Topic: Few lessons learned from my past to keep up with crypto (Read 239 times)

Learning from our own mistakes is exactly one of the best lessons for us, we know the exact mistakes, why they happened, and how we should avoid and do them later in order not to make similar mistakes. If we, everybody, can understand this, this will be very good enough because we exactly are aware of our own mistakes, not blaming others or crypto itself.

This is also commonly related to the condition of FOMO, so we are in hurry to buy something hype without any analysis.
Or, this also relates to the patience and impatience when seeing the market condition at a certain time.
Better to take time wisely and smartly in order to make the proper decisions wisely and smartly so that we are not in hurry.

Seriously, when I first started trading cryptocurrency, I made a lot of the same mistakes you did because I was a newbie and had to learn trading the hard way. I didn't have anyone to guide me, so I ended up wasting a lot of money. When I first started trading, I thought that as soon as I start trading, I would start making money right away because I heard so many people saying that there is money in cryptocurrency. However, when I first started trading, I invested a small amount in my sport wallet address on Binance, and I noticed that my profit was always very small, so I went to learn how to trade futures, which I wasted all of my money on because I was always liquidated, As a result, you don't have to be in a hurry to make a lot of money in cryptocurrency trading.
Also, I believe that trading with the mindset of holding is the greatest option; constantly keep in mind that you want to hold it for a long time. When I first started trading, I couldn't afford to buy more than one coin, because my money was really small, so I always keep my eye on the coin, If the coin didn't pump within two days, I always sell it to buy another coin and after selling the coin it will start rising which have already sold it, so always have it in mind to hold.
One of the reasons I've been so happy up till now is that when I first started trading, I was losing money really depressing I was tempted to give up, but I'm glad I didn't, so don't give up when it comes to trading or investing.
I believe there are numerous trading platforms available today, and their are lot's of scam platforms, so whenever you trade, make sure you select the suitable and the best platform and trade yourself; don't trust anyone with your money.
When trading or investing, I believe you should only invest or trade with money you can afford to lose. Don't invest or trade with money you can't afford to lose, don't trade with money that I'd you lose it will endup having some health challenges and don't borrow money to invest in cryptocurrency because you can't trust any project.

The truth is, one who has never had his or her investment gone wrong by making some serious mistakes would never understand what it means to be hit in the guts by being too confident in your strategies.

One thing that is there to realise is that, it could always go wrong, there is a risk in all you do and as such, when you make the mistakes that almost ruins you or even if it doesn't run you, you do your best to learn some lessons out of it.

So many persons have made some serious mistakes and still have the chances to make some even more mistakes, worst onces if I could say that. So, its best you never:

1. Not to be in a hurry
2. Take proper care in making your analysis
3. Take precaution when it's going wrong, the TP and SL are there to help
4. Don't be too greedy, it drives your emotion and let's your guard down.

It's better to have a spirit of detecting good projects than having the spirit of holding, many coins and tokens won't see 2025 starting from now and things will be more bloody once the bear market begins, many projects will die painfully.

Yes. There are different ways one can learn and knowledge things in the field study. But according to educationalist, experience is the best teacher.


That is why is why pastors who where in the world (sinners) later were converted to Christian and became pastors do well in the work Ministery (preaching). We can she this the life of Paul in the Holy Bible.

In the essence that, what you had experienced can help you in the future inference.

You have a point and I had the same thought initially, but I ruled it out after checking the other entries on that list ^{[I could be wrong, but even if the latter was the case, it'd apply only to a select group of traders who deal with large enough amounts to not care about the escrow fees]}.

It's never easy to come out strong out of crypto. Crypto requires us to learn more lessons out of it to be successful. There's no way you will come in contact with cryptocurrency, you won't be able to learn and adapt to all the lessons you mentioned.
It's only newbies that scream when the market is not going in their favour.
1. They are in a hurry to selloff their altcoins
2. They don't hodl.
3. They give up on crypto so easily
4. They are discouraged when the market is down.
5. They trade with any available platform
6. They "FOMO"
7. They don't take risk

Never be in a hurry is never easy because many people can not hold their emotions when something happens to the market.

They tend to act fast without analyzing or checking furthermore about what they should do related to the market situation. While never giving up is what we must remember so we can have more spirit to do what we already did. Make your mistake as your experience to learn from that and prevent making another mistake in the future.

Yes thats correct. But it does not mean that if weve stayed holding we can expect that our bags to moon at the end. Holding is the perfect strategy however, it not always bringing same result we also should learn when to sell cause Ive been holding some before and waited for it to bloom turns out after few years they are now worthless compared before. So I think, its come with case to case basis and also depend on the project.

Only Bitcoin is worth hodling. Any other coin is very unlikely to recover if it enters a major bear market that is not tied to a Bitcoin bear market. Altcoins come and go, Bitcoin is here to stay. Which means that if you put your bet on an alt and it only goes down, better sell at a loss than hope for a miracle pump. Altcoins almost never make a comeback.

They likely meant you should only sell goods or do peer to peer trades through escrow.

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Regards,
PrivacyG

You talk about "fear"?
Fear sometimes is the most intelligent response to overcome your inquisitive thoughts and demolish your inward zeal to doing what's gonna harm you at the tail end..Well, I know sometimes you need to sacrifice your fears to get the knowledge you lack'. It's quite fortunate that you've learnt alot and have confided in the truth which would make betters lessons for you tomorrow, good luck

All successful people went through a struggle, ups and downs, and frustrations and losses. What the people will look at you are the successes you've made and they're all interested to see you winning in life. But, they're not interested to know what you've been up to and what you've gone through.

It's the same in investment and growth in cryptocurrencies. The market will make you experience all of that and you're going to be happy with the results in the end because you're staying.

But if you're too disappointed at the very first results which are likely down and negative in your portfolios, you'll have to bear with that.

Having faith in what your doing is a tool for you to succeed. Failure, bad experiences, losses, etc...that all gonna be found here but because we are aiming to reach our goal, that is why we still stand and push ourselves to the limit. No easy game in the crypto investment and so we have to be
  -patient
  -reliant to our strategy
  -continue learning

Nothing becomes impossible if we really work hard but just a piece of advice, never concentrate on how to earn big but rather to aim small first.

A couple of things:

• How traders are supposed to trade if their funds are in escrow ^{[am I missing something?]}?
• Prior to editing the post, your sentence was already correct ^{["never & can't" or "only & can"]}.

I would add a few more things to your list 
Patience is very important, because overnight success is very rare anywhere, including in the crypto industry.
It is very important to have a goal and a clear exit strategy.
Emotions should always be kept under control and not allow sudden success to lead to excessive euphoria.
Always stay calm and stick to your long-term plan and exit strategy.
I hope this helped you.

*Motivation - find a reason why we are here
*Self-confidence - it can be measured base on our decision making

These things could help us to where we should go. Aiming solely for the money isn't be in our mind as this will bother us when we suffer losses. I'd rather think about winning our greediness and ambitious mind as these are the hindrance to reaching our goal. Otherwise, failure is very near to us and mistakes come again and again.

I partially disagree with the last one, fear is actually important else you might hold your funds in a project which is doomed for failure, but, you are correct that if we panic from that fear and sell even if it's a slow downward movement, we can never actually profit, the amount and project is not as much important as the time for which we invest it in is, for even in normal stocks and markets, if you can invest for decades with a consistent amount, you can make astronomical returns!

I remember someone telling me 'if investing in crypto, never put money in daily necessities' which means: from those words I understand that if someone makes an investment, they must save money, meaning that money is turned off in crypto for a certain period of time.

If a person only sees money as a necessity of life and makes investments, he will fail all the time, meaning that person must have other income, besides seeing the money they invest.

The method you mentioned does not hurt, but if today you don't have car gas and you glance at that investment fund, pull it a little, hope will disappear and failure will accompany you when crypto skyrockets.
Crypto/Bitcoin has been running for 13 years, many people do the 'pull a little' method that is the factor that makes people always fail and fail.

From what I see you do trading, which is a very respectable option but you would have less risk by simply studying which are the best financial assets and then simply B&H for the long term. You can keep adding to the investment regularly with DCA.

Many traders who have ups and downs and end up losing money would have much better results if they did that. Especially when you consider that the percentage of traders who make profits over the long term is very low.

What I say to do is more boring, it does not give you that thrill that hooks traders so much.