A blind investor's confession - page 2.

Mpamaegbu

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Once a man, twice a child!

Quote from: Vvang on April 15, 2022, 03:45:49 AM

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

I sympathize with you on your loss. We all learn but sometimes some lessons are that harsh they throw us off balance. There isn't any investor or trader here who will beat their chests and say they've had a 100% win rate. None! Except they're hodling, and hodling just Bitcoin. So, take that as a lesson learnt and move on.

Quote

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

I don't think Doge is as useless as you want it to sound. It might've started as a memecoin but it has utility. If you've made any transaction with dogecoin you would surely fall in love with its speed and ease of transaction time. It confirms easily, far ahead of what Bitcoin does. Those who use it know this.

pooya87

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

The first step of improvement is to figure out where your mistake was, the highlighted part is your mistake! Doge (and by extension other altcoins) didn't give profit to "holders" it gave the biggest profit to traders. Lets take a look at the charts.

It should already be obvious from above picture that bag holding altcoins is never a good idea since they are always dumping except the handful of days when they get pumped. If you want profit and are willing to take that risk just jump on board during those short pumping windows and get your profit.
Lets zoom in a little more:

As you can see the pump clearly started around 14th and you could have jumped on board and bought this shitcoin at around 100 satoshi and dumped it between 24 to 48 hours for a 7x profit. Note that we are ignoring the peak at 1190 satoshi (11x profit) and we should be satisfied with the already massive profit and not risk it any further.

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1. I have the money but not the knowledge of picking the right coins to invest money on.

So if I wanted to give you one advice I'd say never "invest" in altcoins. Only trade them to get your profit quickly and run out of that market so that you don't get dumped on.
Every single top altcoin you see is a pump and dump scheme very similar to this.

libert19

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Most coins don't survive, market shake ups destroy everything weak, even if coin itself were supposed to be legit in start.

1) hold the money, don't invest for sake of investing. Opportunities will come.

2) Regarding finding genuine projects:

- Search for team profiles, search Twitter, LinkedIn and other socials. Check history.

- Check communication channels. How do they behave, how do they reply to community questions.

- What project is trying to accomplish? Most are not original they just pick up concepts from other projects, if there is already prominent project and this new one is not trying to improve anything. There is no point in bothering with it.

- ignore projects who don't have anything concrete

3) Can't change past but learn from mistakes, that's the only positive choice you have left when things go wrong.

sheenshane

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Quote from: jossiel on April 15, 2022, 06:06:43 PM

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project. Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them. But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

Viscore

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Live with peace and enjoy life!

Quote from: Vvang on April 15, 2022, 03:45:49 AM

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

Investing comes after thorough researching. Otherwise, you will mess up everything you have because you came to invest in those coins that have no high potentials to give you returns, just like the situation you have right now. However, your situation is very common particularly for most of the newbies. And once you lose, that's the time you learn your lesson. I suggest focus more on acquiring bitcoin, its quite more expensive but rest assured there are future profits guaranteed.

jossiel

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Enough is enough and you've already admitted that you're wrong.

Well, the best start is to buy bitcoin while it's dropping and be patient with it. At least by doing that, you won't see it just like the other altcoins that you've bought having an exit scam.

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

Kelvinid

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win lambo...

Quote from: pawanjain on April 15, 2022, 09:23:16 AM

According to me, picking the right coins is relatively easy when compared to holding them.
Just pick the top 20 or top 10 coins and select a few from it and invest in it.
But the holding them is a tough thing to do. Fortunately I am good at holding.
But I am bad at entry and exit points. I have noticed many times that I enter and exit at wrong times.
Holding for long term has been the most profitable investment for me.

Living in a place that we know we are good at is really the best choice ever. Some people are good at holding (just like you), they have the patience that most people don't have, you're actually a gifted person.

In my opinion, we don't need to become an expert on something, that is even hard in the crypto world but at least we are helping ourselves to be good in some areas, and we are able exceel. And having KNOWLEDGE is to be our advantage in every investment we made. Choosing the best coins and applying all the learning will help to see positive results despite the risk and market difficulties.

pawanjain

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Nothing lasts forever

Quote from: Vvang on April 15, 2022, 03:45:49 AM

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

According to me, picking the right coins is relatively easy when compared to holding them.
Just pick the top 20 or top 10 coins and select a few from it and invest in it.
But the holding them is a tough thing to do. Fortunately I am good at holding.
But I am bad at entry and exit points. I have noticed many times that I enter and exit at wrong times.
Holding for long term has been the most profitable investment for me.

Smartvirus

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When it comes to investment and this doenst applies to just crypto alone but all round investment and even going into some filed for which, your not familiar with, the principle has always been; seeking professional advice! It's always that simple. I've done this in the paste, seeking the advice of a friend that was the more better than myself a for sure, it still ended me in buying some shit coin. I call it shit coin because as it is now, I lost although, the coin is still in the market but, its below half my investment capital already.

Professional advice doesn't mean you won't encounter some loses but it limits them. So far, the only coin that could be very much trusted not to fail is bitcoin but to profit more out of it, you've got to invest and hodl for a long time.

Meanwhile, give yourself time to learn other aspects of cryptos and benefit more. On that, I'll say, be very much involved in the activities that goes on in the forum and do your best to read and research more. Build an interest for anything that concerns the field you wish to be involved with.

Hypnosis00

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

That is certainly the case why many investors fail to reach their goals. We can underestimate the market, it needs for us to have the knowledge, or else, we are just making ourselves a fool. The volatile nature of the market makes things difficult to predict nor we are able to be in perfect buying and selling.

That is why we have to do these thing;
* Invest more time learning
* Must appreciate all the learnings we get and applied it to real life
* Must know our capabilities and limitations - we'd rather stick to it

cryptoaddictchie

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Thats normal mate. You dont need to get shame or regret what you did hence learn from it. Mistakes are meant to teach us what we did wrong. I did some of those what you did too, so I know what you are feeling. Its not easy to grasp what choice to do when it comes to doing such things. Ive really invested some good money too on wrong choices like meme shitcoins but thats fine. There were good experience for me too.

aioc

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

Three things that you just need to remember when investing in a coin, and these are usability, whitepaper, and the people behind the project, a project cannot stand without a platform behind it, and without a paper that will clearly explain what the project is all goal is all about, and of course, who are the people behind the project and are they capable to complete and realized the project, the worse investment is investing in projects that have no motive or something to solve, meme coins are not created for this they are pump and dump and only the developers are likely to make money.

Kalchef

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I'm glad you don't end up walking away from crypto blaming the technology, it's what many newbies are doing, once they lose to scam projects all cryptos are scams too but you learnt your lesson, blamed yourself and you are willing to put in more work, this is it mate, the beginning of a journey you will be proud of when you look back in future, don't give up and keep learning.

qwertyup23

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

I think you got all the help that you need- given that you realized the mistake from your previous investments, this knowledge and experience you gained would help you on your next investments. Unfortunately, almost all meme coins may soon follow with an exit scam- that is why it is highly recommended that you invest on the top 10 altcoins in the market.

Do no worry, however, as almost all investors have experienced your situation. The key here is to absorb the knowledge you gained from your failures and transform it into a successful investment in the future.

Findingnemo

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Bitcoin = Financial freedom

Quote from: Vvang on April 15, 2022, 05:53:43 AM

Quote from: Findingnemo on April 15, 2022, 05:24:27 AM

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

I've heard you and thanks for all advice but is this a good time to buy Bitcoin? I'm much more interested in learning and stop buying for now, not diving in again until I fully understand what crypto is all about and how to get the best out of them. The internet said there is timing for buying even the best coin BTC, my research reveals that buying in a bear market gives better results in quantities and buying dips through Dollar Cost Average is also good too. ... Am I getting something right here?.

Buying Bitcoin at any time is profitable in my opinion when you are planning to hold it for atleast few years, because that is what the history showed to us, Bitcoin recovered after every dump and reached new all time high. And you are right it will be profitable if you buy at the bear market but the fact is no one can tell whether we are in bull market or bear market due to its volatile nature so just start accumulating bitcoins and expect the high returns in next 4 or 5 years.

Vvang

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Quote from: Findingnemo on April 15, 2022, 05:24:27 AM

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

I've heard you and thanks for all advice but is this a good time to buy Bitcoin? I'm much more interested in learning and stop buying for now, not diving in again until I fully understand what crypto is all about and how to get the best out of them. The internet said there is timing for buying even the best coin BTC, my research reveals that buying in a bear market gives better results in quantities and buying dips through Dollar Cost Average is also good too. ... Am I getting something right here?.

Vvang

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Quote from: Dean2 on April 15, 2022, 05:02:48 AM

You took the right step to come and ask here in the forum btw have you considered investing in other less risky stuff ? like stocks and gold

Quote from: Vvang on April 15, 2022, 03:45:49 AM

1. I have the money

Because this can change very quickly if you insist on continuing on this path

I have some money invested in gold but we all know how sluggish gold investment is compare to crypto and also crypto profit is better than that of gold.

Findingnemo

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Bitcoin = Financial freedom

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

Dean2

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Merit: 1

You took the right step to come and ask here in the forum btw have you considered investing in other less risky stuff ? like stocks and gold

Quote from: Vvang on April 15, 2022, 03:45:49 AM

1. I have the money

Because this can change very quickly if you insist on continuing on this path

Oluwa-btc

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

Failure, losses, then comes blessings.
It's a good thing you know all of this now, at times you have to fail, but it's up to you to rise up with a proud head.
Freedom is for all and Doge coin is mostly flattered by Elon, most YouTubers as well.
I think you have followed a good route to the bank of knowledge if you're ready to observe read and learning, a curious mind will never stop learning....Self development is great,but climb the stairs on step at a time.
Good too see you here, OP.
Thanks.

Topic: A blind investor's confession - page 2. (Read 436 times)