Before Trading Bitcoin you should...

[kawetsriyanto]

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that  bitcoin trading can change your life for good, you should also know know that it could also wreck you.

Having steady income isn't a part of the requirements of trading. Even if we have no steady income, we are possible to trade. However, it is not a wise decision to spend money in trading when we have no enough money for basic necessities. In my humble opinion, spending money on trading and investment should be done after we fulfill the allocation for basic necessities and saving.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money.

I think it is no problem to use saving for trading funds. But it shouldn't be for newbies, it is only for experienced traders. Only do it when you know well how to trade effectively. However, if it is not really needed, just use safe money.

It is true, emotion will ruin our focus in trading. It will be too risky if we can't control emotion in trading.

Do not quit your job if you have one until you have become very profitable in bitcoin trading.

Why we must quite our jobs in real life?
We shouldn't rely on trading for our income. We still need a job in real life for regular income. I think most people trade for side income only, they must have jobs for their main income.

[justdimin]

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

I feel like doing something just because you saw others did it is the biggest problem that we have in the crypto world, a lot of people think that they will be able to make money just because others made money the same way, and we all know that it is not the case, and we should be careful about it and not take any big risks. This is of course not that simple, and could be an issue, but that is just the exact thing that we need.

Obviously we are not going to have any issues if we are careful, trading COULD make you money but you need to learn how to do that yourself before you end up with a mistake. If you keep making a mistake over and over again, then you are not learning from it, and that's the biggest problem.

[Vinaa77]

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

Preparing yourself in terms of knowledge is of course very important before deciding to start trading because without knowledge it will of course be very difficult for us to get good results from the trading we do, everyone has of course failed from the trading they do, but if they can correct the mistakes they make, of course they will be able to get good results from the trading they will do and for those who don't have initial capital to be able to trade, of course they have to prepare capital first so they can use it for trading and I don't think there's anything wrong with that. start with a small amount of capital so that we can anticipate possible losses that we will experience.

[michellee]

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

Preparing yourself in terms of knowledge is of course very important before deciding to start trading because without knowledge it will of course be very difficult for us to get good results from the trading we do, everyone has of course failed from the trading they do, but if they can correct the mistakes they make, of course they will be able to get good results from the trading they will do and for those who don't have initial capital to be able to trade, of course they have to prepare capital first so they can use it for trading and I don't think there's anything wrong with that. start with a small amount of capital so that we can anticipate possible losses that we will experience.

Everyone who wants to trade must have trading skills. With trading skills, they will be able to trade well and can experience losses. Many people start trading without any trading skills and follow what others suggest.

That won't work because they will have difficulty selecting the coins. Even though they get trading signals from a group, that doesn't guarantee they can make a profit. If they want to learn about trading analysis, they can gain profits.

If beginners are still learning to trade, they don't need to use big money immediately. This is to avoid the risk of loss in trading. They can make a profit if they are used to it and can analyze trading well.

[synchronym]

Investing in the wrong place will destroy you be it Bitcoin or any other place of trading. But in the case of bitcoin investment you must acquire enough knowledge about the bitcoin market. If you do not have enough knowledge about the bitcoin market then you cannot invest well. When it comes to Bitcoin investment you need to have a long term plan. If you can invest by checking the market with a long plan then surely you can get success in this investment because many people's fortunes have changed through Bitcoin. When it comes to Bitcoin investment, many times we are in a hurry, if we invest patiently without haste, we hope to get the proper return on investment. Sometimes many big investors lose patience, so patience is very important. Patience should not be lost. If you invest for long term with patience, you will definitely get proper success in that investment.

[Awaklara]

Investing in the wrong place will destroy you be it Bitcoin or any other place of trading. But in the case of bitcoin investment you must acquire enough knowledge about the bitcoin market. If you do not have enough knowledge about the bitcoin market then you cannot invest well. When it comes to Bitcoin investment you need to have a long term plan. If you can invest by checking the market with a long plan then surely you can get success in this investment because many people's fortunes have changed through Bitcoin. When it comes to Bitcoin investment, many times we are in a hurry, if we invest patiently without haste, we hope to get the proper return on investment. Sometimes many big investors lose patience, so patience is very important. Patience should not be lost. If you invest for long term with patience, you will definitely get proper success in that investment.

there is something different about what OP meant and what you said. you can read the OP related to Bitcoin trading and you are more focused on Bitcoin investment.
what you said is not wrong, but it may not fit the context intended by the OP.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

This mistake usually occurs when a beginner finally wants to start trading out of interest in the achievements of friends or other people they see. Because you feel you have savings, you can use the money to start trading. Most beginners can't separate savings from money that won't be used for anything. So those who want to learn trading may have to study financial management first.

[TheUltraElite]

I have read about people who invested their life savings into trading or crypto. Dont know how far these type of threads are true, but assuming they are, it is something I would never suggest anyone to.

Any investment is a risk-filled venture. There must be a good distribution of the risk, high risk assets in low number, low risk assets in high number to keep the total risk at a manageable level. Putting your life savings in one asset means putting a high risk asset in large number which is equivalent to suicide.

Another one is that job quitting to trade bitcoin, again a foolish thing to do because your job is a somewhat stable source of income. But trading is never so.
I think this type of narratives are more commonly done by people who are promoting exchanges and just want their cut as a referrer.

[EarnOnVictor]

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that  bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Well, if you do not risk much, you can't gain much, that's the rule of investment and whether we like it or not, we will always be seeing some aggressive investors and conservative ones, which will always be balancing the investment atmosphere. But you do not need to have a steady income before investing in Bitcoin, only for trading, you are right, but let's be clear. For investment, since you can buy low and hold it, you are good to go even as Bitcoin is easy to predict.

But one must apply wisdom to it as well even if the person is gainfully employed. Such may be wasteful in this regard just because he has money to invest in Bitcoin. Cautious planning is strongly advised here.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

This is a good point, and the reason why the popular saying "Invest only the money you can afford to lose." This will ease the emotion and also allow the trader to focus, and be responsible aside from trading as planned.

[AnonBitCoiner]

Everyone who wants to trade must have trading skills. With trading skills, they will be able to trade well and can experience losses. Many people start trading without any trading skills and follow what others suggest.

That won't work because they will have difficulty selecting the coins. Even though they get trading signals from a group, that doesn't guarantee they can make a profit. If they want to learn about trading analysis, they can gain profits.

If beginners are still learning to trade, they don't need to use big money immediately. This is to avoid the risk of loss in trading. They can make a profit if they are used to it and can analyze trading well.

Trading is very difficult and only few individuals can earn through trading and those successful traders are true traders because they use their own strategies, knowledge and experience while all others are copying others and work according to the signals which does not prove to be money making always.

You will not be able to become a successful trader in a day because for trading you have to first gain knowledge, make experience and then utilize that experience to make a good conclusion. During the time of getting experience you can use a small amount but if you use a huge amount from the start then you will have no left amount to take the benefit from your experience in trading.

[Volimack]

Many of us are interested in trading in the market but we start trading without knowing the market well. After practicing trading for a few days we started real trading. I think the market is very easy and you can make a lot of profit in a short time so I start trading without knowing it well. This perception is the biggest reason for future loss to be a good trader you must acquire good knowledge on trading. The more time you spend in the market the better your trades will be.

[michellee]

Everyone who wants to trade must have trading skills. With trading skills, they will be able to trade well and can experience losses. Many people start trading without any trading skills and follow what others suggest.

That won't work because they will have difficulty selecting the coins. Even though they get trading signals from a group, that doesn't guarantee they can make a profit. If they want to learn about trading analysis, they can gain profits.

If beginners are still learning to trade, they don't need to use big money immediately. This is to avoid the risk of loss in trading. They can make a profit if they are used to it and can analyze trading well.

Trading is very difficult and only few individuals can earn through trading and those successful traders are true traders because they use their own strategies, knowledge and experience while all others are copying others and work according to the signals which does not prove to be money making always.

You will not be able to become a successful trader in a day because for trading you have to first gain knowledge, make experience and then utilize that experience to make a good conclusion. During the time of getting experience you can use a small amount but if you use a huge amount from the start then you will have no left amount to take the benefit from your experience in trading.

They can gain trading skills if they are willing to learn about trading first. They will have a better chance of making money from trading because they can find the right coins. The more they learn about trading, the more it will help them in trading.

To be a successful trader, you must have knowledge, analytical skills, etc. Everything cannot be obtained in a short time but must go through a process. However, many people are unable to go through the process.

Everyone can become a successful trader, but it depends on how hard they work to get there. Only people who are willing to learn more about trading can become successful traders. There is still much more they have to learn in trading.

[retreat]

To trade on Bitcoin, one does not need a stable income, as they can trade Bitcoin using money they have set aside previously - but having a stable income is much better. They can learn first how to trade Bitcoin and various tips so that they don't lose all their money on it. And then, once they understand how to trade Bitcoin properly, they can immediately jump in and trade using the knowledge they have. All of this can be done while working, because there are also many Bitcoin traders who trade but still have a permanent job, so it depends on how traders can manage their time properly and know which time is the most appropriate to trade. They don't need to quit their jobs just to become a trader, because it is quite risky, but if they understand the risks and have made consistent profits from it, they can resign from their jobs.

[beerlover]

There are many things that must be learned before trading on Bitcoin and other altcoins, there are so many risks that crypto traders can spend a lot of money when losses occur. Yes, it is absolutely true what you are talking about here, it is better to keep working on keeping your money well before starting to trade on Bitcoin. Sometimes people have a lot of knowledge and have seen the experience of their friends trading and the only obstacle for them is initial capital, so it's better to think more carefully before investing in Bitcoin or the crypto market.

Preparing yourself in terms of knowledge is of course very important before deciding to start trading because without knowledge it will of course be very difficult for us to get good results from the trading we do, everyone has of course failed from the trading they do, but if they can correct the mistakes they make, of course they will be able to get good results from the trading they will do and for those who don't have initial capital to be able to trade, of course they have to prepare capital first so they can use it for trading and I don't think there's anything wrong with that. start with a small amount of capital so that we can anticipate possible losses that we will experience.

That is right, if you are not ready then you are going to end up losing since you have no idea what you are doing. A person who invests and doesn't know what they are investing into has absolutely no way of realizing what mistakes they are making, it is clear that we are not going to understand our own moves and if we do not understand our own moves then how can we avoid making a loss?

It would be a lot better if we study first, and that way we would make some money because we would know all about how to make some money. I get that it is not that crazy to think about it, but it wouldn't be end of the world neither, we would be able to make some good amount of profit one way or another. We just need to put up the work first.

[Fiasem20]

Quitting a job for Bitcoin trading isn't a right choice any trader should think of.Bitcoin trading is risky,the chance of losing is more than that of winning.Experienced traders might not tell your their losses not to scare you from trading but never quit a befitting job for trading.A trader can trade during his leisure period it doesn't necessarily mean that the person should quit a job for trading.

[Zanab247]

Investing in the wrong place will destroy you be it Bitcoin or any other place of trading. But in the case of bitcoin investment you must acquire enough knowledge about the bitcoin market.

To succeed in BTC trading, you need to achieve the knowledge of BTC before going into BTC trading and it will make you to understand so many things that will lead you to opportunity to ear from your Trading.

When you have the knowledge, I don't think you will miss any bear season because that is the best season to buy BTC without the fear of loss in the future, and it will help you to improve when bull run occur in the market.

Patience should not be lost. If you invest for long term with patience, you will definitely get proper success in that investment.

Patience must be carry along in your hodling, because that is what will help you to succeed in the future but if you fail to apply patience in your hodling, you will miss it when bear run take a long years in the market.

[Assface16678]

Quitting a job for Bitcoin trading isn't a right choice any trader should think of.Bitcoin trading is risky,the chance of losing is more than that of winning.Experienced traders might not tell your their losses not to scare you from trading but never quit a befitting job for trading.A trader can trade during his leisure period it doesn't necessarily mean that the person should quit a job for trading.

Exactly, unless the person is so expert in trading, then going full-time and leaving the stable or corporate job is possible, but if a trader decides to quit his job just because he wants to start doing trading without having long experience, then that's a shitty move, because who will want to quit their job just to risk it in trading? trading is very risky itself, so you will quit your job. Then that's like suicidal. Even me, who has a lot of years of experience in trading, am still not confident enough to go full time in trading, but I also don't want to because of the mental and emotional effects of trading. That's why I only treat bitcoin as a side hustle while still having my stable job and also other things that I do to earn money. In short,  learn to multitask. If you can have your stable job while at the same time side hustle, then that's good.

[Bravut]

Quitting a job for Bitcoin trading isn't a right choice any trader should think of.Bitcoin trading is risky,the chance of losing is more than that of winning.Experienced traders might not tell your their losses not to scare you from trading but never quit a befitting job for trading.A trader can trade during his leisure period it doesn't necessarily mean that the person should quit a job for trading.

Exactly, unless the person is so expert in trading, then going full-time and leaving the stable or corporate job is possible, but if a trader decides to quit his job just because he wants to start doing trading without having long experience, then that's a shitty move, because who will want to quit their job just to risk it in trading? trading is very risky itself, so you will quit your job. Then that's like suicidal. Even me, who has a lot of years of experience in trading, am still not confident enough to go full time in trading, but I also don't want to because of the mental and emotional effects of trading. That's why I only treat bitcoin as a side hustle while still having my stable job and also other things that I do to earn money. In short,  learn to multitask. If you can have your stable job while at the same time side hustle, then that's good.

Well said.  Trading isn't what anyone will quit there Job for, profitability overtime must be attained in Trading of which is not bed of roses but many are too quick not to understand this, thus making silly decisions and mistake with poor ending.
Most profitable traders we see today had jobs at the start to keep them mentally balance and also aid in funding of account, this reduces pressure on the trader as he woild always have something to fall back on, the earlier some persons understand that Trading is not a Sprint but Marathon the better.

Building the skill set is the most important factor when it comes to Trading, but many try to skip this sorting out easy path, this cannot be overstressed as many are gonna learn the hard way.

[MiF]

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that  bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

Trading is a good way to earn but it is not always earning there are also times that we will lose in trading,that is why expert always says that use only an amount that you can afford to lose it is because even expert lose in trading sometimes because market is high on volatility and it is unpredictable,the next thing is your job i think quiting you're regular job is not necessary when you can do trading in your free time,theres no need to quit your job at all,stable income can help you a lot,the strategy is to do trading but not quiting your job.

[bettercrypto]

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that  bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

I remember before I read an article way back in 2017, and I can't even remember what article it was where there was a Bitcoin fanatic who sold all his property, from his house and land to his car and other things, using it in exchange for investing in Bitcoin.

He even got to the point where he sold the last pair of socks that he didn't use much anymore; he was so dedicated to Bitcoin, he just didn't talk about it. Now, here's what you're saying: this Bitcoin can really be a source of income as long as you have full knowledge about it and you know yourself that you can make a profit here in trading, but if you don't have a deep and wide knowledge of trading, don't pursue it, of course, because for sure the time and effort you will put into it will be wasted.

[Lanatsa]

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that  bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

Quitting or resigning with your day job just because you have intended to make that full time with gambling? This is something would be considered suicide. Why? There's no assurance that you would really be able to make profits with trading on which dealing up with speculative market is something that would really be that so damn hard or something that would really be that so unpredictable. You cant really be sure whether you would really be that profitable on everyday. What if you do have a family to raise? How you would really be doing it? If you do find yourself having that full time trading job you are into?.
This is why you should really be that considerate on the current condition that you are in and wont really be making outright decisions which arent that sensible on doing so.

On the moment that you would be considering on quitting or making trading to be full time is on the moment or situation that you do find yourself that sustainable because if you do find yourself that profitable
despite of the market randomness or being that unpredictable but still you could be able to handle yourself well and still profitable then this is the moment or right time that you do need to have
that full time but of course it would really be just that depending on you.