Quote from: Texac on July 04, 2023, 11:10:18 PM

Quote from: loopes on July 04, 2023, 10:57:36 PM

Quote from: hd49728 on June 15, 2023, 02:32:04 PM

Quote from: Why2why on June 15, 2023, 02:03:43 PM

First before i bought my first bitcoin, i first of all build a good understand of the market and how bitcoin volatility works, and also learned about the effect of external forces in determining the price of Bitcoin such as exchange crisis and other governmental policies that can have short time effect on bitcoin.

You did good learning but it is not enough. Purely reading and learning can not help you understand it entirely. You must be in the market to digest such knowledge and feel about it. With your experience, you will know such knowledge is right or wrong.

Sure i agree with you, experience will be the reason you can understand this bitcoin or crypto currency sphere, but i do not say that you do not need to learning textual knowledge of bitcoin. You can also get experience from some one else, for example you start trading bitcoin with guidance from your friend who is already mastered on trading bitcoin. Then you can take his experience how he will do if bitcoin price is drop, when he will cut lose and when he will keep holding.

Knowledge is undoubtedly necessary, but experience is what helps us to survive in this market because there is always a big gap between knowledge and experience. many newbies to the market also work hard to learn everything, learn about the history of bitcoin as well as gain confidence in themselves through other people's stories about the market. but when they themselves are faced with a market downturn and their money is rapidly dwindling, their knowledge can hardly help them in that situation if they lack experience.

Experience is also a big factor in controlling emotions, but when you have that knowledge and confidence, then for sure you won't be panicking because you are sure that it will bounce back. Also, it is not only about experience; it is also about emotions. When it is red days, you'll see that you start worrying even though you know that it is just temporary because you can't control your emotions, which we should also learn to control and not do dumb stuff while we have high emotions.