Topic: Top 3 things you wish you knew when you first started ... (Read 314 times)

1: take you time, read, learn
2: Bitcoin is the king, all the rest is lottery
3: this is not the real life, Relate your losses and be humble in your gains

1. Make sure you read as much as possible to avoid beginner mistakes. Make you familiar with the technical aspects at least the basics. Things about safety (never share your private key and keep it safe, offline), to choose a good wallet (never store a big amount of coins at your exchange wallet). And read how to avoid phishing sites.

2. Don't trust anyone. There are many scammers out there hoping for unexperienced newbies and they hope to stole their money. If an investment opportunity sound to good to be true this is most likely a scam. Remember of Bitconnect? Lots of investors were scammed because they didn't beleive this was a scam. The most frequent errors are those you can avoid from yourself by doing your own research. If you are not sure, stay away. Somitimes not lost money is also a profit.

3. Only invest what you can afford to lose. This point seems to be the easiest but also the most challenging one. It's important to think clear even if you are very optimistic about this coin or project. It's wise to go for slow but constant profits. Don't fall for FOMO or FUD  

1. this isn't a get rick quick scheme
2. only invest what you can afford to lose
3. beware of scammers that will rip you off

Don't chase every single pump

Don't trade without a plan

Don't buy alts during a Bitcoin bear market

Three things i wanted to know before coming to the community were;
1. how to select bounties
2. Benefits of hodl and sell
3. The need to put in massive work towards campaigns

The most important thing I wish I knew was this forum, bitcointalk. If I knew this forum, my knowledge in bitcoin and altcoins trading will have enabled me to prevent most of the mistakes I made in my first year.

1)hard work
2)hard work
3)hard work
just you try hard work,never give up,you can success!

My words exactly 

Nice, in addition to this one, I'm new here but it doesn't mean you will depend on anyone.
As you said don't trust anyone so better for you to start learning more about this forum and especially more about cryptocurrency. I'm almost a week here and yet I've learned a lot because this forum is really a good place to start learning about cryptocurrency.

1.learn
2.apply what tou have learned
3.mind set/emotionally prepared
This are my 3 things i wish to know in my first day in my crypto journey.

1. Hodl is not the best strategy in the world.
2. Sometimes you need to sell...
3. ...to buy the same tokens back, but cheaper.

1. What airdrop was all about
2. How to post on bitcointalk forum
3. How buy and sell on exchanges

I wish I knew I should not trade pump dump coins I didn't know that and got my lesson, now I got a new lesson that I should never invest in most tokens as well 

In my opinion
1. Learn
2. Work
3. Psychologically good

In my opinion, you try to do these two things
1. Psychologically good to join
2. Learn more
 

First of all, thanks for creating this thread. I always wanted to share how stupid I was when I first started crypto investing. So that hopefully people who read about my stupidity could avoid falling into the same trap.

1. Listening to Others

Fear Of Missing Out (FOMO) is real. Super real, it's legit to the max. I remember the time when I was reading forums and reddit threads where people were talking like they knew everything in the world of crypto investing. You see people coming out with super predictions and claim they're rich to the moon by being good at trading small cap coins. They even put up screenshots. And one day they shill this small cap coin and say it's gonna be 10x and now after their "market analysis", they confirm it's undergoing some market manipulation now that "whales" are pushing down the price to accumulate more. They then end with the famous "Buy now, faster buy now or regret when it shoots to the moon after whales are done accumulating"

That's when my stupidity kicks in. Seems like the whales never really finish accumulating until today To make things worst, that was the period when ETH peak the highest, and I FOMO all in only to really regret trusting others. So my advice is: Take everything you read from the internet with a pinch of salt. If that someone is really a guru investor, he/she is probably chilling somewhere in the beach rather than showing off in the online realm. Well I won't say there's not really anyone who's talented at profiting through trade/investment but the percentage of you meeting that someone is probably very very low.

2. Wishful thinking every projects is going to the moon

When I just started, I read the whitepaper and go through their websites. The fascinating thing is that everything looks almost solid to me, the idea is cool, the design of the website, the community. But now when I look back, seems like 90% of the projects out there are pretty much doing the same thing - TPS, scalability, AI, currency, blah blah. They're all buzz words that people put together and boom. I used to think it'll be faster to get rick quick by throwing my money in every project. Diversified right? Heck no! That's not what you should be doing. To be honest, 90% of the projects out there are crap. I expect 10% to really make it.

The reason is simple. It's not always about the idea. It's about the team, how they execute their plan. Most team from what I see are just coming from a normal 8 to 5 desk bound job and then suddenly they decide to call themselves CEO, CTO and what not. I'm not trying to say they can't make it, but it's a risk I can't afford anymore. Because I was naive and went with this project which turned out to be a scam exit. Who knows? They seems totally legit until the last day. The whitepaper is there, checked. The website is pretty well done, checked. But I missed out the most important thing - the team. Apparently, this CEO guy was recruiting the "team" from upwork, more of like a freelance team. He even went out to find a reputable software team to onboard the project. But never did I know few months later the software team announced they are out of the project and the CEO went MIA with few millions in his pocket.

Well shit happens. So better be careful where you put your money in because not all projects are going to the moon. Cold hard truth that I learnt the hard way.

3. When it's time to flip, flip. When it's time to hodl, hodl.

I had a 10x project that I invested in but I was greedy so I waited and decided to hodl. Who knows many people flip it and get quick profits. If I had cashed out and moved on, I could be smiling in this bear market. But I didn't. Very soon, this 10x becomes 0.2x and I feel like crap. Sometimes, you just have to make judgement to decide if it's better to flip now or hodl on. You have to see if the team is able to deliver their promises and if the roadmap is solid and on point. If they can't get it to work for many times, move on. It's like BGR. If it doesn't work out, be a man and walk out the door. God will always open a new door for you. But having said that, remember, if you don't sell at a loss, it's still on paper. So no matter what, only invest what you can afford to lose.

Hope it helps. I wish you won't be like me and you should know never listen to others, take it with a pinch of salt, not everything is going to the moon, learn to make good judgement call, and happy investing.

1. Be wary of greed and how it clouds your decision making.

2. Be more selective when investing and more conservative when evaluating the risk / reward factors. The risk is usually much higher and the rewards are usually much lower.

3. Diversification accounts for nothing when the whole market turns to shit (ie. alts are a bad bad hedge against Bitcoin crashes despite the tendency to outperform Bitcoin during bull runs).

1. Dont try to sell at maximum gain or buy at minimum price. It is not possible to predict them exactly.
2. Dont be greedy.
3. Be patient and buy only money you can REALLY AFFORD TO LOSE !!!

Even now i can not use the above 3 rules correctly

1. Don't panic - never rush into a buy/sell, the market moves and there will always be more opportunities.
2. Nobody knows everything - so many experts will point you in different directions, no harm in listening, but make your own decisions based on plenty of research.

And...

3. The first 6 months of 2018 (and more?) was going to be a bear market - hindsight is a wonderful thing.

1. Read before action
2. Be patient  and smart
3. Hold then dump on the best price

Having it free is the very best!!!