Quote from: OcTradism on Today at 03:04:57 AM

Quote from: kawetsriyanto on July 16, 2023, 09:59:15 PM

It is true, trading or investing in Bitcoin isn't like gambling.

Many people do these like gambling and with them, they are right if they think investing or trading is gambling.

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It requires sufficient knowledge and experience although it also needs a strong mentality. But in Bitcoin trading/investment, we can't rely on the luck. It is much different with gambling that mostly relies on the luck. We probably fail in Bitcoin trading/investment if we have no skills, good understanding, analysis, and proper strategy. All of these things can only be obtained if we have adequate knowledge.

We must prepare many things including knowledge and practice with demo trading before we actually star to use our capital for investment or trading. Furthermore we must practice to use non custodial wallet, download, install, verify it and do backups, recover our wallet from backups. Because when we do investment in Bitcoin, it's bad practice if we don't use non custodial wallets and store our bitcoin on exchanges.

It is good for us to at least start with something like a demo account for us to learn about trading and practice the strategies that we have learnt on a demo trading platform so that we can know how it works and what it is all about.
But the problem is that if we stick ourselves with demo trading, it can affect us finally when we start live trading and this is one of the reasons why I do tell people to stop using demo trading for too long because it can affect us to the extend when we might not able to trade when on live affect because emotions will take over us and make us see good signal and be scared to trade on them.

Just like when a person analyse the market and see good signal but he is scared to trade on the signal because of fear of loses especially if the person had been making consistent loses at the past trade. This can make the trader to give the signal to others that will take the opportunity and use the signal to make money for themselves and the person that have the signal will make no profits from the market.

There are many things that too much use of demo account can cause us but we might not know that it was the outcome. We might be making good amount of profits from demo trading and when we go live, we start making loses. This is the reflex of too much use of demo account for a very long time without have emotions because our money is not involved.