RE: Your TA sucks! And so does his, and hers, and that pro guy's...
It's interesting you mentioned the Dunning-Kruger Effect in regards to crypto.
In the real world of financial trading, it takes a lot of effort to become a successful trader. From what we know most people take on average 4 years before they become profitable and less than 10% actually make it. Of those 10% half of them only break even so the success rate is more like 5%.
There's a general rule of competence, that it takes around 10,000 practices before one can truly be considered good at something. Whether that's 10k swings of a golf club, 10k hits of a baseball, 10k throws at a hoop or 10k trades, it's about the same level of experience necessary to succeed.
Now take your average crypto trader. Never traded in their life before. Watched a few YouTube videos to pick up the basics, and now everyone thinks they're a shit hot trader. Dunning-Kruger Effect indeed....
When I had a full time normal job and was trading as a hobby, it took me 16 years to become profitable. It was only after the first two years of trading full time for a living that I could make a regular enough profit to live on. That's the reality of trading, not watching a couple of YT videos, but spending years and years full time staring at charts and losing an awful lot of money before it 'clicked'.
Exactly! I didn't know those trader success figures, very interesting.
It really is an awful hard business, that's why I laugh at all the so called 'gurus' on here, they haven't got a clue.
It's also one of the only jobs in the world where if you have a bad month, not only don't you get paid but you actually get money taken off you. Not many jobs in the world where you can say that happens, most people in regular jobs get paid at the end of the month whether they worked hard or not.
In this game whether you fail or succeed is entirely down to you, there's no-one else to blame but yourself if you mess it all up.
All true.