Topic: Basics things to note before venturing into crypto (Read 298 times)

First of all, exactly. There are profits and losses in the crypto world just like two sides of coins. That's why risk management is important so you'll be able to comfortably accept it. Don't ever use hot money, use cold money instead and invest as much as you can afford to lose. Don't use only your emotions or instinct merely in trading cause I experienced it myself, it's just come to losses. And please, no mentor who'll decide your investment. You can discuss with others, you can absorb their knowledge but don't just swallow that suggestion just like that. Please always DYOR first.

The crypto world is exhilarating and heart breaking.  The only advice I have is to take a moment to assess the situation, to think about things.  Things won't 'probably' crash overnight.  Things won't 'probably' spike overnight.  Don't get caught in emotional reactions and seriously 'take your time learning about a project'. 

Nice pointers

The market isn’t our friend, and everyone loses at some point. People who blame the market dig without understanding how it works. It sounds too stressful but you should never try things without complete knowledge. As they say, “a little knowledge is a dangerous thing.”

Your topic is not in agreement with the contents of your post. Maybe you have some tips for trading. Not everyone that is into cryptocurrencies is into trading.

Also, this is not a loss. This should be a missed profit or whatever name you should call it that fits. If the above scenario is considered a loss, it therefore means that my Uncle that bought some bitcoins in 2011. Sold them for nothing and staked/invested others in some scam sites lost over 2million dollars.

To this list, you should have added that before venturing into crypto, one Should as well see it as a path that to remain profitable in, he/she must be able to subject themselves to constant research and information.

The mentors that OP has said you should depend on (which i don't completely agree with) are just people who have subjected themselves over the years to learning and experience. You can grow as well, as you learn from them and their experiences, also do your own research and learning so as not to remain at the under level forever.

I'm sorry for your loss. I'm also new to cryptocurrency, and I know it's not an easy task. You have to be dedicated, patient, and learn from people who know more than you. When it comes to cryptocurrency, you should have patience, learn how to do fundamental research, and only invest what you can afford to lose.

Finally you have learnt much after loosing $10k. Really feel sorry for your huge lose. I have been in the same situation when I sold off the coins when it was low and after few days the same coin had a massive spike. Just a second of our action has lead to loose huge. Then yes I too learnt and till now, have not done the same mistake. Patience is the key to success here. It applies everywhere right.

And I would say, learn by yourself instead of keeping a mentor. Obviously you can get advice from experts but let this not become a permanent support.

Mentor? Not at all times, OP. There are self-taught traders as well and I would count myself as one, but that experience was from long time ago. I only watch Youtube videos for it and it is quite enough for me to learn the ropes. It might be hard than having network, but some just are not lucky having connections to other people.

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On the side note, I also learned programming through crash courses in Youtube and I was able to build a website for myself.

Yes I always say it that cryptocurrency is not just about getting profits and sometimes their could be lost which you didn't expect , even if there are losses in cryptocurrency one need to learn how to manage how to avoid loss. Patient for one to take time and learn cryptocurrency market is another factor that will enable one to do exploit in trading.

Great tip for the new venturer,  it will be helpful not only in the crypto world but also with other trading business. Patience is the most difficult skill to learn specially that the cryptocurrency is volatile, the decision when to buy and trade. That is when you need a mentor to guide you and help you, learn from his mistakes also to reduce the risks and losses.

No one can claim to be perfect in cryptocurrency trading irrespective your long time experience in trading their most be a lost, and a lost in trading correct errors or impression towards trading, from my understanding in all ramifications of life, it very clear that a mistake in any venture always contributes to a welcomed development or success of any one who adventure or enroll nto cryptocurrency, so on my own aspect i have never see lost as mistake but seen it as a pathways to correct a mistake.

I think the majority of us got losses before we've found our safe haven in investing in cryptocurrencies. It's a pretty normal thing to loss especially if there's no one that have you on back. I've also that the same mistake of selling very early, it won't be a million but sure I've got a lot of profits by now if I just did the right thing. But this is life, we commit mistakes and those mistakes are becoming the lessons that are serving us on how to become better on this space.

You can't become a successful trader by taking random bits of simplistic and overly general advice from a forum. I'm sure you had the best intentions when you created this threat, but it's really not going to help anybody.

There's way too many posts about trading on this board, which just confirms that most people come to Bitcoin to simply make profits.

Some may say that it is never too late to welcome someone, but the OP is on this forum for almost 1 year. Before answering someone's post, I would advise checking the profile of the member in question, and there you can see some things that I have already mentioned (trust score), but also that (at least by profile) OP has a birthday today.

Newbies need some guidance if they are venturing in crypto with little less knowledge because they won't survive in this market on their own. You would be consider lucky if you got someone who wants to help you in this very volatile market that would lead you to the right path. Of course, trading isn't that easy especially if you are lacking of experience and knowledge then the one thing that most likely you will do is to sell early because you don't know what to do and you get impatient. It should be a hard lesson to you OP, if are venturing alone the same goes to someone who's most likely new to this market.

First, welcome to the forum, and sorry to hear your losses, it might you didn't understand yet how crypto works.
I won't answer the first one because it's unclear and I don't understand what you meant.  It's about the dollar or your local currency.

It's unclear again, but I assumed that you're holding altcoins, not Bitcoin.  IMO, it depends on the coin if that is worth it to hold and have patience on it.  Not all coins deserve to have patience and wait, I rather invest in Bitcoin and hold until my profit were there because I know I have an assurance that I will be able to gain profit when the bull trend comes.  Otherwise, have good research of what coin that you hold will probably reduce risk on your side.

No, I doubt that possible this you called mentor might belong to the pump and dump group which leads you to a massive loss if you missed them.  It's your money to risk, don't ask other people regarding your financial investment.  Do your own research instead and might help you to boost your knowledge in the future.

It's not necessary when you yourself have been already oriented, because I'm worried that someday the one who called you a mentor will abuse your kindness.  We shouldn't trust anyone when it comes to financial status.

Basic knowledge is very important in crypto and it's better not to rely upon others' opinions nor having them on your own.

I think this is not mandatory. Currently looking for a mentor is also not free. Maybe if you have good friends, they can teach you. But yes you have to understand they will not teach you as much detail as a mentor. But at least if you ask a friend maybe you will be given an answer. The best lesson is that you seek and experience for yourself. Because that's what I do. It will go deeper into your mind. I learned from friends and was self-taught and I thought it worked quite well. It seems that the most important thing is the will and mentality to never give up. Furthermore, if there is a loss then it is natural but then we must be able to cover the loss. (IMO)

That's why learn to sell when all is at the hype and learn to buy when everyone is at fear since if you do this for sure you will always get a higher chance to win on your trades than lossing.



Also take this word "profit is profit" don't regret if you sold early while it continuously pump since this feeling will make you greedy on next time around so learn to settle and enjoy the profit you can get on your trades.


Not everyone has an access to have a mentor so best to thing to do is do your own research, read some post or articles on why people losing their money on trades and learn to do technical analysis since this will really help you.


Don't rely on your mentor, trust yourself and everything will follow. Always listen to your god feel but if someone gives you an advice either from your mentor or not take it as a basis but still do your own research then decide on what you plan you execute on your trades.

It's not clear to me if these 150k are in $ or your local currency which is a big difference if we consider that 150k Naira is currently around $360. I guess this is the latter though, because I doubt you have $300k as a relative beginner.


If I understand the situation well, you did not lose anything, you just failed to make a profit due to a wrong assessment. It’s the same as someone saying he lost hundreds of thousands of dollars because 5 years ago he sold several BTCs that are worth $50k each today.


Also (although unrelated to trading) everyone should ask themselves whether they want to promote scams or not in order to make a profit. Your signature also says more than clearly that you have not adopted some basic things.

Finding an experienced or expert mentor gives you an advantage because they will guide you on your juorney to become a good trader.

On the other side, if you intends to do it on your own when you're a newbie you'll end up being swallowed by the greediness that you have itself and lost all of your assets because of scams. I'm not really saying that trying it for yourself is bad, it's just very risky and you will have two results ahead to worry, it is to trade successfully or the result of your lost. If you're not sure ask for help, it is the best option that you will have.

Seems like the OP is talking primarily about "trading".

So many newbies think that because crypto is decentralised they have access
to this ever generating wealth machine, but it isnt that easy. Trading is just one aspect
of Crypto.

I was expecting the basic things to note before venturing into crypto to be:

1. Stay away from every $hitcoin and focus on Bitcoin

2. Understand how Bitcoin works

3. Take ownership and secure your Bitcoin after buying

4. Hodl until you are knowledgeable about trading, or just Hodl

The headline is wrong.
Those advice you give only works for people who trade cryptocurrencies. And most people do that without any prior knowledge or experience. That's why people lose money. People also lose money because they gamble with unknown coins and unlisted tokens expecting higher returns. But many times those returns only turn into bigger losses.

Owning crypto and trading (especially day trading) isn't the same thing. Don't invest in crappy projects, stick with Bitcoin and maybe (only maybe) some of the more popular alts. Understand that the market moves in the direction that Bitcoin moves, so there aren't many reasons to look for something that will act differently from that trend. If you don't day-trade and gamble with your money, there wouldn't be a need for a trading guru or mentor to help you out. 

You did not lose anything.

You only got less profit than you should have if you sold your coin a few days later. Anyway, profit is only profit when you officially take it. You can not say you lost profit because you sell it earlier than ATH or peak.

A good mentor will teach you about psychology of market and how the market works with psychology of investors. You don't have to know or predict when a coin will pump because you can do it correctly all times.

The bottom line is do your own research, make fundamental analysis and choose good coins for your portfolio. Next, wait and have patience as you said. That's enough.

I like the fourth tip that people often give, but do not understand the very essence of this advice.
My opinion is not to cling to everything that promises a profit. Sometimes it is worth weighing all the pros and cons several times and only then decides for yourself whether this is worth the money, your reputation, and so on.
It is rightly said that we must be patient. Only a calm and confident person will do full research before investing, learn as much as possible about the project, and only then will he decide on participation.
But the promise of money overshadows the eyes of people, this leads to mistakes that often have to be regretted for a very long time. And as a result of this message will be the conclusion, that discipline in almost everything, will always bring the mind and life of a person in full order.

Fun fact: these things don't even solely apply to bitcoin or cryptocurrencies. It applies with other ventures like starting a brick and mortar business as well.

And yea, there's nothing really new here.

I guess most have experience the same with you including us. I also loss countless times and too many money have been burned through wrong doings. I guess everyone will go to that path at some point but of course we arent gonna be like that always. There will be time to have some moment where we could appreciate our gains and also learned something from trading.

Experienced is always the best teacher and we knew that so learn from it while were doing it. Dont waste time amd not grasp anything from each time we made mistake.

Sorry for you lost but first of course, this is a public forum, so try using the globally accepted currency which is the US dollar so people can easily understand you.

Secondly don't Invest funds you'll need urgently be it in trades or investing, that way you won't be pressured to sell if the market is experiencing some downward moment.

Thirdly, you don't need anyone to make calls for you, you can analyzed the market yourself. Just take out time to learn the skills and if you're not yet good at it don't start trading, simply invest and hold. You need a mentor to teach you how to trade and not to give you free calls, there's no gain in that as the professional can also be wrong and when that happens, you stand to gain nothing (no experience or profit).

Fourthly, again you shouldn't rely on anyone in this industry, things here can be learnt with time, you just don't have to be greedy and want to earn without learning. Sorry for your loss but this mistake of yours was quite avoided and it seems you're on a path of making other mistakes unless you change your reasoning of relying on free calls.

1) you don't always make profits, they're huge losses too, I've lost $300 twice in different occasions, so it's not always Rossy, there are hard time too.

2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

4) You need to be obedient and humble, it's one thing to have a mentor and another thing to take heed to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.