Can a gambler be a good bitcoin trader?

[Docnaster]

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

You can have that good risk appetite but still, in trading you can still lose big especially if you don’t know what you are doing. Don’t ever bring the attitude of happy go lucky from gambling to trading because its too risky, in trading you need to exert more effort to analyze and that’s the only way for you to make good profit in trading by analyzing the market well. We know both are risky but in trading there’s a big chance for you to make profit, especially if you are doing your best to analyze.

The ability to take risks by a gambler I think is an added advantage when it comes to Bitcoin trading because sometimes it takes risky decisions for a trader to have big profits in Bitcoin trading but that's not a guarantee to being successful in Bitcoin trading.
In Bitcoin trading, the main factor to determine one's level of profits is be very good in analysing the trade market and to know when it it's best to buy and also to sell. So anyone who's good in analysing the market as well being a big risk taker, the person is very liable to be successful in Bitcoin trading

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[Sandra_hakeem]

Can a gambler become a good trader? Yes. If he learns how to trade. He has little to read about risk management and he should still know that he should trade with the amount of money that he can afford to lose.

No!!!!!!
I see the opposite of what you said... Why would you expect someone that gambles all the time to be able to have the resilience to trade?? Talk more of observing the risk management proceed and accountability?
It's funny cus he's definitely gonna trade just the same way he gambles; selecting them lot sizes for multipliers and also getting into the market when he feels like... I'm not disputing the fact that he's gonna have the techs to analyze and use modest strategies, but he'll definitely lose everything and hope he gets back to his feet someday.

Sandra 🧑‍🦰

[Gormicsta]

When gambling we don't need to analyze, just play and enjoy. However, when trading we need analysis, trading without analysis is also possible but the trading model is the same as gambling, just relying on luck.

This is far from true my friend, even in Gambling analysis is very important, that is why gambling has some analysis tools used to be able to at least give you a hint of what the outcome and result might be.
Let's take for instance those that gamble on soccer, you have the leverage to check the strength of the both teams, their H2H(head to head) which is the results of their previous encounters and possibly their last matches with other teams. These informations help you analyse and gives you an edge to come up with a reasonable predictions.
So as much as Trading requires analysis, so does gambling.

[BitcoinTurk]

Agree! You cant really be precisely be able to tell whether its right or wrong, yes or not! It would really be just totally depending on a certain individual on how he would really be dealing up or assess things.
One things for sure  that there's no way that you should really be acting like a gambler when you do gamble.Yes, it does impose risks like on doing gambling because in every orders you are making you could really be able to need up that kind of risks taking or something that do speak about gambling like situation but of course there would really be those main difference among the two in speaking about the risks level.
In speaking about becoming a good bitcoin trader then it would be totally different if we do speak about those capabilities or on how you should be learning. If you do tend to learn up trading in a gambler
like kind of approach then it would really be just that your choice but sooner or later you would really be able to realize on what are the things should really be done for you to sustain.

Trading and gambling is totally different or literally on how things been done. They do only become that similar if we do speak about risk taking but the levels
are actually or obviously that different plus we know that one is for fun and one is for real business or investment.  🙂

Of course, trading and gambling are completely different from each other but they both have one thing in common and that is risk management. At this point, the main point I want to express is that gambling, especially games, is completely based on luck, sports betting is based partly on analysis and partly on luck but knowledge and experience are very important in trading. That is a gambler focuses on winning based on luck by managing risk well but a trader focuses on winning based mainly on knowledge, experience and a small amount of luck.

Of course, the most important difference between gambling and trading is that gambling is for fun but trading is for profit and make an investments. Of course, a gambler may gamble not only for fun but also to make money, however this person definitely doesn't have a focus on making money or investing.

[Westinhome]

Of course, trading and gambling are completely different from each other but they both have one thing in common and that is risk management. At this point, the main point I want to express is that gambling, especially games, is completely based on luck, sports betting is based partly on analysis and partly on luck but knowledge and experience are very important in trading. That is a gambler focuses on winning based on luck by managing risk well but a trader focuses on winning based mainly on knowledge, experience and a small amount of luck.

Of course, the most important difference between gambling and trading is that gambling is for fun but trading is for profit and make an investments. Of course, a gambler may gamble not only for fun but also to make money, however this person definitely doesn't have a focus on making money or investing.

The trading people will have the ready money for the deposit to the crytocurrency based gambling site.The risk management was in the gambling as like the trading,in trading the gambler will hold the money without withdraw to avoid of the loss.But here the gambler should withdrew the funds from the gambling site after the continuous loss.Because the gambler should not allow their bad luck to get all the dollars in the name of the loss.It was quite essential for the gambler to idenetify the withdrew time from the gambling site.The deposit to the gambling site also should be in the limited way for the gambler to complete the gambling deposit in controlled way.

[Oilacris]

Agree! You cant really be precisely be able to tell whether its right or wrong, yes or not! It would really be just totally depending on a certain individual on how he would really be dealing up or assess things.
One things for sure  that there's no way that you should really be acting like a gambler when you do gamble.Yes, it does impose risks like on doing gambling because in every orders you are making you could really be able to need up that kind of risks taking or something that do speak about gambling like situation but of course there would really be those main difference among the two in speaking about the risks level.
In speaking about becoming a good bitcoin trader then it would be totally different if we do speak about those capabilities or on how you should be learning. If you do tend to learn up trading in a gambler
like kind of approach then it would really be just that your choice but sooner or later you would really be able to realize on what are the things should really be done for you to sustain.

Trading and gambling is totally different or literally on how things been done. They do only become that similar if we do speak about risk taking but the levels
are actually or obviously that different plus we know that one is for fun and one is for real business or investment.  🙂

Of course, trading and gambling are completely different from each other but they both have one thing in common and that is risk management. At this point, the main point I want to express is that gambling, especially games, is completely based on luck, sports betting is based partly on analysis and partly on luck but knowledge and experience are very important in trading. That is a gambler focuses on winning based on luck by managing risk well but a trader focuses on winning based mainly on knowledge, experience and a small amount of luck.

Of course, the most important difference between gambling and trading is that gambling is for fun but trading is for profit and make an investments. Of course, a gambler may gamble not only for fun but also to make money, however this person definitely doesn't have a focus on making money or investing.

You would really be able to tell the difference on the time that you would really be making yourself deal up with both things, just like been mentioned that it would really be just that too impossible
that you wont really be able to realize on how things should really be dealt with. The proof about being a gambler would be a good trader then i dont really believe that much but rather it would be harmful. Why? If you do tagged yourself on being a gambler on the time that you do trade then its not something a behavior which you would really be needing for it to make
out some adjustments because if you do have that gambler like mind or approach then you are putting yourself at big risks.

Trading and gambling is different and it does really need up that different way or method for you to deal with. Trading is for long term and gambling
is for fun. It isnt really that hard to understand and differences are obvious.

[Onyeeze]

Yes a gambler also be a traders, most at times people who trade basically based in gambling, so therefore gambling is something of risk and trading is also something of risks the only difference between both gambling and trading is the risk that is involve in trading and risk that is involve in gambling, you will be more concerned in trading because trading is all about skill why gambling does not accept to be skill because nobody go to school gambling or make a tutorial of gambling before, why in trading you most know some principles of risk and not to be greedy in trading ànd time management in trading so that you will not be unable to lose your funds you use in a trading

[BitcoinTurk]

I am sure that almost all gamblers on crypto-based casino platforms have crypto investments, risk management between the two is different because crypto investments require high funds and risk management must be improved so that you don't choose the wrong coin to invest. However, luck in crypto can be predicted with analysis techniques and news support review regarding crypto updates but gambling is difficult to predict even in sports betting because the winning betting choice depends on the gambler's luck.

I think if they can manage the risk in crypto then they can also manage the risk in gambling, but if they fail to manage the risk in gambling then it will have a bad impact on crypto investment, I am afraid that many gamblers have damaged their crypto portfolio because they failed to maintain long-term investments.

I definitely agree that all gamblers using a crypto-based gambling platform have investments in cryptocurrencies or have previously traded cryptocurrencies. I also agree that risk management for cryptocurrency trading and gambling are not exactly the same but I would argue that applying proper risk management for both is similar. In particular, I would also like to correct that risk management should be done with high capital when trading cryptocurrencies. There is absolutely no requirement to have high capital in order to implement risk management correctly. Regardless of the budget amount the person should apply risk management correctly and continue on his/her way by creating a risk management plan completely in line with his/her budget.

I would also like to remind you this about sports betting: If a gambler has information/knowledge about the sports club he/she will bet on, this is a detail that can increase the probability of winning the bet. For example, knowing that a strong team has a high probability of winning or predicting the possibility of a strong team suffering a surprise defeat due to its current roster requires information and following sports news. So, depending on the type of gambling it wouldn't be correct to say that it is completely based on luck.

Finally, it is of course correct to classify risk management but to generalize someone who has knowledge and experience in risk management can manage his/her capital successfully regardless of gambling or cryptocurrency trading.

NOTE: I am definitely not someone who defends the idea that trading cryptocurrencies and gambling are the same thing and there is no difference. I only aim to express my thoughts and learn the thoughts of all kinds of different people by commenting on the connections and similarities between them.

[bitzizzix]

It seems like the OP's question was not intended to differentiate between gambling and trading, but rather whether a gambler can be a good Bitcoin trader.
Of course you can, but it all depends on the gambler's attitude and track record when gambling, because gambling and trading almost involve a lot of emotions, patience and self-control more than anything else. These three things will determine the final result and you must also have the ability to analyze the market and also read the game in gambling.
If we discuss risk, it is clear that both have a high level of risk of loss if they do not have the relevant skills and knowledge. So both can be done based on the analytical abilities, skills and knowledge that both must have and must also be able to control themselves and their emotions when gambling and must also know how to buy and sell again at the right time when trading.

[ethereumhunter]

Yes a gambler also be a traders, most at times people who trade basically based in gambling, so therefore gambling is something of risk and trading is also something of risks the only difference between both gambling and trading is the risk that is involve in trading and risk that is involve in gambling, you will be more concerned in trading because trading is all about skill why gambling does not accept to be skill because nobody go to school gambling or make a tutorial of gambling before, why in trading you most know some principles of risk and not to be greedy in trading ànd time management in trading so that you will not be unable to lose your funds you use in a trading

People who trade without using analysis and tend only to guess the direction of market movements are considered gambling because they do not research where the market will move. They guess the market will go up so they enter the market and do something without knowing whether it will actually happen or whether it will move in the opposite direction. But if they analyze trading, they are not gambling because the decisions they make are based on their observations and calculations. So if there is a gambler who enters trading and he has analytical skills, he is not gambling but he is trading and maybe he is braver in making risky decisions than other traders.

[mamesso]

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

Gambling and trading Bitcoin both have risks, when a gambler is used to the risk of losing at a gambling place, he will be better prepared for the risks he will face when trading Bitcoin. Although both lead to the risk of loss, the risks of Bitcoin trading are not as serious as those experienced in gambling.
As long as he is still able to control his emotions and be patient when the market is turning in a negative direction, there is still a chance to make a profit when the market returns to a positive path. The toughness and mental readiness he has mastered in facing the risk of loss in gambling can be applied to Bitcoin trading, making him ready to face anything depending on the situation that occurs in the market.

[Kelward]

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

Gambling and trading Bitcoin both have risks, when a gambler is used to the risk of losing at a gambling place, he will be better prepared for the risks he will face when trading Bitcoin. Although both lead to the risk of loss, the risks of Bitcoin trading are not as serious as those experienced in gambling.
As long as he is still able to control his emotions and be patient when the market is turning in a negative direction, there is still a chance to make a profit when the market returns to a positive path. The toughness and mental readiness he has mastered in facing the risk of loss in gambling can be applied to Bitcoin trading, making him ready to face anything depending on the situation that occurs in the market.

Your post sounds like my style of posting, I feel as if I'm reading my own post, I guess we both reason alike. Yes they both share risk as a common factor, meaning that one can function in the place of another quite conveniently, compered to someone that doesn't face high risk of losing money in their business or fun place.

People have argued that bitcoin trading is for business, while gambling is for fun, but if the risk goes favorably for both of them, they gain money, if not they lose. So the end that justifies the means for both of them is that they both engage in activities that they don't know how the outcome of their game or business will turn out until the end. And they must accept the outcome whether it's in their favor or not.

If a doctor or teacher were to enter bitcoin trading, it'll be more difficult for them to adapt to the risks involved than a gambler who faces the risk of losing money every time.

[fullhdpixel]

Knowledge of market fluctuations is key to making smart choices. Can a gambler trade bitcoin well? Absolutely. It's more than risk-taking. They must be understood and managed. If Joe is eager to learn and adapt, the talents can transfer to a different game. Connecting gambling, trade, luck, and strategy is key.

I wouldn't say anyone because gambling is not easy as Bitcoin trading. There is no way to get entertained in Bitcoin trading because it was a stressful activity, though once we learn things and make profit, that should still give us a reason to be happy. It's okay to lose in gambling but not totally in Bitcoin trading. As you said, we have different stuffs to aid us to trade, so therefore we only need a little luck in here.

The gambler must study the market, trends, and technical analysis. Not just throwing dice and hope for the best.

Gambler? Did you mean it? Because, I think it was the trader who does TA the most. A gambler can just play randomly and even if he tries to analyze the game and play smarter, that won't give him much of an advantage. Just be clear, we are only talkin about casino games here, since you use the term dice because the approach in sports betting can be a little different. 

[LUCKMCFLY]

And you think that when there is a player Who is focused on being good, he or she looks for a way to win in any way, but a bitcoin trader is and should stay away from any topic that has to do with chance and luck because I consider that Bitcoin trading has a lot to do with the Degree of Knowledge one has to assume that a trader does things because they are calculated, and under an analysis that is either technical, or fundamental, or both, then I believe that the tradition has a lot to do with it. It has to do with doing a job merely of wisdom and not a job that is focused on chance and luck, or random, because all the time Things can Happen very differently when it is in a casino, in a casino they can be done and make Decisions that, even if they are bad, can make you win and the right ones can make us lose, this is what we Sometimes see, but in a Bitcoin trade we cannot be doing whatever it takes to enter an Exchange and Gamble, because Otherwise all the money goes away.

The only way I see that a Player is good at Trading is that the player Knows how to do it, knows how to do it, it seems good to me, because I have seen that things when they are with Trading , the person responsible for all the movements is ourselves. , and this is how we can make things better and it is the most obvious way, but even if we are good players with game strategies we can do trading, because as I said Before, you couldn't do gambling trading because it would be crazy, you could lose a lot of money, and the idea in this is that we expand this and we can make things when they are based on Something that is measurable with respect to the Exchanges that could be done, in tradgin and in bitcoin or it could be invented, because it is Painful I don't see it as correct that you lose by doing traditional things based on gambling strategies, because it may be that you have luck in the Beginning, but then if your luck runs out , your Money runs out.

[oktana]

I base my question about whether a gambler can become a good bitcoin trader, because both of them share one factor which is risk. A gambler is a risk taker, he stakes his money without knowing the outcome of the game that he is about to play. There is no guarantee that he will win, yet he goes ahead to play, knowing fully well that he can lose his bet. Same thing with a bitcoin trader, he goes ahead to engage in trading knowing fully well that the market can turn around  negatively for him, making him to lose his bitcoin. Yet he goes ahead to trade in the hope of making profit.

Just because both of them involve risk doesn’t mean that they the same. And because a gambler takes upon more risk (because if he lose he loses everything) doesn’t mean that he or she will be able to make money with Bitcoin trading, instead, the gambler will be able to bear any form of price drop. Gambling is more of luck than Bitcoin is, that is why you can get rich quick with gambling cause it can happen quick and instant. Bitcoin on the other hand won’t reduce in quantity but in value which can always go back up (even higher than your entry price). Both of them need different experiences aside risk management.

[o48o]

I base my question about whether a gambler can become a good bitcoin trader, because both of them share one factor which is risk. A gambler is a risk taker, he stakes his money without knowing the outcome of the game that he is about to play. There is no guarantee that he will win, yet he goes ahead to play, knowing fully well that he can lose his bet. Same thing with a bitcoin trader, he goes ahead to engage in trading knowing fully well that the market can turn around  negatively for him, making him to lose his bitcoin. Yet he goes ahead to trade in the hope of making profit.

Although there are some differences between the two, like most gambling depends mainly on luck. You play and let luck decide fate of the game, that is the risk factor, because the gambler doesn't have any control or influence to determine the outcome of the bet. Also a bitcoin trader doesn't have any control or influence to determine how the market swings, he takes the risk to trade his bitcoin without knowing the outcome whether it'll be profit or lose. The diffidence between the two is that a bitcoin trader can predict the market, while a gambler can not predict the outcome of a bet, except in sports bet.

So if a gambler where to go into bitcoin trading, do you think that the experience of taking risk in gambling will be an added advantage to face the risk of bitcoin trading?

Is your question "Can a good gambler be a good bitcoin trader?"

Because just being a generic gambler doesn't mean you would have any requirements you would need as a trader.
I guess if you are patient gambler, who takes calculated risks would work for your advantage. And instead of counting cards or studying games and players, you need to study markets, teams and know the rules of technical analysis. And just like in sports gambling, there's really no limit how much you can learn. You can always become better, and you need to accept that everything is only a probability and luck is very much involved.

[Rockstarguy]

I base my question about whether a gambler can become a good bitcoin trader, because both of them share one factor which is risk. A gambler is a risk taker, he stakes his money without knowing the outcome of the game that he is about to play. There is no guarantee that he will win, yet he goes ahead to play, knowing fully well that he can lose his bet. Same thing with a bitcoin trader, he goes ahead to engage in trading knowing fully well that the market can turn around  negatively for him, making him to lose his bitcoin. Yet he goes ahead to trade in the hope of making profit.

One thing you need to understand that is even if trading is all about loss and gain the risk in trading and gambling are not the the same. In trading people who learn trading very well and understand it better stick to it and earn from it as source of income,  but I  gambling no matter the experience one have their is no guarantee that winning will be constant. I think a gambler who understands trading very well and it rules can still trade with a different mentality from how he gambles. Their are many factors that gives gambler too much confidence that they will always win that is why some gamblers keep playing without winning.

[BitcoinTurk]

You would really be able to tell the difference on the time that you would really be making yourself deal up with both things, just like been mentioned that it would really be just that too impossible
that you wont really be able to realize on how things should really be dealt with. The proof about being a gambler would be a good trader then i dont really believe that much but rather it would be harmful. Why? If you do tagged yourself on being a gambler on the time that you do trade then its not something a behavior which you would really be needing for it to make
out some adjustments because if you do have that gambler like mind or approach then you are putting yourself at big risks.

Trading and gambling is different and it does really need up that different way or method for you to deal with. Trading is for long term and gambling is for fun. It isnt really that hard to understand and differences are obvious.

Yes, having a gambler mentality will definitely lead to more risky trades and greatly increase the chances of potential losses. For this reason, while I stated that an individual who is addicted to gambling will definitely not be a trader, I stated that there is a possibility that an individual who is disciplined and manages risk well can become a trader.

Certainly, trading is something that happens over a long-term process and gambling is just an expensive hobby focused on fun. This is the most important difference that can distinguish a gambler from a cryptocurrency trader and the clearest factor that can prove that the two things we compare are not very similar to each other.

[vv181]

This has nothing to do with the braveriness that gambling users have. Risk factors have a small significance to the factor of trading. The user who does trade is not merely using braveness to execute their plan, it is completely different from a gamble where you can freely just make a bet, with minimal thought processes. On the other hand, trading requires extra effort and more thorough planning to make decisions.

That alone should address whether risk would be a significant addition or not. With that in mind, due to the reason I addressed, I do not think it would be an advantage.

[temple]

This has nothing to do with the braveriness that gambling users have. Risk factors have a small significance to the factor of trading. The user who does trade is not merely using braveness to execute their plan, it is completely different from a gamble where you can freely just make a bet, with minimal thought processes. On the other hand, trading requires extra effort and more thorough planning to make decisions.

That alone should address whether risk would be a significant addition or not. With that in mind, due to the reason I addressed, I do not think it would be an advantage.

I think if someone did a deep investigation on trading behavior, establishing correlation coefficients between people who tend recklessly gamble and compares them with traders who either refrain from gambling altogether or do it with very strong bankroll management, I am sure that this investigation would result in some significant findings, setting the calm, bankroll focused gambler in trading apart from the reckless gambler who also trades. I would suppose that significant changes in characteristics in one and the same person when they either trade or gamble are less common than consistencies.