When you point a single accusing finger, do you notice the other 3 facing you? It may even turn out that the person you're angrily pointing at has nothing to do with your problem and that it's entirely your own fault.
As we all know, crypto trading is one of the riskiest game out there. It is either you win or you lose. The literal meaning of “don’t bite more than you can chew” is highly applicable here. So, when you go around diving in and out of trade with an amount you can’t afford to lose, that would be you trying hard to land yourself into trouble. Even though there are more experienced traders, when it comes to trading everyone does it with care. It could make you or break you but with strong spirit, those willing to trade hope it makes them. When you win a trade, you thank your star and when you lose one you still take it in good faith because it didn’t promise you from the beginning to be free of risk. The goal of crypto trading is to learn with each experience until a trader’s winning rate becomes higher than losses and such trader could be termed experienced and skilled.
I came across someone on a platform regretting bitterly and condemning BCH for causing him to lose a large amount of money. I was triggered to know more about what happened and how it happened. Then I found out that he got newly introduced to both BCH and binance where he ignorantly hopped on futures trading probably because he had watched few youtube tutorials on futures and feels that he is well equipped for trading. I didn’t know if I should sympathize with him or blame him for his own loss but I was actually pissed at the fact that he decided to blame BCH for his own mistake, ignorance and lack of skill.
Just like other coins out there, BCH is subject to market conditions and it is as volatile as any other crypto. The volatility is even what makes its trading fun as profit or loss could occur at either direction and at all time. Even though crypto is considered an ever bullish asset due to its growing adoption every day, it keeps fluctuating within short time frames and those hoping to make profit with day trading must take this into account. For those willing to go for a long term investment, I can confidently encourage them to go for BCH because its future is evidently promising.
Anxiety and greed won’t let you thrive in the crypto world. These two are big enemies of success when it comes to crypto trading and investment. Many got liquidated and their trading carrier ended because of these two factors. For anxiety, it is the fear of the unforeseen. When you enter a trade and it starts going against you, the first thing that comes to mind as a novice trader is to terminate the trade. That particular trade after termination could later turn in your direction after you must have taken a loss due to fear. With such level of fear and lack of faith in yourself, you would find it so hard to thrive in trading as this shows that you would take a loss for every attempt. Fear also makes you want to trade at all-time in attempt to recover your previous losses. This again lands you in deeper losses and could even end in you blowing your trading account. No analysis; be it fundamental or technical is hundred percent guaranteed but at least, it is highly advised for a trader to have some significant level of skill in it so as to avoid entering a trade blindly.
What greed does is that, it bestows on you a level of unrealistic confidence which is seen as nothing rather than foolishness. You can’t be going for something that you know has more than one possible outcome and be so sure that it would go your own way. The greedy ones want to make the market theirs and earn a very big amount within the shortest possible time but this often backfires and when it does, it happens really fast and very badly. To my best of knowledge, binance futures has a leverage as high as 125X. Which means that a trader if lucky would make a lot of profit from a small account and could also get liquidated in the matter of minutes with this level of leverage. Greed would push you to go for 125X leverage when there are lower options like 5X because you want to get rich immediately. When it goes against you, only you would be responsible for your losses. You don’t blame the asset or the exchange.
We are not singing praises to bitcoincash because it promises to make anyone quick money without risk when trading, we praise it because of its usefulness to the financial system and the liberation it is presenting to the common man. If you are going to trade BCH or any other crypto; know the risks involved, acquire some level of skill in trading and risk management, be ready to win as well as take losses without pointing fingers.
In all, I wish everyone of us success in our journey with BCH.