Share your top mistakes in crypto - learning from others experiences! - page 2.

Outhue

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Quote from: Ale88 on May 12, 2024, 11:59:19 AM

Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

For me, the main mistake was buying some shitcoins hoping that they would outperform bitcoin. And to be honest some of them actually did, but it's always difficult to decide when to sell, and that also means that you need to stay behind several coins/tokens while for example if you just focus on Bitcoin and maybe 3-4 altcoins maximum is way easier to keep track of everything.

I made similar mistakes too, I bought some altcoins years ago believing that they would be the next Bitcoin and they failed, maybe 2 out of 10 did very well, I could have made a lot more if I bought Bitcoin instead.

Later I found out that the problem was me, I couldn't tell the difference which coin are better for my money, so I ended up picking many bad projects, but instead of walking away I startesd learning how, today i have somw Bitcoin and lots of altcoins too, i am now better at picking them.

Bitcoin is the best investment for newbies because there isn't a lot to learn about Bitcoin, all a newbie needs is a trusted Bitcoin wallet and the right place to buy the Bitcoin, it won't take very long for newbies to decide if they are going to own Bitcoin or not, it is less complicated to understand, but it is not the same with altcoins.

arjunmujay

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Quote from: Sebas.tian on May 13, 2024, 10:56:47 PM

Trading my Bitcoin during bearish season to solve some school issues, it has make me to lose a lot of income in my crypto journey until i decided to create more source of income after graduating from school, and is helping me not to trade during the bearish season than to wait for bullish season before I can trade to make a passive income. Second mistakes is that I don't use to write down all my seeds phrase among my other documents at home, than to save them in my phone which I misplaced it inside the commercial car some years back, and I couldn't have access to my little coins that was inside the wallets. I think, you can learn from my mistakes not to trade during bearish season, because it will not allow you to make a huge amount of income, and don't store your seeds phrase inside your phone so that you will not experience those mistakes I made in the past.

I also learned from the experience you provided here. From what you said, the bear season is not the place to trade Bitcoin but to just buy and hold until the bull season. If you don't want to take risks, it's better to stay quiet and just watch market movements.

I also experienced the same thing with seed phrases where when my smartphone was damaged, I couldn't access it. with that experience I now write on paper and then store it in a place that I think is safe.

Sebas.tian

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Trading my Bitcoin during bearish season to solve some school issues, it has make me to lose a lot of income in my crypto journey until i decided to create more source of income after graduating from school, and is helping me not to trade during the bearish season than to wait for bullish season before I can trade to make a passive income. Second mistakes is that I don't use to write down all my seeds phrase among my other documents at home, than to save them in my phone which I misplaced it inside the commercial car some years back, and I couldn't have access to my little coins that was inside the wallets. I think, you can learn from my mistakes not to trade during bearish season, because it will not allow you to make a huge amount of income, and don't store your seeds phrase inside your phone so that you will not experience those mistakes I made in the past.

OcTradism

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Quote from: ancafe on May 13, 2024, 08:52:05 PM

There are many mistakes that we make when we first get to know crypto and that happens naturally because we are still in the early stages of being here. Generally, we make almost the same mistake of storing coins or bitcoins on a centralized exchange so we don't care about the level of security of the assets we own. Buying meme coins just to expect huge profits and in reality it will end up losing value and we get nothing from the purchase.

It's always true to be cautious with centralized exchanges and be responsible for our methods to store our bitcoin.

How to back up a seed phrase
Reminder: do not keep your money in online accounts
The paranoid user's security guide for using Electrum safely.

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Furthermore we do not have the ability to analyze bitcoin and more often than not use unqualified predictions about its journey. In the end we learn from mistakes and try to provide knowledge for maturity in thinking and I'm sure most of us made the same mistakes at the start.

Even senior investors who are in the market for years, don't predict the market price movements because with their experience, they know that all predictions are wrong and can not help their investment portfolio.

History is important and they can analyze past cycles, how a bear market ends and how a new bull market starts, how a big bull run usually lasts. From all of these analyses from past records, they can build up their investment strategy within one market cycle, about 4 years, or longer, but they don't predict the market. Making predictions is for newbies who don't have enough experience and usually have high belief that they are 'smart' enough to make correct predictions.

ancafe

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

There are many mistakes that we make when we first get to know crypto and that happens naturally because we are still in the early stages of being here. Generally, we make almost the same mistake of storing coins or bitcoins on a centralized exchange so we don't care about the level of security of the assets we own. Buying meme coins just to expect huge profits and in reality it will end up losing value and we get nothing from the purchase.

Furthermore we do not have the ability to analyze bitcoin and more often than not use unqualified predictions about its journey. In the end we learn from mistakes and try to provide knowledge for maturity in thinking and I'm sure most of us made the same mistakes at the start.

harapan

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Quote from: Shamm on May 10, 2024, 10:48:30 AM

Quote from: MeGold666 on May 10, 2024, 04:51:21 AM

Quote from: btc78 on May 10, 2024, 04:37:13 AM

...You are telling me you never regretted at least one small thing all throughout your crypto journey?

Nope. I read a lot before investing and go after the source of information then check again if it's not a lie.

I don't follow other people, I don't get "influenced" by other people and I don't buy into promises of future development and use cases.

I also know how to handle critical stuff safely, encrypting everything and using cold wallets on dedicated machine.

This are basic 101 stuff but seems it overwhelms a lot of people due to greed and buying into the "next big thing" etc.

I don't think that we don't have mistakes in our journey in crypto and i think that the common mistakes of every investors is greediness cause once it takes our emotions and we lost out of control then we sell our coins even though the price is too low. but without knowing that there's a perfect timing that we can have a good profit in the long term of our investment, so the main point here is we need to be careful and we don't need to be greedy cause there's a perfect timing for everything.
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I haven't really been In a position that I'll have to disorganize my decisions concerning my bitcoin before,bit whichever way,I hope not to fall a victim or prey as a result of greed,dissatisfaction and ignorance precisely.
Generally,it's normal to make mistakes,and its also abnormal at the same time to fail to recognize that not all shitcoins is also a coin...so many so-called investment you think are inversely shit investment.
You'll get the comparison between bitcoin and a shitcoin before you'll consider what your intentions are for.

GbitG

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

Hmm, that's a nice one, OP!
I would love to take part in this discussion.

My mistake in the Cryptocurrency space is a lot but I will discuss some of them which don't have to be ignored. One of my biggest mistakes in the cryptocurrency space is making an aim through the plan. Meaning, entry on the right or exit at the right times, which I say that I have to lose more because of this point that I become lurid in the bull run and say that it will rise even more. It doesn't surge anymore and after that it crashes to the bottom and I have lost a lot due to this weakness of mine as an ex-bull run. Earlier, when I used to take entry, its price used to increase in bull run, I thought that now it would rise even more, but the price used to fall from ATH, After that I thought that I should hold, that is, for the long term, but unfortunately it bottomed. used to crash, and at that time I used to get scared and sell this coin at a very low price.

It means to clarify the mistake I have made so that no one else can make the same mistake. It is important to exit at the right time in a bull run, otherwise, my experience is that you can only lose if you become lurid and can't get the exit at the right time.

Strongkored

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

One of my mistakes and it could be the biggest was saving assets in an online wallet which currently has a value of up to $80K and the wallet is down, and secondly lending assets to someone who is only known online.
Storing assets in CEX which is often considered a wallet is a mistake and in my opinion, this is the same as trusting someone we only know through the online world to store assets, whoever the developer and owner of their exchange should still not be trusted as a safe place to store our assets. Moreover, nowadays there are many hardware and software wallets available, we just need to learn which ones are the most trustworthy.

GreatArkansas

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

For me, the only top mistake I will not forget is exchanging my Bitcoins for altcoins when I was new to Bitcoin, that's my biggest mistake, I was lured to altcoins before when I should've just held Bitcoin, and I already learned my lesson, I will not do it again.

Gladitorcomeback

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Quote from: Ale88 on May 12, 2024, 11:59:19 AM

For me, the main mistake was buying some shitcoins hoping that they would outperform bitcoin. And to be honest some of them actually did, but it's always difficult to decide when to sell, and that also means that you need to stay behind several coins/tokens while for example if you just focus on bitcoin and maybe 3-4 altcoins maximum is way easier to keep track of everything.

Over-diversification can always be a problem. Some people would have about two dozen different cryptocurrencies in their portfolio having invested small amounts in each one of them which is completely unnecessary because you won't get a lot of profit because if some of them manage to gain good value, others might not perform so well and some might even make you lose value. So it's always better to just have a few extra cryptocurrencies apart from Bitcoin.

Newbies often make this mistake, they would invest $10 or so in a bunch of altcoins that aren't even that good only because they have seen them gaining some value when they were watching the market, they don't know their past or what project they are associated with but just made dust investments in all of them.

Huppercase

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

I have made many mistakes but there are some that I still remembered most and the first one is selling Bitcoin I once bought even before coming here. It was during before corona, I bought ₦30k in Naira worth of Bitcoin, it was with money I don't need at that time but it was a lot for me until one guy introduce me to airdrop and when I made $11, I sold my Bitcoin because I think I have arrived, I have had a way to be making dollar instead of holding my Bitcoin and the market went hard and I couldn't make anything out of that run and Bitcoin has refuse to touch that lows again.

The airdrop frustration made me to do some bounties but I later realized it doesn't worth it and I just quit them and I start paying attention to the forum and after I ranked up, I started signature and I have some Bitcoin but the golden opportunity like then is no longer here again, I mean $6k is now a good bye but hopefully we might have another good ride so I can forget that past mistake.

ChiBitCTy

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On thing that people often like to say is a mistake is the fact that I studied bitcoin for at least one year before every buying any. It was probably somewhere around the year 2013 and I had come to learn of bitcoin, and it's breakthrough technology, but I was still skeptical and didn't really know what to make of it so I studied it for a year. I read Mastering Bitcoin, Digital Gold and any other book /news article etc I could get on bitcoin and continued to study it before ever buying. I think it was smart, other say a mistake..you be the judge I guess.

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

In my crypto journey, i think that future trading is my biggest mistake. Since this market is highly manipulated, even if we do the trading analysis and take trades, they can go against us. Spot trading is easy as you can hold your trades even if they go in the opposite direction but you will be liquidated in future trading.

Since future trading is tempting, I lost a lot of money by taking high leverages and other such stuff. Now I realize my mistakes only limit myself to investments and only spot trading.

Quote from: GigaBit on May 12, 2024, 11:53:27 AM

My mistake here is that all coins are not Bitcoin. Holding all the coins won't get me to my target.

Yes, this is another mistake which i also made in my initial crypto journey where I gave preference to altcoins over bitcoins. Over time i realized that we need to focus on BitcoinBTC and majority of our trading /investments should be in bitcoins.

Ale88

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

For me, the main mistake was buying some shitcoins hoping that they would outperform bitcoin. And to be honest some of them actually did, but it's always difficult to decide when to sell, and that also means that you need to stay behind several coins/tokens while for example if you just focus on bitcoin and maybe 3-4 altcoins maximum is way easier to keep track of everything.

GigaBit

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It is normal to make mistakes for learn and it is abnormal who doesn't make mistakes. New crypto investors will make mistakes and learn from them. I too faced some mistakes after joining the cryptocurrency space and later learned. My first mistake was that I thought too long about which coin I would select. My mistake here is that all coins are not Bitcoin. Holding all the coins won't get me to my target. Again after investing from a coin I made more than expected from there which was another big mistake. These types of mistakes are not made by any specific person but almost common. However, with the gradual increase in crypto related knowledge, those mistakes have been resolved.

Gaza13

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Quote from: Cryptomultiplier on May 12, 2024, 02:54:20 AM

For me, the fear of having my coins stolen from my wallet by hackers or scammers or even the exchange itself crashing, has made me sell or withdraw too quick, when I would have been able to DCA properly seeing that I have actually studied how the DCA strategy of investment would fit my meager income.

I also made a mistake in not paying attention and practicing the steps taught to us during a free cryptocurrency trading class a colleague of mine organized during my old working days. Perhaps by now, I would have outgrown the fear of trading and losing my funds, instead I would have been more focused on trading and investment strategies to earn me better income.

Are you sure you are focused on the trading strategy? Isn't this a much more dangerous risk than the dca technique that you have been doing? If the exchange does not abuse the regulations in force in the country where it opens its business license or does not misuse investor funds, in my opinion the exchange will be fine, it will not collapse or go bankrupt.

Yes, everyone will experience the same fear of losing their wallet, it is best to avoid untrusted phishing links in the name of coins from free airdrops and we can also protect our wallet keys with authenticators. Many people are wrong in choosing assets, they only see it on social media and hear from influencers that they think the coin is good so they get fomo, it is better to buy coins that have strong and good fundamentals rather than coins that have just appeared on the market.

Lidger

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I have just started the journey so I haven't made many mistakes in this short time but I may have missed some opportunities. Like I have known about Bitcoin since long ago and I also know a bit about investing here but never showed much interest in it but later when I realized that I should have invested then it was too late. For example, I learned about investing in Bitcoin when the price of a Bitcoin was under $30,000, but if I had invested then, I would have made a substantial profit now, but I didn't. Since I didn't do that then I must say that was a missed opportunity for me. But I will not see it as my mistake at all but I must learn here so that these lessons will be useful to me later.

arjunmujay

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Quote from: heslylamba on May 12, 2024, 05:39:29 AM

The biggest mistake most people make in crypto is trusting people. I know a lot of investors who have lost a lot of money because of their naivety.

Wait a minute, what do you mean by trusting other people here?
Did you give your private key to someone else? or entrust your money to that person without knowing clearly who and how that person is?

I am one of those who trust other people, in this case a friend who tells me everything about crypto. even my friend taught me about how to invest there. Before I was on this forum, I once entrusted my money to invest in crypto even though I didn't know what crypto was. but only with this trusted capital, my friend was able to manage it well and was very transparent, even when his investment experienced a decline, I was always informed.

legendbtc

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Quote from: Distinctin on May 11, 2024, 03:36:57 PM

Hodling forever is certainly an exaggeration. In fact, it’s even hard already to hold your coins even within a year or two due to the pressures cause by high volatility, so I don’t really believe that someone is capable to hold his coins forever without attempting to sell most especially when the coins hit their all time high.

It would be an exaggeration to say that someone will hold bitcoins forever without selling, but that doesn't mean people will sell their bitcoins every time BTC reaches a new ATH or that they can't be held long term. You are not new to the market and I believe you have heard a lot of news about whale wallets with thousands of bitcoins waking up after 10 years, 5 years of holding. How long we can hold BTC will depend on each person's vision, economic conditions... not everyone is like us, don't impose your thoughts on others.

Quote from: Distinctin on May 11, 2024, 03:36:57 PM

However, you were right here, do your own research and not copy what others are doing. Each of us has different goals and plans with our investments so do what you think is right based from your own research and analysis.

Similar to what I said, short-term or long-term investing will depend on each person's situation and each of us will have different plans and different goals.

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Quote from: Distinctin on May 11, 2024, 03:36:57 PM

Hodling forever is certainly an exaggeration. In fact, it’s even hard already to hold your coins even within a year or two due to the pressures cause by high volatility, so I don’t really believe that someone is capable to hold his coins forever without attempting to sell most especially when the coins hit their all time high.

However, you were right here, do your own research and not copy what others are doing. Each of us has different goals and plans with our investments so do what you think is right based from your own research and analysis.

Those who are greedy can enhance their holding duration because they are in thoughts that the more they wait the more they will be profitable but I think we should not increase the timing to hold because the chance to earn more money comes rarely.

Those who are taking benefit from Bitcoin by selling it when the price is higher and buying when the price is lower then they will not be affected by the act of other people because they use their own knowledge which is better than copying others. Bitcoin investment is good if we hold longer but when time comes at which the price is higher then a suitable option is to sell their Bitcoin because we can understand well about our status and can decide according to it.

Topic: Share your top mistakes in crypto - learning from others experiences! - page 2. (Read 584 times)