Those are some of the experiences that I have also experienced. There have been too many mistakes for me and new traders should avoid basic mistakes as above.
In order to get a real experience, I advise new traders to try trading with small amounts. inexperience will be seen rather than read-only.
Topic: Things I learned through the years of Buying and Trading Bitcoin - page 3. (Read 822 times)
April 15, 2019, 07:33:11 AM
April 15, 2019, 06:31:23 AM
I don't agree wit ha lot of what you said OP, we only have one life to live and if you truly believe in something than it is worth taking a risk. Why strive for an average life when you can have a spectacular one. Being scared of being public is also being overly paranoid, this is what our media has done to us.
April 15, 2019, 06:16:01 AM
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
Its not wrong make a debt just because you buy a bitcoin because its guarantee that you can make a profit on bitcoin as long as you are willing to wait and hodl . the interest that you can potentially earn on bitcoin is bigger than the interest that you can get when you make a loan or debts , so dont be afraid guys . just dont keep buying until you didnt sell your existing hodlings . sell first then repay your debts . rinse and repeat .
April 15, 2019, 05:04:28 AM
Most people tends to ignore these important options when saving bitcoin or trading bitcoin. Although for exchange part maybe some might be looking at the transactions fee of withdrawing their funds everytime, which they feel is too high but I must say exchanges has to be 70% trusted, because any kind of attack might befall on them which might leads to lost of funds. Talking about the wallet it's not easy for some newbie to purchase an offline wallet which is the reason why most of them uses an online wallet and yet they do not fully understand the procedures involved storing their private key. I do hope some of the newbies in this situation sees this thread so as to be informed about process.
For the long years I've penetrated in cryptoworld, I encountered different strategies on how to trade and buy bitcoin in profitable way. Somehow, loses and failure had came up on me and it is hard to recover while you are lack of knowledges on how to handle the consequences. But then I learned from my mistake that having wisdom is helpful for every deliberation we made from buying and trading, in order to avoid from heavy consequences, explore the thread and study harder about how it was develope and grow, as well its legality.
April 15, 2019, 03:29:55 AM
Most people tends to ignore these important options when saving bitcoin or trading bitcoin. Although for exchange part maybe some might be looking at the transactions fee of withdrawing their funds everytime, which they feel is too high but I must say exchanges has to be 70% trusted, because any kind of attack might befall on them which might leads to lost of funds. Talking about the wallet it's not easy for some newbie to purchase an offline wallet which is the reason why most of them uses an online wallet and yet they do not fully understand the procedures involved storing their private key. I do hope some of the newbies in this situation sees this thread so as to be informed about process.
April 15, 2019, 03:16:34 AM
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
Its not wrong make a debt just because you buy a bitcoin because its guarantee that you can make a profit on bitcoin as long as you are willing to wait and hodl . the interest that you can potentially earn on bitcoin is bigger than the interest that you can get when you make a loan or debts , so dont be afraid guys . just dont keep buying until you didnt sell your existing hodlings . sell first then repay your debts . rinse and repeat .
April 15, 2019, 02:50:27 AM
The other important thing to remember is that you shouldn't invest all your bitcoin in an ico that hasn't been vigorously tested. Check the whitepaper and live media presentations before any commitments
April 15, 2019, 02:16:59 AM
very interesting experience, with your experience you are now definitely a very reliable trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
experience is certainly not only good, with failure when analyzing, it certainly becomes an experience to correct, so that it doesn't happen again. over time we are accustomed to facing markets in different conditions I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
April 15, 2019, 12:43:25 AM
very interesting experience, with your experience you are now definitely a very reliable trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
Be careful if you want to learn to be a trader because it's not easy and you need to learn about the analysis that is for sure. That tips (I prefer to call it as a tip) will work well if you can control yourself in trading because we are often seeing the candle is going to go up and make us become greedy wants to get bigger profit but it's not possible for the price is always in the top price. Sometimes, after it could down at any moment and make us panic. That is always connected from getting ready on trading, seeing the price increase, become greedy, and then we have two option, sell right away before it's down or wants to make a bigger profit. That is what you should know.
April 14, 2019, 04:10:41 PM
In my experience of being an investor for over 6 years now I can tell you traders are all different people.
Some of them know what they are doing and some of them have no clue what they do but believe me when I say this even the best trader loses time to time, not all can make insane profits.
Let me give you an example of my friend, dude managed to make x10 of his investment during the BEAR run of 2018, yeah you heard it right, on 2018 when everything was going down dude managed to make x10 of his investments, do you know what happened to him later on? He lost almost half of his money on investing into some bad dropping coin on this bull run we are having.
So, dude made money while everything was dropping and lost money while everything was going up. Bitcoin and crypto is not something you can say "you learned" or "you know", we are always learning with each passing day.
Some of them know what they are doing and some of them have no clue what they do but believe me when I say this even the best trader loses time to time, not all can make insane profits.
Let me give you an example of my friend, dude managed to make x10 of his investment during the BEAR run of 2018, yeah you heard it right, on 2018 when everything was going down dude managed to make x10 of his investments, do you know what happened to him later on? He lost almost half of his money on investing into some bad dropping coin on this bull run we are having.
So, dude made money while everything was dropping and lost money while everything was going up. Bitcoin and crypto is not something you can say "you learned" or "you know", we are always learning with each passing day.
April 14, 2019, 12:51:46 AM
very interesting experience, with your experience you are now definitely a very reliable trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
April 13, 2019, 11:49:23 PM
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
Good list and all the points were absolutely helpful for a person who was just beginner or even for experienced traders who are doing crypto trading in the wrong direction,these things will not help us to make more profits but will help us to save from silly mistakes what a trader can do.For storing our recovery seeds we may use metallic boxes which is not convenient for many but what we can do is save the seed file in an offline drive and never connect that drive ito any device unless you want to recover your wallet. - Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
April 13, 2019, 10:17:02 PM
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
April 13, 2019, 08:58:49 PM
Good advice, thank OP for sharing this with all people around. I already use a hardware wallet for more then 1 year, i also put an extra passphrase on hardware wallet to have an extra security, i never lost any coins with hardware wallet.
April 13, 2019, 08:11:49 AM
All advice is good enough and covers everything crypto user needed, and I suggested that we should follow step by step all of the advice. The most important from that advice is "Never invest what you can't afford to lose" because you cannot always make a profit and sometimes you will lose the money. That is why you should listen very carefully with advice so you can understand risking your money in the cryptocurrency.
April 13, 2019, 04:55:58 AM
It's good for you to have an achievement by staying here in bitcoin talk. Honestly speaking, this forum encourages us to discover all the factors of cryptocurrency and we're learning it part by part. I'm very proud of you that a newbie tells that he/she gain pieces of knowledge that will help him/her grow and by that, it makes our community more reliable too. I hope most of the beginners should be like that and be inspired or your actions, more power to our community and the blockchain.
April 13, 2019, 04:39:54 AM
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
- Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
Wow, thanks so much with this little but mighty piece of advert, as i grow further in this crypto trading, I will put all of this into consideration to become a better trader. I appreciate, we all should learn on or two things from here too, whether we are pro trader or newbies.
April 13, 2019, 02:41:15 AM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I did this and my house got burned with it, and now I have a huge problem, all my coins from past ether wallet address is now gone. I do admit it's my fault for not keeping it safer than I am doing right now with my current ether wallet address.I recommend you to buy a hardwallet than trust on a piece of paper. In the end it's your choice.
Well it's better to have multiple copies if your security keys for emergency purposes. I keep printed ones in my wallet and safety boxes while also keeping in my email just to be sure. I just try to be careful with phishing attempts from random sites.
April 13, 2019, 12:38:17 AM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I did this and my house got burned with it, and now I have a huge problem, all my coins from past ether wallet address is now gone. I do admit it's my fault for not keeping it safer than I am doing right now with my current ether wallet address.I recommend you to buy a hardwallet than trust on a piece of paper. In the end it's your choice.
April 12, 2019, 11:20:55 PM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I did this and my house got burned with it, and now I have a huge problem, all my coins from past ether wallet address is now gone. I do admit it's my fault for not keeping it safer than I am doing right now with my current ether wallet address.I recommend you to buy a hardwallet than trust on a piece of paper. In the end it's your choice.
Jump to: