Before Trading Bitcoin you should...

[casey15]

 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.

[Z-tight]

This has been said so many times in this forum, i am not sure if it warrants a new thread on this same matter, but...yeah.

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

Even if you manage to get the knowledge of trading and start making some money from it, it still isn't enough reason for you to quit your job. You cannot be certain of making money continuously from trading, but if you have a job, you can be almost certain you'll get your salary at the end of every month, except you get fired.

[Fiatless]

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

All that you have said is important before one should consider going into Bitcoin trading. When individuals go into trading without a background knowledge of the market, it normally ends in losses and regrets. The first thing is to take time and learn about trading before putting in money. And newbie traders are also advised to start trading with little money since they might make some mistakes that might to losses.

Some traders do it as a full-time job because they have become professionals in the business. It will be risky to resign from work to become a trader when you are not sure that it could replace your job financially. It will be safer to venture into trading on a part-time basis until you are sure that it could be your main source of revenue.

There have been cases of people selling properties or taking loans as trading capital. This action should be discouraged because trading is highly risky. It is better to invest what you can afford to lose or what you can live without.

[Frankolala]

This has been said so many times in this forum, i am not sure if it warrants a new thread on this same matter, but...yeah.

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

Even if you manage to get the knowledge of trading and start making some money from it, it still isn't enough reason for you to quit your job. You cannot be certain of making money continuously from trading, but if you have a job, you can be almost certain you'll get your salary at the end of every month, except you get fired.

It is better to on the payroll of a company, firm or government than just relying solely on yourself. Trading is very risky and one can acquire a big loss from one trade which makes it not secured as a means of earning a living.

Trading should be seen as a side job, and should be done with caution to avoid regretting your actions of trading often, because the market is all about profit and loss.

It is better to invest than trading, because trading is complex and have a lot of risk attached to it unlike investing, that has less stress and tension.

[GiftedMAN]

Since I have come across similar threads like this I think it's high time we consider giving other advice and informations since people are already tired of seeing the same thing especially from newbies. All you pointed out is true but it has been discussed countless times here and I think anyone who's a member of this forum who is yet to have this knowledge about the necessary things to do before going into trading and other bitcoin investment is either not a regular user of the forum or the person is not interested in reading here as well.

Any trader who has got no knowledge before going into trading is a real joke because he's going to end up going back to poverty likewise a trader who has no back up plan, you never can tell the results you will get that will vanish all your trading capital that's why you are always advised to trade with caution and don't put everything you have into trading 😉.

[Eternad]

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income.

No steady income is not a requirements on Bitcoin trading. As long as you have a capital which you can’t afford to lose then you are good to trade. You are pertaining to Bitcoin investment here since you will need consistent source of income to increase your Bitcoin investment and to sustain the growth of your assets.

Trading is different on investing. You are buying and selling Bitcoin using same capital until you grow it through your trade profit. Having a source of income will just fuel your trade to trade more if you lose.

But of course having a steady income is always a must since you are risking money on trading but it’s not really a big factor since you are using same capital on trading unless you want to grow your capital consistently by adding from your salary and not through trade profit.

[cryptoaddictchie]

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.

Well thats a rule of thumb only invest money you dont need or extra. If not then thats gambling already. Its okay if you use that but you are sure to win or gain profits. Dont leverage something youll regret once you lose it.

More users have experience that and resulted to becoming crazy or broke hard.

[Dunamisx]

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.

Its something common that you found out people being too desperate to make money because they want to earn a living without minding taking the risk involved which i see as nothing bad as well, all we need to do is to start the appropriate way and learn first before going into what we don't have an idea about.

Do not also invest your life savings into bitcoin trading.

We are making a lie if we should say that there is no risk in trading, so we shouldn't put our entire investment into trading, we need to make diversification of asset on things we invest on.

[bitzizzix]

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

To trade you need money and you also need money for other needs, if you stop working how will you be able to meet all these needs, so you have to think about this carefully.
Even though trading requires full time, you can trade while working and manage your time as best as possible so that both work well.
Because to be a successful trader you must have experience of around 3 or 4 years and from the last 2 years before that you must be able to earn 3 or up to 4 times your income from your job, and that way you can make decisions. But in reality it is not that easy, it is better for both to go hand in hand because we will not know what will happen in the future.

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

And this is something that must be done for beginner traders, and they also have to do it with small capital first to learn about trading as a whole and also the risks involved. Apart from that, you also have to know your own characteristics, especially mental and emotional qualities that must be trained and changed because they can influence your decisions.

[boyptc]

I remember, I've seen a lot of memes on 2021 when the craze of NFT was on its peak. Many have left their jobs and thought that playing NFT games will be their career forever.

Charge to experience that everyone shouldn't leave their jobs when they're investing and trading. But if you're good enough and sees that you can sustain your life through trading and you're making decently, no one is going to stop you.

Just trade and be profitable and show results.

[alastantiger]

Before you trade bitcoin, don't trade bitcoin. Just HODL. You won't lose any money by HODL but in trading bitcoin you must lose money and it is the destiny for most traders. Before you trade bitcoin, ask yourself if you see yourself doing it for long term, if you can be the best in the world at trading bitcoin or it's something you want to do because you watched a TikTok video two days ago and saw the glitz and glamour of those celebrity traders, social media influencers traders and you liked it and thought you should try it.

[Nheer]

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.

I don’t know how some people see bitcoin trading that they have the guts to invest their life savings into it, they probably don’t know much about it and they believe it is a platform where they put in money and expect profit without any form of risk attached to it. Trading is not something a person should venture into without seeking knowledge first and also trading with an amount you cannot afford to lose is not encouraged because your mind will never be at ease while trading and trading with fear or tension is likely to end at loss as the fear and tension will definitely influence your decision making.

Well thats a rule of thumb only invest money you dont need or extra. If not then thats gambling already. Its okay if you use that but you are sure to win or gain profits. Dont leverage something youll regret once you lose it.

More users have experience that and resulted to becoming crazy or broke hard.

Investing money you don’t need at that time so you won’t be so bothered about it, trading with money you want to use like your life savings is really a dumb idea as it is more like gambling it away because just like gambling trading also has a 50/50 chance of success.

Experience is helpful but it’s not a guarantee for success in trading, even experts lose money and can go broke as well.

[Issa56]

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.

In life, you are not supposed to have just one source of income, you should have multiple sources of income in case anything happens to one, and then you will be able to depend on others. So as a trader, having just one source of income doesn’t make any sense to me. If you are a trader, don’t enter a trade with all your money, make sure you trade with just part of your money in case things goes wrong, then you will be having backup.

Do not also invest your life savings into bitcoin trading.

Most people that do this don’t have knowledge about bitcoin before joining, some of them just hear about how profitable bitcoin is on social media or from friends, and they also decide to jump into it, thinking they will be able to make quick money. Don’t invest or trade with all your life savings, the amount you should leave in crypto is the amount you know you can afford to lose.

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

During the last bull run, I knew some people who quit their jobs because they were making good profits then, and they believed trading was just better than the work they were doing. But when the bear market started, they all regretted why they quit their jobs because they were no longer making profits, they were losing, and they had to start looking for new jobs to support themselves.

[Slow death]

Nowadays I believe that most people know that if they trade the chances of making a profit will be very difficult and even if the person is the type of person to ignore all the advice given by other people and keep trading, in a few weeks This person will lose all their money and will go back to reading and listening to the advice given by other people and will start investing in bitcoin and will not continue trading because by trading the person will not be able to obtain good profits, they will constantly lose money. In this cryptocurrency market, things like day trading do not work. The person who continues to insist on day trading will spend many hours on the computer screen and then not make a profit.

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.

Even if a person spent 50 years studying technical analysis, read the chart, the candles, the technical indicators, the trend reversal patterns, that person would still lose money if they were trading and not investing.

[goaldigger]

Before you trade bitcoin, don't trade bitcoin. Just HODL. You won't lose any money by HODL but in trading bitcoin you must lose money and it is the destiny for most traders. Before you trade bitcoin, ask yourself if you see yourself doing it for long term, if you can be the best in the world at trading bitcoin or it's something you want to do because you watched a TikTok video two days ago and saw the glitz and glamour of those celebrity traders, social media influencers traders and you liked it and thought you should try it.

Holding doesn’t guarantee anything especially if you are buying at a peak price and just holding without any plan. Before doing any trade, it’s really advisable to have a stable income first and never consider Bitcoin trading as your main source of income simply because profit is not guaranteed in trading. Personally, I consider trading as my side hustle without expecting anything in return, with this kind of mindset I don’t have much pressure about my finances as I can still cover my daily cost using my main source of income.

[Russlenat]

This has been a repetitive topic already but I still find it interesting to discuss. While trading can make our lives instantly change for the better, but we all know that it does not work as easy as that. Trading requires a lot of trading preparation before you expect to succeed, and a lot of emotional distress and pressures before you can manage your emotions well. Although trading is highly risky, but it’s always worth the experience in the end.

[Ludmilla_rose1995]

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.

always use your savings only for emergencies in the future, never combine them into one, let alone use it for trading

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.

As long as you are still in the learning stage and are not really involved 100% in trading then avoid leaving your main job, it is very risky if you leave work and then trading becomes your full time

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

right, if you lose when trading then let it go, never blame other people, always use safe money, not your only money

[mirakal]

Before you decide to trade bitcoin, know that you’ll lose a lot  first before you’ll be able to succeed. Trading is never easy but majority still find it hard and risky so it’s not surprising to see a lot of traders losing than gaining profits. That’s why get a decent job first before you decide to enter trading as you can never guarantee making big money out from trading. And also, never trade using your hard-earned money, otherwise you’ll end up losing them all and regret in the end, knowing you’re still not good in managing your emotions that makes the best enemy in trading.

[OcTradism]

Before you decide to trade bitcoin, know that you’ll lose a lot  first before you’ll be able to succeed.

Newbies join this market and start their trading when the market is very hot so they will easily to gain profit in their early days, weeks of trading. They will think trading is very easily and they are genius traders. Their losses start when the market hits a correction time point and massive liquidations on the market will kill newbie traders.

Trading is never easy but majority still find it hard and risky so it’s not surprising to see a lot of traders losing than gaining profits.

It is not matter that how big or small a trading capital of a newbie trader to start. It is more important that how many percentage of a trading capital compares to all capital of that newbie trader.

Because newbies will have to pay cost for learning, pay for their losses to get experience, they will need to restart their trading many times. This reminds a fact that a trader will need to have trading capital separates to many parts, and they can lose each of these parts, many times.

If they use all money to trade, they will end their trading career very soon after one or two liquidations.

That’s why get a decent job first before you decide to enter trading as you can never guarantee making big money out from trading.

Trading is for learning first with newbies and they can not get profit to use as their main income. If they are jobless, but inexperienced in trading, relying on trading profit for income, will only force them to trading terribly.

[Mame89]

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

For me, this is an important point before investing in Bitcoin, because if you can't control it, everything will affect you, starting from emotions, psychology, and when making decisions. Because basically investing in bitcoin does not make a loss as long as you don't sell it even though the price is falling, holding bitcoin is the key to successful bitcoin investing.

Perhaps the most important thing about investing in Bitcoin is that we have to learn better about securing our wallets because this is the same as securing assets in real life. So you have to secure your personal wallet properly and correctly. Because Bitcoin has security issues, if it is not maintained properly it will be hacked by others, but it also provides a high level of security if used properly. Actually, there are many things you have to pay attention to before investing in Bitcoin, the point is you have to read a lot of references. But what is clear is that leaving work and relying solely on bitcoin is something wrong, it's best to do both at the same time.