Quote from: Son Of Blockchain (SOB) on August 20, 2024, 09:45:20 PM

Quote from: JayJuanGee on August 20, 2024, 09:03:20 PM

Quote from: Cryptoprincess101 on August 20, 2024, 08:41:55 PM

Even if everyone should stick to what works for them it should not be by misleading newbies to trade, trading is not for newbies and they should not be encouraged to involve in trading since they are inexperienced and can become emotional when they begin to run into losses that is why it is preferable to teach them how to invest in Bitcoin that will give them the opportunity to own an asset of value that will channel them into a good investment decision instead of involving in some so called shitcoins all in the name of trading. Trading should completely be discouraged from newbies and we should not create any unnecessary impression of sticking to what works for you like what is there to work for a newbie in trading?
A trader told me that if I must involve in trading that I should bear it in mind of losing at the beginning before I start to understand how the market works so why do I need to take path in something that I would incur losses first before I start getting the right approach, losing in the first place is it not a sign of discouragement in the first place?

Surely there is nothing wrong with people making suggestions from their own sets of experiences, yet it can be kind of strange to see traders recommending newbies to trade, even though it surely is a common occurrence.

Some of the traders cannot even wrap their heads around why anyone would want to invest and/or what would be the purpose of investing.. so they are continuously trying to figure out ways that their money is "working for them," which truly many investors consider their whole mental framework as being problematic, even though it is not illogical, it still tends to be overly ambitious, since any valuable asset is going to have ups and downs and may even seem like it takes such a long time to grow, yet if traders are trying to generate short term profits, they don't have enough patience to let the growth period work itself out with the ups and downs, and so the ONLY thing that they can think is better get out while it is still down and find another place to put your money in some asset that is gong to go up... and gosh it can be stressful just to think about having to go through all of that to try to squeeze out profits that might even be more profitable than the ordinary holder, but even if it is more profitable, it still might not be enough or meaningful enough to really be worth all of the efforts.. to be picking up pennies in front of a steam roller.

It's not as if trading in general is bad but I agree with you and I don't think it's for newbies, it's just like skipping low grades to high school, trading should be for experts who's gathered enough knowledge about Cryptocurrency at large and are willing to risk their funds for short-term goals, not some newbie who recently got into Bitcoin.

When it comes to bitcoin, trading may well be a bad thing and a bad idea whether you are a beginner or an expert. So there is some aspect of trading that is bad in itself, especially when it comes to bitcoin.

Another thing it that it comes off as a bit patronizing if you tell someone that they are too dumb and inexperienced to trade, even if there might be a lot of truth to it. No one wants to refrain from trading mere because others (who might even be less intelligent) are telling him that he is too inexperienced to be able to do it.

So, I personally don't want to say that smartness is a trading qualification, since also anyone is also free to use his/her money how he wants to.. and so frequently, I attempt to suggest that some kinds of reasonable limits should be self-imposed by anyone who wants to try to practice trading, including that I might suggest to them that they have one of the best if not the best asset in front of them, so why the fuck should they want to do anything except to accumulate it up to a point that they have figured out that they have enough or too much of it. So I frequently suggest that if some trying to accumulate bitcoin then it hardly makes any sense to sell BTC in order to accumulate it.. so they have to spend time buying and/or overly accumulating it before they would even be in a position to potentially be selling it. and so depending on the finances of a person and/or their ability to potentially front load their bitcoin investment, it could take years and years and years to really establish a meaningful position in bitcoin, which does not come from selling it can ONLY come from buying bitcoin.

So, yeah, some folks are going to want to trade anyhow, even if it makes little to no sense, so then my suggestion is to attempt to limit themselves to trading no more than 10% the size of their bitcoin holdings.

Quote from: Son Of Blockchain (SOB) on August 20, 2024, 09:45:20 PM

I think why some newbies jump into trading instead of starting with the basics is impatience, they're scared of waiting for long-term and are looking for quicker ways to earn but that's way more risky and one good way to successful in bitcoin is by thinking long-term, start small and try to be consistent.

I suppose there is a desire to get rich quick... or to speed things up... but there could also be confusion about wanting to lock in fiat profits, so there could be some loss of insight that accumulating bitcoin (satoshis) is a worthy goal, even if maybe they are still thinking about long term dollars.. so Yeah there can be a lot of focus on getting short term dollars or even medium term dollars and just a lot of unnecessary focus on whether they are in short term profits or not... yet if they might be able to consider their investment in terms of a 4-10 year timeline or longer then it could well become possible that they might be able to lose some of their sometimes maniacal focus upon the extent that they might be in short term profits or not.. and.. surely, the later on goal would be in longer term profits, but if 4-10 years or longer is far enough down the road, then there shouldn't be any actual need to focus on whether their holdings are in short term profits.

Quote from: Son Of Blockchain (SOB) on August 20, 2024, 09:45:20 PM

That's why you'll see many newbies panic when the market is down. Well, Bitcoin is not for the weak or for people who whine and panic alot. Starting a portfolio, growing it by accumulating for a long-term requires discipline, consistency and some newbies lack them.

That is fair, and some of my own thoughts continue to be that some additional psychological comfort could come to a lot of newbies when they are focusing on making sure that their finances are in a good place, so then if they employ good financial practices, then additional psychological comfort should be able to follow from the placement of sound financial practices.. so yeah, that would include figuring out how much to be investing weekly from their disposable income.. and so don't do too much or too little and if the amount is causing them to have a lot of concerns then maybe they would need to reduce the amount... so if we might consider the person to have $100 to $200 per week of disposable income, then we might consider starting out with $25 to $50 per week and then make sure the back up funds are in a good place and other parts of the finances are in decently good order and we can build those kinds of things as we go, and we do not need to build any of that prior to getting started in bitcoin, yet at the same time anyone, including a newbie should be able to make a general assessment of how much disposable income they have. .and approximately how many back up funds they have and some of those kinds of basic things right from the start,

and if they are having trouble figuring out the extent of their disposable income, then they start out with a smaller weekly buy amount, and if they cannot figure whether they have disposable income at all then they would be stuck since they have to make sure that they have disposable income prior to even starting to buy bitcoin... yeah a $10 t $100 initial purchase might still not hurt anything, but ultimately if they are buying BTC every single week, then they have to make sure that they are actually taking from within the scope of their disposable income and not from money that they actually need in the near future or even money that they need in the next 4-10 years or more or even money that they ever need, since by definition, they should be of the understanding that they are investing with money that could end up going to zero.