Topic: A lesson from other people's mistake can go a long way - page 2. (Read 338 times)
Sometimes things happen to others that we can fully learn from. There have been many times in my case that things that could have happened to me have happened to someone else instead of me and I have learned from that so that it does not happen to me. Let me give a simple example when the corona virus became a pandemic, many people were infected with the corona virus before they knew how to avoid it. Later when the experts researched this issue they shared with us how to stay safe from coronavirus and we started staying at home as per their instructions, started using hand sanitiser and wearing face masks. In other words, we could learn from what happened to others. In the beginning we could have taken the place of those who died of the coronavirus but later precautions saved us from the virus.
Mistakes will always come in your trading but how to handle the mistakes that matters at the moment, because if you continue with the same mistakes show that you will not be able to make what investors are making from their investment. Many people learned from other people mistakes in this forum, because people will always make mistakes for other people to learn their lesson not to engage themselves in such situations in the future than to do everything possible to avoid such mistakes. When you ask questions in a right place in the community, it will be difficult for you not to achieve what you want in the future because the answers you will get from the question will make you to know what to do at the moment.
1. Don't trade, just DCA
2. If you really want to trade, only use a very small amount (and don't use leverage)
3. Use a hardware wallet
4. Don't get scammed: https://chainsec.io/scams
5. Don't make the common mistakes concerning wallet security: https://chainsec.io/checklist
2. If you really want to trade, only use a very small amount (and don't use leverage)
3. Use a hardware wallet
4. Don't get scammed: https://chainsec.io/scams
5. Don't make the common mistakes concerning wallet security: https://chainsec.io/checklist
I learned a lot from these 5 items, even though I only read them for 20 minutes. Even though it seems simple, it is quite helpful for me. Btw, in point 1 there may be many differences in implementation due to factors of comfort or being more familiar with which model to choose in terms of investing, even though DCA is highly recommended.
Quote
But for some reason some folks actually like making these mistake intentionally even after being warned or given heads up about what is ahead or involved. Some actually believe that experience is the best teacher of which I do agree but I would to think that learning from other people mistake is actually the best especially when it comes to mistake that has to do with financial affairs.
How will you learn if you don't actually experience those mistakes, its true that we learn on other people's mistakes but for sure on your path to success failure and mistakes will happen to you, we have different experiences and we can't compare those experiences with other people, since you know what happen to the person, you will eventually dodge it but we are not perfect and you will also commit mistakes and that's where you learn a lot.
1. Don't trade, just DCA
https://dcabtc.com/https://costavg.com/
Use two websites for estimating what you can get from DCA with a set period before actually do your own DCA.
DCA can be used for taking profit to take profit gradually because you can not find a peak of a cycle.
(SSS) - A Sane and Simple bitcoin Savings plan
Quote
3. Use a hardware wallet
Use open source hardware wallets.[LIST] Open source hardware wallets
Concerning the issues of avoiding scammers, I think we can only get good orientation here on the forum on the ways to identify some of their tricks but we can't stop their activities because they are everywhere even the least place you would expect them.
Personally I think being less concern about free things on the internet and in the crypto space is one of the things I consider very important for someone who's avoiding being scammed apart from ensuring the security of your seed phrase and others.
Scammers continue to evolve different tricks everyday and each time, the next trick often seems to better the previous. That’s just how innovative these guys are. At times, I wonder how they don’t see the need to direct some of these there innovative initiative towards something positive/legit, stay on it and see how it flourishes.Personally I think being less concern about free things on the internet and in the crypto space is one of the things I consider very important for someone who's avoiding being scammed apart from ensuring the security of your seed phrase and others.
One can never be way too sure not to fall into a scam simply by having to look out for loopholes or being familiar with a scam trick or not. You can only try so much but, one thing that could aid you is your approach towards every new scheme or means to an income or just a pop up of whatever kind on your device.
You have to realize that these things exists and don’t try to catch every opportunity or regret so much over lost opportunities because, these could be a cause for irrational actions and you can’t afford mistakes.
Let me generalise this, it's obvious and understanding that even though you carry out a campaign of how people will overcome some of the mistakes they do venture into seven times or multiple times some people will also be a victim, so them been a victim is something I know quite well that happened through them testing or checking if what you instructed is true or not, if we follow other people instructions I don't think we will make same mistakes we make again, so therefore if we want grow we should learn the senior colleagues mistakes and ensure we don't make a such mistake again
Just when I started using this forum I invested 0.01 BTC in an ICO that of course turned out to be a scam. Back then 0.01 BTC was a really small amount, so I consider it a good bargain - I learned a valuable lesson and paid only a little for it. I'm never touching again any ICOs, NFTs, DeFis and whatever else the scammers will come up in the coming years. Just holding Bitcoin is good enough growth rate for me.
Do not be greedy. This will solve most of your problems.
Why do you trade instead of Dollar Cost Averaging? You are greedy and want more than what you can get. Right?
Why do you resort to Shit Coins instead of Bitcoin? You are greedy and want more than what you can get. Right?
Why do you fall for a scam? It sounded too good to be true and you wanted more than what you had. Right?
Otherwise you would have not done the things that got you in a worse place.
Most of these source from a degree of greed that is inside you. Stop being greedy and accept what you can get with what you have. Play it out in a safer way. The results will be slower but you will love them results.
Why do you trade instead of Dollar Cost Averaging? You are greedy and want more than what you can get. Right?
Why do you resort to Shit Coins instead of Bitcoin? You are greedy and want more than what you can get. Right?
Why do you fall for a scam? It sounded too good to be true and you wanted more than what you had. Right?
Otherwise you would have not done the things that got you in a worse place.
Most of these source from a degree of greed that is inside you. Stop being greedy and accept what you can get with what you have. Play it out in a safer way. The results will be slower but you will love them results.
Don't panic when the bull run comes. Sell when you are at profit and you really think that you've got more than enough for your profit. There are people that sells at a wrong timing even if they're already in profit, they feel that it's a mistake to sell. So focusing about selling, make sure that you are satisfied when you have sold already because that's going to be a mistake that you cannot re-do and even if you can re-do that, you can easily forget that moment as you can't feel that you're not satisfied. No regrets upon selling.
There is no perfect investor or trader in the market. All have experienced their own share of mistakes and some have learned their lessons well while others are still repeating the same mistakes again, seems like they aren't learning at all. But here's my piece of advice:
1. Always invest on the amount you can afford to lose. Bigger amount of capital does not guarantee success and profits, but everything lies on the performance of a trader or a long term hodler.
2. Focus on bitcoin. If you wish to diversify your investments, it does not mean that you'll go with altcoins as you have no choice, but take part in other physical investments like real estate or gold.
3. Never trust other people in the market more than yourself. You only get scammed because you are too trusting.
4. Stay away from meme coins or shitcoins. While others may be lucky that they have made exceptional profits just like dogecoin, but the rate of chance to make it happen again is very rare or it could not be happening again.
5. Do the DCA method. Maximize your investment profits not by doing leverage, but stick to DCA.
1. Always invest on the amount you can afford to lose. Bigger amount of capital does not guarantee success and profits, but everything lies on the performance of a trader or a long term hodler.
2. Focus on bitcoin. If you wish to diversify your investments, it does not mean that you'll go with altcoins as you have no choice, but take part in other physical investments like real estate or gold.
3. Never trust other people in the market more than yourself. You only get scammed because you are too trusting.
4. Stay away from meme coins or shitcoins. While others may be lucky that they have made exceptional profits just like dogecoin, but the rate of chance to make it happen again is very rare or it could not be happening again.
5. Do the DCA method. Maximize your investment profits not by doing leverage, but stick to DCA.
it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?
Mistakes is a part of everyone, and it has no master. Let's make sure we continue to gain knowledge from our previous errors. We typically do this since the wallet addresses are similar, especially when it comes to sending money to friends or other people. In order to avoid making the same mistakes twice, it is wise for us to view the mistakes we make from the outset as learning experiences. Since it is not like a bank, that we can say we will go directly to the manager and complain to them, and then in a few months they will reverse the money back to us so we have to be very carefully.
We've all been there when starting out with crypto - making mistakes as we learn the ropes. For me, I once missed a zero when sending some bitcoin to a friend. Sent way less than I meant to! Another time, I got spooked when prices suddenly jumped up a lot and i panicked and sold most of my coins, only to end up buying them back later at an even higher price. Doh! I laugh about those early missteps now but at the time I felt like such a newbie.
It's a complex world to dive into, that's for sure. But making small mistakes is part of the learning curve with any new technology. Over time, through trial and error, we get better at navigating things. The only thing is that with crypto, we have to be extra careful because we can lose a lot, and there's no way back.
It's a complex world to dive into, that's for sure. But making small mistakes is part of the learning curve with any new technology. Over time, through trial and error, we get better at navigating things. The only thing is that with crypto, we have to be extra careful because we can lose a lot, and there's no way back.
To be honest, I'm not sure mistakes from other users could benefit and help other people to make things better than them because unfortunately the whole crypto universe is risky by nature and you need to accept that. Even if you're highly cautious you won't be able to predict new scams and new technical hacks. So if you don't want to make a risky investment or to use a risky asset/currency you shouldn't invest or use cryptocurrencies, that's it. Some regulators think they can clean up and make the area safer but I think they're just wrong.
it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?
When you hear the phrase "Not your keys, not your coins", people take it for granted but let me tell you, that statement is goated and yet underrated. I don't wish anyone to experience the real meaning to it but if you do, you will learn the hard way and it will be to late to take correction and that's why it's advisable to disengage from centralized platforms because you will never have access to the private keys where coins are stored, if anything should happen, consider everything gone.
In addition, learn to appreciate the little you have in profits, don't chase clout like the way influencers does all around calling unimaginable price like bitcoin to 1 million, 500k and many more, you will only regret following them because those guys are there to exite the market and the general public to come into the market while they dump immediately and sell their bags.
We all learn from our mistakes and we should rather consider the mistake we make initially as an experience and try not to repeat the same mistake again, to give you an example some newbie or even somewhat tenured traders end up losing huge chunk in futures trading just because of setting the leverage too high and I was one of them then I have learnt from my mistake and don't get into anything more than 5x leverage for futures. But the most important thing is one have to learn from mistake and not just repeat the same mistake as Bull run and halving event are lined up we may see people repeating the same mistakes like buying due to FOMO at peak, selling due to Fuds, falling for ICO scams to name a few
Learning from your own mistakes makes you a wise person and learning from others' mistakes makes you a smart person so combining both indeed increases the chances of being successful.
Few tips to stay away from scammers/hackers:
Few tips to stay away from scammers/hackers:
- Never invest your money with a project/scheme that is true good to be true
- Always check and ensure that you entered the right address in the recipient box because there are high chances that devices may infected with clipboard malware which replaces the destination address to the hacker's wallet instead of what you copied
- Store cryptos only in the open-sourced, non-custodial wallet.
- Never accept unconfirmed TX as payments.
- Stay vigilant and avoid doing p2p trades with random users.
Concerning the issues of avoiding scammers, I think we can only get good orientation here on the forum on the ways to identify some of their tricks but we can't stop their activities because they are everywhere even the least place you would expect them.
Personally I think being less concern about free things on the internet and in the crypto space is one of the things I consider very important for someone who's avoiding being scammed apart from ensuring the security of your seed phrase and others.
Personally I think being less concern about free things on the internet and in the crypto space is one of the things I consider very important for someone who's avoiding being scammed apart from ensuring the security of your seed phrase and others.
You can make the same mistake one or two times, but if you do it more often, the problem is yours, so instead of blaming yourself, you will not turn back the clock and take advantage of these opportunities to learn from the mistakes of the past and start a new beginning from them, and you must not let greed control you, as soon as the price rises We will see some people expect prices such as $200,000 and even $500,000, so the best advice is as long as the price is less than $50,000, buy in large quantities, then DCA, and start selling at any level near $130,000.
Error or mistake is something that is almost fixed along side with the human character and everyone at some point tend to make some vital mistake in which he or she is regretful about and also uses this same mistake as point of reference or lesson so as to avoid same error twice.
Mostly the traders learns from their past mistakes which is a good step towards the success but sometimes repeating the same mistake many times just puts a person in danger which is quite bad even for the trader and in the sense of money he has lost. Money may be come from some other ways but they way the trader create to earn money should changed because in that way he also suffers from loss previously. Now he have to do it in a right way that no one would blame him for his mistakes.
Even though there are also some mistakes in the trading which can't be forget sometimes. Because some people invested all of their money in the trade and when they make a small mistake they loss all of them, we should be careful about that.
Jump to: