As a beginner, stay away from trading and focus more on holding Bitcoin

[LogitechMouse]

Re: As a beginner, stay away from trading and focus more on holding Bitcoin

If you're a newbie, focusing more on holding Bitcoin would be a better option, but saying to the newbies to stay away from trading isn't a good thing.

Newbies have the right to try trading, and based on their experience, they will decide whether they will trade or not. Yes, we know that newbies have higher chances of losing money in trading, but that's the price of the experience that they will get. I believe that experience matters in trading, and if you want to gain those, you need to lose at least some money. At the end of the day, those experience will help you become a better trader if you will pursue being an expert on it.

Still, I will always say to a newbie to try both of them. Try both holding Bitcoin and do trading. From there, I will let them decide whichever works for them.

[Dr.Bitcoin_Strange]

A beginner in trading should learn to keep things simple. Start by simply buying a few coin. Hodl for a while understand why the prices keeps fluctuating then when the confidence level is high enough they can invest with huge capital. One can only learn crypto trading by experience and not by observation.

Part of your post is a bit confusing, I mean the part you’re talking about HODLing and Trading on the same concept is rather confusing because traders and HODLers are both totally different people so is your post about traders or are talking about HODLers?

[Findingnemo]

A beginner in trading should learn to keep things simple. Start by simply buying a few coin. Hodl for a while understand why the prices keeps fluctuating then when the confidence level is high enough they can invest with huge capital. One can only learn crypto trading by experience and not by observation.

Part of your post is a bit confusing, I mean the part you’re talking about HODLing and Trading on the same concept is rather confusing because traders and HODLers are both totally different people so is your post about traders or are talking about HODLers?

Probably he meant long term trading? Like hold for months and sell for profits but it's not the most profitable way of doing it. HODL is the actual strategy to maximize profits but in theory a day trader has the capability of making more but as I said in theory which is not practical that is why we need to choose the approach that is less risky as well as equally profitable.

[Dr.Bitcoin_Strange]

Probably he meant long term trading? Like hold for months and sell for profits but it's not the most profitable way of doing it. HODL is the actual strategy to maximize profits but in theory a day trader has the capability of making more but as I said in theory which is not practical that is why we need to choose the approach that is less risky as well as equally profitable.

Well I believe it’s all about perspective and the individual’s personal financial goals, whether to dwell on theory or practicality and actual reality, because in reality, we all know that it’s much safer to stay away from short term trading, due to the potential risks involved, no one can for sure tell the future of any asset, not even Bitcoin in the short term, so the best approach to mitigate losses as much as possible would be to focus on the long term potentials of an asset that has proven to be trustworthy, with long term stability and that’s Bitcoin, every other form of investment in the crypto market carries maximum risk.

[PX-Z]

Probably he meant long term trading? Like hold for months and sell for profits but it's not the most profitable way of doing it. HODL is the actual strategy to maximize profits but in theory a day trader has the capability of making more but as I said in theory which is not practical that is why we need to choose the approach that is less risky as well as equally profitable.

Long term trading? That will also mean that you need to store your bitcoin an exchange for very long time which is too risky. Too many exchanges transition from being reputed to shitty one. For beginners to reduce those mistakes and risks HODL is the most recommended way because even you are already know how to trade, of have an experience about it, it does not always mean profit.

[sampoerna]

Re: As a beginner, stay away from trading and focus more on holding Bitcoin

If you're a newbie, focusing more on holding Bitcoin would be a better option, but saying to the newbies to stay away from trading isn't a good thing.

Holding Bitcoin is the best way to do for newbies to start their journey in the crypto space. At least, when they put their money when they are still really beginners, they are already in the right place, not to follow FOMO or just a victim of hype, but Bitcoin is a crypto that is worth it and safer compared to investing in altcoins.

And yes, even though trading is difficult, it doesn't mean it can't be done, So, it's much better to hold at first, but it doesn't mean closing the possibility of trading, as long as they really want to learn from the beginning how to work. not just because they want to make money and just follow suit, but really go through it with their own journey and security with a good understanding of crypto and trading especially.

[lepbagong]

Re: As a beginner, stay away from trading and focus more on holding Bitcoin

If you're a newbie, focusing more on holding Bitcoin would be a better option, but saying to the newbies to stay away from trading isn't a good thing.

Holding Bitcoin is the best way to do for newbies to start their journey in the crypto space. At least, when they put their money when they are still really beginners, they are already in the right place, not to follow FOMO or just a victim of hype, but Bitcoin is a crypto that is worth it and safer compared to investing in altcoins.

And yes, even though trading is difficult, it doesn't mean it can't be done, So, it's much better to hold at first, but it doesn't mean closing the possibility of trading, as long as they really want to learn from the beginning how to work. not just because they want to make money and just follow suit, but really go through it with their own journey and security with a good understanding of crypto and trading especially.

I think what you said is something very true and appropriate to do, not only for beginners, if they want to feel safe and be able to invest in crypto and the choice is in bitcoin, because this is the safest investment to being before moving on to the next stage.
Trading is indeed very risky for anyone who does not have the ability to do it, but that doesn't mean you shouldn't do it. In my opinion, apart from having to be smart at analysis, the most important thing is to have the courage to jump in straight away, but by doing it in installments, from small amounts and gradually, until you are able to analyze well.

[Findingnemo]

Probably he meant long term trading? Like hold for months and sell for profits but it's not the most profitable way of doing it. HODL is the actual strategy to maximize profits but in theory a day trader has the capability of making more but as I said in theory which is not practical that is why we need to choose the approach that is less risky as well as equally profitable.

Long term trading? That will also mean that you need to store your bitcoin an exchange for very long time which is too risky. Too many exchanges transition from being reputed to shitty one. For beginners to reduce those mistakes and risks HODL is the most recommended way because even you are already know how to trade, of have an experience about it, it does not always mean profit.

They doesn't have to keep them in the exchange but people who follow DCA for small amounts like 50 dollars a month are often forced to do that despite knowing it's risk because withdrawing $50 BTC everytime will take away $10 to 20 as fees so they may have to save some funds and move as big chunk to reduce the fee burden.

[lepbagong]

Probably he meant long term trading? Like hold for months and sell for profits but it's not the most profitable way of doing it. HODL is the actual strategy to maximize profits but in theory a day trader has the capability of making more but as I said in theory which is not practical that is why we need to choose the approach that is less risky as well as equally profitable.

Long term trading? That will also mean that you need to store your bitcoin an exchange for very long time which is too risky. Too many exchanges transition from being reputed to shitty one. For beginners to reduce those mistakes and risks HODL is the most recommended way because even you are already know how to trade, of have an experience about it, it does not always mean profit.

They doesn't have to keep them in the exchange but people who follow DCA for small amounts like 50 dollars a month are often forced to do that despite knowing it's risk because withdrawing $50 BTC everytime will take away $10 to 20 as fees so they may have to save some funds and move as big chunk to reduce the fee burden.

I think at this time the exchange is good enough and there is insurance that can be obtained from the loss that happens, as well as because local exchanges also have a lot. So continuing to buy in a DCA way is very good, but I agree not to take in a small amount or that we, have not wanted, because the costs incurred are quite large, as you said, and ultimately unfavorable.

[Dr.Bitcoin_Strange]

They doesn't have to keep them in the exchange but people who follow DCA for small amounts like 50 dollars a month are often forced to do that despite knowing it's risk because withdrawing $50 BTC everytime will take away $10 to 20 as fees so they may have to save some funds and move as big chunk to reduce the fee burden.

I totally get what you’re saying. DCAing with a small amount can indeed be pretty tough, particularly when it involves high transaction fees. One may wish to regularly invest but when they think about the transaction fees, they may either feel discouraged or be left with no other choice but to consider using a local or centralized exchange for their DCA.
But the most important thing if one must consider using an exchange is making sure that the exchange chosen is somewhat safe and a very notably one.

[Findingnemo]

They doesn't have to keep them in the exchange but people who follow DCA for small amounts like 50 dollars a month are often forced to do that despite knowing it's risk because withdrawing $50 BTC everytime will take away $10 to 20 as fees so they may have to save some funds and move as big chunk to reduce the fee burden.

I totally get what you’re saying. DCAing with a small amount can indeed be pretty tough, particularly when it involves high transaction fees. One may wish to regularly invest but when they think about the transaction fees, they may either feel discouraged or be left with no other choice but to consider using a local or centralized exchange for their DCA.
But the most important thing if one must consider using an exchange is making sure that the exchange chosen is somewhat safe and a very notably one.

People can do that, picking the reputed ones give somewhat the security for our funds even if we can't hold the custody of it in that case if the exchange hacked they might resolve as well as refund in case of loss even though it's not a guaranteed promise but it happened with some exchanges. So we can trust the exchange for a month when we DCAing with small amount and withdraw it monthly or bimonthly to pay less in fees.

[|MINER|]

As a beginner investing on Bitcoin I mean holding Bitcoin for long term would be the best option, but in general what we say that we come here for invest on the altcoin like that it will make us quick rich.
But we understand that investing in bitcoin rather than altcoin when we have few knowledge about crypto space in after having some worst experience. I am talking about myself when I was newbie in this sector I wasn't really have good plan bitcoin invest and I am also regretting for that on this current time.

[UNIVERSE]

As a beginner investing on Bitcoin I mean holding Bitcoin for long term would be the best option, but in general what we say that we come here for invest on the altcoin like that it will make us quick rich.
But we understand that investing in bitcoin rather than altcoin when we have few knowledge about crypto space in after having some worst experience. I am talking about myself when I was newbie in this sector I wasn't really have good plan bitcoin invest and I am also regretting for that on this current time.

If we are beginners, we don't need to invest in many coins. It is no problem to invest in altcoins, too. But only choose few top altcoins. Invest in Bitcoin, Ethereum, Solana, Ripple, and BNB coin are enough for beginners. If beginners invest in too many coins, they will get difficulty to monitor and analyze the potential of the coins. Sure, investing in Bitcoin should be the priority. Maybe 50% of the funds to invest in Bitcoin, and the rest of the funds will be put on those altcoins.

[vegasus]

As a beginner investing on Bitcoin I mean holding Bitcoin for long term would be the best option, but in general what we say that we come here for invest on the altcoin like that it will make us quick rich.
But we understand that investing in bitcoin rather than altcoin when we have few knowledge about crypto space in after having some worst experience. I am talking about myself when I was newbie in this sector I wasn't really have good plan bitcoin invest and I am also regretting for that on this current time.

Yes, it's true, investing in Bitcoin for newbies is the best thing chosen for investment in the crypto world. However, even so, they must also understand the fact that Bitcoin is highly fluctuating, still volatile. and they should not be indifferent to various conditions in the market, because the price of BTC can drop and rise so easily, and sometimes make beginners panic sell. In addition, they also need to understand the bearish - bullish cycle or scheme, which of course can help them determine the investment position, and the possibilities that occur, when to enter and when to exit in BTC.

[Dr.Bitcoin_Strange]

People can do that, picking the reputed ones give somewhat the security for our funds even if we can't hold the custody of it in that case if the exchange hacked they might resolve as well as refund in case of loss even though it's not a guaranteed promise but it happened with some exchanges. So we can trust the exchange for a month when we DCAing with small amount and withdraw it monthly or bimonthly to pay less in fees.

Yeah you’re absolutely right but still I wouldn’t recommend putting one’s hope or completely trusting any centralized exchanges regardless of how much security they promise to give. Thus would advice that even if one is using a centralized exchange to DCA smaller amounts, that after some period of time when the portfolio has somewhat grown to a sizeable amount, he should send it out from the exchange to a more secure wallet, and then maybe start accumulating again in the exchange, this way, you wouldn’t putting all your eggs in one basket and thus would be potentially minimizing the risks.