Mistake I made till now investing on crypto projects. - page 5.

traderethereum

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Quote from: Moneyprism on April 27, 2022, 02:33:00 AM

most people are greedy so when they get profit they prefer to hold it for longer,,, even though crypto projects have a greater risk of becoming a scam or rugpull which causes them to lose their money ... the point is don't be greedy and take profit as soon as possible

That bold part is something that we must avoid.
If you can already make a profit, it is better to close the trade or investment as soon as possible because the next opportunity is not necessarily the price that can rise higher than what you have seen.
If you hold it still, you may see a decline or correction and there is a possibility that the price will go back down to its original price.
If that happens, you have to wait a while until the price can rise slowly and you can only withdraw your profit.
They are valuable lessons from what happens to other people and we must avoid them if we are to take advantage.

tabas

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All of those are good guides for people who are starting out to invest. Actually, you don't need to be a rocket scientist to excel on investing in cryptocurrencies.
A simple tip about investing bitcoin and holding it will make you even wise because that's based on everyone's experience that holding bitcoin is truly profitable.

so98nn

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Great to read your experience. The points which you have mentioned actually specifies ultimate points that are mistaken while investing. It would be better if they really go through all the points before investing money into crypto space.

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Fake exchange listing promises: This project was introduced by one of my friends who was also got scammed by seeing their exchange listing documents. They use fake documents to attract investors.

Biggest problem ever when it comes to new coins. To be honest every other investor out there actually asks first question about listing of coins. Checkout bounty hunters specially, they will keep seeking answer for this. But it’s important since if you invest in ICO and if they don’t list then boom, your moneys stuck there forever with no guarantee it would be returned.

Ahli38

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all the information from your experience that you have poured into the article above is very good for reference for beginners who want to dive into crypto investment.

and I'm sure most people have experienced the things you describe above, especially beginners.
because I myself experienced some of your experiences above.

but the FUDer issue, you know? when the fuder is busy in the group of a project, the price usually goes down. well when the price drops and the fuder disappear without a trace. then that means it's time to buy. because it means that fuder is deliberately lowering the price to buy at a low price. because they know it's a good project.

but what irritates me is the fuder with the aim of scalping. it could destroy a project. because it seems like the fuder will continue to drain the project's money by scalping.

Moneyprism

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most people are greedy so when they get profit they prefer to hold it for longer,,, even though crypto projects have a greater risk of becoming a scam or rugpull which causes them to lose their money ... the point is don't be greedy and take profit as soon as possible

Beerwizzard

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Lessons are good but they are not always applying to crypto since it altcoin investment is a hype demanding thing. Therefore, many promising coins would be released (and probably pumped) without a completed product. In the short run it is doesn't even matter if a token have any utility (shiba is a great example here). Unfortunately, the community is one of the most valuable points. With a big community the coin may be successfully shilled without any product or utility.

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Quote from: DVlog on April 25, 2022, 04:18:53 AM

snip

You made your fair share of mistakes, however I think the main one is that since you had some experience in the forex market you traded the altcoin market in the same way and that is not correct, altcoins should be traded as a more risky version of penny stocks in which fraud is also widespread, this is why it is often recommended in the forum that newbies begin their journey by trading and investing only in bitcoin, and once they gain more experience they can try to trade altcoins if they want.

Darker45

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These are realities in the altcoin market. The Bitcoin market is a lot different. And I guess it is generally acknowledged that the Bitcoin market is much much safer than the altcoin market. The risks in the altcoin market are way too high and too many compared to the risks with Bitcoin. Some of these could be avoided but some may not. For example, being aware that altcoins are short-lived must have pushed you to take profit. Losing in that respect is avoidable. However, in terms of picking the best project to invest in, failure could be unavoidable. Projects may not be what they seem. What appears to be the best choice may actually be the scam.

cabron

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Often times, its because we think of having more coins so we bought at the cheapest possible that even the project hasn't yet created we bought a lot of it. So much trust given to a project team because they promise something for the project to be the catalyst. Only to be disappointed when they fail to achieve every milestone.
The ones we taught project won't also succeed are the ones that are trying hard to make it and then many investors also missed while the price is only few satoshis.

Small community may not be as bad if the project team is doing a useful product. The community will grow but if they are not, its also going to fail.

DVlog

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Quote from: ?? on ??

Very informative post a newcomer getting some new messages from your post.just want to say before investing we should make justify.

This post was actually for newcomers who invest blindly ignoring many facts. Many of them came from the stock and forex market and they think this is the same here too. There are so many things that need to keep in mind when investing in a crypto project and I think I have mentioned most of them. If you face anything new which is not mentioned in the OP then mention it will add the end of my post.

gloriam5

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Hello!
Thanks for such interesting information!

DVlog

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My career in the crypto sector is not very long. I do have some experience with forex markets but when I came to the crypto market everything was different except price action charts. Very soon I realized that investing in crypto and making financial gain requires extensive knowledge about the crypto space and the ability to post mortem a crypto project to know every detail about it.

The experience could be different from person to person but I am going to mention some mistakes that I made while investing in crypto which influence the final result of my investment. I will not mention the names of those projects for not to demerit them because I am responsible for many of those mistakes.

Product was not ready: That project looks promising but their product was still in development mode. I made a huge sum of investment but the price of the token keeps falling because no utility exists by then. Lose 90% of my portfolio.

Lesson: Do not invest in a token that doesn't have any utility or whose product is not ready.

Product was ready but token doesn't have utility: Another project where I am still 50% down. This project is already live and they have a big community but right now their token doesn't have any proper utility so investors keep selling their unlocked token.

Lesson: Wait for the team to implement any proper utility so that market has demand for that token.

Fake exchange listing promises: This project was introduced by one of my friends who was also got scammed by seeing their exchange listing documents. They use fake documents to attract investors.

Lesson: Do not fall for any project who shows their exchange listing agreements because this data is not disclosed in public. Genuine projects don't do that.

Over expected price: In another project my expected price was too high. Maybe I was eager to recover my previous loss so I misjudge the price.

Lesson: Do not think your project will be another Shiba Inu. Always think about a reasonable price.

Didn't booked profit: Everything was perfect and well-timed. I was 60% up but I become greedy by seeing other people's comments. So I didn't booked profit and that token price dipped 1000% from my entry.

Lesson: Always book profit no matter how strong the project is. Once your initial investment is out then play with your profits.

Influenced by funds: Project shows great promises and my judgment about the expected price was reasonable. Price did go above my expected level but I was already out with a very small profit. I was afraid by seeing some community members saying negative feedback about the project.

Lesson: Do not be influenced by some random community member. Sometimes they create fud to accumulate more tokens from panic sellers.

Didn't care about team members: Invested in a project without properly checking details about team members. Later found out that all the admin id belonging to the owner and team members are fake.

Lesson: A strong team is very important for a project's success. Check for the overall experience of the team members of a project.

Too much trust in team members: Another project which I still think is a unique idea but failed to execute its plan. Most of their development dateline was delayed so the price did fluctuate.

Lesson: We should trust the team behind the project but better be ready for the worst.

Small community: Sometimes a project idea could be great but without community support, it's a failure.

These are some list of mistakes that I made till now and it seems I made every kind of mistake an investor possibly can. But I think every great success has a long list of failures. So I hope some new members will find some points useful and a real-time experience is always the best place for knowledge.

The purpose of the post is to share experience only so there could be exceptions in the same circumstance for another project.

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