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Author Topic: The best way to learn speculation/Bitcoinica...  (Read 1211 times)
Jon
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March 29, 2012, 11:22:23 PM
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From what I've done, it seems the best way to learn speculation on Bitcoinica is just to plug-in 1 BTC and start playing. Consider any losses as just a cost of education.

Spreadsheets and blank-guesses are not worth much: They have no monetary-value behind them and the stress and emotion that comes with real trading is gone. You need to work with real money to be prepared for reality.

Just my 2 cents.

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March 30, 2012, 12:20:59 AM
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I've heard people say the same thing about poker. Although, at least in their case, they were usually the ones who'd be taking my money if I lost.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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March 30, 2012, 10:33:36 AM
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From what I've done, it seems the best way to learn speculation on Bitcoinica is just to plug-in 1 BTC and start playing. Consider any losses as just a cost of education.

Spreadsheets and blank-guesses are not worth much: They have no monetary-value behind them and the stress and emotion that comes with real trading is gone. You need to work with real money to be prepared for reality.

Just my 2 cents.

Very good advice. Start with an amount of money that does not cause significant emotion to win or lose, and figure out what works. Increase until you find out how you work. Decrease to a nice stable comfortable pace, and you will make money.

I don't believe you can truly learn to trade without learning to cope with the emotions you experience (win or lose) - and you can't get that without some level of real risk.

trading with leverage is risky, and riskier if you're inexperienced. Most ForEx traders lose all their money. (Most poker players, too, I'm sure!).

I learned to trade conservatively, w/o leverage - there's no good way to describe the emotions of watching $50,000 of your own cash wash away on a bad trade (especially when it's bad because you're inexperienced!) The experience of loss with leverage can be shocking if you don't understand how to use it.

Learn how that experience works for you with money you could just give away ( 15FfWqzTvyhdLewyptAyoVpy7o7ipfDjGF ) or spend on frivolous stuff like this http://www.businessinsider.com/these-are-the-most-ridiculous-gifts-you-can-buy-at-wireds-awesome-times-square-store-2011-11#sonic-the-gold-bug-6

I learned to trade better when I learned as I continue to learn to follow these rules http://www.silverbearcafe.com/private/rules.html and these http://stockcharts.com/school/doku.php?id=chart_school:trading_strategies:richard_rhodes_tradi - and use the wisdom in here http://www.forexfactory.com/showthread.php?t=155431

In the end, there's almost nothing easier than trading, especially currency trading. Buy high, sell higher. Not complex. Emotions are complex, and your biggest obstacle to success. If you can become comfortable with these, you will trade well.




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April 03, 2012, 04:18:25 AM
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From what I've done, it seems the best way to learn speculation on Bitcoinica is just to plug-in 1 BTC and start playing. Consider any losses as just a cost of education.

Spreadsheets and blank-guesses are not worth much: They have no monetary-value behind them and the stress and emotion that comes with real trading is gone. You need to work with real money to be prepared for reality.

Just my 2 cents.

"learn Bitcoinica" == "learn Roulette"

100% chance of losing all money eventually.

all your bitcoin belong to zhoutong.


Leverage != Roulette

Leverage w/out understanding == Roulette

Kids who play with matches get burned. Adults use matches to make fire to heat their coffee.

Kids should not gamble at bitcoinica. Kids probably shouldn't drink coffee, so this seems ok Wink

Adults can trade at bitcoinica and make good money. Usually this money is taken from Kids.

90% of all ForEx traders lose all their money. At least 80% of ForEx traders fundamentally do not understand leverage and risk.

If you're not one of the 20% you're better off getting a job that pays in BTC if you want to make some BTC

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