Topic: Please help a newbie who do A LOT of mistakes - page 2. (Read 718 times)
Errors are allowed by everyone because this is a common phenomenon, so do not think that this is something terrible, it's life, errors still appear, because we are only people, we are not robots
Your biggest mistake is trying to outsmart the market. You never will. Just be patient. Just buy and hold. Do not be buying and selling your crypto. Back in Aug I bought $1000 work of crypto. A week later there was a big altcoin dump that i ended up with $400 value. I didnt sell anything, i hodled. Today that same portfolio has grown 5x. When you buy crypto, dont buy with money you will need next month. Buy it with money you are willing t lock it long term. Right now all coins are more likely to give you profits, including BCH. Stop having weak hand.
Almost exact advise that I would have given the OP.
1. Know your risk tolerance - If you can weather a 60-80% loss and still hodl, you can survive crypto.
2. Only use fiat converted to crypto that will not need for 6-12 months even.
3. Only use fiat that you can afford to lose and still be able to sleep at night. Consider any money that you put in crypto to be GONE, ZERO, KAPUT!
I have joined some ICO 6-7 months back, they even dipped 50% below ICO price, I just hodl - 3 of the 10 I bought gave 3,000% gains.
Well enough to cover the "sleeping coins" in my wallet and made enough gains to get into new ones.
HODLING is KEY!!!
Like you many people invested on the new ICO coming to the market. Whenever we invested on the ICO tokensale you have to concentrate and check their white paper and project information in the future.
Instead you will be able to invest the fund on the cheap altcoins which more growth in the marketplace.
Always holding the bitcoin, eth and litecoin will be a all time set goal for the having the fund returns bigger back.
Hello,
Fist post here from a big newbie who started crypto at the end of December and only do mistake after mistake.
Mistake #1, I bought €400 of BCH at 3418$ during the CB "hack" back in December, hold till then. This was a extraordinary non sense action.
Mistake #2, yesterday I PANIC sold all my 253 XRP that I purchased at high prices such as €1.9 €2.1, 2.6€ for €552 (profit about €50) during the drop and CB ending the fake speculations. I was better to just go sleep, it already recovered a bit and I guess it will go higher in long therm.
Current portfolio at time of writing:
- 0.4 XMR at €305 (about €100 green)
- 7.6 EOS at €7 (about €100 green)
- 0.15 BCH at 3418$ and 0.035 at €2286 (about €360 red)
- 30 XRP at €2.45 (about €70 red)
- Available funds on account: €930.
After all, I am starting thinking that crypto isn't for me, I don't have the hindsight, the psycho neither the nerve to do it correctly and hold for long therm. Some people tell me to buy again XRP. Other people tell me to only buy BCH and XMR which have use cases, all the other money are just good to purchase Pokemon cards, they are so many ALT and at the end only MS, Google and Apple will stay... Here on this forum, the users seems to have a divided opinion on XRP. I also read about Waves, NEO, ETP, ENG.. Now I see that bitcoin bounce and seem to affect a lot of things. As a very bad newbie I have a hard time to forge my own opinion and stay on my positions.
I am not sure if this is a legitimate request: I am looking into advise to make a long therm portfolio with the remaining of my funds to possibly recover from my mess and stay a bit more relaxed. Note: I know that this money could be potentially lost in any case as there is always a risk.
Thanks,
And what we will help, we climb into his head and change consciousness or persuade. I do not see the point, everyone learns from their mistakes. He made several mistakes, now he will be more careful with his investments. Fist post here from a big newbie who started crypto at the end of December and only do mistake after mistake.
Mistake #1, I bought €400 of BCH at 3418$ during the CB "hack" back in December, hold till then. This was a extraordinary non sense action.
Mistake #2, yesterday I PANIC sold all my 253 XRP that I purchased at high prices such as €1.9 €2.1, 2.6€ for €552 (profit about €50) during the drop and CB ending the fake speculations. I was better to just go sleep, it already recovered a bit and I guess it will go higher in long therm.
Current portfolio at time of writing:
- 0.4 XMR at €305 (about €100 green)
- 7.6 EOS at €7 (about €100 green)
- 0.15 BCH at 3418$ and 0.035 at €2286 (about €360 red)
- 30 XRP at €2.45 (about €70 red)
- Available funds on account: €930.
After all, I am starting thinking that crypto isn't for me, I don't have the hindsight, the psycho neither the nerve to do it correctly and hold for long therm. Some people tell me to buy again XRP. Other people tell me to only buy BCH and XMR which have use cases, all the other money are just good to purchase Pokemon cards, they are so many ALT and at the end only MS, Google and Apple will stay... Here on this forum, the users seems to have a divided opinion on XRP. I also read about Waves, NEO, ETP, ENG.. Now I see that bitcoin bounce and seem to affect a lot of things. As a very bad newbie I have a hard time to forge my own opinion and stay on my positions.
I am not sure if this is a legitimate request: I am looking into advise to make a long therm portfolio with the remaining of my funds to possibly recover from my mess and stay a bit more relaxed. Note: I know that this money could be potentially lost in any case as there is always a risk.
Thanks,
Your biggest mistake is trying to outsmart the market. You never will. Just be patient. Just buy and hold. Do not be buying and selling your crypto. Back in Aug I bought $1000 work of crypto. A week later there was a big altcoin dump that i ended up with $400 value. I didnt sell anything, i hodled. Today that same portfolio has grown 5x. When you buy crypto, dont buy with money you will need next month. Buy it with money you are willing t lock it long term. Right now all coins are more likely to give you profits, including BCH. Stop having weak hand.
Almost exact advise that I would have given the OP.
1. Know your risk tolerance - If you can weather a 60-80% loss and still hodl, you can survive crypto.
2. Only use fiat converted to crypto that will not need for 6-12 months even.
3. Only use fiat that you can afford to lose and still be able to sleep at night. Consider any money that you put in crypto to be GONE, ZERO, KAPUT!
I have joined some ICO 6-7 months back, they even dipped 50% below ICO price, I just hodl - 3 of the 10 I bought gave 3,000% gains.
Well enough to cover the "sleeping coins" in my wallet and made enough gains to get into new ones.
HODLING is KEY!!!
As it was said more than once, you need to get acquainted with the project in great detail if you plan to invest in the project, and also deeply analyze the situation with the coin if you plan to invest in a coin on the exchange.
Just HODL my friend, all is well in no time. Crypto is here to stay. I was once in your situation, and got the time I am so deppresed because my holding down by 70%. I just close my portfolio, uninstall it, and as I came back 3months, I quadrople my holdings. That is why patience is the key to success.
Mistakes is a result of failure to prepared.
It's normal to a person. You just need to learned from that experiences that it will not happen again or just minimize the error because nobody is perfect.
Start again don't give up, find some friend who is knowledgeable in trading. Read some threads about trading in crypto, study the coin how it moves. Am sure you will succeed.
It's normal to a person. You just need to learned from that experiences that it will not happen again or just minimize the error because nobody is perfect.
Start again don't give up, find some friend who is knowledgeable in trading. Read some threads about trading in crypto, study the coin how it moves. Am sure you will succeed.
We all made mistakes even reading the mistakes of others, so making mistakes is normal, because we are people, we have to make mistakes otherwise we will be machines. But of course in crypto, it is better to minimize the probability of error, because the errors here are very expensive
Thanks all for the many great advises and reassuring comments.
It is a part of being a newbie to make mistakes experience is the best teacher. One of the mistakes that people make is that they panic by just a glimpse of drop of a specific crypto. Also be sure of what you want to do are you a investor or a trader because if you are the former the all you just need to do is find cryptos that will have higher prices in the next months and just HOLD, and if you are the latter you must be a risk taker and be smart on what how to trade also never panic because you will lose if you do that.
Nobody can tell you which coins will run good in long term, but the one thing you always should remember: hodl the coins you personally believe in. Do not make decisions because of this forum or any other platform. Always use your own brain and then make decisions.
Hello,
Fist post here from a big newbie who started crypto at the end of December and only do mistake after mistake.
Mistake #1, I bought €400 of BCH at 3418$ during the CB "hack" back in December, hold till then. This was a extraordinary non sense action.
Mistake #2, yesterday I PANIC sold all my 253 XRP that I purchased at high prices such as €1.9 €2.1, 2.6€ for €552 (profit about €50) during the drop and CB ending the fake speculations. I was better to just go sleep, it already recovered a bit and I guess it will go higher in long therm.
Current portfolio at time of writing:
- 0.4 XMR at €305 (about €100 green)
- 7.6 EOS at €7 (about €100 green)
- 0.15 BCH at 3418$ and 0.035 at €2286 (about €360 red)
- 30 XRP at €2.45 (about €70 red)
- Available funds on account: €930.
After all, I am starting thinking that crypto isn't for me, I don't have the hindsight, the psycho neither the nerve to do it correctly and hold for long therm. Some people tell me to buy again XRP. Other people tell me to only buy BCH and XMR which have use cases, all the other money are just good to purchase Pokemon cards, they are so many ALT and at the end only MS, Google and Apple will stay... Here on this forum, the users seems to have a divided opinion on XRP. I also read about Waves, NEO, ETP, ENG.. Now I see that bitcoin bounce and seem to affect a lot of things. As a very bad newbie I have a hard time to forge my own opinion and stay on my positions.
I am not sure if this is a legitimate request: I am looking into advise to make a long therm portfolio with the remaining of my funds to possibly recover from my mess and stay a bit more relaxed. Note: I know that this money could be potentially lost in any case as there is always a risk.
Thanks,
If your coins is giving you a negative balance then you just have to keep them for a little while longer. Fist post here from a big newbie who started crypto at the end of December and only do mistake after mistake.
Mistake #1, I bought €400 of BCH at 3418$ during the CB "hack" back in December, hold till then. This was a extraordinary non sense action.
Mistake #2, yesterday I PANIC sold all my 253 XRP that I purchased at high prices such as €1.9 €2.1, 2.6€ for €552 (profit about €50) during the drop and CB ending the fake speculations. I was better to just go sleep, it already recovered a bit and I guess it will go higher in long therm.
Current portfolio at time of writing:
- 0.4 XMR at €305 (about €100 green)
- 7.6 EOS at €7 (about €100 green)
- 0.15 BCH at 3418$ and 0.035 at €2286 (about €360 red)
- 30 XRP at €2.45 (about €70 red)
- Available funds on account: €930.
After all, I am starting thinking that crypto isn't for me, I don't have the hindsight, the psycho neither the nerve to do it correctly and hold for long therm. Some people tell me to buy again XRP. Other people tell me to only buy BCH and XMR which have use cases, all the other money are just good to purchase Pokemon cards, they are so many ALT and at the end only MS, Google and Apple will stay... Here on this forum, the users seems to have a divided opinion on XRP. I also read about Waves, NEO, ETP, ENG.. Now I see that bitcoin bounce and seem to affect a lot of things. As a very bad newbie I have a hard time to forge my own opinion and stay on my positions.
I am not sure if this is a legitimate request: I am looking into advise to make a long therm portfolio with the remaining of my funds to possibly recover from my mess and stay a bit more relaxed. Note: I know that this money could be potentially lost in any case as there is always a risk.
Thanks,
the only thing I can do to help is to give an advice to read absolutely everything written on the forum in this project branch, then you need to read the white paper of the project. These two components must necessarily be performed otherwise there will be a great chance of losing your money.
Don't jump on trading when you are making a lot of mistake. Its is much better to practice first. you can make a demo account in forex because it is somehow similar with crypto trading. when you are ready and comfortable with your trades, then start your crypto trading. just start with small amount. don't learn your lesson the hard way its very hard and sometimes other people commit suicide.
I think in this case you better calm down and take your time with decisions. If you understand that money can be lost, it is better to wait for adjustments. And at this time, sit on the forum and read the information. And more in the Telegram groups. The experience of losses is inevitable for beginners. So those who can not withstand these price jumps are eliminated. Big profits are a big risk. HODL!
why do you sell when the market is red. you should have wait and sell when the coin has rise. the problem with most newbie is that you think you can become a millionaire in just few weeks by trading crypto. this is not so you can not outsmart the market. you panicly sold your coin for lesser price. trading doesnot guarranty you will make profit but decision matters alot. buy when the market is red hold and sell when it is green.
1. You don't need to wait for a quick profit. 2. If the coin promising not to sell at a loss, NEVER! it will grow, even if this will take half a year or more. 3. Don't panic!!! The last point comes with experience. After a few serious drawdowns and losses I have learned to treat everything calmly
The idea is very simple. Look for altcoins with cheap value but with great potential and have a thorough research on it as to the developer, team, its significance and others. Since they are not on the top 50s, they are likely not to get an attention by people without knowing it's a stone that turns into a gem.
I recommend you not to succumb to a short-term panic. You should study the cryptocurrency data more carefully for at least three months.
That was a lesson learned but it will give you more experience from it, learn from your mistakes until you become success from what you do.
Jump to: