Topic: Learn,correct the mistakes so that it wont hurt you in the future (Read 138 times)

All of them are just common sense, you're not need to jump into cryptocurrency space to know "learn from mistake". When you're still teenager you will learn many thing since you still don't know which one is mistake and which one is correct, there must be your parent that will help you.

Since you're have interest to join this forum, you must try to learn about Bitcoin, security and the wallet at least. It would be better if you start to learn about the technical part.

Every mistake you make ultimately shapes your experience. There is no easy way to always do the right thing; it takes practice. The fact that you do not give up is already a good sign that you are on the right track. But we all walk the path in different ways; someone learns from the first mistake, and someone from the twenty-first. Every time there is a desire, you are one step closer to success.
"Listen to everyone, listen to a few, and decide for yourself!"

I did ditch Ethereum and bitcoin before 2017-2018 and some good coins, I was just looking around of course a new player will be following the flow, since were are just newbies, everyone can relate that they made a huge mistake before nobody is perfect, but we learn from mistake although it cost us big amount, but its okay one thing we should remember is mourn it today but be positive tomorrow positivity brings good things, like making right decisions, its not always failure, so keep trying and never give up.

Another thing is taking profits. If you have a plan that you need to earn some profits from your investment or trading, then think about taking profits even a small amount or just a partial, it's like just tasting your victory.
I can relate to the first bullet because before I already experienced this, my greedy mind is always there so I keep thinking should I take profit now or wait a little longer for higher profits?
Always remember, profit is profit, small or huge, it's already profit.

Guilty of 1st and 2nd, did same in 2017 as well in 2020 too. Don't 5th and 6th contradict? How do you mean?

Why did you follow others' opinions if you already know the history of Bitcoin look at the cycle?
The first time, I experience the same thing due to greediness before I thought that the price of the coin that I hold would increase more but after a few months forgetting it I tried to check the price but it drop more than 3000% but still, I sold it at the low price because I need it and again this year 2021 it repeats the cycle but not for other coins like dogecoin and Cardano and other coins that increase in value I sold them not big time as before when the price of coins is increased more than 3000-5000%.

OP your past experience shows that you are new to the game, you know too less about crypto and how to do good research on them, you are in no good stage to give advice to anyone.

You need a lot of learning to do, Ethereum is the second best after Bitcoin and yet someone told you about a project that's not in top 5 and you ditched Ethereum for the trash one? If you can easily give up on ETH you can do the same with BTC, it shows you know too less about crypto, start learning for it's not too late.

Probably you don’t know exactly what you are doing that’s why you are easy to say by others opinion. This is a sign that you still lack of knowledge on the investment that you choose. It’s not always wrong to listen to your friend especially if he has a lot of experience while you are not sure on what you are doing because you might get fall on a scam project rather than invest on potential tokens so it’s really important to have a personal knowledge before you enter on something that you will put your money.

Most of the lesson you listed above is all about greed that you can control if you knew how crypto behaves during its cycle.

Hearing the opinions of others needs to be considered, especially those who have known crypto for a long time, then you can match it with the results of personal research. People who are already involved in the crypto business certainly have good advice, they won't lead you into the mud that makes you feel disadvantaged.

Believing in yourself is also a very important point, for example, you believe in Bitcoin more than ETH or BNB, you don't need to listen to people's opinions even if they say ETH or BNB are in a good trend to buy. In investing in Cryptocurrency you must have principles, avoid greed which can make you lose what you should get.

1. You are not the first and you won't be the last that fails to take profits, newbies always get too attached to their crypto portfolio, they failed to take profit thinking that things will remain in the same spot forever.

My advice is to have a profit taking strategy, have a target minimum to maximum and once that target is happening right in front of you do not hesitate.

2. Treat your crypto bags as a business, taking profits is what keeps your business running. Control yourself, crypto assets will always go up and down, it's a circle.

3. Have you forget what happened to FTX, LUna and Solana this year already? Every bull market new altcoins takes the top 20 ranks and once the bull market is over many will vanish into thing air and some will lose their rank and never to be heard about again.

4. If you are into altcoins you have to get used to intense research from time to time, if this is a big headache for you then stick with Bitcoin only. As a altcoin investors you need to keep track of all your asset, to avoid missing out on updates or to know if a project have not been updaging for months so you can switch, use Twitter to follow and track all the altcoins.

5. I am successful with crypto, imagine not telling others to invest in crypto where i have been able to touch the life of friends and family this way. Not all successful people are cruel when it comes to opportunity and changing lives.

6. You can believe in yourself and still make the wrong decisions, keep learning and learning this will let you make the right decisions, based on facts and understandings. Learning is the way.

Then you should edit it because the information is contradicting. "Don't rely much on others decision, You need to believe in yourself" can go in there. But it is good to hear from others what they think about an investment, then after seeking their opinion then retard to doing your own research. Sometimes others can have a better way of analyzing which investment best suit a particular crypto season, but in all finacial advices are subject to personal research.

Sorry for that, what I meant is that, at the end of the day some decisions are influence by others instead of sticking to your plans, for example I decided to buy ethereum but my friends told me the other coin is better and ended buying other coins instead of ethereum, what happen is the price of eth rises while the the other coin you bought disappear, that's what I mean to say.

It depends on the coin you're currently hold, if it's Bitcoin don't regret since in the next 3-4 years Bitcoin will create new ATH, just be patient and keep accumulating Bitcoin. If it's shitcoins, better to sell it ASAP before it will become a dead coins.

Not all investment will always make profit, so you need to control your emotional.

There's no guarantee coins on top 20 are genuine project and wouldn't scam, because it's just ranked by market cap, someone can just create shitcoins and invest with the same market cap amount in order to be on top 20.

Just stop, stick with Bitcoin.

Correct, rich people wouldn't tell you how to become rich because it will decrease his potential profit.

We have all been in this situation where-in we could have made millions of dollars but make a mistake during the process
so what have we learn ? sometimes this mistake keeps happening in a cycle why? because we refuse to learn from our mistakes

Things that I regret:

• Too greedy although i have enough profit from my investments in 2020 holding it at the end of 2021, i failed to released and convert it to usdt
• Encounter the same cycle every time, where i have made a huge profit but wont exit until it goes down to just less of my capital
• depending on vlogs regarding coins which are the top 20 or something but in the end its just a campaign of the projects ended investing and lost all of it
• Gets tired of researching, effort for potential coins to invest
• Don't listen to those who are successful in what they do
• Regret that I don't make own decision sometimes, since I thought their opinion are better

From all of this one thing is needed take profit when happy, no matter what the situation is, follow people who are successful but also don't forget to bring your friends with you, because its the best feeling to help your friends