.

It is likely that traders like this are resigned to the situation or even too hopeful that the market will soon rise again quickly.
If they hold Bitcoin there may be plenty of opportunities, but if they hold altcoins that don't have any development, it will be a different story.

Leaving it floating for weeks and continuing to hope that there would be a reversal not trading, he turned into a Holder who continued to hope that the market would soon rise and then sell at the initial purchase price.
Such people have problems with their psychology, so they do not stick to their original strategy.

In my opinion, what is almost more important is the ability to trade completely emotionless, i.e. not to be carried away by either winning streaks or losing streaks to make reckless bets.
This is also the reason why many newbies fail in trading: At some point, FOMO or loss fears take over and one makes serious and bad decisions such as "this trade just has to work out now" or "if this trade works out now I am no longer in the red". We all know the result ...
-snip-

But it is impossible to trade without emotions, everyone has emotions in any case, the difference is how big their emotions are and how much they can control them.
Because if the emotions are unstable, it will destroy the trading he does.

In the end, it will be easy to get caught up in FOMO and trade carelessly without any strategy.

Rule 6 "Risk Only What You Can Afford to Lose" matches the statement from @taufik123 very well. This applies not only to classical trading but also, for example, to staking via exchanges. There, too, you should only leave as many coins as you are willing to lose.

Always remember these words " Not Your Key Not Your Coin"

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[Hamphser]

Another thing to learn is that they should always used their spare money or money not in haste to make use of since most person's always expect huge profits from holding. From my understanding, whenever you are holding it should be for bitcoin only any other currency is at a very high risk because they posses the tendency of losing 99 percent and this alone had sent back people to their past. So why engaging yourselves with trading and hold you should also try as much as possible to only used their spare fund or an amount they spare to lose.

Everything is so expensive that spare money does not remains with everyone so it will be better to save some amount for the purpose of investment. The people in previous age was able to save some amount for purpose of emergency because at that time there was not such inflation but these days the expenses of daily uses was hardly accomplished so one cannot save much amount to keep as a spare amount.

Bitcoin can multiply your money but for it a person should be able to continue his efforts and patience until the exact time comes from which a profit can be achieved and other coins are worthy too but not all of them can proves to be good during bear market so step towards success requires knowledge and learning during such situations.

If you do find yourself wasnt really be able to make out some savings just because your earnings arent really that sufficient then it would really be just that common sense on what are the things that we do next to do
for us to be able to save up which is on having that more income source and this is via whether having an another job or side investment or whatever business that you would really be able to make on because having that multiple income source would really be giving out the opportunity for you to save up or having the money specially on emergency purposes. On the time that you do consider out on touching up trading then
you should really be that wise on having that spending or allocating a budget on something which you arent that familiar. This is why its recommended that it would be always better on making use of the amount
which you can afford to lose.

[Ndabagi01]

Just another piece of advice to newbies that just starting their journey with cryptocurrency, crypto trading is not for everyone. If you are unsure of your capabilities to trade it will be beneficial to you to just buy and hold, and be taking each opportunity of every dip on the market to Dollar -Cost-Average.

This advice should be aimed not only to beginners, but also to the more general public for people interested in cryptocurrency. It is clear that a huge number of people who are interested in crypto do not earn a profit from trading; the majority of them always lose and only a few make a good profit. Those who have made good profits and become wealthy through cryptocurrency are the holders; they buy when the market is down and sell when the market is up.

There is a time for everything, and the bull market is usually the time for holders. I am sure when the bull market returns as we're expecting, if you hold good project's you will make a good profit.

The bull market that has occurred in the past does not only work for those projects that are good. When BTC begins to rise, all altcoins usually follow suit, regardless of how small the increase is. There is always an upward movement in altcoins during a bull market.

[Ruttoshi]

Trading needs needs skills and knowledge to be able to make profit in the market. If you lack these as a newbie, it is better that you stay away from trading until you have learnt the technical and fundamental analysis in trading and you should also know the risk management too.

It is better and easier to buy and hold bitcoin for a long term than trying to make profit with trading. There is a high possibility of loss than profit,that is why newbies should be careful with their decisions on going into trading.

[kawetsriyanto]

Trading needs needs skills and knowledge to be able to make profit in the market. If you lack these as a newbie, it is better that you stay away from trading until you have learnt the technical and fundamental analysis in trading and you should also know the risk management too.

Agree. It is a must to have sufficient knowledge and have good mentality before we decide to trade any crypto coins. Trading isn't as easy as people assume, it is quite complicated and has many challenges. Sure, it needs both technical and fundamental analysis, this is needed to determine when a trader to choose entry (buy) or exit (sell) time. A trader also need to understand the current trend in the crypto market. Without understanding these factors, it is difficult to trade properly.

It is better and easier to buy and hold bitcoin for a long term than trying to make profit with trading. There is a high possibility of loss than profit,that is why newbies should be careful with their decisions on going into trading.

Indeed. The most secure option for newbies is to invest in Bitcoin for a long term holding. They can buy Bitcoin during the bearish season and target to take profits in the bullrun season. However, it still requires good knowledge related to Bitcoin price history. So, they understand when the bearish and the bullish season to happen. Basically, both investment and trading require knowledge, newbies can't expect to earn profits without good understanding about them.

[_BlackStar]

-snip-

Agree. It is a must to have sufficient knowledge and have good mentality before we decide to trade any crypto coins. Trading isn't as easy as people assume, it is quite complicated and has many challenges. Sure, it needs both technical and fundamental analysis, this is needed to determine when a trader to choose entry (buy) or exit (sell) time. A trader also need to understand the current trend in the crypto market. Without understanding these factors, it is difficult to trade properly.

Some people find trading easy where they only need to buy low and sell high. But in reality it is not as easy as they think – especially without good knowledge.

Knowledge, experience and ability are some of the things that support the success or failure of a trader. They have to know enough about what coin they are choosing - they have to be experienced in dealing with the market - they also have to be able to do analysis. All of that is necessary and related to one another so that the trading plan goes according to plan.

[Adbitco]

snip

Bitcoin can multiply your money but for it a person should be able to continue his efforts and patience until the exact time comes from which a profit can be achieved and other coins are worthy too but not all of them can proves to be good during bear market so step towards success requires knowledge and learning during such situations.

This is actually correct because having spare cash lose nowadays is very hard since no one wants to lose their cash and to every little one is very much important to them. Invest needs boldness anyone who aren't determined to start investing may never have that mindsets to release some of his funds to invest in something that they know of their future results or the outcome to be.. That is why investment and trading require deep knowledge to paddle through the journey otherwise I don't think if one could spare cash to invest or trade.

[WatChe]

This advice should be aimed not only to beginners, but also to the more general public for people interested in cryptocurrency. It is clear that a huge number of people who are interested in crypto do not earn a profit from trading; the majority of them always lose and only a few make a good profit. Those who have made good profits and become wealthy through cryptocurrency are the holders; they buy when the market is down and sell when the market is up.

Day trading or short term trading is not for everyone. It's a wild fire that even experienced traders find it hard to handle. You are right in saying that profit in the long run lies in HODLing and short term trading can only give you occasional benefit. I have tried day trading and quickly find out that I am not suitable for that and left that trading to avoid future loses. The more quickly you understand trading (short and day) and its prons/cons the better it is for your capital.

[irhact]

Another thing to learn is that they should always used their spare money or money not in haste to make use of since most person's always expect huge profits from holding. From my understanding, whenever you are holding it should be for bitcoin only any other currency is at a very high risk because they posses the tendency of losing 99 percent and this alone had sent back people to their past. So why engaging yourselves with trading and hold you should also try as much as possible to only used their spare fund or an amount they spare to lose.

Not only those altcoins poses the tendency to reduced by 99% but also bitcoin can do that as well. Bitcoin loses so much value during the bear market so if you're running from altcoins because of this you will also encounter it investing in only Bitcoin but what make the difference is the ability for Bitcoin to fall this much and still climb back up when the bull market starts but most altcoins can't do this due to them losing their hype in the market.

Many individuals are investing in altcoins because of the hype that the getting therefore when that hype is no more they lose investors and you shouldn't be left holding those types of project or you won't have anybody to sell to or sell at a lost price because of low market activity.

[Adbitco]

Another thing to learn is that they should always used their spare money or money not in haste to make use of since most person's always expect huge profits from holding. From my understanding, whenever you are holding it should be for bitcoin only any other currency is at a very high risk because they posses the tendency of losing 99 percent and this alone had sent back people to their past. So why engaging yourselves with trading and hold you should also try as much as possible to only used their spare fund or an amount they spare to lose.

Not only those altcoins poses the tendency to reduced by 99% but also bitcoin can do that as well. Bitcoin loses so much value during the bear market so if you're running from altcoins because of this you will also encounter it investing in only Bitcoin but what make the difference is the ability for Bitcoin to fall this much and still climb back up when the bull market starts but most altcoins can't do this due to them losing their hype in the market.

Many individuals are investing in altcoins because of the hype that the getting therefore when that hype is no more they lose investors and you shouldn't be left holding those types of project or you won't have anybody to sell to or sell at a lost price because of low market activity.

Yeah you are right though, but the risk in altcoin can't be compared with bitcoin since most of them doesn't come rise back as quickly as possible. Just as you had said earlier, most of those altcoin loses tremendously but aren't that energized to rise back as bitcoin that's why I myself do love holding bitcoin than altcoin. Yet there are some other altcoin you could hold and may not loose that much because they are already known to be the popular ones, apart from them holding none reputable coin are very risky especially the overhyped coin.

[Lakai01]

But it is impossible to trade without emotions, everyone has emotions in any case, the difference is how big their emotions are and how much they can control them.
Because if the emotions are unstable, it will destroy the trading he does.
-snip-

There are several ways to keep emotions almost completely out of trading. The most proven ones in my opinion are:

• Using trading bots to actually buy and sell the coins. You develop a trading strategy and hand it over to a bot for execution, also with a limited duration (e.g. for 5 days) to adjust the strategy only after this time. The bot trades completely emotionless and you yourself have significantly more effort to intervene in the execution of the strategy.
• As simple as it sounds ... a successful way to negate emotions to a large extent is to set up a plan and follow it 100%, even if the strategy runs badly at first sight. Of course, this requires a lot of self-control ... but as a trader you should have it anyway.

Tone Vays, a relatively well-known trader, once compared trading to playing poker. There, too, you hardly see any emotion in the players during big tournaments. The better someone rules over himself, the better he usually plays.

Always remember these words " Not Your Key Not Your Coin"

That's exactly what I was talking about. Unfortunately, it still happens way to often that traders lose money solely because they used dubios trading platforms, lost access to the wallets of their bots and so on. Those failures are way more painful than losing a bunch of trades in a row.

[Bushdark]

snip

Bitcoin can multiply your money but for it a person should be able to continue his efforts and patience until the exact time comes from which a profit can be achieved and other coins are worthy too but not all of them can proves to be good during bear market so step towards success requires knowledge and learning during such situations.

This is actually correct because having spare cash lose nowadays is very hard since no one wants to lose their cash and to every little one is very much important to them. Invest needs boldness anyone who aren't determined to start investing may never have that mindsets to release some of his funds to invest in something that they know of their future results or the outcome to be.. That is why investment and trading require deep knowledge to paddle through the journey otherwise I don't think if one could spare cash to invest or trade.

Investing need a lot to concentration for us to make profits from the market. If we really want to make money from the market then will need to be focus and make a good analysis or better sti get a good signal that can make us a lucky investor. Everyone is not meant to make profits from the market. The market works like this, if you lose, others are winning.

While you win, there are people that are losing. Everyone can't become a winner at the same time. There is need for a quick understanding of the market because if you buy and others are selling, you may be surprised that the market is going to go bearish making you to lose money.

[taufik123]

-snip-

The use of Bots can avoid emotions, but you need to be careful not all Bots are good.
There is a wide variety of Bots available that will ultimately only end up in fraud and losses due to undeveloped Bots.

Many Whales are using Mev Bot as their trading Bot on the Ethereum Platform and some bots are also already available on centralized exchanges.

That's exactly what I was talking about. Unfortunately, it still happens way to often that traders lose money solely because they used dubios trading platforms, lost access to the wallets of their bots and so on. Those failures are way more painful than losing a bunch of trades in a row.

Being trapped on a scam Bot platform is more painful.
When you have made a lot of profits, you can't have access to the wallet you used, the scammers take over everything and that's the risk of using Bots that are not recommended. Full research should be done before using a Bot.

-snip-
While you win, there are people that are losing. Everyone can't become a winner at the same time. There is need for a quick understanding of the market because if you buy and others are selling, you may be surprised that the market is going to go bearish making you to lose money.

That is the trade cycle and will always be the case.
The profits you make come from people buying the assets you sell, and vice versa.

There are winners and losers, there are profits and losses.
Make sure to have a good and workable strategy for trading.

[Bitcoin_people]

Trading is not for everyone It is known by most of us that people who can't acquire good skills can never make profit. Especially those who are new to cryptocurrencies are never wise but face a lot of pitfalls in the journey they embark on. And those who gradually acquire skills and knowledge can later face profits whereas those who trade without acquiring skills always face losses. Many newbies who overthink trading in the beginning are often at risk, and many get emotional with losses. Of course, if you want to make a profit by trading, you need to acquire good skills and knowledge and do a good analysis of the market, then you need to take advice from knowledgeable people, but it is possible to succeed in trading.

[lienfaye]

Don't follow the crowd, follow what has profitably proven to work for you. In cryptocurrency market it is time that makes the difference in our profit-making.

Indeed. If you became interested to be a trader just because you saw someone earning a decent amount through his trading activity, it doesn't mean you'll have the same result. Because it depends on your knowledge and experience in trading to maximize the chances of having a successful trade.

Trading is not for everyone but you can always try. This is to experience if being a trader is better than the other opportunities out there once you engage yourself in crypto. If it doesn't work then you can try the other ways until you find the path that can give you decent profit without pressuring yourself.

[ancafe]

Just another piece of advise to newbies that just starting their journey with cryptocurrency, crypto trading is not for everyone. If you are unsure of your capabilities to trade it will be beneficial to you to just buy and hold, and be taking each opportunity of every dip on the market to Dollar -Cost-Average.

First verify that our abilities are more suitable for trading or investing because if you start with ignorance it will actually make you lose everything. Trading requires knowledge of technical matters and you also need experience to adjust strategies, we get all of that if we are directly involved in it. The trick is to try to learn to trade with small capital first so that we are accustomed and experienced in trading.

You're peacefully on track, and not losing out on anything. Trading has sent a bunch of persons back to their past.

For investment it also depends on what coins you hold and trading is sure to send a lot of people in the past if done without competent knowledge.

There is a time for everything, and the bull market is usually the time for holders. I am sure when the bull market returns as we're expecting, if you hold good project's you will make a good profit.

Separate trading from investing because it is confusing for beginners to understand. Trading is different from investing although both are involved in buying and selling.

[Fivestar4everMVP]

I will have to agree that trading is not for everyone, simply because trading involves skills, and the skills in trading is not a type of skill everyone can get good at, like for example, an uneducated person we find it very difficult to understand the skills involved in trading even if it is really their desire to learn how to trade, and get commit the time to learn, it will still be very difficult for them to succeed or do well in applying the skills required for profitable trading, so yeah indeed, trading is not really for everyone.

Those who find reading difficult can like the op said, buy-and-hold, that is the same as investing, investor also make a very good amount of money if they invest in the right project, the only challenge here is finding the right projects to invest in, but then, if the investor is unsure, they can always start their investment journey by first investing in Bitcoin, at least, until they become better at knowing the right project to invest in and projects to avoid.

[Fuso.hp]

Another thing to learn is that they should always used their spare money or money not in haste to make use of since most person's always expect huge profits from holding. From my understanding, whenever you are holding it should be for bitcoin only any other currency is at a very high risk because they posses the tendency of losing 99 percent and this alone had sent back people to their past. So why engaging yourselves with trading and hold you should also try as much as possible to only used their spare fund or an amount they spare to lose.

Not only those altcoins poses the tendency to reduced by 99% but also bitcoin can do that as well. Bitcoin loses so much value during the bear market so if you're running from altcoins because of this you will also encounter it investing in only Bitcoin but what make the difference is the ability for Bitcoin to fall this much and still climb back up when the bull market starts but most altcoins can't do this due to them losing their hype in the market.

Many individuals are investing in altcoins because of the hype that the getting therefore when that hype is no more they lose investors and you shouldn't be left holding those types of project or you won't have anybody to sell to or sell at a lost price because of low market activity.

Yeah you are right though, but the risk in altcoin can't be compared with bitcoin since most of them doesn't come rise back as quickly as possible. Just as you had said earlier, most of those altcoin loses tremendously but aren't that energized to rise back as bitcoin that's why I myself do love holding bitcoin than altcoin. Yet there are some other altcoin you could hold and may not loose that much because they are already known to be the popular ones, apart from them holding none reputable coin are very risky especially the overhyped coin.

Bitcoin is always safer to hold and ALT coins are slightly riskier to hold than Bitcoin, but there are definitely some good quality coins in ALT coins that don't seem as risky as holding other common ALT points. Holding alt coins that have their own platform or their own exchange has a very low chance of losing. But whether we plan to hold ALT coin or Bitcoin we must accept risk because no matter how safe the coil is you must accept risk, any coin will be easier to hold if you can accept risk.
Users who can't take money risk and get too excited should stay away from trading because not being able to take risk and getting too excited puts their money and life at risk for both.

[xSkylarx]

Don't follow the crowd, follow what has profitably proven to work for you. In cryptocurrency market it is time that makes the difference in our profit-making.

Indeed. If you became interested to be a trader just because you saw someone earning a decent amount through his trading activity, it doesn't mean you'll have the same result. Because it depends on your knowledge and experience in trading to maximize the chances of having a successful trade.

Those TikTok and social media videos really make those newbies think and say that they can learn trading easily, as those videos are just showing the end result, not the hardships, and they are also just after the referral, as they can get money on it once you sign up and deposit money. Thinking this way really makes you quit along the way, as you're not ready to fight; you're just thinking that you can learn it over the span of a few days and start earning profit, which is not true.

[uchegod-21]

Obviously trading is not for everyone, even if you have all the skills to trade and make profit there are some other important skills that you need to have in order to be on the profit side on a long run in trading, even if you know how to read the chat and enter the market and exit successfully yet. You don't have patience. You will not be successful in Trading. Even if you are an expert Trader and you don't know risk management, you will lose on the long run. That is the reason it is said that trading is not for everyone because it is more emotionally attached than experience.

According to Op, if we are sure of the bull run, it is better to hold for long time, just only good Project.