If you're entertaining the idea of becoming a stocks, options or crypto trader, you've likely heard that 90% of newcomers retire after losing money. You probably already came to terms with this and are looking for ways to avoid becoming a statistic.
To serve those like you, PlayBit, a platform that proudly advertises "Take the guesswork out of trading", is launching a variety of educational services related to trading.
It's All In Strategy
PlayBit knows that most traders' first mistake is acting without a strategy, and the greatest reason for failure among those who do is not sticking to it. The statistic we mentioned above is actually attributed to Markus Heitkoetter of Rockwell Trading, and it goes: "90% of traders lose 90% of their money in the first 90 days of trading. This is commonly known as the 90/90/90 rule."
Now, suppose you wanted to spare yourself from meeting the 90/90/90 rule. In that case, you could go about it in various ways: You could either find strategies that are working for others, find people that are trading successfully or get a trading education before you start.
It would help if you also considered easing into trading rather than sliding directly into 8-hours-a-day-are-not-enough-style activity.
Or (PlayBit would interject) you can do all of them.
PlayBit defines itself as "an educational service and community focusing on strategic investment, securities trading, and cryptocurrencies." The platform focuses on helping beginners get started, compiling primary resources and tools to help newcomers conduct analysis and understand trading techniques.
However, far from aiming to be an online school or coursing center, PlayBit brings an innovative approach to get traders active on day one. Within the platform, users have access to ten professional analysts working on scanning the markets to identify potential winning moves. PlayBit also publishes daily trade recaps through Discord and Instagram to help traders zoom out and see the bigger picture.
Tackling All Angles Of Personal Finance
PlayBit also features a wide array of tools designed to help traders (mentally and emotionally) perform well against the markets. Having noticed that 40% of traders trade for a month or less, 80% quit within the first two years, and only 7% remain after seven years, PlayBit aims to demystify trading by offering social tools and guidance on different subjects.
Social trading is a trading strategy based on users publishing their trades, with others learning from them. This helps new users get acquainted with the trade (pun intended), creates a gamified sense of competition and community, and allows traders to understand new ideas and learn from examples.
The educational materials by PlayBit also include passages about dealing with uncertainty, patience and cultivating discipline, as opposed to ongoing management. Hence their motto: “learn before you earn”.
However, trading doesn't end with the charts
Just as crypto traders have to come to terms with the fact that their activity is becoming more regulated and scrutinized (some would even say for the better), a comprehensive trading course cannot be complete without looking into other areas.
PlayBit excels by offering users courses and ongoing education about starting small businesses, real estate investments, credit, and exclusive perks for top-tier members. Since crypto taxes are particularly new and complex, PlayBit also provides advice on managing and declaring trading gains on these instruments, allowing you to sleep soundly at night.
PlayBit would admit that trading isn't for everybody. However, it certainly diminishes the friction for newcomers with daily watchlists, real-time signals, Q&A sessions, and live trading streams. Having an 86% trade accuracy ratio and more than $3,000,000 made from clients can't hurt, either.
For an outsider, trading can seem like an exciting opportunity. Financial stability, total freedom from time constraints, and location independence constitute part of the margarita-fueled "living the dream" experience most new users envision.
Education, accelerated by technology, and infused in a community setting is undoubtedly a cornerstone for achieving this. It's only through their combination that everyday folks, without advanced physics PhDs, can earn the right to the passive or residual incomes once only possible to the Wall Street elites... without leaving the safety net of their day jobs.
As the wise John Wooden said: You shouldn't let making a living prevent you from making a life!
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