Being a good trader ≠ being wealthy

[Hamza2424]

Where did this expectation come from?

And more importantly, can we actually change it?

Yep bro, you can change it, and this expectation comes when we compare and listen to people. People are always saying something about others. They can be talking about you behind your back, or they can be talking about someone else behind their back with you. And you could also do the same. Does it change a thing?

I have a rule, focus on yourself, and another rule that I learned recently, which is really helpful and it can help many traders as well, that don't get over excited if you are continuously making money and profitable from trading. Don't start thinking big and don't even start taking big trades with more risks.

Be consistent with discipline and do what you were doing previously, and get better at this, that even with Alzheimer's you could do it. Get me?

[GeorgeJohn]

Yes I agree that being a good trader and being rich are two different things, but being a good trader has the potential to lead you to wealth, everyone starts his career from a beginner,

I want you to know that, not everyone who is into trading are poor..sometimes people who joined trading are already okay with their wealth but they joined trading to exploit more....

from having no money at all, but thanks to hard work, discipline and patience in the end they can reach the point of success in that field, it's about how strong you survive in the process and how well you absorb knowledge.

what traders needs to become successful, is to be determined and observations..Any trader whose not determined, can't become successful..That's one of the basic all new traders have to know...

[Big Dirams]

Yes I agree that being a good trader and being rich are two different things, but being a good trader has the potential to lead you to wealth, everyone starts his career from a beginner,

I want you to know that, not everyone who is into trading are poor..sometimes people who joined trading are already okay with their wealth but they joined trading to exploit more....

I agree on that with you not all traders are poor but most of traders that we see either they are poor or rich the motive to make more money is always there. They want to make more money and be free financially that why some comes to trading, because after watching around and checking other options they feel trading is the easiest way to make that financial freedom but they are mistaken especially when they think trading doesn’t require much and the easiest way.
 Either we are rich or poor we all come into trading to make more money and profits, some people might join trading to exploit but the moment they find out that they could make thousands possibly millions within some minutes in trading then the motive shifts from exploit to financial freedom.

[Pandorak]

Watching various videos of successful traders on social media has influenced the mindset of many traders, especially those who are new to the world of trading. They don’t realize there’s a huge difference in capital between them and those traders. Moreover, not many traders dare to reveal their trading history, simply to prove that they are genuine traders who built their account from scratch, even with varying amounts of capital. It’s not uncommon for me to see that these people are actually just trying to attract a following so they can later invite them to join their VIP groups under predetermined conditions, in other words, exploiting these traders for personal gain.

A 10% monthly return, if someone can actually sustain it over the long term, would be an extraordinary result.

Yet somehow, a trader can make 10% in a month and still be perceived as unsuccessful because they are not suddenly buying Lambo.

A 10% monthly return is already very substantial, don’t focus on the absolute amount, but rather on the growth rate.

Maybe right now you’re only making $10 from the $100 you have. But trust me, one day you’ll have the opportunity to make $1,000 with a $10,000 investment. Everything takes time, nothing happens overnight and that’s why consistency is so important.

[Wiwo]

The problem about trading myth on social media that you can sit in the comfort of your house and be making hundreds and thousands of dollars everyday is very unrealistic, newbies who believe these lies ends up blowing their accounts in the process of high expectations. Trading is hard and not for everybody, if you understand this simple truth you can avoid being misled by influencers on social media who are paid to influence the public to enter into trading. If a new trader is mentored by experienced traders, I'm sure that they won't start trading with more than the amount that they can afford to lose.

I don't get it why some people refer to trading as a get rich quick thing to do, because the way they associate trading with getting wealth is quite alarming; this makes it hard for them to pick up the lessons that come along the way,.

What I have pearn with my years of experience in trading is that, making huge profits is associated with higher risk of loses also, this is why is very important that a trader makes plans that take care of the risks that come along the way while trading.

Is not as if you can't make profits from trading, but the fact is that consistently making profits that build wealth in a short period of time is what is not realistic.

[bitzone]

Yeah, exactly. You can be the best trader around, but $20k is still just $20k. Skill helps you make better choices, but it won't magically spawn money out of thin air.

Social media really messed up what people think normal, realistic trading looks like.

[Synchronice]

Something that I find surprisingly strange, and that I have noticed in quite a few replies to my previous post, is how many people still seem to believe that being a good trader automatically means being wealthy.

Honestly, I did not expect to see this mindset so often on a forum like this. This is one of the oldest crypto communities around, and you would expect people here to understand these things better than the average person.

There seems to be this idea that if you are genuinely a good trader, you should naturally have a boat, a villa, luxury trips, and all the other things that social media associates with trading success.

But being a good trader and being wealthy are two completely different things.

A trader can be highly skilled and still have very little capital.

People seem to imagine that someone with $20,000 who is a great trader can simply turn it into $20 million. They do not seem to understand that the income you can generate from trading is directly related to the amount of capital you start with.

Being a good trader means being wealthy, really. Maybe not that level of wealth where you own yachts and so on but logically, you should be wealthy. Yes, I understand that you need capital to be wealthy but when we also call person a good trader, it means that this person developed skills and intuition over years that led him to be called a good trader, i.e. it's not an experience of a few months, it's an experience of a few years, like 5 or more and when you are a good trader, you should really manage to attract enough capital to generate a good profit from each trade, especially if we keep in mind how enormous profit Bitcoin was generating during last years.

[Perfectbaby]

The problem about trading myth on social media that you can sit in the comfort of your house and be making hundreds and thousands of dollars everyday is very unrealistic, newbies who believe these lies ends up blowing their accounts in the process of high expectations. Trading is hard and not for everybody, if you understand this simple truth you can avoid being misled by influencers on social media who are paid to influence the public to enter into trading. If a new trader is mentored by experienced traders, I'm sure that they won't start trading with more than the amount that they can afford to lose.

I don't get it why some people refer to trading as a get rich quick thing to do, because the way they associate trading with getting wealth is quite alarming; this makes it hard for them to pick up the lessons that come along the way,.

What I have pearn with my years of experience in trading is that, making huge profits is associated with higher risk of loses also, this is why is very important that a trader makes plans that take care of the risks that come along the way while trading.

Is not as if you can't make profits from trading, but the fact is that consistently making profits that build wealth in a short period of time is what is not realistic.

To be honest the rate and manner people takes trading as a means of quick rich get scheme is too alarming because they are not applying the right application. The thing is they should first understand what trading is all about before thinking of what they would gained inside because trading is not as easier as we think since most people do not care to learn the strategy that would give them that chance of winning for long time, because trading is about discovering the right tools that would help increase your knowledge and earning before totally depends on what they should be making from it. This is the mindset most people uses to come into trading without them knowing that is not as simple as they could think this is the reason why they often swipe their account so quickly and lament of how much they had lose while trading.

[vs2014]

Being a good trader doesn't always mean becoming wealthy cause trading skills can help someone make profit but it also depends on capital. A skilled trader may profit consistently but still own limited wealth because he started trading with less capital. Trading isn't a way to become wealthy overnight but it requires risk management along with skill and patience to survive long. A good trader can also become wealthy by doing business and creating other income source but that needs time. People shouldn't judge anyone too fast based on their lifestyle cause expensive things don't prove that a trader is successful

[liasbaa]

Being a good trader doesn't always mean becoming wealthy cause trading skills can help someone make profit but it also depends on capital. A skilled trader may profit consistently but still own limited wealth because he started trading with less capital. Trading isn't a way to become wealthy overnight but it requires risk management along with skill and patience to survive long. A good trader can also become wealthy by doing business and creating other income source but that needs time. People shouldn't judge anyone too fast based on their lifestyle cause expensive things don't prove that a trader is successful

Trading is not a get rich quick scheme it is true but some experienced traders can make huge profits in a short period of time. Sometimes the market is in a greedy trend which is not the right time to enter the trading platform. Or many experienced traders enter this platform during the price increase period and exit the market with profits. A skilled trader creates a separate fund to take risks and trades with it.

Whether you use high capital or low capital depends on your financial capacity. One way to survive in the long term is long term investment. If someone wants to survive in the long term through trading their example is like gamblers. An experienced gambler does not get rich in most cases but many people gamble for entertainment in the long term.

[ZAINmalik75]

I don't see how a person's lack of knowledge about something has anything to do with their presence or absence at a place or a forum. There could be people who have so much knowledge about trading and crypto and they might not be a part of any forum on the internet, and there could be people who are into every forum but don't have enough knowledge or understanding. It's a totally subjective thing, in my opinion.

So, it's obvious that a person who doesn't have enough understanding of something will say such things, because no person who understands how trading works in general and how it is not a child's play to make huge profits from it would say that just because someone is good at it are supposed to be wealthy or become wealthy very soon with trading.

A good trader will have all the knowledge, experience, and patience to know how they can survive in the long run, but they can only make a lot of money if they have a lot of money to use for it.

[savetheFORUM]

The problem about trading myth on social media that you can sit in the comfort of your house and be making hundreds and thousands of dollars everyday is very unrealistic, newbies who believe these lies ends up blowing their accounts in the process of high expectations. Trading is hard and not for everybody, if you understand this simple truth you can avoid being misled by influencers on social media who are paid to influence the public to enter into trading. If a new trader is mentored by experienced traders, I'm sure that they won't start trading with more than the amount that they can afford to lose.

I don't get it why some people refer to trading as a get rich quick thing to do, because the way they associate trading with getting wealth is quite alarming; this makes it hard for them to pick up the lessons that come along the way,.

What I have pearn with my years of experience in trading is that, making huge profits is associated with higher risk of loses also, this is why is very important that a trader makes plans that take care of the risks that come along the way while trading.

Is not as if you can't make profits from trading, but the fact is that consistently making profits that build wealth in a short period of time is what is not realistic.

We can begin with how trading works. Basically you will just buy and sell on here. And then the demand, most especially in crypto is much active due to its high volatility rate. With lack of proper understanding, it makes someone to fail easily and learned their lesson but they may quit instantly too. It is not only knowledge that matters in trading but emotion as well.

I think emotion is a bit tricky to tame than grasping trading itself. Trading had a leverage option or feature which may allow one to risk small money for higher returns. Its risk is high in a way that its winning rate is lesser than a regular trade. If we keep on doing it, all of our losses compounds into a big sum.

[Findingnemo]

Capital is important to convert them into numbers but if someone claims that they are a good skilled trader but not being wealty is just a lame excuse because if they are then they can make use of the compounding to multiply their returns over the period of time. So someone with $1000 can achieve 100K by constantly reinvesting the profit from trading into capital.

[Miles2006]

There seems to be this idea that if you are genuinely a good trader, you should naturally have a boat, a villa, luxury trips, and all the other things that social media associates with trading success.

But being a good trader and being wealthy are two completely different things.

A trader can be highly skilled and still have very little capital.

To an extend I disagree with op concerning being wealthy in relate to a good trader, a good trader is expected to have a nice amount of profit. I’m not so sure about luxury trip, boat, etc, the profit use in this context is a sustainable kind of amount, the only part that’s understandable is the fact trading is unpredictable still yet a skilled trader usually profits more often while lack of capital can be a major set back.
People who often mistake trading as a fast money making scheme are the ones who end up in loss, probably they intend to stake high capital and at the end they lose everything, this kind of situation is different from a skilled trader.

[Makus]

There is no roadmap to becoming wealthy from trading, you can have accurate knowledge but still struggle, the reason for that is because your knowledge isn't a determining factor to how the market moves, you can be good at making analysis but still not be able to become wealthy through this means. It is difficult for traders that are starting with low capital to actually make significant profit.

From personal experience, trading with a low capital comes with a lot of emotional pressure because your mindset is focusing on making a lot of Money with a small amount and this is mostly as a result of flipping or trading as though the they are gambling.

[Webutxo]

To an extend I disagree with op concerning being wealthy in relate to a good trader, a good trader is expected to have a nice amount of profit. I’m not so sure about luxury trip, boat, etc, the profit use in this context is a sustainable kind of amount, the only part that’s understandable is the fact trading is unpredictable still yet a skilled trader usually profits more often while lack of capital can be a major set back.
People who often mistake trading as a fast money making scheme are the ones who end up in loss, probably they intend to stake high capital and at the end they lose everything, this kind of situation is different from a skilled trader.

A trader can be profitable and be broke bro. Let's say you want to compare traders based on their capital, one has $100 and the other person has $1000, both of them are good traders, they both take the same position and leverage, for instance 10x, if they both make the same profit, they are not going to get the same realize profit because there position size is not the same, the second trader will get 10x of what the first trader, that is the advantage of large capital.

Let's take a look at the risk. If the first trader risk 100 with 10x and the second person risk $1k for a trade with 1x leverage, they both going to make the same profit but the two of them don't have the same risk. A slight change in the first trade especially during liquidity sweep by traders, you are going to lose all your money but the second trade is unlikely because your leverage is small, so it's not always about making profits, your capital and risk plays important role on your trading.

[Yeesha]

The problem about trading myth on social media that you can sit in the comfort of your house and be making hundreds and thousands of dollars everyday is very unrealistic, newbies who believe these lies ends up blowing their accounts in the process of high expectations. Trading is hard and not for everybody, if you understand this simple truth you can avoid being misled by influencers on social media who are paid to influence the public to enter into trading. If a new trader is mentored by experienced traders I'm sure that they won't start trading with more than the amount that they can afford to lose.

Some people failed to understand that, if that is the case all the traders must have been rich by now. Just like other source of income, trading has it own eligibility and challenges, there is a possibility for someone to be certified but not qualified to be a trader, depends on how the person responds to some certain situations. Placing money first in the process of trading, can result in financial loss if not handle properly. You must know your aim, and If you didn't define your goals and objectives you might end up being in the wrong position. Eagerness can increase the cost of our problems, but the major problem is that, sometimes we failed to understand what is actually eating us up, until our decisions destroys our dreams.

[Russlenat]

There is no roadmap to becoming wealthy from trading, you can have accurate knowledge but still struggle, the reason for that is because your knowledge isn't a determining factor to how the market moves, you can be good at making analysis but still not be able to become wealthy through this means. It is difficult for traders that are starting with low capital to actually make significant profit.

From personal experience, trading with a low capital comes with a lot of emotional pressure because your mindset is focusing on making a lot of Money with a small amount and this is mostly as a result of flipping or trading as though the they are gambling.

Regardless of the amount of capital, trading is always prone to lose your money more than multiplying it and create wealth. That is why we can't guarantee that it can build us wealth, no matter how we are good at it. But it can make us poorer than ever, especially if we are trap in the myth that trading will definitely make us rich.

But if you allocate bigger funds to investing in bitcoin rather than in trading, the chances to establish profits and accumulate wealth is very high. Of course, it comes with high patience and great discipline to make it happen.

[Sanitough]

Note that most of the traders are losing than making profits, so being wealthy might be another story to tell. And I don't really think that these traders target to get rich and own big wealth someday because they know exactly how difficult and risky trading is. They might have imagined getting rich through gambling in lottery than anticipating wealth from trading.

So you are right there OP, being a good trader has nothing to do with being wealthy. Some traders who are doing well in their finances might even lose their wealth if they pursue trading to make tons of money and wealth.

[batang_bitcoin]

Real wealthy people are silent. They won't even like to say what they are up to legally and what made them to that point. But if you some of them who's got legit trading experience, they're not selfish with the knowledge that they can share to everyone. For as long as they see that person is willing to learn, they can't help themselves but to help that in the best way that they can. But it's not about giving them the fish but, teaching them how to wish. And the reality with all of these trading instructors, most of them are not good enough to make trading as a living.