Some traps to avoid in bullrun. - page 3.

Abu-Naim

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

1.Invest in what you can afford to lose: I have read this line many times inside this forum and outside this forum that are crypto related discussion and what they tell you about crypto investment is to invest with the amount you can afford to lose to avoid had I know and regrets that later.

In the last bull run, some people commit suicide when they loss their funds and when some of them where victim of scams. It's advisable to invest in the amount you know it will not hurt you if anything should happen in the end, always consider this before you take that money to any coin.

This advice mostly been given in the forum always if not everyday, but newbies tends to keep ignoring the advice and do what they want.

I know that the green and sign of bull run will trigger some people to risk some money that is nit even theirs to invest in bitcoin and other coins thinking that it will give more profit since it is the bull run season; the risk always remain the same because we can never predict market direction that is why you should always invest the little you have and be patient.

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2.Don't keep your coin on any centralized platforms
3.Don't entertain any form of scam
4.Be prepared for the worst and hope for the best:

These are powerful advices and a reminder for us all because scam will be rampant now that almost everybody is claiming to be a bitcoin or crypto investor.
If we avoid been greedy, we will be safe from most of the scams, and lastly, we should learn to e our own bank.

Mr.right85

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Quote from: libert19 on November 20, 2023, 12:27:49 AM

Thinking that coin will keep going up is the biggest bull run traps I have seen so far, despite being aware of it I keep holding lol. This time I have done preparation to sell. I MUST!

Is that really a trap? That the coins will keep going up…
I don’t have that impression but even if I could, what are the chances that you could have edged against that to save profit by withdrawals or swapping for a stable coin?
All of these come at some risk as firstly, stablecoins aren’t exactly trusted neither is having your coins (Bitcoin) in huge amounts on exchanges and to archive these, you need your coin on an exchange which is very much centralized.

It all counts towards the risk one has to endure with the hopes of maximizing profit but, with the unpredictable nature of the market and the risk associated with having to move coins here and there, it’s often not some area to dangle about. You could just hold and keep holding no matter the market condition.

Samlucky O

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

2.Don't keep your coin on any centralized platforms: Whatever coin you is your favorite, buy them in any quantity that to want but a centralized platform is not the best place to do this. Even staking, don't stake your coins on any centralized platforms, let it be in a decentralized platforms to reduce the risk of the companies folding up. Many of this happened in the last bull run, FTX was on one of the biggest centralized exchanges that crypto history will never forget. MtGox happened on the 24th of February 2014 and after some years, FTX repeated the same pattern. Who knows the one next but you can avoid them by not keeping your coins on the exchange, remember not your keys not your coins.

Centralized Exchange is not a trust worthy place to put all your investment. CEX is just like selling a product in an open environment where by if any death attempt comes, you run and leave your goods outside. While DEX is like selling a goods in a luckup store when there is also a criminal attempt you lock your store and runaway with your key. Many exchihas crumbled do to mismanagement and hack or loan, not only mtGox and FTX even LUNA was also a failed project it is not good to put all your eggs in one basket to avoid total loss if Crypto crash occoures.

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It is natural for many to hope that the price of Bitcoin will continue to rise, especially those who have witnessed and experienced it before. However, we should always remember that even in this industry, there are no guarantees, and no one knows what will happen next because it is only based on predictions and forecasting derived from historical data. I have been aware of the risks associated with using cryptocurrency for several years now. I can say to myself that I am informed about these matters based on my own search for answers, personal experiences, and the experiences of others. We can only say that we have learned when the mistakes are not repeated.

Gladitorcomeback

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

1.Invest in what you can afford to lose: I have read this line many times inside this forum and outside this forum that are crypto related discussion and what they tell you about crypto investment is to invest with the amount you can afford to lose to avoid had I know and regrets that later.

In the last bull run, some people commit suicide when they loss their funds and when some of them where victim of scams. It's advisable to invest in the amount you know it will not hurt you if anything should happen in the end, always consider this before you take that money to any coin.

First of all thanks OP for bringing such a useful advice for newbie in this bull market. Actually many people misguided by Youtubers and Twitter influencers. They generally told the success stories and doesn't tell about risk crypto posses. People thinking that there is only profit in the investment and due to this reason some newbies take loan or sell their property for investing. The most worst scene is when newbies use these fund in Future or meme coins where chances of fund drops to zero is much high. Everyone should properly invest according to own money management and don't follow influencers blindly.

Quote from: Baki202 on November 19, 2023, 03:14:51 PM

2.Don't keep your coin on any centralized platforms: Whatever coin you is your favorite, buy them in any quantity that to want but a centralized platform is not the best place to do this. Even staking, don't stake your coins on any centralized platforms, let it be in a decentralized platforms to reduce the risk of the companies folding up. Many of this happened in the last bull run, FTX was on one of the biggest centralized exchanges that crypto history will never forget. MtGox happened on the 24th of February 2014 and after some years, FTX repeated the same pattern. Who knows the one next but you can avoid them by not keeping your coins on the exchange, remember not your keys not your coins.

Staking in decentralized platform also is risky where you cannot withdraw instantly anytime. When Luna collapse, people staked luna and ustc in large number and when they tried to withdraw the token locked for 15 days so we should also be careful when we stake in dex or cex.

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Most people will panic when they see an increase in the price of Bitcoin or some altcoins. They will try to enter the market and use very large funds without calculation and analysis. They want to be on time in taking their share of the profits but unfortunately, they don't know that the pump isn't there forever. This makes them have to bear a lot of losses.

Not storing coins on any exchange is the best step to avoid bad things. It's better if you keep the coins in a separate wallet. Fortunately, many wallets can store Bitcoin and altcoins at the same time. They can keep it in that wallet while waiting for the price to rise. Remember, not your keys, not your coins.

Don't put too much faith in investment programs that offer high returns. Along with the halving time, there will be many such programs so we have to be careful. And yes, the last one is true. We must prepare ourselves for all possibilities. We cannot expect all the coins we own to get a pump. Only good coins can get pumps and everything else is just pump plays from groups we don't know about.

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Quote from: cryptoaddictchie on November 20, 2023, 12:21:45 AM

Quote from: Baki202 on November 19, 2023, 03:14:51 PM

People that are saying bitcoin will go to $1M are all speculators and are just hoping it happens, nothing is guaranteed here, just be prepared and hope for the best.

Ofcourse everyone knows that. Even the mightiest guy or popular one could say its going to $10million each but doesnt mean really happening. These guys are also invested and probably doing a shill to their bags cause speculation is a big plus to many people and the one earlier entered will always have the upper hand of selling it. Dont be greedy if those have ptediction like that they are likely waiting then will sell even it not yet $1m.

This is just pure speculation since those people think that scenario might happen since they always though that the supply of bitcoin is limited that's why if demand will came then they could provably see the value of bitcoin rise up to $1m dollars. But they don't know on when this price to be reach since as stated they are just guessing that it will happen that's why we shouldn't believe on the words they say since we might not see a good position if everything fall for hoping that price to come. That's why we need to avoid being greedy and just think about more realistic or to the nearest price it would possibly reach so we would not fall on wrong settings that bitcoin will not fall and it continue to go up since if dump happen maybe we will get in panic then do dumb decision between the volume we hold.

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

1.Invest in what you can afford to lose: I have read this line many times inside this forum and outside this forum that are crypto related discussion and what they tell you about crypto investment is to invest with the amount you can afford to lose to avoid had I know and regrets that later.

This is a cliche in the crypto world but when we look at it critically it is just something that everyone says so that they will not be taken to the court of public opinion and tried for giving out financial advice. In reality, not everyone abides by this. We all follow our discretion, intuition and instinct when investing in bitcoin and we do this based on the level of research and knowledge which we already have or know about it. An individual with intermediate knowledge of bitcoin will most like sell off one of his cars and invest all of it in bitcoin while an individual with expert knowledge of bitcoin will mostly likely sell off his stocks and invest all of it in bitcoin. These people are bitcoin maximalist. They have ascended past the realm of investing what you can afford to lose because they believe that with bitcoin there is nothing that can be lost.

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Point 4 is worth paying attention to, meaning that everyone is free to enter the market and some of those who have entered the market are likely already experts, but make no mistake, not all investors are experienced in the ins and outs. exited the cryptocurrency market and didn't really understand how to do it. how to increase the potential for wealth accumulation.

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

1.Invest in what you can afford to lose:

Nobody invests what he can afford to lose because I don't think anybody wants to lose even a dollar. I think we should invest what we can afford to live without or bear if the investment turns unfavourable. People who harm themselves because of loss of funds might have used loans or credit to invest.

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2.Don't keep your coin on any centralized platforms:

Experience has shown that these centralised exchanges cannot be trusted. Coins should be kept in an open-sourced decentralized wallet. You don't need to be a victim to learn from other people's experiences.

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3.Don't entertain any form of scam: Scam increases when bull run is around but how to you avoid them is simple, just reduce your greed and don't buy into unreleastic ideas. When you see a staking reward of 100%, kindly run away, when you doubling schemes, avoid them and don't invest in shitty ideas because you are so passionate to make money, they will make you hate crypto and ignore the good side of it.

100% profit is too much for you to consider a crypto project to be a scam. Any project that offers even if it is as low as ten per cent profit within a short period should be suspected. I am also careful when dealing with over-hyped projects that offer profit that is too good to be real.

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4.Be prepared for the worst and hope for the best:

This advice should be applied to all forms of investment, don't have to expect too much from them. Nothing is certain in life so we are projecting to make a profit it is also important to expect the worst.

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Quote from: Cantsay on November 19, 2023, 05:43:25 PM

It is called an “exchange” and not a “wallet” for a reason. Exchanges should be treated as exchanges and not as a storage place for your coin,

Even if it's called a wallet as a marketing ploy to make it more attractive to users, it should still be avoided. Coinbase wallet is one which readily comes to mind, it's meant to be self custodian with no third party interference, but it's still pretty much as centralized as the exchange wallet is.

libert19

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Thinking that coin will keep going up is the biggest bull run traps I have seen so far, despite being aware of it I keep holding lol. This time I have done preparation to sell. I MUST!

cryptoaddictchie

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

People that are saying bitcoin will go to $1M are all speculators and are just hoping it happens, nothing is guaranteed here, just be prepared and hope for the best.

Ofcourse everyone knows that. Even the mightiest guy or popular one could say its going to $10million each but doesnt mean really happening. These guys are also invested and probably doing a shill to their bags cause speculation is a big plus to many people and the one earlier entered will always have the upper hand of selling it. Dont be greedy if those have ptediction like that they are likely waiting then will sell even it not yet $1m.

Yamane_Keto

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Prices do not rise only because of the reduction in the block reward, but also because of the increase in demand and decrease in supply, which leads to an increase in the price of Bitcoin, which in turn causes an increase in the prices of some altcoins. believing that investing in altcoins will be good is like searching for a needle in a haystack.
In investing, you must not think emotionally, foolishly, or greedily. Build your economic budgets to withdraw profits first and foremost, and make $200,000 the peak at which your balance is supposed to be zero if the price reaches it.

Seinlocko

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That's right, the Bitcoin Halving and Bull Run market will soon be upon us all as cryptocurrency users. Therefore, many crypto users are preparing bitcoin assets and other crypto assets to sell in the bull run market. Apart from that, what the OP said is very relevant to what always happens when a bull market comes. Because when a bullish market comes, what is important is not just the potential profit that you can get. However, there is also the potential for big losses that could come your way. Because it has become a cycle, where there are those who profit, there are also those who experience losses. Therefore, the suggestions given by the OP are very good and relevant to implement. And if I summarize, the main points conveyed by the OP are Knowledge, experience, mentality and also emotional control. All of this must be implemented optimally by all of us as crypto users in order to avoid losses.

mk4

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Why hasn't no one mentioned leverage? Lol. Definitely don't use leverage — but if you think you should, at least place it below 5x leverage so you wouldn't get wiped out by those volatility scam wicks. Even I, a person who was been here for 7 years, gets fucked up by scam wicks from time to time.

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

While this call celebration of bull run, there are many ways people lose money and these mistakes are common which can be avoided but the excitement take away everyone attention to focus much on the new trend of crypto price discovery. I was having a group discussion and learn some things I want to share some of these traps and how to avoid when bull run comes.
Come with Me;

We have often heard some of the points you listed, so there isn't any special to avoid the traps. Maybe some legendary here was bored and too tired to give advice to the beginner because is rare to be heard by newbie, they bypass it, and go in one ear and out the other. So just let be, let that lose be their experience, because when someone got the lesson by experience, he will get real knowledge and would not do the same again like past. I know that because I've experience it on last halving, I am lose, and I won't get it again this time. By that lose i just think how to avoid it to myself and analyzing new strategies how to to get profit and avoid the traps.

GeorgeJohn

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Bitcoin is experiencing a positive and since its showing a green color in the chart that is how other cryptocurrencies is experiencing positive, so after halving theirs always be an increment in bitcoin, so therefore I believe that bitcoin always increases whenever we experienced halving,already their is on going predictions that bitcoin will experienced difference in the year of 2024 and 2025 in the market, so therefore I believe that bitcoin bullrun is something investors expected to manifest in 2025

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Quote from: Baki202 on November 19, 2023, 03:14:51 PM

1.Invest in what you can afford to lose:

This is very important, if a coin should rug pull and in the process you lose all your investment since you initially invested what you could afford to lose you won’t feel it that much compared to when you just go all in into a project without having to think it through first.

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2.Don't keep your coin on any centralized platforms:

It is called an “exchange” and not a “wallet” for a reason. Exchanges should be treated as exchanges and not as a storage place for your coin, as soon as you’re done with your activities on your exchange make sure you withdraw your coin to your wallet if you know you won’t be using it for a while (although the current network congestion might make some don’t want to move it to their non-custodial wallet, but if you have other coins with lower fees make sure you keep them safe in your wallet.).

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3.Don't entertain any form of scam:
4.Be prepared for the worst and hope for the best:

If you’re new to the crypto space and you find a project that’s offering anything that sounds too good to be true, just stay away from them because there’s a 99.9% chance that they are scammer and only want your money. Don’t foolishly try out anything that isn’t good logically just for the sake of FOMO.

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I think one of the common mistakes people make during a bull run is that they make investments just because they are afraid of missing out. In these times, the media is super hyped about Bitcoin, crypto “experts” and analyst come up with some price prediction to trigger more people into buying. It’s becomes even worse when newbies buy random altcoins in hopes of making x10 their investment.

Topic: Some traps to avoid in bullrun. - page 3. (Read 617 times)