Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: cashisking86 on August 16, 2021, 12:55:50 PM
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1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.
2) Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!
3) Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.
4) Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.
5) Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.
What else have you all learned in your time trading?
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I thought you made several good points!
I’ve struggled with setting realistic goals (as you mentioned), along with learning the right way to cope with losses. All of your points were pretty spot on and I don’t think some of them are mentioned enough, so hopefully this will help others, whether they are only consider opening a trading account or if they have more experience.
I’ve only been at it for a little over a year, so you definitely have more experience. Hoping to see more posts like this in the future, thanks for sharing!
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Agreed that it is certainly not a get rich quick scheme! Some good points in here.
Also, you can not buy experience. Time in the markets is one of your most valuable assets.
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Another point is that successful strategies often won't last. The market always changes and we must formulate a new strategy under time pressure, because on the other side of a good trade there is someone who feels the pain of losing (or underperforming) and this makes him learn faster.
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I agree with everything and add that trade has taught me to be as emotionally stable as possible
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I agree with everything and add that trade has taught me to be as emotionally stable as possible
What is written above is true, but in trading to be successful for me the most influencing factor is experience. The longer we are in the Crypto market, the higher our trading knowledge will be.
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There is no end to your learning when it comes to trading. The more you learn, the better for you. You can never trade with little acquaintance. If you want to trade, you must have enough gold.
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I think there is no end to the learning of cryptocurrency relationships. Because if you know and understand blockchain technology well, maybe life will end but the boundaries of knowing and understanding will not end. So those who do research on cryptocurrency or blockchain technology are very interested in learning or knowing. It takes a lot of time to get to know blockchain technology better. So within five years or 10 years it is impossible to actually understand blockchain technology.
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Trade No one can do it because one cannot trade without knowledge of this subject. There is no end to the learning that the more he learns, the more he can benefit trade .If you do not have enough knowledge about this trade, it is normal to lose. So we need to know and understand trade better.
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If you want to trade, you have to acquire complete knowledge. No one will be able to trade, because if you want to trade without understanding well, you must read. Then understand us better about trading Should be done. If you can trade with understanding, you will definitely get good results. It is possible to be successful only if you have to choose some good projects for trading.
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I especially liked about the "guru" of traders of social networks. There really is one charlotte who counts on the fact that all the hamsters will run to them and will buy paid subscriptions from them to teach them how to trade. No one will share with you their history of use in the trade, everyone should understand this and not fall for such charlottes.
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If you want to trade, you have to acquire complete knowledge. No one will be able to trade, because if you want to trade without understanding well, you must read. Then understand us better about trading Should be done. If you can trade with understanding, you will definitely get good results. It is possible to be successful only if you have to choose some good projects for trading.
This is on point. The reason I think so many struggle is they spend time (if they do) studying a specific strategy without understand the WHY of the matter. First and foremost try and understand how the market moves and the underpinning reasons for it. It's much easier to then create a strategy around that foundation.
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The first thing I learned is that you cannot go to the entire deposit. The second is not to trade while intoxicated. The third is not to trade on emotions. Fourth discipline. Fifth risk and money management.
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at least you have to be patient and when trading never take too long to make a profit withdrawal because sometimes the price can go up but a few moments later it immediately collapses, so stay careful when trading and don't get carried away by emotions. still patiently waiting for a good moment.
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Amazing advice, I agree with your views OP!
I would add that I have learnt to be very cautious and suspicious about trading products, services etc. that require you to pay - I have seen so many stories on forums about people who got scammed, and there are so many different ways to get scammed if you are not careful.
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I quite agree with your points. If you come into trading with getting rich quick, you get your fingers to burn. To have a perfect result in trading you need to take it slow and steady on a daily basis so that you can experience what you needed to become an expert. Consistency matter in trading and consistency will give you the needed experience to excel in trading. In trading, you don't stop learning. We learn every day.
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I agree with some of your points, although I have some doubt in others, let me say this way not all of our goals and plans will work as we expected, that's why our decision or judgment matters. because in trading there are a few factors we should consider and I experience it when I started my trading journey wayback in 2016 and base on my experience emotion is one of my worst enemies. second is the knowledge and technicalities etc.
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indeed having knowledge about trading will really provide many advantages for you if you trade in cryptocurrencies sometimes this knowledge is not very useful because until now cryptocurrency price movements are very difficult to predict and the most important thing is that you have to be able to control your patience when trading in cryptocurrencies so as not to get caught in the traps that whales often make.
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I started to understand the patterns of the crypto market because I learned from the experience of 2017, but it is difficult to choose an altcoin that will increase the price and make a profit, because many altcoins on coinmarketcap are still not listed on a centralized exchange.
Some signals on social media look good but I don't believe them because most influencers can give signals and they look like professional traders.
I prefer to trade with the analysis and experience that I have, by taking a little profit I think it's good than losing continuously with a large amount.
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1) I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick,
I think you are talking about a Forex trading broker. Personally, in Forex I like Evolve markets because I can also deposit different cryptocurrencies, quick and cheap withdrawals, and also I can trade crypto, forex, stock, all in one place!
4) Trading of any type is NOT A GET RICH QUICK SCHEME!
Absolutely right! We have to be patient in trading or otherwise we'll be risking our money and we'll be at a loss without expecting.
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5) Set achievable goals
Some people sometimes don't realize that they set unachievable goals. Greedy people always set too high goals, which probably ends with bad results. Now, when some people stated the price of Bitcoin to reach $100k, many people want to set a selling price above $100k. I think this is a very risky goal, better to set the selling price target below $100k. We don't know if the Bitcoin price really can reach $100k or not.
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trading in cryptocurrencies in my opinion there is no broker system, cryptocurrency price movements depend on demand and no one can regulate it, the estimated value of the cryptocurrency asset when the price collapses will not make you lose if you only trade as usual, but if trading futures it will different again.
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Thanks for sharing with us.But still I have some problems with technical analysis.
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I agree 100%. But also I would like to add 1 moment: be calm, turn off emotions and turn on your logic and brains. Use technical analyzes and use your strategy.
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good analysis and what is said is true. Trading is not something that easy but can be learned if there is a strong will in it. some people lose and some make big profits in trading, it all depends on how we manage our own crypto assets in trading. Therefore, as said, there are several points that must be underlined in trading so that you can trade better. failure in trading is a natural thing, but if we fail continuously then it will only make us lose more, so be more careful.
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You already have marked out several very much important points these are realistic knowledge which are always have to remember before trading. Here i also agree and strongly want to say that don't try to be rich in short time that is the most worst decision in the trading platform as a consequence many traders annihilated form this space.
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when trading if you already have a very long experience such as 5 years then you can definitely have a lot of experience with cryptocurrency price movements and of course that a lot of time should be enough time to learn how to trade properly and correctly.
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One of the things that if I give you a good look is that trade is not to get rich overnight, many people enter the trade looking for the best way to get rich, and when they enter with that thought they get exactly what On the contrary, because not only are they going to believe that it is possible, all the movements they make are focused on it, and the worst thing is when they realize that they do not achieve it and begin to make more mistakes, and mistakes in trading are they translate into loss of money, and that is what they ultimately achieve.
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What I will like to add is;
1. Have a mind of your own, when you are trading you need to have a mind of its your own don't capitalize on people's prediction. We only have ideas of when a bull run begins not as n exact date, likewise we may not say the exact day it breaks. Once you follow your mind you have less regret.
2. Patience is Key in trading, it will be painful to see you token wasted when it can yield as much as 10times higher value. It is good to take time in studying it.
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Dear, I have read your point carefully and you have used very good experience tips which you have faced in the 5 years of trading. I want to tell you about my experience a little bit that in trading never invest in one coin always try different t coins and never be scammed by the market because there are new coins which are scamming you.
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4) Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.
What else have you all learned in your time trading?
I totally agree with you about this. Many people expect 2X to 10X overnight from a project. But in crypto, the most project goes 100X from their ICO or IDO price but it still takes time. You need to have patience and holding power to get maximum profits from any project in crypto. Another weird thing I have learned from crypto is that sometimes it doesn't matter a project is strong in a use case or not if it has community supports. Crypto is still small in users compare to earth population. So its easy to manipulate.
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I laugh so hard when I see people follow some influencers and telegram claimed guru who have small experience in trading began to dish out advices.
I believe in one philosophy, when I try something and it think work, I will want to get that thing until it work out, that strategy has help me out in trading and I am able to learn the basic of trading.
Don't allow anybody to do it for you, start with small capital and you are good to go.
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Great information, i think this fantastic information will be very Helpful for a traders. If anyone follow this 5 things he will be benefited from trading. I think without proper knowledge trading is very risky. And any person will loss his valuable fund if he trade without proper knowledge. So af anyone want to trade at first he need to learn more and More then start trading. Then he will Be successful in trade.
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In my opinion trading on cryptocurrencies does not find a broker system, all bitcoin trading has price movements depending on the interaction between buyers and sellers on the exchange, patience is an important thing that I think should be emphasized if you can't control your patience it will make it difficult for you to make a profit.
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Wow, you must have your best experience so far with that experience.
And so far, I am still doing train gin the Spot market. Because it is less risks that in the future trading.
I think I have no problem with only getting small or enough profits.
But now, I really want to try future trading. And yes, trading will teach us many things
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Five very good points. I myself have learned a lot to better control my emotions through trading. Where my patience was tested here, my mental health was also tested because I encountered a down and pump market situation. Be not greedy because this cryptocurrency is hard, don't take the wrong step if you want to keep going. And do not look at the professionals or beginners because all control is in your own hands.
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Five very good points. I myself have learned a lot to better control my emotions through trading. Where my patience was tested here, my mental health was also tested because I encountered a down and pump market situation. Be not greedy because this cryptocurrency is hard, don't take the wrong step if you want to keep going. And do not look at the professionals or beginners because all control is in your own hands.
Control emotions is the key as trader.
It's really difficult than just learn chart, signal etc.
Because We must manage emotions, don't be greedy and have target.
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Everyone has their own way of determining success in Crypto trading, and all of that will be done according to the basics obtained by each person. I myself have been learning trading for a long time, but I'm not very good at it either. I think emotional control is very important, patient and not easily influenced by other people's persuasion.
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Control emotions is the key as trader.
It is one of the keys to being successful in trading. However, it is not as easy as we think, controlling emotion weel needs a long time. For a new trader, it can be very difficult because it is a natural attitude. Everyone must have emotion, especially if he sees bad things, he must emotional on it.
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Great information, i think this fantastic information will be very Helpful for a traders. If anyone follow this 5 things he will be benefited from trading. I think without proper knowledge trading is very risky. And any person will loss his valuable fund if he trade without proper knowledge. So af anyone want to trade at first he need to learn more and More then start trading. Then he will Be successful in trade.
The main thing is not to fall for the tricks of the Guru. Who just wants to take your deposit. Especially newcomers to the cryptocurrency market face such actions. I also found out about fake coins that attract traders to buy - it loses a lot of profit. Explore the best cryptocurrency exchanges.
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I learned from the experience of 2017, but it is difficult to choose an altcoin that will increase the price and make a profit, because many altcoins on coinmarketcap are still not listed on a centralized exchange.
Some signals on social media look good but I don't believe them because most influencers can give signals and they look like professional traders
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I agreed on all your write up, infact I tried all kinds of trading strategies mostly obtained from forexfactory and don't usually work for me until I realized that I just need to sticked with one of those strategy work on my emotion and twick it to suite my trading style and I also agreed that trading is not a get rich quickly profession my mindset set in trading is to earn some extra source of income from the profits to support my day job earnings.
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I cant name 5 things (frankly speaking I can, but it will take time to name all 5), but surely trading taught me not to rush and an rely only on my own decisions and predictions. Never listen to anyone. All the forecasts that the price will go here and there are lies.
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You have to learn everything to trade. But you have to understand how the coin's fluctuate in order to trade. Know all the information of the coin. Because a lot of information can increase the value of the coin.
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The more trading knowledge we learn, the smarter our knowledge will be to trade Crypto.
But trading Crypto is difficult, sometimes the coins we buy suddenly drop in price, and vice versa.
Therefore, in trading Cryptocurrency, high concentration is needed, so that we are right in making choices and minimizing losses.
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Well, I haven't been in trading for so long but I have learnt a lot in the short time I got involved. Not many Exchanges has surprised me tbh, but I can affirm to Bitay, specifically because of what I have learnt from the platform, an exchange with user centered activities, Bitay allows users and provide them with opportunities and tools to learn about cryptocurrency and Blockchain, inclusive with trading, you can easily get enough experience that will enable you to start earning at BITAY with it's easy to learn tools.
I'm surely getting the Bitay coin once it's launched... Coin yet to launched and the products are ready functional.. isn't that surprising enough???
Learning is a continuous process. I'm still in the process, Bitay academy can give newbies headstart into thier crypto journey and also continuous learning for traders too.
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There are many things that we have to learn to trade this Cryptocurrency coin, and the points mentioned above are all very important points.
Choosing a coin is one that we must study carefully, because by choosing the right coin, our potential for profit is higher than buying random coins.
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Your 5 year experience is everything someone needs to know if he wants to enter in crypto world. It tells you what to do and what to avoid most. Specially the greed and importance for self awareness is something everyone should focus on.
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There is no end to your learning when it comes to trading. The more you learn, the better for you. You can never trade with little acquaintance. If you want to trade, you must have enough gold.
I get the point, If you want to trade, you must have enough gold.
Trading needs good capital.
Because sometimes we will loss, So I agree with you, we should have fund.
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There is no end to your learning when it comes to trading. The more you learn, the better for you. You can never trade with little acquaintance. If you want to trade, you must have enough gold.
I get the point, If you want to trade, you must have enough gold.
Trading needs good capital.
Because sometimes we will loss, So I agree with you, we should have fund.
at least you have to be able to control your patience and don't be influenced by the conditions of the exchange, use the capital you have to buy several coins, don't just buy 1 coin because it will make you lose if you don't sell it at a high price.
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Out of all the advice that I get, there’s one thing that only really matters to me in cryptocurrency trading.
“Invest and trade what you can afford to lose.”
In other words, treat it as dead money or just having a “donation” mindset where you’re not expecting anything in return. Treat your losses as learning fees. There is no perfect strategy in trading. Always expect the unexpected. No way that you can always win. Do not go all-in. That’s just me of course.
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growth is something you have to go through in the forex game. losing money blowing accounts and following fake socials. once you get through that stage you will either leave or look for a new direction this could be education or indications such as EA's or indicators or signals. once you realise all are rubbish you will come back to education and find that it is all about time dedication motivation and not fast gains from here you will do well
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growth is something you have to go through in the forex game. losing money blowing accounts and following fake socials. once you get through that stage you will either leave or look for a new direction this could be education or indications such as EA's or indicators or signals. once you realise all are rubbish you will come back to education and find that it is all about time dedication motivation and not fast gains from here you will do well
True that! I think we all go through that at the start. I have learnt not to try and force trades too and now have a much better eye for an opportunity. Just need to check charts regularly
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Trading is not a thing which can you learn easily because market is always in different conditions, if you trade emotionally got panic then there is risk of lost your assets and you will be disheart . in my opinion with out knowledge make trade is risky so always learn about project when you invest on it.
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growth is something you have to go through in the forex game. losing money blowing accounts and following fake socials. once you get through that stage you will either leave or look for a new direction this could be education or indications such as EA's or indicators or signals. once you realise all are rubbish you will come back to education and find that it is all about time dedication motivation and not fast gains from here you will do well
Couldn't agree with you more!
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There is no end to your learning when it comes to trading. The more you learn, the better for you. You can never trade with little acquaintance. If you want to trade, you must have enough gold.
I think we can do trading and learn on little money.
Because to be professional trader we should have knowledge and experience.
Talking about have enough gold, maybe we can try in little fund at the beginning.
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growth is something you have to go through in the forex game. losing money blowing accounts and following fake socials. once you get through that stage you will either leave or look for a new direction this could be education or indications such as EA's or indicators or signals. once you realise all are rubbish you will come back to education and find that it is all about time dedication motivation and not fast gains from here you will do well
I think most traders have paid their dues at some point or another!
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I think there is no end to the learning of cryptocurrency relationships. Because if you know and understand blockchain technology well, maybe life will end but the boundaries of knowing and understanding will not end. So those who do research on cryptocurrency or blockchain technology are very interested in learning or knowing. It takes a lot of time to get to know blockchain technology better. So within five years or 10 years it is impossible to actually understand blockchain technology.
As human we must learning and learning.
There are many knowledge in crypto that we didn't know yet.
if we want to be professional trader and investors we should have knowledge and experience.
Manage emotions and always be patience
It's not easy.
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MetaverseMe is my favorite project since it combines the past with current and even future technology:). Although it will take more time, I believe it is necessary, and it will be added to my to-do list for this operation.
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A metaverse project where you can freely dance and play is one of the few projects I think is fantastic. MetaverseMe is just such a project, with its potential and open environment. For me, this endeavor is a lot of pleasure.
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Bitbrawlio is unique in that you can use own brawlers or, if you have a #MFT from a partnered project, you can also use their NFTs as playable skins!
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I think there is no end to the learning of cryptocurrency relationships. Because if you know and understand blockchain technology well, maybe life will end but the boundaries of knowing and understanding will not end. So those who do research on cryptocurrency or blockchain technology are very interested in learning or knowing. It takes a lot of time to get to know blockchain technology better. So within five years or 10 years it is impossible to actually understand blockchain technology.
As human we must learning and learning.
There are many knowledge in crypto that we didn't know yet.
if we want to be professional trader and investors we should have knowledge and experience.
Manage emotions and always be patience
It's not easy.
It's really difficult to manage our emotions.
Greed, panic selling and buying.
I think those are the big problems As trader and investors.
But don't worry.
Time will tell, we will gain knowledge and experience by the time.
Every thing needs process.
We will be ..
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Crypto is not an easy thing which you learn in first and always repeat the same pattern so in my opinion crypto learning process will not end . always think about learning which will more beneficial in your readings...