Topic: Learn from my mistakes as a newbie! (Read 410 times)
Thanks for sharing your experience though I have not see or used to any of this outlines but I will try to be watchful for my own safety since everything here is at owners risk I believed research will help a long way.
I am happy that some people are finding my post useful.
There are a lot of things that I would change if I could go back to the time I actually started in the crypto world.
But I did not have anybody to tell me.
High ranked members of the group: please let us know your mistakes when you first started. I am sure that everyone will appreciate it. I will update the post accordingly.
There are a lot of things that I would change if I could go back to the time I actually started in the crypto world.
But I did not have anybody to tell me.
High ranked members of the group: please let us know your mistakes when you first started. I am sure that everyone will appreciate it. I will update the post accordingly.
It is a good list to keep in mind while starting in the crypto sector but the core fact is that there is a huge power lying under the decentralized blockchain system but at the same time since it is decentralized, there is a responsibility of security on the user's part. We are responsible for our own actions when it comes to the crypto, and hence it is necessary to invest our time before investing our money or other resources in understanding it.
I used to make a mistake about FOMO.I am too late to buy alcoins when it pump. And now i do some bounties but i have not received the rewards.
I am glad that some people have found this thread useful. I ask from the more senior members of the forum to help me update the post as we go. Please share with us any lessons you learned down the road, any mistakes you've made and generally any suggestions you would like to give to someone who just started.
Thank you very much it has been very helpful to me.
wow, you did a good job there really i mean i agree with the fact that people here are not that supportive but telling all these will us newbies a lot. thank you i must say.
Looking at the past experiences of mine, one thing comes to my mind that every newbie should know and should avoid doing:
Never get into trading, if you don't really know what you are doing. Most of the times, people think that it is very easy - you go in with some money and come out with profits once the market goes up. No! It is not that easy as it seems. The people that are earning profits out of trading everyday, every week or every month are the ones who understand the market very well. Just having an initial investment and a little bit of knowledge of how trading works isn't enough to turn your $100 into $1000, unless you are extremely lucky, but not everyone is so lucky. So, if you don't want to lose your money, then just don't do it until you learn the way of doing it. Greed is usually what compels us to do things that we are not supposed to do, gambling and trading are two appropriate examples of that, though quite different in nature because gambling is based solely on luck, while trading requires knowledge and experience along with some luck, but the cost can be the same for both of them if we think we can pull it off because we have greed in our mind, we are doing a mistake.
Never get into trading, if you don't really know what you are doing. Most of the times, people think that it is very easy - you go in with some money and come out with profits once the market goes up. No! It is not that easy as it seems. The people that are earning profits out of trading everyday, every week or every month are the ones who understand the market very well. Just having an initial investment and a little bit of knowledge of how trading works isn't enough to turn your $100 into $1000, unless you are extremely lucky, but not everyone is so lucky. So, if you don't want to lose your money, then just don't do it until you learn the way of doing it. Greed is usually what compels us to do things that we are not supposed to do, gambling and trading are two appropriate examples of that, though quite different in nature because gambling is based solely on luck, while trading requires knowledge and experience along with some luck, but the cost can be the same for both of them if we think we can pull it off because we have greed in our mind, we are doing a mistake.
I am newbie of cytrocurrency thanks for teaching of these points it's very helpful to me.experience makes man perfect that your experience on this cytrocurrency was shows this.
[
i agree with this. example like 3 day ago when bitcoin diamond at binance is open wallet many user trader wanna arbit their asset to binance at 10.00 AM (UTC) because the price $15 but we must waiting 6 confirmation at 1 hour to waiting then when the deposit is success the price is dump.and the we don't get profit.
Mistake #4: Do not waste your time participating in crappy airdrops/referral/bounty!
I can say that 90% of all the airdrops, referrals, and bounty campaigns are pure crap. Do not waste your time with these useless ways to get some extra coins.
i don't agree with this statement i have join bounty campaign and i get reward that worth maybe $300. I think bounty campaign still worth but you must selected bounty. maybe from bounty manager or bounty that paid you with some btc.
Thanks for your comment. I absolutely agree that airdrops and bounty campaigns should not be completely ignored. I am just pointing out the fact that most of these are just a big scam. It is therefore better to do research before participating in one. I agree with your point that there are some campaigns that definitely worth participating.
Mistake #3: Taking advantage of market arbitrage!
Taking advantage of market arbitrage is great.
This is risky. Arbitrage is one of the most risky job in bitcoin world. If you count in transaction delays, all exchange problems, from FIAT block, BTC block/account block, exchange malfunction/downtime. Not to say about price fluctuation +30% in 10 minutes, you are safe to say its only for insane people Taking advantage of market arbitrage is great.
i agree with this. example like 3 day ago when bitcoin diamond at binance is open wallet many user trader wanna arbit their asset to binance at 10.00 AM (UTC) because the price $15 but we must waiting 6 confirmation at 1 hour to waiting then when the deposit is success the price is dump.and the we don't get profit.
Mistake #4: Do not waste your time participating in crappy airdrops/referral/bounty!
I can say that 90% of all the airdrops, referrals, and bounty campaigns are pure crap. Do not waste your time with these useless ways to get some extra coins.
i don't agree with this statement i have join bounty campaign and i get reward that worth maybe $300. I think bounty campaign still worth but you must selected bounty. maybe from bounty manager or bounty that paid you with some btc.
Thanks for your comment. I absolutely agree that airdrops and bounty campaigns should not be completely ignored. I am just pointing out the fact that most of these are just a big scam. It is therefore better to do research before participating in one. I agree with your point that there are some campaigns that definitely worth participating.
Mistake #3: Taking advantage of market arbitrage!
when you are talking about "newbies" then you should be talking about advanced subjects like this. arbitrage trading is the advanced version of regular trading and for a newbie it is best to only stick to regular trading and not to touch any other strategy like this. specially since these methods (like arbitrage) require additional tools such as bots to be performed faster and with more accuracy. and a newbie should stay away from bots.
Mistake #3: Taking advantage of market arbitrage!
Taking advantage of market arbitrage is great.
This is risky. Arbitrage is one of the most risky job in bitcoin world. If you count in transaction delays, all exchange problems, from FIAT block, BTC block/account block, exchange malfunction/downtime. Not to say about price fluctuation +30% in 10 minutes, you are safe to say its only for insane people Taking advantage of market arbitrage is great.
i agree with this. example like 3 day ago when bitcoin diamond at binance is open wallet many user trader wanna arbit their asset to binance at 10.00 AM (UTC) because the price $15 but we must waiting 6 confirmation at 1 hour to waiting then when the deposit is success the price is dump.and the we don't get profit.
Mistake #4: Do not waste your time participating in crappy airdrops/referral/bounty!
I can say that 90% of all the airdrops, referrals, and bounty campaigns are pure crap. Do not waste your time with these useless ways to get some extra coins.
i don't agree with this statement i have join bounty campaign and i get reward that worth maybe $300. I think bounty campaign still worth but you must selected bounty. maybe from bounty manager or bounty that paid you with some btc.
Mistake #3: Taking advantage of market arbitrage!
when you are talking about "newbies" then you should be talking about advanced subjects like this. arbitrage trading is the advanced version of regular trading and for a newbie it is best to only stick to regular trading and not to touch any other strategy like this. specially since these methods (like arbitrage) require additional tools such as bots to be performed faster and with more accuracy. and a newbie should stay away from bots.
I like #2 the best. Far too many people fear they will miss out the next big coin or run and use up way too much of their capital. It’s human nature I guess. I’ve fallen victim myself a few times but now I’m much more cautious. I tend to take my time, research, and do my due diligence before jumping into any new investment or hobby nowadays
Mistake #3: Taking advantage of market arbitrage!
Taking advantage of market arbitrage is great.
This is risky. Arbitrage is one of the most risky job in bitcoin world. If you count in transaction delays, all exchange problems, from FIAT block, BTC block/account block, exchange malfunction/downtime. Not to say about price fluctuation +30% in 10 minutes, you are safe to say its only for insane people Taking advantage of market arbitrage is great.
Number 4 is definitely one I agree with. Airdrops and the like cause a lot of spam to this forum. I'd also suggest that you don't participate in icos unless the developers are well trusted or the source code gets released and looks worthy of the amount per token that the developers/marketers are asking for it.
You are right but we can't stop the airdrops as ICOs start an airdrop to spread their tokens so the holder of their token will increase. I did join airdrop but when I checked it I can't even earn money from it as it will only cost you transaction fee for the airdrop token you want to sell that doesn't even cover your fee.You mean in Gas to send it.
I forgot that'd add value to the coin as everyone has to pay to transfer it to the exchange. If that didn't happen, I could see people selling them for a lot less, i.e. 1 sat per coin.
Number 4 is definitely one I agree with. Airdrops and the like cause a lot of spam to this forum. I'd also suggest that you don't participate in icos unless the developers are well trusted or the source code gets released and looks worthy of the amount per token that the developers/marketers are asking for it.
You are right but we can't stop the airdrops as ICOs start an airdrop to spread their tokens so the holder of their token will increase. I did join airdrop but when I checked it I can't even earn money from it as it will only cost you transaction fee for the airdrop token you want to sell that doesn't even cover your fee. 
I do not agree in #5 mistake since Airdrop is the one who helped me to get an experience in trading. I got $200 dollars worth of token just by doing airdrop.
When I was doing my first trade in a Crypto Exchange. I waited for about a month hoping that the $200 dollar worth of airdrop wi go up but suddenly it didn't happen, I ended up selling when the market of that coin is falling.
I think you should add greed as one of the common mistakes of beginners.
When I was doing my first trade in a Crypto Exchange. I waited for about a month hoping that the $200 dollar worth of airdrop wi go up but suddenly it didn't happen, I ended up selling when the market of that coin is falling.
I think you should add greed as one of the common mistakes of beginners.
I get the impression you really fell for the crypto hype early on and therefore lost money? I personally would like to add that when it comes to investments, never invest in 1. something that already is pumping and 2. make sure you know yourself what it is you are investing in, and why! Once it reaches twitter you can assume the timeframe to buy and then sell for a profit is very narrow, it's the trap way too many people seem to get stuck in. But, it's good to bring up points like these! 
Yes discounts are usually offered at the start o the campaign, before heavy advertising. You can only make profit if it gets dumped and you predict the time it reaches its lowest value and buy it up and then sell it when it gets pumped again (but realistically, it might never get pumped or it might take years for it to be pumped again).
The best way of learning from mistakes is getting experience.
Mankind learns best when he experinces it firsthand so trading with small amounts of money is good way to learn new things and become a real broker.
Mankind learns best when he experinces it firsthand so trading with small amounts of money is good way to learn new things and become a real broker.
It's always great as a newbie to make what seems to be massive losses and learn from them. You usually don't have much as a newbie so it's not much you lose but a lot you learn for when you get larger amounts...
The best way of learning from mistakes is getting experience.
Mankind learns best when he experinces it firsthand so trading with small amounts of money is good way to learn new things and become a real broker.
Mankind learns best when he experinces it firsthand so trading with small amounts of money is good way to learn new things and become a real broker.
Jump to: