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RE: Lessons learned from Crypto-trading.
Can you elaborate more on the part where you said "Don't try to predict the market?" Isn't that trading is based on prediction? Also, you mentioned not to trade at all.
Yes sure, by saying "Don't try to predict the market" I meant to say that don't try to look for a pattern. Let me tell you my story, I once thought that price of Ripple goes up every night at around 11pm (IST) and it falls in the morning around 5am (IST) (and it really followed the pattern for a few days) so I started trading based on this model and I made some little losses.
And regarding the "not to trade at all" question, there are some people who are influential on the social media. They convince their followers to invest in a particular crypto, and when the prices go up, they cash out their investments which causes loss to other investors (their followers). This is called pump and dump scheme.
I hope I've answered all your questions
That surely did. It is much clearer now. I used to look for patterns in one of the stock market trial platforms and I always end up losing. I earned a lot at point only to lose it all in a day because I was basing it on the pattern.
You echo what I have read that it's better to learn more about something that you have no idea about before investing on it.
Thanks for your insight. Much appreciated.