Topic: My First Crypto Mistake - page 3. (Read 386 times)

One of the first mistakes I made two (2) years ago when I bought my first coin was acting like I knew it all. I didn't want my friends or colleagues to see me as a crypto newbie or an amateur. Boy, was I wrong? I suffered greatly from this foolishness and immaturity. They say, "A picture is worth a thousand words". So, I got two. The pictures below tell the story better.

Picture 1
I sold my most prized possession at that time to buy a coin without doing my own research. “In a month, it would 10x or so I thought”. I followed public sentiments ("to the moon") and accepted the technical analysis of every Tom, Dick, and Harry around me as financial advice. I invested money I knew I couldn't afford to lose. I was dead wrong.


Picture 2
Two weeks after, the coin still hadn't gone to the moon. The market took a nosedive. Suddenly, the charts on my Binance App were no longer green but red. Even with my inexperience, I knew red didn't mean growth or positivity. I began to suffer from anxiety, depression and insomnia. At some point, I would check the app almost 20 times at mid-night and an uncountable number of times during the day. One day, I  couldn't take it anymore, I sold it at a huge loss. It was a truly humbling experience for me.


Even as I write this story, I still consider myself an experienced newbie. Thanks to this forum - bitcointalk, I am wiser, smarter and able to make informed decision. I started all over again. This time with Bitcoin.

Three key takeaways from this experience are:
1). No technical analysis (TA) from someone else can ever replace a DYOR.
2). Do not invest what you cannot afford to lose.
2). Crypto induced anxiety, depression and insomnia is real. Take care of your mental health.

Can you remember your first crypto mistake?

Image source
https://www.instagram.com/crypto.newsglobal/