3 Reasons Why A Millionaire Trader Doesn't Trade Bitcoin

Bitcoin is a hot niche, but a lot of HUGE risks can come with trading it. Some people love trading crypto and bitcoin — but I don’t. Check out these three key reasons I steer clear of this niche.

👇🏼👇🏼👇🏼 Links I mention and recommend:

✅ Recommended playlists:

✅ Follow Tim Sykes and his trading travels:

FULL DESCRIPTION

I'm far from perfect ... but I have experience. And it’s because of my experience that I don’t focus on bitcoin. Some bitcoin and cryptocurrency traders can be arrogant ... All because just a few months ago, Bitcoin was headed for the moon and predicted to hit a million.

Don't mistake arrogance for experience. Let’s check out what’s so risky about trading crypto and bitcoin.

Risk number one: bitcoin is a sketchy and unregulated niche. That means that you can be trading all your cryptocurrencies one day. And then the next day, your account is gone.

Ironically, I like the “safety” of penny stocks.

Risk number two: tax and profit risks. Really, you have to consult a financial advisor here. Again, it’s a sketchy business. In fact, I’d consult multiple financial advisors and accountants — the rules are questionable. You need to educate and protect yourself.

The third risk is volatility. People think that bitcoin is the future of money. Maybe it is, or maybe it isn't. None of that matters right now. You need to be concerned about how it’s trading — and there's dramatic volatility. Are you prepared for that?

So you have tax risk, volatility risk, and, frankly, inherently built-in risk since this is such a new niche. On top of that, I know a lot of bitcoin traders are cracked out because they’re on constant watch, 24/7. It never stops trading.

That might not be a risk, but I wouldn’t consider it a plus. With stocks, you have a nice Monday to Friday trading time period. You have time to prepare.

I don't trade Bitcoin or any crypto directly. I can get the returns with stocks. I don't have to take excessive risks — and a lot of people don't think about this. I want you to start thinking about the risks.

Do you hate my guts for warning you about the risks? Or have you lost all your money and now you realize I'm actually telling the truth? Leave a comment below and tell me!
#TimothySykes #Pennystocks #Investing

----------------------------------------------------------------------------------------------------------------
Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

[TimothySykesTrader]

What are your thoughts on bitoin? Leave a comment and below and tell me if you trade it or not, and why!

[whereismypuffco]

well how the fuck am i supposed to day trade under $25k? serious question!

[Yates__]

Trade on Coinbase. Your cash is FDIC insured and your crypto is insured by Lloyds Of London.

[nevinkuser]

Very well said. Bitcoin is like playing one stock your whole life.

[rodriguezaltiro]

Im investing in btc, but I agree with you tim!! I hate trading it, traders havent yet been educated yet. It makes random moves most of the time

[americanexpat]

You seem to assume people are buying crypto and leaving it all on the risky exchange for days and weeks. Do you buy a penny stock and keep the trade open for weeks and weeks at a time? No. Thats not how to play the game.
Bottom line is if its large cap stocks, cryptos, forex, penny stocks, futures, etc trade what is making you the most profit consistently and learn the risks to the area you are trading before you start trading. I trade stocks during the day, algo trade cryptos 24/7 on bots, and do short trades in crypto at night.

[AntonyLe]

@1:48 the glasses' shadow is so ominous looking hehe. Increasing my knowledge account >:)

[nicoortiz]

Its better to understand the technology and be long and don’t day trade bitcoin. Also you don’t leave your coins on an exchange because it can be hacked, so keep it in a cold wallet.

[geoffhaylock]

Another fine run for Bitcoin. Any stocks match these kind of gain?

[kemawellington]

Just trade the volatility. Plain and simple. Just like pennystocks. Volatility creates opportunity :)

[zgnashtyz]

I trade btc and other crypto’s ( alts), 1 of my strategies is: I pay attention to bitcoin because it controls the entire crypto market. They all follow btc’s pattern

[nickcourtright]

I personally dont know what to think of bitcoin... so for that reason I will not be trading it. Period.

[quikboarder]

I disagree. You can foresee crashes 9 times out of 10 if you know what to look for (twin tops, diamond top, failing pennants, etc)
I pulled my money out of all my alt coins 2 nights ago (MANA, GNT, CVC, and DNT), and look what happened yesterday... a crash of -20%+ on those coins. I’m also rarely in a trade over night because 7-8 times out of 10, my day trades last 30-90 min.

[AntonyLe]

Love your conservative safe consistent approach

[orapronobis]

Excellent information... never traded bitcoin due mainly for the reasons you cited... keep up the good work

[andrewepperson]

I recently have been trading ticker GBTC. Are there any others that you know of that are in the crypto realm. Please and thank you!

[fredyhernandez]

Your risk is the same as cutting losses then two weeks 3 weeks if you had Just hold on to it you could have double triple your profit

[serfduke]

My life long dream is to be the single hitting king!

-serf

[pjayshah]

Nice to get an expert’s perspective. I am thinking another one might say something different.

[thewardenwardron]

"Nothing is evil, just misunderstood."

-Every serial killer ever