Topic: Few lessons learned from my past to keep up with crypto (Read 282 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.

-
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.

yes I really agree with you because an investor who doesn't have goal (target),  game  plan and also strategy when it comes to investment he or she is in-between the line of success and failure.

most of this investor who fall understand these categories mostly  lose focus in their investment and that leads to lose.
And also most of the investors never continue.

So I believe that having a goal ( Target),game plan and also strategy is also a good key.

Most of the newbies nowadays into the crypto world always want to be part of the large earners already so once there's a trend they always chase up, once there a group tells its a good profit here they would like to invest too. Learn from your mistakes and the mistakes of other people. Always do your own research, get data, ask for data, and create that information to make sure it's accurate and lessen the possible risk. Not all the time does crypto give a profit only people who are smart always manage to survive.

It is good to be careful and have more experience before taking risks, some risks are not worth going for. Example is that most people will think trading is fine, but they will trade and continue to lose. Taking risk while investing in cryptocurrencies like Bitcoin is worth it, the long term result should be profitable.

Even, it is also good to never leave the coins not used for trading on exchanges just because any exchange can be hacked at anytime, moving the coins to a noncustododial wallet will give total control and left to the owner to protect its coins which should preferably be on cold wallet which is more secure.

You will only be able to hold if you invest with your money. If you borrow money, use leverage, whatever source of capital which is not yours own, you won't be able to actually hold.
Loan repayment calls, margin calls, collateral liquidations, etc. will kill you and you will have to stop your hold anytime.

It depends on what project or coin you invest in. If you invest in shitcoin, you have to determinantly give up before it is too late. In bear market, altcoins have /100 or /1000 that is not a strange painful fact you can see.

Not your keys, not your coins. It is what people talk about in crypto. That means you must own private keys or mnemonic seeds in order to actually own your coins or tokens. Store them in custodial wallets with which platforms own keys/ seeds, not you then in the end, you don't actually own anything if they pull the scam exit.

https://notyourkeys.org/

I think most of those lessons also applies for investing in general, such as the stock market.

Hurry leads to fomo. If you are in hurry, it is probably a bad investment.

I also think that holding is usually a good idea. However, it is no shame to change your mind and sell an asset which you don't like anymore, and do not look back.

Everyday is a learning day for all us, whether you are a newbie or legendary in this market.
You can't attain the expertise overnight, it is like a lifetime journey. Each day, we will learn something and a lil bit of everything.
It is the virtue of perseverance why we are still here and keep on fighting with this life.
It is good to know that there are newcomers who are not losing hope in this market.
In time, they will be the new veterans and someone to look up to when it comes to their journey in this industry.

You've been forgetting the most important one.

• Aim profit target and have a game plan
• Invest in what you can afford so that you can able to wait when your profit come

There are too many factors that you must consider and should learn.  I tend to agree above, practice is the best teacher and we should always learn from our mistake and avoid it in the future.  Your input will encourage newbies to manage their portfolios very well.

Well, experience is the best teacher after all.

Another thing, don't put all your eggs in one basket, incase a hack incident even though that the trading website always tell their funds is always safe, always be vigilant and do things on your own.

I have really learn alot and continues to learn even more from my mistakes in crypto currency, especially the trading and investment accept. I've come to realize that in life, for you to become what ever you want, you must go through the ups and down of a trade or field and you must be a risk taker. I believe without my experience, I won't be able to understand more about crypto currency.
some of the lessons I've learned so far are:

1. Never be in a hurry
2. Have the spirit of holding
3. Never give up
4. Never be discouraged
5. Always trade with the right platform
6. Always trade with the rules of crypto ( escrow, never Invest what you can  afford to lose)
7. Never have the spirit of fear: fear is the number one key of failure.