Have you ever lost big money due to wrong or false predictions? How to use them correctly?

[Brushless4500KV 4214]

In order to gain profit from one of the most volatile markets in the world, we need to find a way to predict what will happen in the near future. Most people (including myself) turn to online predictions to know which coins are good for investment and which time is right for buying or selling. When I search the web for price predictions, I face with so many websites and so many expert views about each coin. Some of them even claim they know what will happen the next day. The main problem is the diversity of the prices they claim. This diversity shows that some of them are wrong and some are true. How can we tell if a prediction is more reliable than others? You know what will happen if you trade based on false predictions. The risk of losing is high.

Edited December 17, 2019 by Brushless4500KV

[Satya31 865]

1 minute ago, Brushless4500KV said:

In order to gain profit from one of the most volatile markets in the world, we need to find a way to predict what will happen in the near future. Most people (including myself) turn to online predictions to know which coins are good for investment and which time is right for buying or selling. When I search the web for price predictions, I face with so many websites and so many expert views about each coin. Some of them even claim they know what will happen the next day. The main problem is the diversity of the prices they claim. This diversity shows that some of them are wrong and some are true. How can we tell if a prediction is more reliable than others? You know what will happen if you trade based on false predictions. The risk of losing is high.

I faced that kind of problem. In opinion you should never go with the diversity. Why do you care about the others predictions. You create your own opinion. Learn about the the trading, learn how to analyse the charts, analyse the market then take a step. Why on others word. Why not yourself. When you will learn those the you can get success 2 times for sure in 3 attempts. It may be 3 times. Depends on your accuracy. 

[PiroSense 2681]

8 minutes ago, Brushless4500KV said:

How can we tell if a prediction is more reliable than others?

I don't believe all-in on online predictions. My reason is that,

1. Anyone could predict and tell it publicly. Their predictions are often biased on their personal beliefs and not look into statistical side.
2. Even though they look at the numbers, do the math and calculate, no one could really predict it's next action. Manipulators are there, volatility is high, and it's near impossible for someone to predict something that is unpredictable.

Personally, I'll just go with my instincts and base my buy and sell orders based on what I see and feel about the current market sympathy on the coin. Just be informed of the latest news and happenings, as these are often the catalysts and triggers the whales to manipulate the prices.

[Yancryptoz 11]

19 minutes ago, Syed Rehan Zakir said:

Yes! I have lost large amount of my bitcoin in the margin trading.. It is very dangerous game,, My account is being liquidate many times. And my account is zero. So, if you are not expert in the trading then don't take entry in the margin trading.

Yeah, margin trading is a lot more dangerous than trading on exchange market. Greater risk can earn ud greater reward. So if you don't know what you're doing my advice is stay away from margin trading. But if you're an expert and know how to manage your risk i think its alright if you wanna try margin trading. Actually a earn a lot by using margin trading.

[Brushless4500KV 4214]

Quote

I faced that kind of problem. In opinion you should never go with the diversity. Why do you care about the others predictions. You create your own opinion. Learn about the the trading, learn how to analyse the charts, analyse the market then take a step. Why on others word. Why not yourself. When you will learn those the you can get success 2 times for sure in 3 attempts. It may be 3 times. Depends on your accuracy. 

You are right but I didn't say I only rely on online predictions for my trading. I use a mixed strategy to predict prices. First, I read as many predictions as I can from online sources. Then I look for prices that are agreed upon by most of them. If the majority of predictions tell the same price, then it is more likely that this price will come true. I also do my own calculations based on analyzing price patterns that I discover by surfing through price history database in CoinMarketCap. At the end, I combine all this information to make a final conclusion about the future price of any coin. But most newbies don't have the skill to predict the market on their own and they mostly use online predictions. So, there should be some ways to separate false predictions from true ones to help them lose less and earn more in their early days of trading.

[Naga 1250]

yea i remember back in 2017 i was one of the few people who held to a coin on cryptopia and the coin was actually pumping good and i didnt sell it even when i was in profit and thought it will go higher but then it dumped on me the coin is BTX

[lucky80 1046]

9 hours ago, Brushless4500KV said:

we need to find a way to predict what will happen in the near future.

Not everyone is born with the talent to predict the future. That is why you created this thread. Even you don't know whether the prospect can be predicted or not. And if the future can be predicted by someone, would the oracle tell you about the infinity? The only way for you is to monitor market movements. And of course, you will not be able to watch for 24 hours. That is why trading robot technology was created to monitor market movements and execute the order for you. Easy isn't it.

[Afrizal rahman 2636]

Predictions do not need to be fully trusted. but I have never lost money from a prediction, because I only believe a little. so I consider it mediocre don't want to overdo it.

[Migo 7946]

Well until now I didn't, but I was hacked once because I made some mistakes in my decision when I shared my personal data in some airdrop website, I was so disappointed 

[Brushless4500KV 4214]

8 hours ago, yupi84goro said:

My biggest loss when trading in 2018, when I was just learning trading. I followed the predictions of others, who were on finally I made the wrong decision. I bought coins at a price too high, then the coins went down in price. I panicked when it was and decided to do a cutloss, so my total loss reached $ 1,400 if I'm not mistaken.

Thanks for mentioning your experience. That's a big amount of loss! Did you review all the online predictions? Which predictions were right and which ones were wrong? If I'm not wrong, I think you probably have listened to your friends' predictions rather than expert views. Maybe the people who gave predictions to you didn't have enough experience in crypto market. But why did you sell so fast? Why didn't you wait a little longer for the price to go up and sell with less loss? $1400 is a considerable amount of money. Did you do your own predictions too? I mean predicting price patterns by analyzing price history data of the coin you bought. If you just looked at previous prices, you wouldn't buy at a high price.

[Sumayya 493]

Some of them are true, you can trust them and work with them, bit the rest doesn't care about your balance they give you wrong signal

[CryptoMaxim 3829]

I lost because of this, although the amount was small.  And these losses were associated with new coins. I do not advise you to bet on such coins, they are not predictable in terms of price.

[Ms.o 3322]

no,i dont loose any on wrong predictions cause i dont follow those who gave signals because they only doing that for theirselves to gain profits and we who follow will got rekt or liquidated,better learn from ourselves.

[Romaan1987 601]

Yes i have lots of time but not a big amount. but i have lost big amounts not to sell my airdroped coins timely whom value decreased by 5x to 10x.

[Brushless4500KV 4214]

On 12/18/2019 at 11:23 AM, vivek jain said:

i have lost big amount of my money in electroneum(ETN).i took the advice from a youtuber,he told that very soon electroneum will reach 1 dollar.i put 80% of my portfolio money in it,later on it dropped more than 95%.i lost almost all my money.

Thanks for your comment. Is the Youtuber runs a trusted channel? Did you also read reviews and predictions about ETN price before buying it? Did they say the same thing about ETN price? I think the reason you lost money, is that you didn't do enough research about ETN and only relied on one person's sayings. Have you read about the lowest and highest price ETN has ever reached?

I think it is unlikely for the coin to hit $1 very soon when its current price is not even 1 cent! Why didn't you wait until its price go up again? You could cut some losses if you waited a little longer.

The consolidation of predictions is very important because when most sources predict the same thing, it is more likely to happen than a single prediction which predicts something different from others.

[Oxygen 1004]

Yes i have lost many times. Actually that was not because of false predictions but it was due to emotional trade. which put me in 10x loss. 

[Sahbana 212]

In 2017 I lost quite a lot of money while trading, at that time I was trading in panic because it was the first time I did it. I made this a lesson to improve trading skills.

[vivek jain 308]

 I invested in whatever I thought was profitable. A lot of those my predicted profitable businesses seemed cool, but they lost me money.

You should only invest in things you know. If you want to start investing outside of your knowledge base, that’s fine as long as you are willing to lose some money to learn a new space.

[Aereen 456]

Sadly, yes I have lost money because for false prediction, also I have bought the cryptocurrency at a high price so it did not gave me profit and the prices started going down. 

[Syed Rehan 231]

I have lost large amount of my money in the traditional trading or in the margin trading.

When i am a beginner in this platform i have lost large amount of my money. I can't know the techniques of the trading. thats why i lose my money

[mani982 286]

i have lose my money in my first trade that trade was  my first trade and i lost all investment .it is my fault because i do  not know aboutt crypto and about trading.

[bentayebsalah 2280]

Yes, I have already lost a lot of money and time through this field of cryptocurrencies, but I learned a lot through these failed experiences and I believe that I am now finally going on the right path after learning the analysis and moving away from fraudulent investment sites

[SuperCrypto 7193]

No one can predict the precise future of the market, it does not matter how strong the preparation and the prior analysis, or the amount of information that may indicate a particular direction, it is always possible for new developments in the market that may turn things upside down. Here lies the importance of a stop loss order that protects you from dangerous fluctuations for unexpected situations.

[Naga 1250]

well arent we all just predicting the market sentiment and market volatility and trade accordingly? there is a chance we are right but still a chance we are wrong.

[Jesoy 1342]

Dear own predictions is fine and you need to trust your instincts in doing so. But sometimes predicting really do deduct money  in the later part