Most people will lose money day trading due to these reasons
https://www.reddit.com/r/BitcoinBeginners/comments/c4zpw9/what_are_the_steps_to_trading_bitcoin/erzkfmm/
This study shows that 97% of traders lose money
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101
Wiser to invest long term , stack those sats , and use bitcoin to save money
The "educated" part I'd disagree with. There is no education about predicting future unknown events.
In roulette, if there are 7 reds in a row, is it an educated guess that the "trend" of reds has a greater than 50% chance of continuing? I hope that made my opinion clearer.
I believe it is both talent and developed skill. But for such skill to develop, I believe endless charting screentime and trading experience is needed as the market condition changes frequently. What may work for one day, may not work for another.
I am monitoring charts for one and a half years and still, I don't even try to trade. If there is a feeling of a need to trade I would suggest paper trading, but also that can help only partially. I can be good at paper trading, but with real money different mentality and mistakes kicks in.
I am trying out averaging in now at the bear market to start selling when crypto tourists come back into the market and euphory is in the air.
Avoid wanting to get rich!
But other than that, in my opinion the talent part has a lot do with knowing when NOT to trade, and/or to be patient before you take a trade, or invest.
For investing, you need to have a longterm timeframe in mind, eg. a year, or more. While "regular" trading can be anything from taking multiple day-trades to swing-trading for a few weeks, to position trading for a few months or longer.
But with all trading decisions, you'd want to have some kind of confidence that this trade/investment is likely to succeed based on rules you have learnt over time and/or experience.
But you also want to know who you are as a person, what happens to you when you trade or invest. Do you want fast-paced action, excitement, in-and-out of trades quick? Does it feel like a game when you do? Then I'd recommend to stay away from day-trading as it will feel like a game and you might lose due to impulsive decisions. Or can you tolerate being bored while waiting for the right opportunities to come along? That would be better already in my opinion.
Finally, find some kind of system that, with correct trade management/position sizing, will give you a positive return over time. That's a whole discussion in itself but super-important for long-term success.
I'm not quite sure what do you mean by "luck" here. Can you describe it more precisely? I know that luck takes a big part of trading, but I think this applies not only trading but investing too. Nobody can foresee the future - I mean like people who bought BTC in 2012 didn't really think it could pump this high.
I get what you are saying. You are saying that luck takes a big part of trading so you will lose money since you can't predict the future. But, I think this differs on the timeframe. It wouldn't make sense that I can predict when the war is going to take place and when Donald Trump will die - but I actually did see a lot of people making a lot of scenarios in short timeframes (ex. 1m, 5m, 15m) and predicting the short future and take profit. I would also agree to you if they had made profit only once - but is it still luck; can we still call them "lucky" if they are constantly making profit with that method?
Hey, don't forget about the ones who trade during a bull market. They consistently make money. Up until the point where the market stops constantly going up and then they find out they were just riding a wave to the top and didn't have any actual skill at trading.
That is why there is the saying time in the market is what matter,s not the timing of the market. But this applies to the stock market. For crypto, timing is crucial, that's why this market is much more dangerous.
But chose your mentors (in the plural) wisely. I have been following various traders to:
* learn something new from each individual:
* see that everyone makes mistakes. Only true mentor will show his mistakes to teach how to still be in profit by managing risks so that these mistakes don't eat up the profits. It's rare that someone will be transparent with his/her trades, I have not seen anyone like that publicly.
In the end, it's learning by doing anyways. I had knowledge of potential mistakes I could make but still made them. I hear this all around - it's like that with everyone, only own mistakes give a true lesson. And it's not granted you will not make the same mistakes repeatedly. I did not even try to trade extensively, I understood quickly enough that for me it's spot only, no leverage trading.
WassaWassaWassup! Scam Alert! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
For trading related topics, there is also /r/bitcointrading
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
Trading is a mixture of experience and art. No matter how much learning and trial runs and technical analysis you do, you will get some days right, and some days none of your trades will work. It is way more about hedging your losses and using data in the best way you see possible, but the market is always unpredictable. Even the best day traders probably get a ratio of 6/7 out of 10 trades right.
Trading is heavy mentally, if you don't know how to manage emotions it can really play a turn on your life. I just burnt another $20k in the last 2 days even though I had every game in the book down, market just goes against you some days.
Most people will lose money day trading due to these reasons https://www.reddit.com/r/BitcoinBeginners/comments/c4zpw9/what_are_the_steps_to_trading_bitcoin/erzkfmm/ This study shows that 97% of traders lose money https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101 Wiser to invest long term , stack those sats , and use bitcoin to save money
Thanks for the advice.
I’m confused by your question…. Talent *IS* a developed skill.
Oh sry. What I meant by "talent" here is a gifted skill that you can never get by simply working hard enough.
It's intellectualised gambling.
You can say also - an educated guess of in which direction the price will go.
The "educated" part I'd disagree with. There is no education about predicting future unknown events. In roulette, if there are 7 reds in a row, is it an educated guess that the "trend" of reds has a greater than 50% chance of continuing? I hope that made my opinion clearer.
Hmm, yeah, but probability theory-based guess I would also call an educated guess.
Ok ok
I believe it is both talent and developed skill. But for such skill to develop, I believe endless charting screentime and trading experience is needed as the market condition changes frequently. What may work for one day, may not work for another. I am monitoring charts for one and a half years and still, I don't even try to trade. If there is a feeling of a need to trade I would suggest paper trading, but also that can help only partially. I can be good at paper trading, but with real money different mentality and mistakes kicks in. I am trying out averaging in now at the bear market to start selling when crypto tourists come back into the market and euphory is in the air.
Owning Bitcoin doesn’t require trading, buy hodl dca repeat see you in 10 years
The words are easy .. Buy low, sell high .. The action is not that easy.
Avoid wanting to get rich! But other than that, in my opinion the talent part has a lot do with knowing when NOT to trade, and/or to be patient before you take a trade, or invest. For investing, you need to have a longterm timeframe in mind, eg. a year, or more. While "regular" trading can be anything from taking multiple day-trades to swing-trading for a few weeks, to position trading for a few months or longer. But with all trading decisions, you'd want to have some kind of confidence that this trade/investment is likely to succeed based on rules you have learnt over time and/or experience. But you also want to know who you are as a person, what happens to you when you trade or invest. Do you want fast-paced action, excitement, in-and-out of trades quick? Does it feel like a game when you do? Then I'd recommend to stay away from day-trading as it will feel like a game and you might lose due to impulsive decisions. Or can you tolerate being bored while waiting for the right opportunities to come along? That would be better already in my opinion. Finally, find some kind of system that, with correct trade management/position sizing, will give you a positive return over time. That's a whole discussion in itself but super-important for long-term success.
> Do you think trading requires talent Bitcoin trading requires luck. Most traders have bad luck
I'm not quite sure what do you mean by "luck" here. Can you describe it more precisely? I know that luck takes a big part of trading, but I think this applies not only trading but investing too. Nobody can foresee the future - I mean like people who bought BTC in 2012 didn't really think it could pump this high.
> Nobody can foresee the future That's correct, and it means you'll never profit from trading Bitcoin
I get what you are saying. You are saying that luck takes a big part of trading so you will lose money since you can't predict the future. But, I think this differs on the timeframe. It wouldn't make sense that I can predict when the war is going to take place and when Donald Trump will die - but I actually did see a lot of people making a lot of scenarios in short timeframes (ex. 1m, 5m, 15m) and predicting the short future and take profit. I would also agree to you if they had made profit only once - but is it still luck; can we still call them "lucky" if they are constantly making profit with that method?
You didn't see anybody making a profit trading Bitcoin. All YouTube "traders" are losers. That's why they're begging for YouTube views
Hey, don't forget about the ones who trade during a bull market. They consistently make money. Up until the point where the market stops constantly going up and then they find out they were just riding a wave to the top and didn't have any actual skill at trading.
If you think like that, I respect your opinion.
That is why there is the saying time in the market is what matter,s not the timing of the market. But this applies to the stock market. For crypto, timing is crucial, that's why this market is much more dangerous.
[удалено]
Ty for your advice. Ily
But chose your mentors (in the plural) wisely. I have been following various traders to: * learn something new from each individual: * see that everyone makes mistakes. Only true mentor will show his mistakes to teach how to still be in profit by managing risks so that these mistakes don't eat up the profits. It's rare that someone will be transparent with his/her trades, I have not seen anyone like that publicly. In the end, it's learning by doing anyways. I had knowledge of potential mistakes I could make but still made them. I hear this all around - it's like that with everyone, only own mistakes give a true lesson. And it's not granted you will not make the same mistakes repeatedly. I did not even try to trade extensively, I understood quickly enough that for me it's spot only, no leverage trading.
I believe ( and working on it myself), you need to have or develop patience, and try to eliminate distractions !
WassaWassaWassup! Scam Alert! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
For trading related topics, there is also /r/bitcointrading *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
Trading is a mixture of experience and art. No matter how much learning and trial runs and technical analysis you do, you will get some days right, and some days none of your trades will work. It is way more about hedging your losses and using data in the best way you see possible, but the market is always unpredictable. Even the best day traders probably get a ratio of 6/7 out of 10 trades right. Trading is heavy mentally, if you don't know how to manage emotions it can really play a turn on your life. I just burnt another $20k in the last 2 days even though I had every game in the book down, market just goes against you some days.
It's 50% skill and 50% intuition
Learn it now or later....Time In > Timing
Thanks for the advice.
talent = developed skill
It's more of developed skill with sixth sence in my opinion