I am writing about teaching my dad how to learn to trade crypto and about crypto in general....and many comments mention that they hope...my dad will be lucky and make a profit.

Trading is not about luck people

Trading has little to nothing to do with luck, it´s about understanding the basics, knowing where the world is headed and perseverance during hard times and being early.

If you do your research, if you understand what the world needs/wants/likes, if you find a project that provides that....with a team that´s serious about it. You know the chances are high it will pay off eventually, especially if you are early. Now, this doesn´t mean it´s automatically a good project, because a good project is all about value and utility.

Ideally, you find a project that combines all of the above, but a good project that adds value and has utility might take many years to surface if it´s not focussed on what the world wants. On the other hand, a project that provides what the world wants now, using a good team might be a short-lived success, as the world wants something new every week. But both projects will make you money if you are in and out at the right time.

The Market is going Nowhere

In addition, people comment that you never know what direction the market is going.

This is utter BS, to trade you have to understand and anticipate the market and that is possible. It´s even easy, especially looking at the broader picture over a longer period.

Of course, sometimes the market chooses the direction of Max Pain, but even that can be anticipated, by proper risk management. 
And no my dad and I are no day traders, we just like to hobby around. But I have been making nice profits trading so far and I am learning and improving daily. What we are looking for is mainly to increase our stack of sats a bit by being right more often than not and so far that has been working out more often than not.

Good Luck....No Thanks

So if you think trading is about luck....good luck saying goodbye to your cash and next time go to the casino you might have more luck there.

The X Factor

Having said that let me kill my own story by saying that I have to admit one thing.... some call it the X-Factor I rather call it the Elon factor. For a project to really moon it needs the Elon Factor. That one specific push that makes the project take off and go viral.

Elon tweeting about getting his Shiba Inu set the coin up for the moon and his follow-up caused another 20% rise in the Shiba token.

Two sides to the Elon Factor

Unfortunately, this works both ways because if the Elon Factor turns on you....you get dumped like ...ehh.. like?? Well ehh Like Shib.

Because the next tweet caused Shib to dump over 20% in a few hours.

Now, this is the textbook example of the Elon factor, but there are many coins that got to see the moon because of their own 'Elon Factor'. Take Torums XTM they went live in October 2021 just after Facebook turned META. And as they are ahead of Fakebook being a SocialFi (Social + DeFi + NFT Metaverse ecosystem designed to connect worldwide cryptocurrency users) they rocketed up on the 2021 metaverse hype.

So any coin definitely benefits from the Elon Factor to stand out at the right time at the right place, but:

Shib is a smart concept designed to make use of the meme coin mass hysteria and with a good business strategy and a lot of money to use for promotion to ensure it would make millions.

So if you would have gone with a good team that understands what the masses want.... Shib would have been a good project to invest in if you were early.

Torum definitely has a lot going for itself, being an early adapter of the metaverse with a platform, a good team of devs, and a following. But coinciding your release with Meta and being supported by Kucoin definitely created the Elon factor.

That Elon factor never lasts long, it´s like Elon Musks' rockets they shoot up but never reach the moon leaving a project hanging in mid-air to find its way to the moon itself or drop back down to earth at a crashing speed.

Anyway, I guess I made my point that trading isn´t a lottery, it´s not a casino but should be approached by knowledge and understanding of market principles and human interests.

So I wish you all good luck in life and a happy rest of your day...and don´t forget to make this my lucky day by hitting that like button.

Post Scriptum

Free Crypto links

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Platforms where I Earn Crypto for my Content (Affiliate Links):

Torum - https://www.torum.com/signup?referral_code=bitcoinbaby

NoiseCash - https://noise.cash/u/BitcoinBaby

ReadCash - https://read.cash/r/BitcoinBaby

Hive - https://hiveonboard.com/?ref=whywhy

Peaked - https://peakd.com/register?ref=whywhy 

Publish0x - https://www.publish0x.com?a=l9avg4xnbG

Exchanges where I trade Crypto (Affiliate Links):

BitVavo Exchange- European. Higher trading fees (0.25 %) & Great Customer Service - https://bitvavo.com/?a=C21A94C2FD

Kucoin Exchange - Hong Kong. Okay, trading fees (0.1 %) & Contains a lot of low cap gems. Customer Service takes time - https://www.kucoin.com/ucenter/signup?rcode=rJ821BX&lang=en_US&utm_source=friendInvite

Bitmart - Global (USA allowed) High trading fees even if you use BMX (0.25 %) & Contains a wide variety of coins - https://www.bitmart.com/en?r=7XFCVy