Hello Bitcoin talk community!
The above question is what many people who are new to trading hear, I've also been advised to start with a large sum of money which I couldn't afford then .
But looking at it now , is it really advisable to start trading with a lot f money? Or just start with whatever you can afford?
Deciding to start trading can be a great idea, but it's essential to approach it with caution. Avoid investing your entire income into trading without proper knowledge and experience.
First, acquire a solid understanding of trading concepts, risk management, and market analysis. When starting out, use only the amount of money you can afford to lose. This will allow you to test your skills, gain experience, and refine your strategies.
As you progress and become a professional trader, you'll develop the necessary expertise to manage and minimize risks. At this point, you can reassess your capital allocation and decide whether to increase your investment.
Mostly, because of lack of investing knowledge, their rate of investing is high and without studying the market they fall into lost and also a debitor
Debt for investing is something I completely stand against.
If you dont have the money to put at stake, you should not be investing or trading. That money should come from your income and if your income is zero, avoid taking such risks. Speculative markets always carry risk even if the percentage is small, one wrong movement and it could become a mess.
Getting the income set up is thus always the first thing. Once that becomes stable, get the capital in every month and start investing.
Totally agree with you, because by using borrowed money it will actually be a moral burden for us and it will also be a huge pressure. In addition to having to survive the fluctuating market, we also have to think about how to pay off the loan, well it is very possible that it will make us rush in making decisions and that can make us make stupid decisions. So it's better not to rush, if you don't have enough money, then you should try to get income first. Trading is not a quick way to get rich, that's a wrong idea.
Borrowing money to start a business or trading venture can be extremely risky. Since the outcome is uncertain, there's a chance you might lose your investment or struggle to generate profits. If you're relying on potential profits to repay the loan, you may face significant financial burdens if your business fails.
The weight of debt can lead to substantial stress, anxiety, and depression. Therefore, it's generally not advisable to borrow money to start a business, as it may lead to financial difficulties. If you don't have the funds to start trading, it's best not to borrow money. Instead, wait patiently and save a small amount of money that you can use to begin trading. This approach will help you avoid debt and minimize financial risks.