Topic: A lesson from other people's mistake can go a long way (Read 424 times)

Thats correct, your mistake are something you learn from although sometimes a little heads up about the whole situation can go a long way because there are some  mistake someone don't actually need to comit and maybe learning from other people's own will actually go a long way because most of these mistake can affect us so greatly that we can even hardly come out of it and that's financially, emotionally and mentally too.

This is nothing but the truth,  learning from other people's   mistake(s)  is the best teacher and will ever be the best aside the reference you make about cryptocurrency. what if it is something that will take life will you still want to experience it first before you learn your lesson off cause NO.
Moreover, our mistake also teach us and keep us in pains and regrets,  sometimes it frustrate us but a wise person will see other people's  mistake,  learn and adjust so that he won't get hurt or be a victim but a foolish person will want to experience it first.

After all, we commit fewer mistakes with the help of those individuals who share their mistakes. This is to imply that mistakes are a usual thing to happen to all of us whether we are new or old timers as no one is perfect. But the good thing is that these mistakes that we have experienced help us to become strong and even more careful of our actions and market response. And this is the reality - more experience, more losses but earning more ideas as well. Therefore, we don't need to be afraid of making mistakes because this is the reason why we are still here and keep learning.

"Insecurity" has fondly been the usual misconduct that alot of people aren't able to bypass that easily - especially newbies... I've heard of several stories - where these coins were HODLed right from inception, but  was lost in a tragedy, maybe due to real life events, massacre, war or natural disaster...
 It could also be as a result of carelessness and lack of self-esteem - cus why would someone post 'em secret phrase or priv keys on the net, seeking for help on why he ain't able to log in?
When this happens, there's not much anyone would do to recover 'em coins back...

Sandra 🧑‍🦰

Well, I believe that all of us have committed mistakes and regret them but at the same time, we make this a reason to stay and become more hesitant for the incoming. We are also thankful that old traders shared their mistakes which helped us to prepare and even avoided it.
However, getting afraid to commit mistakes never helps us to grow instead, it will increase fear and uncertainty which is not good. Mistakes are very common but at least we do something not do that again otherwise, we are not learning.

Never forget to enable 2fa and any other form of security that can add protection to our online account.  One should be vigilant on the security of their online accounts specially when it is holding a huge amount of money even in temporary situation.  Enable notification to keep track of the activity of our account, this also make us aware if there is some irregularities on our online account activities especially those accounts that deals with finances.

The mistakes we have made and the mistakes made by other people are part of life, from these mistakes there are many things that can be learned and can help us improve our morality. Behind other people's mistakes there are several tests they faced and how they completed the tests themselves, that is what must be studied.
Usually, from the experiences of other people, we can learn many lessons, one of which is motivation for us to become better individuals. Never hesitate to learn from other people's experiences so as not to fall into the hole that person fell into.

Learning from your own experience is good but learning from the experience of other people will save you the time you have to waste learning from your own mistake. Time is precious, so if you see someone who is tryijg to share his experiences on cryptocurrency with you then it's best to take hid and learn from it.

There are a lot of cryptocurrency scam experience and other security scams in the internet. If we make further research we can see a lot of relatable experiences that we may find helpful currently instead of jeopardizing our investment.

Our mistakes always make us stronger. And learning from our mistakes is sometimes very expensive, but after that, we begin to walk very carefully. In every person's life, there have been cases when we were very self-confident and did not listen to others who had previously walked this path. It may even be useful to feel it for yourself and blame yourself for being careless earlier. The scary thing is that people do not learn from their mistakes, and life will teach as many lessons as necessary to learn from these mistakes.

You would not want to transact and losing your money or you don't want to try a dubious platform and lose your money just to get experienced on how is it to lose money, that's a costly experience for you, the reason why people are posting their bad experience and warning is for them not to experience what happened to them its total foolishness if you still proceed for the sake of experiencing it yourself, unless its ok for you to lose money



Whether newbie or advanced we still have to read and get updates on what's happening in the industry as long as you are an investor and keep investing, you should get the latest updates about how scammers work, what exchanges are closing, and what's the best and the worst coin in the market and what a way to avoid pitfalls is to read other people's experience and take note of that whether good or bad.

To avoid this, make sure to set a selling target. So, we will have a goal, we don't panic or speculate when we sell the coins at the bullrun season. If we already set a target, we have to stick to it and don't try to be greedy. IMO, selling at the wrong time is only when we sell the coins for losses. If we sell the coins for profits, it means we sell at the right time although the profits can be higher if we wait for a longer time.

What's wrong by learning from other people mistakes?
I think learning from the mistakes made by other people are also a good way. Sure, everyone may have different experience and problems. But we can choose learning from other people who have the similar problems/cases that we are experiencing. Just googling dude, there are too many options for learning from other people mistakes!

Lessons can be drawn from anywhere, both from your own experience and the experiences of others. By reading and knowing what other people have experienced, first we should be grateful because these things did not happen or happen to us. Next, we have to learn from this so that one day we won't be like that or can avoid making the same or almost the same mistakes. The point is, whatever it is, we can make it valuable learning lessons.

However, maybe for some people, it's nothing special and they don't really think about it. There are even those who still make mistakes repeatedly even though there have been many similar cases. Sometimes, when we have experienced a mistake or a bad incident, that is what makes us really, really serious about taking the lesson. There are indeed some people who are like that, only realizing when they have experienced it themselves.

This is a good way to educate ourselves from other peoples mistake but are you sure that only listening to others can help you to avoid those? You can be conscious but without experiencing them by yourself it can still be difficult because there are so many different story and it is not that easy to remember each one of them. Perhaps you can open a self-moderated thread managed by you to share the mistakes you have made in your life. There can be more in the future so you can keep adding them individually so that others can learn from them.

everyone will never escape mistakes, even I myself have done it before (I saved my bitcoin in an FTX account and finally FTX closed because it went bankrupt and was dragged into a case), to be honest, even though at this time I already know that storing bitcoin assets in a CEX is a big mistake, but if something like that happened to me then I wouldn't know the consequences of my trivial feelings. In terms of investing in Bitcoin I also made a mistake, when FUD appeared I immediately panic sold. Luckily, I have never done stupid things in this forum (made plagiarized posts or deceived someone), there is a big risk that I will take if I do stupid things in this forum and my account will definitely be flagged by the DT team, learning from other people's mistakes is a free teacher, so don't underestimate the mistakes made by other people.

I have made many mistakes in the exchanges and the use of Authenticator. As I use the Google Authenticator mostly through which I can send my transactions and money etc. But in the recent time when I opened my MEXC I forgot my Authenticator that in which Mobile Phone it is present so I mistakenly restore my phone thinking that it can recover my Authenticator. But when I opened it there wasn't any Google Authenticator at all.

So, in this was I lost my 400$. Although this was not a big amount for me in the MEXC Exchange. But loss is always loss. So, my advice for the beginners is to always save their key in their respective book through which they can easily recover it.

I definitely don't think that way and I'm against the mindset of people who think that they should experience the things themselves in order to learn instead of taking other people's mistakes seriously and avoiding the same mistakes that they did and having to face the consequences.

When it comes to mistakes that I made and I want others to not make, and if we are talking about financial markets, especially Bitcoin or cryptocurrencies, I would say that one should never believe any service or website or person that promises them big returns on their investments or double their money or anything like that. They are all Ponzi schemes, HYIPs, and frauds and should be avoided at all costs. After that, one should never think that they can do trading without having enough knowledge because it looks and sounds easy because it's not as easy as it may sound and one can lose all their money if they make mistakes.

As the bull season is around the corner, there's going to be many shitty coins popping out of the blues, promising to do x100 or more. Don't be deceived by the influencers promoting these projects either, they are all selfish and after their pockets. Instead of commiting your funds in such projects, it will be more rewarding to invest in Bitcoin. Buy a lump some or using DCA and hodl. While HODLing your Bitcoin, set a target price to sell during the bull season and don't be greedy.

I think this forum is a place where people share thoughts and experiences, engaging in brainstorming and discussions. It serves as a platform where individuals not only showcase their success stories but also openly discuss their failures. This sharing of both triumphs and mistakes becomes an invaluable example for others, providing insights and lessons. The aim is to create an environment where people can learn from one another's experiences, fostering a sense of community and mutual support. Whether it's a success to celebrate or a failure to learn from, this forum encourages open dialogue, making it a rich resource for individuals seeking diverse perspectives and guidance.

If only we were careful enough to learn from other's mistakes, then we wouldn't be facing a bit of what some of us are going through now.

I find this very applicable to me although it isn't in the bitcoin space. As an undergraduate, most of my senior colleagues in the department came in to share their experiences with us when we initially got admired into the college, we took their words for granted and felt they were probably not serious with their studies. Time has done it work on us now and we are now regretting why we failed to learn from their mistake.

Let others experience be your lesson and guide or others will use yours to learn their lesson. 

Hell we've all made mistakes, it is basically how you learn at times. Albeit, sometimes the very hard way.

I once sent 5k DAI to a wrong chain on . The fuckin' assholes demanded 100 USDT to send it back .. After another 100 USDT attempt, they finally sent them back, albeit like 5 months later.

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.

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.
     

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.

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

Use open source hardware wallets.
[LIST] Open source hardware wallets

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.

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.

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.

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.

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.  

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:

• 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.

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.

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.

We all have different experiences, and we all have different means of learning. Many people don't want to believe what they hear about someone until they experience it for themselves. Some people do think there is some sort of error, and they experience some mistakes, but they don't take them seriously until they encounter them over and over again. Then they can start adjusting themselves and not making such mistakes again.
 
We can't change people's way of thinking; the best we can do is educate them on how to avoid falling into some sort of dangerous situation that can ruin their lives and how to avoid making some mistakes. That's the length at which we can go. It's now left for the person to decide what they want to do and what they should not do.

To the point i am sharing some mistake and lessons that I learned in the crypto journey.

1: As a newbie My first mistake was to send usdt to wrong address. I don't know that time that btc and Ethereum both has different address. As I remembered I sent usdt to Coinbase BTC address (Eth network) and the address of both was changed. I lost 40$ that time and learned that I should get deposit address of same token which I want to withdraw (Noob scene)

2: Second time I sent more than 1200$ to exchange and my mistake was that I didn't checked network on the the exchange. The token was on multiple chain and exchange listed ERC20 network while I sent Token in BSC network. Later exchange returned my token after 15 days and fortunately token price surges to 1700$ but I learned lesson that I have to check Network also when I send token.

3: once I send less than minimum token to exchange where I lost tokens as per rule of the exchanges and Lesson is obvious that we have to check minimum deposit token whenever we send payment.

4: I lost 600$ when I send token mistakenly to contract address of the token. I was in too hurry that I didn't even checked the address before sending. I learned that I have to double check before sending big amount.

5: I lost more than 1k$ when I send wrong contract token to Binance and unfortunately such token was not listed. I learned that I have to send first low amount (1 or two token) before sending all. I learned a lot but unfortunately lost big

In my case, luckily I have made few mistakes, but because I am cautious in general, and I tend to study a lot before making a financial move or in life in general.

On the other hand, I quite agree with mk4's advice, the only thing I would add is: keep it simple. The best way to get rich for the average person is slow and boring.

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

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.

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.

The crypto (Bitcoin) space is filled with lots of opportunity and aslo scammers who are willing to pry on every error that any newbie or curious veteran can make and that's why it's important for newbie and amateurs to actually learn from some of the vital mistakes that other members have already done to avoid making such.

The bull season is closed by and alot of things will be happening so everyone should stay on the alert and also imply some of the skills and also take correction from the many mistakes that other have already committed to avoid making same mistakes of our own.

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?