Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: MusaPk on March 21, 2024, 01:52:24 AM
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.
He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
More details here https://www.samaa.tv/2087311573-tiktoker-zulqarnain-sikandar-faces-rs20-million-loss
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That's like going into a war without a plan. That has a low chance of becoming successful and it wouldn't be the ideal way to do it anyhow. That's just suicide, you know? It's going to be more and more challenging to do because you have no guide or mentor to help you.
You must know what you are investing in and not just blindly following anyone with investments.
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And it just shows that trading is not for everyone and that's why it is said to be lethal. And we even compare it to gambling already, although we can mitigate the risk in trading, but still there are a lot of unknowns and as we dig deeper, the more we would lose money here. And most likely the mindset of this tiktoker as well, maybe he thinks that it is easy money because of the success of his friends. But everyone is very different, his friends might be successful and he can even copy his trading, but it doesn't mean that he will get the same luck as his friends.
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You didn't share the part where the guy didn't learn about trading, if he did I'm very sure that he will come across a video that will tell him how to start trading gradually especially if he use YouTube videos to learn to understand trading. You can't just wake up and start trading because you think your friend is making money from trading, it doesn't work that way because your friend might have been trading for long time.
Trading is risky but if you invest your time and knowledge in it with determination, you will understand it, it's not like it's a rocky science that is difficult to understand but if you don't learn it and you want to use your common sense, the market will humble you a lot.
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You didn't share the part where the guy didn't learn about trading, if he did I'm very sure that he will come across a video that will tell him how to start trading gradually especially if he use YouTube videos to learn to understand trading. You can't just wake up and start trading because you think your friend is making money from trading, it doesn't work that way because your friend might have been trading for long time.
Trading is risky but if you invest your time and knowledge in it with determination, you will understand it, it's not like it's a rocky science that is difficult to understand but if you don't learn it and you want to use your common sense, the market will humble you a lot.
I read article and shared it in original post. It seems that the referenced guy jumped into crypto just because he saw his friend making money through it and he thought that crypto is all about investing money and getting profit with no effort. This is not a story of one guy but many.
If you are not an expert then just follow the DCA method of accumlating Bitcoin and you are good to go. It will take time but you will get good profit in due course of time.
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That's the worst anyone can do, trading is not an easy way to earn money. It's a very risky thing especially for those who have no information about the market. In crypto trading one can make a lot of money but at the same time one can lose all his/her savings.
The guy was not good at trading and he started trading because he saw his friend's profits. His friend might be a good trader or he might have got lucky as a trader but the poor guy who lost $72k wasn't a good trader or a lucky guy.
We should learn from his experience and never ever go with huge amounts in initial days as a trader. I'm a trader myself and I make good profits as a trader but I can't say that I'm 100% profitable all the time because that would be a lie. A trader can have both profits and losses because in trading we have to face both of those.
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He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
Most of the time, these are the reasons why they want to trade.
1. They saw a relative or a friend earning huge money in trading and thinks that they can do it as well.
2. Out of curiosity.
In this case, it's the first reason. What's worse is that, his friend urged him to invest even more money in trading even though he lost a huge amount already. I find it funny TBH that you will urge your friend to invest even more where in fact, he lost a massive amount already. Trading can just be a dangerous as it can be, and it don't care about you. Even you lost 100$ only or $100,000, it doesn't care. No one cares about your emotions if you lose your money in trading, and if you're a newbie, your the ones that most likely will lose money.
Like you said OP, trading requires a plan. A strategy that will help you gain more profits, but strategy alone isn't enough. You need some traits yourself as well like being patient, self-control, good decision maker, etc. Well, of course you need knowledge as well. :)
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This is what happens when you believe inexperienced people, especially those spread on social media.
I am surprised that someone would venture into trading with such a large amount of money without having sufficient knowledge or experience just because his friend told him or he saw his friend making some money!! This is really strange.
Trading is not just a recreational trip to make money. Trading requires learning and knowledge first, then it requires gaining experience, developing an appropriate strategy, and patience second.
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He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
I can not agree more with you, I also saw this news on social media, but I did not know some story about it, I guess no one knows what he bought or other information, but one thing I can deduce from this event is in crypto we should not be dependent on others, I mean I can't imagine how a person can make that much of a loss in bull season, where every newbie is making profit.
I still doubt the reliability of this news but Allah knows better. if he really lost that much then its a huge amount maybe not for forienger but in Pakistan its a big amount. And he invested all that amount by trusting his friends, that's insane. This event gives us the lesson that we should learn first and then invest in crypto, we should not be inclined by seeing some profits of others, as other's profit not mean you can make profit as well. This world is not fair at all.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
Trading can be so risky and in my opinion can even be riskier here in cryptocurrency market where assets can be so volatile. One can certainly lost a lot of money if one is not careful and has not yet learned even the very basics of things. There is definitely a learning curve in trading and this is one thing one must never ignore. This is the reason I am not really attracted much to trading though I also sense that the potential to make good money is really there. Successful traders in this market am sure already changed their financial standing for good...and in fact they can be a big source of envy from many that may desire to copy their success only to end up going north or failure. Well, in trading just like in life, no risks, no rewards.
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In this story the main thing is that he come to trading due to greed and if his friend is making profit from trading then he will have knowledge and will be familiar with trading but as the tiktoker follow him without investigation then he did a big mistake.
May be he choosed random token which become a cause of his failure and may be he did not know about selling and buying price so therefore he face such a big loss. One thing which i realize is that after a loss he again accept his friend suggestion without realizing the reason behind his loss so this is really a bad idea which nobody should do.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.
He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
More details here https://www.samaa.tv/2087311573-tiktoker-zulqarnain-sikandar-faces-rs20-million-loss
Those are really that costly lesson learned for you and with this then it would really be that impossible that you wont really be able to make yourself that learn. Although there might be those individuals who would really be totally quit after such devastation on which we cant really be able to blame them. This is one of the most common reasons that you would really be able to do is on the time that you would really be trying out to mimic others without even trying to determine on what are those accompanied risks. You would really be putting up yourself on such
huge trouble if you cant be able to determine those things.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
Trading is as risky as gambling. That is what I just know about trading. Just like gambling, I have read news about people that lost huge amount of money in trading in just short period of time. One other thing about trading is that it is exhausting. When I read this news, it is not a surprise because I have read news similar to this many times in the past. Trade with the amount of money that you can afford to lose.
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These type of stories during the bull market makes me question what must be people buying into. I mean look at the prices, I do not see anything that went this low in the past 1 month or so, not in the top 100 at all. Which goes to show you that his friend, or someone online, or he himself basically found some horrible terrible thing that went down a ton and that's why he is facing all of this. I think that's quite important and I believe that if you do not check everything carefully, then you are going to have trouble. We should probably consider this as something not so marginally important and focus on doing better.
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These type of stories during the bull market makes me question what must be people buying into. I mean look at the prices, I do not see anything that went this low in the past 1 month or so, not in the top 100 at all. Which goes to show you that his friend, or someone online, or he himself basically found some horrible terrible thing that went down a ton and that's why he is facing all of this. I think that's quite important and I believe that if you do not check everything carefully, then you are going to have trouble. We should probably consider this as something not so marginally important and focus on doing better.
You are talking about investment. Maybe you are confused because you read that he invested money in trading. Trading and investment are different. Someone can trade bitcoin and be losing when the market price is rising or not rising. Trading is short term and it is far riskier than holding. But if someone wants to hold, the person should go for good coins instead of shitcoins. Trading is more time consume and will drain more energy from people, unlike holing.
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It's stupid to just trust his friend, and he looks very FOMO, even though at the beginning of the entry he had already lost $10.5k,
and it didn't make him realize that it was not good at all.
Because maybe too greedy want more profits so put more money on shitcoin which is not obvious.
Losing $72k in just an instant is a foolish act, how it can entrust such a lot of money to a coin that has no clarity.
Try trading in Bitcoin or ETH, then it will be a different story if you buy at a crash price and hold it for the long term.
But if he trades Futures and uses high leverage, it will liquidate very easily,
and it is also the stupidest act because he is just a beginner tempted by other people's profits and eventually FOMO.
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It's stupid to just trust his friend, and he looks very FOMO, even though at the beginning of the entry he had already lost $10.5k,
and it didn't make him realize that it was not good at all.
Because maybe too greedy want more profits so put more money on shitcoin which is not obvious.
Losing $72k in just an instant is a foolish act, how it can entrust such a lot of money to a coin that has no clarity.
Try trading in Bitcoin or ETH, then it will be a different story if you buy at a crash price and hold it for the long term.
But if he trades Futures and uses high leverage, it will liquidate very easily,
and it is also the stupidest act because he is just a beginner tempted by other people's profits and eventually FOMO.
That's basic human nature, losing up to $72k for me is a very lot of money, it would be crazy if that much money was lost in an instant. Maybe your advice to stop getting into shitcoins doesn't convince him enough so your friend thinks to keep trying. hope that the first capital used can be returned again.
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Losing in trading is normal, but it doesn't mean you should keep trading if you lose if most of the time there is something wrong with your trading strategy. If we are consistently losing trades, we should stop trading and go over our trades to see what is wrong so that the next time we trade, we know what to do to reduce losses. We will always experience losses, no matter how great our strategy is, therefore don't overcomplicate trading.
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That's basic human nature, losing up to $72k for me is a very lot of money, it would be crazy if that much money was lost in an instant. Maybe your advice to stop getting into shitcoins doesn't convince him enough so your friend thinks to keep trying. hope that the first capital used can be returned again.
Continuing to enter blindly into shitcoin will not return its capital, it will only give even more losses.
It's not that I don't like shitcoins, but be careful it's necessary because shitcoin or memecoin it has great risks.
$72k is still a small amount of money when compared to the losses of many Whales to the tune of millions of dollars, even often happens these days.
If I would, probably only put $100-$1000 for Shitcoin or memecoin which is pretty good, that alone would be a tremendous profit if it goes up at a price of 50x-100x and has to get out as soon as possible because memecoin is not to be held long term.
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Continuing to enter blindly into shitcoin will not return its capital, it will only give even more losses.
It's not that I don't like shitcoins, but be careful it's necessary because shitcoin or memecoin it has great risks.
$72k is still a small amount of money when compared to the losses of many Whales to the tune of millions of dollars, even often happens these days.
If I would, probably only put $100-$1000 for Shitcoin or memecoin which is pretty good, that alone would be a tremendous profit if it goes up at a price of 50x-100x and has to get out as soon as possible because memecoin is not to be held long term.
Exactly, that's the danger of Shitcoin but sometimes I buy coins like that with a small nominal amount of $10-$20 in the hope of getting very high profits, currently we can find coins like that on the Solana network which is currently hype, I don't dare to use it. a lot of capital because it is very risky.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.
Many people might think that trading is an easy way to enrich people while trading. Even though that's not always true, although there are people who have become rich from trading. However, this is not an instant achievement, as expected by new users in the crypto world. Because trading is very high risk, many people even realize this point, it is very important to realize that trading is high risk. So don't just hope for profits that can make you suddenly rich.
This is a quite wrong opinion when we believe and only believe that trading can make me become rich. But it doesn't cross their minds if they don't think about the risks they have to face, which are much worse.
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Many people might think that trading is an easy way to enrich people while trading. Even though that's not always true, although there are people who have become rich from trading. However, this is not an instant achievement, as expected by new users in the crypto world. Because trading is very high risk, many people even realize this point, it is very important to realize that trading is high risk. So don't just hope for profits that can make you suddenly rich.
This is a quite wrong opinion when we believe and only believe that trading can make me become rich. But it doesn't cross their minds if they don't think about the risks they have to face, which are much worse.
Exactly, when people think trading is one of the fastest ways to grow the money we have then that is a very wrong mindset, because with trading there is no guarantee that we will always make a profit, sometimes we also have to accept losses because we are trapped at high prices. When I meet people I prefer to keep quiet about cryptocurrencies, so they don't think that growing money by trading is easy.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.
He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
More details here https://www.samaa.tv/2087311573-tiktoker-zulqarnain-sikandar-faces-rs20-million-loss
Trading can't be lethal; it's a bit of a misinterpretation, and it's not good for beginners to misinterpret the true definition of trading. Then one more thing: getting a profit in trading does not depend on what others say, and you will trust that immediately without even doing any confirmation if the advice given to you is true or not.
You should know for yourself as a trader if the advice you are being told is true, so at least in this way, you will know what else you should improve in your trading studies here in the crypto space industry.
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Like I said before, there are no major coins that dropped that much, so it was mostly some newbie doing what he shouldn't, this is true for basically everything in life. You can leverage your position at gold too, or forex, I guess some nations even have stocks too, long/shot calls etc as we know from gamestop stuff. So all in all, if you really want to lose money quickly then you can find plenty of other things that aren't bitcoin as well, its not a news. I get that it may look like this is crypto related, but this is just some newbie trader making a newbie mistake and nothing more, could happen to anyone in any market.
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Exactly, that's the danger of Shitcoin but sometimes I buy coins like that with a small nominal amount of $10-$20 in the hope of getting very high profits, currently we can find coins like that on the Solana network which is currently hype, I don't dare to use it. a lot of capital because it is very risky.
The risk will be at your own expense, going in with $10-$20 may be enough.
But if you are confident and want to test your luck, going in with $100 at the beginning when the Marketcap is still quite small or maybe below 1 million is good enough.
But you need to do some research, then whether the LP is locked or not, because a lot of memecoin devs unplug their LPs when the Pump price and it really becomes Rugpull.
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Like I said before, there are no major coins that dropped that much, so it was mostly some newbie doing what he shouldn't, this is true for basically everything in life. You can leverage your position at gold too, or forex, I guess some nations even have stocks too, long/shot calls etc as we know from gamestop stuff. So all in all, if you really want to lose money quickly then you can find plenty of other things that aren't bitcoin as well, its not a news. I get that it may look like this is crypto related, but this is just some newbie trader making a newbie mistake and nothing more, could happen to anyone in any market.
This trader who lost $72K in this story did not manage his capital well enough. I don't think he even thought about preserving capital for his investment journey. $72K is a huge amount of money for many people, but it was used to buy deep experience in the crypto market, which he could have gotten for free in crypto forums.
Part of the problem lies in the choice of tokens. He may have chosen memecoins, or he may have participated in futures trading with very high leverage. Losing is a part of trading, but if a trader doesn't manage capital well enough, he may not have the opportunity to continue to exist with the market, learn, progress and make profits in the future.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
There are new crypto traders who only focus on the benefits they can get from trading cryptocurrency, they forget that it has the potentials too to make them poor just as quickly as it can make them rich. Invest in learning and know that as newbie to trader, it will require you to dedicate time to lots of learning to increase your chances of making profit from trading in the future.
Practice demo trading, and when you start trading with real money, always try to find out why you lost a trade so you do not repeat the mistakes made.
Learning can take time, and you should not try to skip the process.
If this TikToker learns why he lost, in a few months time if he doesn't quit trading, he can make it all back and even more than what he has lost.
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His mistake was thinking he was a qualified trader when he only has a background in being a tiktoker.
It never ceases to amaze me the amount of risk that naive people bring on themselves.
If this TikToker learns why he lost, in a few months time if he doesn't quit trading, he can make it all back and even more than what he has lost.
That's bad advice because as you can see, he is a tiktoker. I don't think he has any interest in studying professional trading for 10,000 hours. In practicing something, you will make mistakes, and so for the 97% of people who quit, since trading is the activity here then he most likely loses even more money if he tries again and fails.
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Losing in trading is normal, but it doesn't mean you should keep trading if you lose if most of the time there is something wrong with your trading strategy. If we are consistently losing trades, we should stop trading and go over our trades to see what is wrong so that the next time we trade, we know what to do to reduce losses. We will always experience losses, no matter how great our strategy is, therefore don't overcomplicate trading.
In trading loss is not always normal and sometime the main cause is using of wrong information so don't continue trading in such situations but remember that that gaining accurate knowledge first is most important without which you cannot fix your mistakes.
We should learn new things about trading because new things arises and new strategies should be applied. If you Loss for only one or two times after long success then this is normal but you should also minimize such normal mistakes.
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It's stupid to just trust his friend, and he looks very FOMO, even though at the beginning of the entry he had already lost $10.5k,
and it didn't make him realize that it was not good at all.
Because maybe too greedy want more profits so put more money on shitcoin which is not obvious.
Losing $72k in just an instant is a foolish act, how it can entrust such a lot of money to a coin that has no clarity.
Try trading in Bitcoin or ETH, then it will be a different story if you buy at a crash price and hold it for the long term.
But if he trades Futures and uses high leverage, it will liquidate very easily,
and it is also the stupidest act because he is just a beginner tempted by other people's profits and eventually FOMO.
That's basic human nature, losing up to $72k for me is a very lot of money, it would be crazy if that much money was lost in an instant. Maybe your advice to stop getting into shitcoins doesn't convince him enough so your friend thinks to keep trying. hope that the first capital used can be returned again.
Thats a lot of money here in our country on which this is something that you would really be able to have some business or even could be able to build up a house or something like that.
This is why when dealing up with something like trading then there would really be those risks and this is something that could really happen. This is why risks management would really be something that crucial when it comes to this because if you arent that careful when it comes to this matter then for sure you would really be ending up with loses.
Never ever make yourself that too involving your emotions when it comes to trading because this would really be stirring up your analysis which we know that this is something
that could affect up along the way and this is something you should avoid.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
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Losing in trading is normal, but it doesn't mean you should keep trading if you lose if most of the time there is something wrong with your trading strategy. If we are consistently losing trades, we should stop trading and go over our trades to see what is wrong so that the next time we trade, we know what to do to reduce losses. We will always experience losses, no matter how great our strategy is, therefore don't overcomplicate trading.
In trading loss is not always normal and sometime the main cause is using of wrong information so don't continue trading in such situations but remember that that gaining accurate knowledge first is most important without which you cannot fix your mistakes.
We should learn new things about trading because new things arises and new strategies should be applied. If you Loss for only one or two times after long success then this is normal but you should also minimize such normal mistakes.
I've been learning numerous strategies, but none of them produce more than 80% when used. Even the most profitable ones cannot do this, especially over time. This just means that no strategy can do it, but it cannot force you to stop becoming profitable.
I agree that when we trade, we learn something new, especially when we lose, but it does not mean we must change our trading plan. Why? We term it a trading plan because we already backtested it to ensure that it works before using it in live trades.
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Scripto trading is always risky and if a trader does not trade properly then his risk level in trading increases several times. I don't know how much the Pakistani tiktoker you mentioned knows about trading. Tiktoker may be more busy with how to make videos but I have no idea how skilled he is in trading. As you mentioned if he is trading futures with maximum risk of his money and if he has little knowledge about trading then it is normal for him to lose this huge amount of money. Trading without knowing anything about trading and if it is future trading then I would say it is definitely a stupid decision for a trader. First a trader needs to get a complete understanding about trading then he can start his trading journey through spot trading later when he is more skilled about trading then he can do future trading with less risk if he wants.
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His mistake was thinking he was a qualified trader when he only has a background in being a tiktoker.
It never ceases to amaze me the amount of risk that naive people bring on themselves.
If this TikToker learns why he lost, in a few months time if he doesn't quit trading, he can make it all back and even more than what he has lost.
That's bad advice because as you can see, he is a tiktoker. I don't think he has any interest in studying professional trading for 10,000 hours. In practicing something, you will make mistakes, and so for the 97% of people who quit, since trading is the activity here then he most likely loses even more money if he tries again and fails.
That's also the problem with other TikTok influencers: do they think that because they have a lot of followers on TikTok, it will be easy for them to become traders when they get profit from trading?
Maybe he also thought that it was easy to get a profit from trading here in the crypto space. That's why he made a mistake in what he thought I saw and only noticed based on the matter we are talking about here.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
I just like how you explained trading newbies as people that do not know how to swim but jump into the sea. But trading is more than that. Trading is up to someone that knows how to swim already but jumped into the sea and still seeing himself sinking and not able to successfully swim. Some traders will have the knowledge and experience and would have been trading for a long time but still losing.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
I just like how you explained trading newbies as people that do not know how to swim but jump into the sea. But trading is more than that. Trading is up to someone that knows how to swim already but jumped into the sea and still seeing himself sinking and not able to successfully swim. Some traders will have the knowledge and experience and would have been trading for a long time but still losing.
Even though they are very experienced in trading, that doesn't mean they will be free from losses. No matter what their experience is like or how extensive their knowledge is, in trading losses are something they will encounter.
However, what is different is that someone with experience will better understand how they can minimize risks, how they can recover quickly from losses or other things. My decline is one of the differences that we can see.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
I just like how you explained trading newbies as people that do not know how to swim but jump into the sea. But trading is more than that. Trading is up to someone that knows how to swim already but jumped into the sea and still seeing himself sinking and not able to successfully swim. Some traders will have the knowledge and experience and would have been trading for a long time but still losing.
Even though they are very experienced in trading, that doesn't mean they will be free from losses. No matter what their experience is like or how extensive their knowledge is, in trading losses are something they will encounter.
However, what is different is that someone with experience will better understand how they can minimize risks, how they can recover quickly from losses or other things. My decline is one of the differences that we can see.
Loses are indeed that inevitable on which the main reason on why those pros and newbies would be having significant difference is that they do know on what they should gonna do with these circumstances.Whereas, if you are already that experienced or knowledgeable then you do really know on what you should gonna do. Although it wont really be giving out that sure thing
about success or profits but at least you do already know on what you should gonna do in compared into those people who are having no idea on what they are really that doing or gonna do.
You would really be able to see the significant difference in between two when experience is really something in talks.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
I just like how you explained trading newbies as people that do not know how to swim but jump into the sea. But trading is more than that. Trading is up to someone that knows how to swim already but jumped into the sea and still seeing himself sinking and not able to successfully swim. Some traders will have the knowledge and experience and would have been trading for a long time but still losing.
It is true that experienced traders also make losses, but experienced traders are a little more careful in managing their funds than newbies. Because they know what they are doing so even if they lose they don't think about it that much because they know that profit and loss are part of trading. Despite having experience and skill in trading, many traders make losses mainly because of the behavior of the market.
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And it just shows that trading is not for everyone and that's why it is said to be lethal. And we even compare it to gambling already, although we can mitigate the risk in trading, but still there are a lot of unknowns and as we dig deeper, the more we would lose money here. And most likely the mindset of this tiktoker as well, maybe he thinks that it is easy money because of the success of his friends. But everyone is very different, his friends might be successful and he can even copy his trading, but it doesn't mean that he will get the same luck as his friends.
From what OP said, I think the Tiktoker thought it was easy to make money because his friend never really gave him the lesson he deserve. He just dished him the food just like that.
I know right now the TikToke would find it very hard to go into crypto again for putting in so much and losing them in a go. Wish he used less risky means like the Dual investment strategy. That would have mitigated his loss in a way
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It is true that experienced traders also make losses, but experienced traders are a little more careful in managing their funds than newbies. Because they know what they are doing so even if they lose they don't think about it that much because they know that profit and loss are part of trading. Despite having experience and skill in trading, many traders make losses mainly because of the behavior of the market.
The main reason that many traders are losing than making profit is because that is just trading. Especially if you are having low amount of money and using leverage, the rich people that use no leverage and minimize their risks further would make profit from traders that are trading with small amount of money and having bigger risks. Many of my friends that are trading always tell me at some point that they have lost again. Some traders will have experience, win and win but later seeing themselves losing more than making profit again in long term. Trading is very risky.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
I just like how you explained trading newbies as people that do not know how to swim but jump into the sea. But trading is more than that. Trading is up to someone that knows how to swim already but jumped into the sea and still seeing himself sinking and not able to successfully swim. Some traders will have the knowledge and experience and would have been trading for a long time but still losing.
It is true that experienced traders also make losses, but experienced traders are a little more careful in managing their funds than newbies. Because they know what they are doing so even if they lose they don't think about it that much because they know that profit and loss are part of trading. Despite having experience and skill in trading, many traders make losses mainly because of the behavior of the market.
We think that for Experienced traders ,Traders and all those who have experience in the market, they simply have losses, but the difference between them is that you see that they make a good move Because they will recover the Bad one they have made, unlike of what we do because a bad move can trigger things to go very Wrong, so this was what happened to the trader, also if you are in futures trading it is much more dangerous than anything else, I am not even able to put money there because I don't know how to do it, if I do it is as if I were in a Casino and it is not worth risking my money there, that must be done knowingly, I know how to Trade but in the medium or Long Term, so that is where yes I can be a little clearer because I have a lot more Reaction, on the other hand , the tik toker thing is Actually something very sad.
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He has no one but himself to blame for what happened. You can't expect to enter a financial market, do trading, and earn a lot of money and do all that without any knowledge and understanding. If the friend was earning profit, and suggested trading to him as well, he had a brain that he could use and think that if he is going to use his money, he needs to understand everything first before he starts investing.
He started trading without gaining enough knowledge about the market or cryptocurrencies, I'm pretty sure he had invested all his money in some shit coin or meme coin hoping to become a millionaire soon because if he had invested in Bitcoin, he would have been in profit already.
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Even though they are very experienced in trading, that doesn't mean they will be free from losses. No matter what their experience is like or how extensive their knowledge is, in trading losses are something they will encounter.
However, what is different is that someone with experience will better understand how they can minimize risks, how they can recover quickly from losses or other things. My decline is one of the differences that we can see.
Loses are indeed that inevitable on which the main reason on why those pros and newbies would be having significant difference is that they do know on what they should gonna do with these circumstances.Whereas, if you are already that experienced or knowledgeable then you do really know on what you should gonna do. Although it wont really be giving out that sure thing
about success or profits but at least you do already know on what you should gonna do in compared into those people who are having no idea on what they are really that doing or gonna do.
You would really be able to see the significant difference in between two when experience is really something in talks.
That's what differentiates experienced traders from beginner traders. Those who are experienced will definitely get up and quickly take action when they feel a loss. Their experience and knowledge is very helpful in this regard.
Meanwhile, those who are inexperienced may tend not to be able to do anything, because of course a loss is something difficult for them to experience. They had to gather their mentality again because of the losses they experienced.
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Even though they are very experienced in trading, that doesn't mean they will be free from losses. No matter what their experience is like or how extensive their knowledge is, in trading losses are something they will encounter.
However, what is different is that someone with experience will better understand how they can minimize risks, how they can recover quickly from losses or other things. My decline is one of the differences that we can see.
Loses are indeed that inevitable on which the main reason on why those pros and newbies would be having significant difference is that they do know on what they should gonna do with these circumstances.Whereas, if you are already that experienced or knowledgeable then you do really know on what you should gonna do. Although it wont really be giving out that sure thing
about success or profits but at least you do already know on what you should gonna do in compared into those people who are having no idea on what they are really that doing or gonna do.
You would really be able to see the significant difference in between two when experience is really something in talks.
That's what differentiates experienced traders from beginner traders. Those who are experienced will definitely get up and quickly take action when they feel a loss. Their experience and knowledge is very helpful in this regard.
Meanwhile, those who are inexperienced may tend not to be able to do anything, because of course a loss is something difficult for them to experience. They had to gather their mentality again because of the losses they experienced.
It's true that when they experience a loss, they have run out of money and have no more capital to trade, but we know that there are many ways to get money from cryptocurrency and it does require a process. At least we have to try again to get more trading capital and rise from adversity. Use your experience as an important lesson to be more careful when making decisions.
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Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.
Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.
He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.
More details here https://www.samaa.tv/2087311573-tiktoker-zulqarnain-sikandar-faces-rs20-million-loss
This person's mistake is that he only has a strong mentality but he is not ready with insight and experience in the crypto market. And it could be said that he was too hasty. Even though he could first learn more and make several experiments with small capital. If he can make a profit with a high ratio of profits to losses, then he can add capital. And not the other way around. He actually did the opposite by adding more capital when he had just lost. This is reckless and should be avoided by every trader. Don't let us feel ready just because we read and watched several tutorials on YouTube about trading. Because in the real market there are other things that must be considered. Such as fundamental analysis and also trading psychology or something like that. Hopefully he can learn from this loss and make him more careful in the future.
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Even though they are very experienced in trading, that doesn't mean they will be free from losses. No matter what their experience is like or how extensive their knowledge is, in trading losses are something they will encounter.
However, what is different is that someone with experience will better understand how they can minimize risks, how they can recover quickly from losses or other things. My decline is one of the differences that we can see.
Loses are indeed that inevitable on which the main reason on why those pros and newbies would be having significant difference is that they do know on what they should gonna do with these circumstances.Whereas, if you are already that experienced or knowledgeable then you do really know on what you should gonna do. Although it wont really be giving out that sure thing
about success or profits but at least you do already know on what you should gonna do in compared into those people who are having no idea on what they are really that doing or gonna do.
You would really be able to see the significant difference in between two when experience is really something in talks.
That's what differentiates experienced traders from beginner traders. Those who are experienced will definitely get up and quickly take action when they feel a loss. Their experience and knowledge is very helpful in this regard.
Meanwhile, those who are inexperienced may tend not to be able to do anything, because of course a loss is something difficult for them to experience. They had to gather their mentality again because of the losses they experienced.
That's the truth of what you said, because most of the other beginners in trading feel that the well-experienced traders are at the same level as them, so they lose in the end when they do actual trading.
Even though the experts don't want to lose in their trading, they still can't avoid the fact that the analysis they do on the chart or graph is wrong because the market is unpredictable, which is the difference between actual trading and the theory of learning.
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That's a pretty big amount to lose my guess is its a lack of knowledge about risk management he doesn't know how or where to set a stop-loss or maybe he don't know how to set a stop-loss which is why he ends up losing a huge amount.
Basic things are very important in the technical analysis if he didn't follow the basic analysis and if he randomly entered the market without analysis it would end up like this.
Fundamental analysis also helps to know where to exit and do deep research that is why as a trader(Not professional yet) you need to keep monitoring the news feeds and should not be greedy always set a take profit and a stop-loss to avoid big losses.
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Even though they are very experienced in trading, that doesn't mean they will be free from losses. No matter what their experience is like or how extensive their knowledge is, in trading losses are something they will encounter.
However, what is different is that someone with experience will better understand how they can minimize risks, how they can recover quickly from losses or other things. My decline is one of the differences that we can see.
Loses are indeed that inevitable on which the main reason on why those pros and newbies would be having significant difference is that they do know on what they should gonna do with these circumstances.Whereas, if you are already that experienced or knowledgeable then you do really know on what you should gonna do. Although it wont really be giving out that sure thing
about success or profits but at least you do already know on what you should gonna do in compared into those people who are having no idea on what they are really that doing or gonna do.
You would really be able to see the significant difference in between two when experience is really something in talks.
That's what differentiates experienced traders from beginner traders. Those who are experienced will definitely get up and quickly take action when they feel a loss. Their experience and knowledge is very helpful in this regard.
Meanwhile, those who are inexperienced may tend not to be able to do anything, because of course a loss is something difficult for them to experience. They had to gather their mentality again because of the losses they experienced.
That's the truth of what you said, because most of the other beginners in trading feel that the well-experienced traders are at the same level as them, so they lose in the end when they do actual trading.
Even though the experts don't want to lose in their trading, they still can't avoid the fact that the analysis they do on the chart or graph is wrong because the market is unpredictable, which is the difference between actual trading and the theory of learning.
The confidence is there on which you would really be having that kind of mindset that trading is really just that easy. You would really be just simply buying on cheaper price and sell it on pump
which its really that just the basics but on the time that you are on such condition then you would really be finding yourself that getting fucked up and would be making out those realizations
that it was never been that easy. Its up to you whether you would really be that pursuing on having that idea or you would really be starting on learning it up start from the basics?
As for potential losses then trading could really give out that kind of devastating impact or disaster on which you cant really be able to make yourself be avoided.
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That's the truth of what you said, because most of the other beginners in trading feel that the well-experienced traders are at the same level as them, so they lose in the end when they do actual trading.
Even though the experts don't want to lose in their trading, they still can't avoid the fact that the analysis they do on the chart or graph is wrong because the market is unpredictable, which is the difference between actual trading and the theory of learning.
There is a great difference between experienced traders and newbies so we cannot say that they are doing the same thing as we are doing. Experienced traders predict about the market through market charts and they never blindly take steps whereas newbies does not know anything but choose coins randomly which become a cause of their failure.
Not only experts but newbies also don't want to loss money because money comes with hardwork but some people are not thinking well that without knowledge trading can be dangerous for them. You will learn day and night but when it comes to reality then you will realize that you have zero knowledge and will know that how difficult is the trading mechanism for newbies.
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Trading is not for everyone, to trade you need to have knowledge about trading, it doesn't matter who comes from which sector. Coming to trading without any kind of trading knowledge means jumping into the sea without knowing how to swim, because trading here without knowing about trading is sure to result in losses and the same happened with this trader. He has learned a very valuable lesson, which will remind him again and again not to trade without knowing how to trade.
I just like how you explained trading newbies as people that do not know how to swim but jump into the sea. But trading is more than that. Trading is up to someone that knows how to swim already but jumped into the sea and still seeing himself sinking and not able to successfully swim. Some traders will have the knowledge and experience and would have been trading for a long time but still losing.
It is true that experienced traders also make losses, but experienced traders are a little more careful in managing their funds than newbies. Because they know what they are doing so even if they lose they don't think about it that much because they know that profit and loss are part of trading. Despite having experience and skill in trading, many traders make losses mainly because of the behavior of the market.
No one can say anything for sure about the market so it is very common for a new trader to lose money just as an experienced trader can lose money. An experienced trader can lose money just like an ordinary trader can lose money but there is a lot of difference between an ordinary trader and an experienced trader. A normal trader takes utmost care in doing his business and they do not take trades at every level of the market whereas a new trader does not think so much and trades only by looking at the temporary volatility of the market. One person analyzes the market a lot while the other feels no need to do the analysis whereas the person who does the analysis and has enough skills is more likely to get the results in his favor.
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You will learn day and night but when it comes to reality then you will realize that you have zero knowledge and will know that how difficult is the trading mechanism for newbies.
One wouldn't have zero knowledge if they learn day and night unless they have a mind that doesn't pick up and store anything. Unfortunately, if it's the case with any newbie trader then they will have a hard time learning everything. So the first thing that is needed in a trader is determination and the willpower to achieve something.
People like the one OP mentioned lose money because they are always in a hurry to make a lot of money which is what makes them go farther away from what they are trying to achieve. Even if a friend tells you something and that is a trusted friend, you should still do some research if you are going to spend money on that thing.
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Well, trading can go either way. If you have gathered sufficient knowledge and experience then it can be beneficial for you. If you start trading without getting enough knowledge then it can be dangerous for you. You can lose all your funds. Another important thing is greed it gets many traders down in the long run.
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Well, trading can go either way. If you have gathered sufficient knowledge and experience then it can be beneficial for you. If you start trading without getting enough knowledge then it can be dangerous for you. You can lose all your funds. Another important thing is greed it gets many traders down in the long run.
Exactly, and those who believe in others more than themselves are the ones who lack confidence because they know they don't know much about the market or the cryptocurrencies they are trading, so they rely on the signals or suggestions provided by others and they act upon those suggestions without doing any research or understanding the market conditions hence incurring losses and then regretting.
They say knowledge is power, and this isn't only for a specific sector or category but it applies everywhere, so when someone in the market does not know, they will barely have the power to become successful and earn much or any money from it if they have zero knowledge about it.
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Well, trading can go either way. If you have gathered sufficient knowledge and experience then it can be beneficial for you. If you start trading without getting enough knowledge then it can be dangerous for you. You can lose all your funds. Another important thing is greed it gets many traders down in the long run.
Sooner or later you would really be able to realize for yourself on what are the things that you are dealing on with and on what are the conditions that you would really be able to meet up.
We do know that this isnt something that you could be able to handle it out well without proper knowledge and awareness on how market works but on the time that you are already that
knowledgeable into it then of course you would really be making out that kind of adjustments on which its a common approach. There are really those people who are really just that
too highly be reactive whenever they do experience loses. WHen it comes to confidence then its normal but on excessive manner then this is where things turns out to be shit.
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And it just shows that trading is not for everyone and that's why it is said to be lethal. And we even compare it to gambling already, although we can mitigate the risk in trading, but still there are a lot of unknowns and as we dig deeper, the more we would lose money here. And most likely the mindset of this tiktoker as well, maybe he thinks that it is easy money because of the success of his friends. But everyone is very different, his friends might be successful and he can even copy his trading, but it doesn't mean that he will get the same luck as his friends.
We all know that trading is very risky, so everyone must acquire good knowledge about trading before starting trading and must acquire good knowledge about market analysis and market research, otherwise there may be loss in trading. I also believe that trading is not for everyone. so if someone trades with risk himself then he has to take the responsibility of his loss. So one cannot call trading lethal.
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One wouldn't have zero knowledge if they learn day and night unless they have a mind that doesn't pick up and store anything. Unfortunately, if it's the case with any newbie trader then they will have a hard time learning everything. So the first thing that is needed in a trader is determination and the willpower to achieve something.
People like the one OP mentioned lose money because they are always in a hurry to make a lot of money which is what makes them go farther away from what they are trying to achieve. Even if a friend tells you something and that is a trusted friend, you should still do some research if you are going to spend money on that thing.
Learning and experiencing are two different things and if we just learn but don't practice these learning then we will not be able to take profit and with the passage of time we will forget that knowledge. The mind does not suggest your profit no matter how long you learn if you don't have practice, your knowledge will be incomplete.
It is important to be noted that if you are in the will to do trading then you will give time to learning and will practice it in reality because just learning cannot make you wealthy.
This is the reality that most of the people lose their money because they trust other people but don't search by themselves so they never realize the basics and accepting the suggestion of friends becomes risky for them.
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It is important to be noted that if you are in the will to do trading then you will give time to learning and will practice it in reality because just learning cannot make you wealthy.
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Learning without practice will only be wishful thinking, and it will not add to the trading experience.
I myself started trading self-taught and began to learn the basics, after which began to practice how the basics of trading worked.
Over time, I began to get used to it and continue to learn how to trade properly and correctly, as well as train trading psychology.
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It is important to be noted that if you are in the will to do trading then you will give time to learning and will practice it in reality because just learning cannot make you wealthy.
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Learning without practice will only be wishful thinking, and it will not add to the trading experience.
I myself started trading self-taught and began to learn the basics, after which began to practice how the basics of trading worked.
Over time, I began to get used to it and continue to learn how to trade properly and correctly, as well as train trading psychology.
That's right, when trading but we don't see and feel market conditions directly then all the theory studied is useless, it's better when learning trading to immediately carry out trials using the capital money we have, don't use it all, use a little to study the market. Once we can understand the movement of coins in the market, we can increase the capital we use.