e_abrams

Most people can't really move onto fulltime trading. The majority of traders, are, in fact, losing money, according to financial regulator statistics. Becoming a fulltime trader is a pipe dream for most people entering this industry.

I think even experienced people need to be careful. Recklessness has serious consequences in this business.

Certainly. What is more, it's a good idea to have some understanding of fundamental analysis as well.

Personally, I think it is entirely impossible. Unless it's a fluke, but that's gambling, not trading, and it rarely happens twice.

Yes, I usually set up a stop loss. It took me quite a while to learn how to use it properly though, and I still make some mistakes.

Not necessarily. Negative emotions have their purpose, as they help us release stress. It's when we have no control over them that they become detrimental.

There are many, many crypto millionaires these days. According to recent reports, the record high price of bitcoin has increased the number of BTC millionaires to 66 540. With this new cost for the digital assets, any wallet with more than 50 bitcoins is now owned by a fresh millionaire. https://theforexreview.com/2020/12/18/recent-bitcoin-price-surge-creates-thousands-of-new-btc-millionaires/

So the motivation is profit for you too?

Some brokers offer micro and cent accounts where you can invest just a few dollars or euro and begin trading, as far as I know.

Sometimes people do all that and then trading doesn't work for them, unfortunately.

A regulated broker is far less likely to scam you than an unregulated one.

What would you advise newbies about how exactly to pick the right strategy?

Frankly, a broker that offers leverage that is too high - like 1:1000 seems shady to me. That is not a safe leverage even for experienced traders and a company that offers such leverage does not have the best intentions in mind for their traders.

Coinbase, which postponed its public listing last month, announced that the new date for it is on April 14th. That is when the San Francisco-registered exchange will be listed on Nasdaq under the ticker symbol COIN, as it has been approved by SEC. Coinbase also announced that they intend to egister nearly 115 million shares of Class A common stock. This listing is considered to be a turning point for the crypto industry, having recently gained additional momentum from the immense Bitcoin rally and the very visible interest in it expressed by various institutional investors, which, up until this point, had ignored the aforementioned industry due to cryptocurrency volatility and the risks associated with it. Source Coinbase is, I think, the first crypto exchange to gain such public listing. I have little doubt that other big exchanges will follow suit.

Discipline is important, I agree. Without it people usually just dig themselves deeper and deeper.

Those brokers usually just tell people enough to reel them in as clients, but not enough for people to actually profit.

I have mostly learned by reading books and online tutorials and then practiced the theory I learned on a demo account.

I think the best time to scalp is during tight ranges. Little volatility and predictable small-scale movements make it easier to trade in that manner.

I think ambition can be a good thing, but blind greed is absolutely destructive.

What type of technical analysis do you prefer? Price action? Elliott Wave Theory? Candlestick analysis?

The Philippine police apprehended 31 people involved in a cryptocurrency scam. The group was called Roses 4U Inc. and scammed people through an online call center to solicit investments in foreign exchange, commodities and crypto currencies by offering them fake trading accounts. The vast majority of victims were foreign citizens. The Philippine police Anti-Cybercrime Group along with agents from the Philippine Securities and Exchange Commission (SEC) and the Anti-Money Laundering Council raided the offices of the company in Cavite and Pasay City, which led to these arrests. An interesting detail is that the company in question, Roses 4U Inc., was properly registered with the Philippine SEC, but had no license to offer or sell securities. Source The apprehension of scammers is always good news, especially for an industry like this one, so heavily plagued by such individuals.

Why do you think it is unsuccessful? What do you dislike about it?

Manual forex trading also requires a 24/5 internet connection.

True. One needs to take it seriously if they wish to be successful at all.

Gibraltar has decided to implement new rules regulating the cryptocurrency trade in its jurisdiction. So far they have been considered to be one of the more friendly cryptocurrency destinations, but now there is a push for new legislation to keep the crypto market under some measure of control. Gibraltar has a minister of minister of digital and financial services - Albert Isola – who recently spoke about the impending changes. “We considered regulating crypto assets, but concluded that it was too challenging to do it safely…Therefore, we opted for regulating this space in a more financial services-based way” he said. In other words, they are planning to regulate cryptos like the financial sector, rather than treat them as just assets. Source Regulation makes the industry safer so that is likely a good thing.