Lack of knowledge is a bitch

[Yeesha]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

Some people find it very difficult to admit the truth, that lack of knowledge is a bitch. Lack of knowledge can be a significant obstacle for individuals that are engaging in cryptocurrency trading or investment. The act of buying and selling Bitcoin or any other digital assets requires a proper and effective understanding of the markets, including risk management and so on. Without sufficient knowledge or proper research/ understanding, people are more likely to fall prey to some common mistakes like
Emotional decision-making, insufficient research and lack of proper understanding, inadequate risk management and so on.

[EG_O]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

Some people find it very difficult to admit the truth, that lack of knowledge is a bitch. Lack of knowledge can be a significant obstacle for individuals that are engaging in cryptocurrency trading or investment. The act of buying and selling Bitcoin or any other digital assets requires a proper and effective understanding of the markets, including risk management and so on. Without sufficient knowledge or proper research/ understanding, people are more likely to fall prey to some common mistakes like
Emotional decision-making, insufficient research and lack of proper understanding, inadequate risk management and so on.

You have said it all, lack of knowledge is really a bitch, but come to think of it, why will someone engage in what he or she doesn't understand or doesn't have knowledge of, is like going to swim while you don't have knowledge of swimming, the water will just consume the person.

Before one will be able to enter into Bitcoin investment or any digital assets, the trader or investors should at least have a knowledge about what he is about investing on to avoid has I know, the investor should consider reading or asking questions from people that are already in the business before him to avoid regrets

[cxtreenal]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

You are right, I have seen many experienced traders who buy when the market is green and withdraw after just a few weeks without having long term patience. I have imitated them and made profits. I thought I could trade in this way for the long term. My idea was soon proven wrong because this strategy increases the risk of traders and the possibility of losing money in the long term.

In spot trading buying at the top price is risky as well as you can profit if you have a large amount of capital. Buying when the market is red seems to me to be more risky as the price is likely to fall further. Smart spot traders buy in the green and exit with a small profit in a short time. To become a trader at that level you need to gain a lot of experience.

[mustapha67]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

You have just nailed it. Business as is concerns buying and selling needs technicality, logics, and insight. It is important to understand when is the best time to buy, or sell considering inflation. Just like my senior colleague rightly said; if a trader buys goods during inflation, it is possible not to make profits from it because of the high price of the goods.

Therefore, knowledge is the basis of trading. A trader should know exactly when to purchase goods; at what price buying, at what time selling such that there is a commercial balance of profits.

[icebar]

Generally, short-term traders are more likely to make such mistakes. A short-term trader thinks that he will make some profit by making new trades in the market due to market volatility or hype, but it is seen that when they buy, the market starts to decline further. At that time, they are deprived of the opportunity to sell their assets after buying. Those who plan to invest in Bitcoin for the short term will have high chance of loss. Above all, to do well in anything, it is necessary to acquire good knowledge. Without knowledge will never be possible to do anything good.

[EG_O]

Generally, short-term traders are more likely to make such mistakes. A short-term trader thinks that he will make some profit by making new trades in the market due to market volatility or hype, but it is seen that when they buy, the market starts to decline further. At that time, they are deprived of the opportunity to sell their assets after buying. Those who plan to invest in Bitcoin for the short term will have high chance of loss. Above all, to do well in anything, it is necessary to acquire good knowledge. Without knowledge will never be possible to do anything good.

Knowledge generally is power, acquiring knowledge will give you an edge over people and business mates, so it's very sacrosanct that one acquire knowledge before venturing into any business so as to avoid mistakes that will lead to damage or even loss of ones investment

[Nuel0717]

Not knowing something can really cause you problem, it can make life harder, embarrassing, or even dangerous. As we all know knowledge is power and power is freedom.
Having knowledge in a forum like this, makes it a lot easier to grow and communicate with other users or members. it helps you understand the rules and regulations, also preventing you from spamming, and saves you from unnecessary warnings or ban.
Lack of knowledge doesn't just affects your activity online, it reduces your chances of progress in life. When you don't know how things works you tend to make avoidable mistakes and miss opportunities that would have been of help to you. That's why it's always important to learn, ask question and seek understanding.
As a newbie lack of knowledge almost lead to my downfall, it frustrated me but thanks to lectures and help from senior members I stood my ground. In my opinion lack of knowledge can really mess things up for a person, thats why I support the saying that lack of knowledge is a bitch.

[Fivestar4everMVP]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

You are absolutely correct, but it's also important we all know that cryptocurrencies have no fixed prices including bitcoin, though there is always a higher chances of winning bitcoin trades and trades on some other top altcoins that follow bitcoin's pattern of price increase and decline..

For other altcoins, we all as traders ought to be very careful because it's a market that carries with it good profit but also higher risk of losing, cryptocurrencies have no fixed prices in the sense that for some cryptocurrencies, what seems like the floor price, or the deepest deep may end up appearing to be the top, and what this mean is that, if you end up buying such crypto believing you've bought the deep, you may still end up losing the trade if the crypto asset unfortunately continues to decline, this is why we have to be very careful and always watch the type of cryptocurrencies we are trading, not all crypto assets are worth trading or even investing in or on.

[Sammye3]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

Lack of knowledge is a big disease that eats the flesh of ignorant people.
Knowledge is power indeed and when it comes to trading, the fundamentals are very important to execute a successful trade and expected returns.
When the market is green is not an indication to execute a buy order and this is the idea most people without the knowledge of trading would have but anyone who is technically inclined in trading would know a bearish candle is a go-ahead to execute a buy order.
Because they would be retracement after a green to indicate volatility and that comes with the knowledge of trading.

[Iroh]

It could very well be a lack of knowledge and it's a bit weird that people would choose to buy only when the market is green. Using crypto as an example, perhaps they see the coin, being in the green, is doing well and thinking it would just be shooting upwards, they'll go on to buy that particular coin hoping for a profit.
Not surprising that when it starts to see some downward trajectory, they'll panic and hurry to sell off, making no profit at all or in a lot of cases, end up with a loss. People like that haven't got the guts to watch the price of their investment rise and fall multiple times.

[DYOR+BTC]

Generally, short-term traders are more likely to make such mistakes. A short-term trader thinks that he will make some profit by making new trades in the market due to market volatility or hype, but it is seen that when they buy, the market starts to decline further. At that time, they are deprived of the opportunity to sell their assets after buying. Those who plan to invest in Bitcoin for the short term will have high chance of loss. Above all, to do well in anything, it is necessary to acquire good knowledge. Without knowledge will never be possible to do anything good.

We can't consider it as a mistake for traders because trading is not engaged on for more profit but little as it doubles there invested capital. Trading is done when there is high fluctuations of price making experienced traders prosperous on a long run.
Trading and investment are of two different practice but driven by the Same goal which is profit generation and not lost, knowledge on any business must be specified to avoid mistake on a long run, talking about knowledge in bitcoin it should be specified because trading and investment has two different working pattern which helps in goal archievement

[Ever-young]

First of… not all day traders know a thing or two about Bitcoin trading, so many of them traders out there don’t even have any formal training in crypto trading, which is why they mostly tend to listen to their emotions more than they listen to facts that are right in front of them. The only thing that makes a trader think the best time to enter the market during a bull run is emotions backed by ignorance, else they’ll know that a bullish trend isn’t in fact the most appropriate time for a trader to enter the market, it’s quite the opposite.

[JoyceBTC]

Trading is a learning process and as each day passes by you keep learning, not only spot traders make that mistake, even persons who have been investing for some time still make mistakes when trading even when having much knowledge about bitcoin. The most important things is to study the market very well, know when to invest and when not to, Remember you’re not investing to make money overnight but invest to have good returns over time in the future.

[Barikui1]

cryptocurrencies have no fixed prices in the sense that for some cryptocurrencies, what seems like the floor price, or the deepest deep may end up appearing to be the top, and what this mean is that, if you end up buying such crypto believing you've bought the deep, you may still end up losing the trade if the crypto asset unfortunately continues to decline, this is why we have to be very careful and always watch the type of cryptocurrencies we are trading, not all crypto assets are worth trading or even investing in or on.

You are right, and your sentiment is very much valid.
This is where knowledge in technical and fundamental analysis is greatly needed because entering the market blindly or buying an asset because it's already falls to dip seems fatal because you might be buying an asset that is collapsing and since you are doing it blindly, the cost will be fatal, so when buying most alt or meme, it is best you do a proper technical and fundamental analysis, so as to know the right time to buy, because anything that makes you buy a coin that is collapsing, just know that your losses will be inevitable.

[sotelorene]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

You should not find it awkward because buying when the market is green is not totally wrong reason because, sometimes you will see a coin that just started surging after it has corrected and so entering the market that point that the coin has started going up is not wrong and anytime coin has started going up it  will show green so maybe that is the point those people you are talking about enter the market and there is nothing wrong but if they enter after the market might have gotten to a high point, then it is fine to say it is awkward and it means they don't know how to read the market.

[fredericktaylor]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

Of course, There are many new traders who do not yet know or understand the right time to do spot trading. When the market is down, buy with courage and wait patiently for the right time, and when the market is up, sell. To be successful in spot trading, you have to gain knowledge and patiently observe the market and adopt various strategies. You cannot be in a hurry and cannot be overly greedy. You have to buy according to the right rules and wait patiently for the right time to achieve success. The risk of losing money can increase manifold by doing spot trading without patiently following the right rules.

[PhilosopherKing]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

Trading is not investment where one can learn as they are in investing process, and because it is so people really need to get knowledgeable about the do's and don't before approaching trading. But then many people would just go and watch 1 or 2 YouTube videos or join some fucked up Whatsapp group that teaches nothing but crap and then assume that they have known everything, such silly individuals. And when this individual begin experiencing constant loss or panic sales, they begin to say that trading is a way of gambling. Insufficient knowledge before becoming a trader, is nothing but a total disaster, that is why we should learn first before trading. Thanks.

[liasbaa]

Trading is a learning process and as each day passes by you keep learning, not only spot traders make that mistake, even persons who have been investing for some time still make mistakes when trading even when having much knowledge about bitcoin. The most important things is to study the market very well, know when to invest and when not to, Remember you’re not investing to make money overnight but invest to have good returns over time in the future.

Spot trading and long term Bitcoin investment are two completely different things. No matter how skilled you are at trading, you can never be perfect. In long term Bitcoin you can be as perfect as you want. The more you study the market, the more you will gain knowledge but you will never be able to make accurate predictions about the price. Short term trading may make you temporarily profitable but this process makes you greedy and attracts you to trade more and more. Perhaps you can make wrong decisions and most of the profits you had made earlier will turn into losses. I agree with you in this paragraph that long-term investment does not make anyone rich overnight but it gives an investor financial strength.

[Zackz5000]

I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading  the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.

Trading is not investment where one can learn as they are in investing process, and because it is so people really need to get knowledgeable about the do's and don't before approaching trading. But then many people would just go and watch 1 or 2 YouTube videos or join some fucked up Whatsapp group that teaches nothing but crap and then assume that they have known everything, such silly individuals. And when this individual begin experiencing constant loss or panic sales, they begin to say that trading is a way of gambling. Insufficient knowledge before becoming a trader, is nothing but a total disaster, that is why we should learn first before trading. Thanks.

I don't see it necessary to trade Bitcoin i won't even encourage any body for trading. Bitcoin is not so hard to invest but what ever you don't know will be difficult, buying and selling of Bitcoin in a short time is trading and the risk in it is too much compare to when you are accumulating and holding, if an investor can be accumulating Bitcoin with the DCA strategy and hodl for long will be more productive and profitable than when you keeping buying and selling, you can buy hoping for the price to increase so you can sell and Bitcoin come dey dip you go fear and sell with lower price at that time you don loss money, but if na long time investor him no go reason am him go still dey accumulate more Bitcoin knowing say Bitcoin go still increase because na volatile asset be that.

[AYOBA]

Knowledge they say is Power, having knowledge of a particular thing is a plus be it Bitcoin or any business, when an investor lacks knowledge about the business he or she wants to invest, the investor is just planning to fail because his money will be lost, so it's very sacrosanct to have a knowledge about something one wants to enter. Coming to Bitcoin community, one needs to have knowledge about Bitcoin before investing so as to know when it's green or not and for one to have knowledge, an investor must be able to continue learning because they say that learning is a continuous process

The fact is that knowledge is the key to everything. Whenever a person comes to do in this life, either business or investments, he/she must have some knowledge about it in order to make the business move well. There are a lot of people who struggle to join the investment without knowledge; at the end of the day, they don’t get what they want in the investment why. It is because of lack of knowledge.

But some think that money is everything. That’s why once they’ve got capital to start up a business, they just rush into it without knowing the basics of the business or the investment that he/she has interest in, and they’re expected to become successful in the future. How is that going to happen way they are lack of background knowledge.