Bitcoin Forum

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,

The biggest mistake new people make is buying the top and selling lower. You need to buy when prices are red, don't chase the pumps, it might work out for you once or twice but in the long run you will get burnt by doing so. And also spend the time researching coins. The biggest profits are in those coins that most people have never heard about YET.

If you want to have a reliable long term portfolio, you should treat it "long-term":
- Choose wisely.
- Ignore short-term loss.
- Read news but don’t follow the herd.
- Don’t be greedy, take profit and set stop loss limit.

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.

You have to stop checking prices every second, otherwise you will go crazy. Read up, buy some coins which appear to be logical buys, and just HOLD. Do nothing, don't try to day trade, don't try to outsmart the market. Never panic buy and never panic sell. Up until now, every major coin has bounced back from drops, so unless you have invested in absolutely useless coins (which, based on your portfolio, you haven't), just be patient and don't panic, even if your numbers are red right now.

Dude, it's the only beginning. You earn a lot of experience with your mistakes. To make your decisions more deliberate you need to study trading. It's a serious thing that requires a lot of effort. Try to find an experienced and succeed guy who will teach you.

Just get away from trading! It's not easy thing as many people think. At this market you can just use BUY&HOLD strategy to get profit ;)

You have to be calm and make the right decision between buying and selling. You buy extremely high prices but sell at lower prices than the market. Therefore, I advise you not to focus on price increase or decrease. Do not be greedy without loss

A reasonable trading strategy makes it much more likely that you'll make money and not buy when you're going up. It's a constant truth.

the only mistake that i see you making is buying altcoins that are already pumped like hell and then complaining about the money you lost after they got dumped.

and the funny thing is you actually make 10% (possibly more) profit on your investment based on the numbers you gave in your #2 from a coin that was already pumped and you are still complaining!

here is another mistake:
you shouldn't even be asking others to tell you what to buy.

This is the reason why I think newbies aren't for trading or investing. There are several things to learn first before plunging into things you don't know much yet. It is better to enter those kind of stuffs when you are well prepared to avoid mistakes and losses.

The best time to purchase any altcoin is during the accumulation phase, when you see a strong bullish trend do not fomo, the trend will reverse, then the prices will stabilise and find support at a point, that is the best time to purchase.

Trust me, i know how that feel mate. But we need to fix your strategy first, we not buy more when the coin up ( i mean me, im not buy while its keep growing) we buy when it go down. And also join some telegram or discord group who talk about daily trading, at least youll learn something though and try not to do same mistakes

Don't invest in hypecoins with 0 (ZERO) utility such as Ripple and IOTA. They are pure hype, nothing else.

There is no formula for success but keep reading and learning from forums like this and chat groups eventually you learn to invest in sustainable projects which brings value to the cryptos.

As many people already point out, you need to consider yourself as an investor rather than a trader. Although you see a lot of people talking about cryptocurrency, it is still in its very beginning, and nowhere near mainstream yet. What you have to consider yourself at this moment, is a first mover. Once cryptocurrency goes mainstream, the money you already invested will be multiplied tens or hundredsfold. So invest what you have spare every month, and consider it a retirement fund.

First and foremost, don't think too badly of your mistakes. It may cause you anguish and regret if you see your sold coins gaining larger price than the amount you sold it to, but don't worry, it is a good experience and you will learn from it. Even I, as a trader, I have also experienced the same thing. You should buy low and then sell it high. Also, if you were able to sell your coins, then you can buy the coins you lost using that, but buy them when their prices are red or at low so you can also gain a profit.

Exactly, RESEARCH your investments and purchase based on same. Put in your wallet and forget about it. I just started recently and selected my investments based on reading a variety of sources. It's too easy to get caught up in the hype. No one can predict the market, if you are planning to day trade then you may lose your ass.
I invest based on real world applications that a given coin has the possibility of providing a solution to current issues in the business sector it affects.

In crypto trading you need much patience and never get panic if your coin is dumping sure it will bump in the future so never sell your coins for losses.
And you must add some potential coins like bitcoin, ethereum and litecoin to reduce the risk of losing our investment.If you only invest on coins with too price volatile then you may fall again.And first of all you need to understand that you have to only invest money that you can afford to lose because crypto investment is riskier.

It's very difficult to become skilled and expert with cryptocurrency if you don't learn from your own mistakes and there's a lot of experiences to get, some are lucky and some will succeed but most of them get stuck on what to do when they have limited option or they don't know what to do.
I would like to say, learn from your own experience and own Mistakes because you will never forget your experiences.

Somehow, you have to experience the mistake to learn and be more cool head in the future. Goodluck.

The best thing to do is to have a lot of time researching about the alts so you can identify which coin is good investment,

There's a cool saying that actually makes a lot of sense: buy at rumors, sell at news.
Try to keep up the news flow and you'll get pointers where to go.

Without tactics there is no success buddy, as you said you have to gather all the information about the bitcoin price movement in all the coins chart. You will get the knowledge as time goes from the time you comes to the forum.
There are some chat group are increases in the telegram which is used to learn about the concern investment option for the bitcoin and altcoin investment methods.

I like to add to my portfolio (buy in) after a 20% or more correction in market overall.  i hold otherwise.  that way, i feel like when i add more funds i can get a quicker bump.

Indeed, there's no one become successful if we don't commit mistakes so we really need experiences in many aspects of Cryptocurrency because we really need to gain more experiences to avoid the same  mistakes in the future and its part of our cryptocurrency journey.
So, All I can say is we have different mistakes and I learn from mine and my friends'.

Do not make investments with the amounts which can give you economic crysis. Be ready for every kind of increasing or decreasing results. Make a lot of researchs about the coins, but make your decisions just on your own. Good luck!

Thanks all for your advises.




As mention in the first post, I still have about 900€ I am willing to invest but I have no clue in what. Should I conclude from your responses that I may be too late to order more XRP as the price is now too high and even if I wait a correction or two it will be still a very risky move?



One "experienced" guy at office suggested me IOTA - XLM - BURST - FUN - ADA - TRX, I am not sure if this is the correct move...



I joined the XRP discord, it is pretty cahotical there, do you advise a specific one?

Its not a verygood move to dont have any BTCs in your portfolio,if the bear market comes you will lose a lot of money in alts.

this is golden rule. if you do not make mistake you don't really learn. it doesn't matter how much we tell you to do exactly what to do, it has no value unless you experience by yourself.

You must make your own decision. But I will say three things that I heard from others and I think that it will be so.

1. Aion - you need to buy it at a price of up to 7-9 bucks. In the course of six months it will grow to a minimum of 20 bucks.
2. Ethereum or bitcoin. Your money is safe. You can at any time buy for them that coin, which is waiting for the fall. I was so waiting for the fall of NEO when I wanted to buy 50, but waited a month and bought for 32.
3. Well, my voice for NEO too. Now $ 100 is expensive, follow the course, it may drop to 80 or so.

I can understand you because this is my story of 2014, when I have entered crypto - whatever I would do I would lose money. So after 6 months I quit, because I couldn't handle the stress and I had finished the money I was willing to risk (a few thousand bucks), but I didn't sell any of my coins which had ALL lost over 90%.
In April 2017 everything started to rise and as soon as my coins got to their original value I sold them to get back my few thousands of bucks. Had I kept them I would now have 3 Million $.
So the lesson is never panic sell, never panic buy, hold your coins until you are REALLY happy to sell them. Be patient and cold blooded. I have learnt the lesson, and now I am slowly rising my assets again.

You know even if you are no longer a newbie,  mistakes are still possible.  All you can do is learn from your mistakes and dont invest in huge amount until you get the hang of it.  Invest only in little amounts,  losing is really part in this world.  I think only in btc and eth you can confidently invest much,  but for other altcoins,  Im not sure.

Your newbie now then mistake is only way to learn so think positive you already experience that so learn from that then do invest again you can earn here what you lose it's only the cycle here in crypto you needto understand that you can lose also if you made some mistake but still don't repeat that again and move on,nothing gonna happen if you do not do anything so start now to earn.

As a newbie first lesson you need to lesson is FOMO. crypto traders always have patience . you started with alot of money. you can make it big.
Don't panic. buy at deep no mattter how long it takes. also learn how to hold. it might take a coin you buy fews day to actually turn into gain.
coins will always go up and down but dont panic. Set your goals and stick with it.

Great and you have got your experience about the volatile market. From your thread, it seems that you are better off hodling long term than short term. I suggest you pick alt coins you believe in and you are willing to hold on for more than two years to avoid the panics.

Making mistake by newbie is not a big deal, almost everyone higher ranked people here must have made a mistake in one way or the other but, we learn from those mistakes. What I will advice is that such person should be guided by other users posts, read updates and news, search for steps needed per time to be at a better side.

Newbies should ask for assistance from those who are experienced in this kind of thing. They should learn all the basics before entering and they must follow all the instructions assigned to them.

Learn from your mistake I guess. Learn not to panic and stay calm in every situation. Learn how to analyze and sense from the community if there is a dump or pump.

Turn your purchases to devalued coins and not top coins. Allow them for a period of 6 months and sell off those without any positive change after that period. That's my latest strategy.

I am a newbie too. Once I clicked sell for buying! What a disaster!! ;D

When you are a newbie, dont lose hope when at first you are experiencing of loses. The important when you do trading never buy when price at expensive, always buy at cheaper. Analyze the market and dont panic.

As a person who has lost everything and learned that it's ok. Just put your money into something and forget about. When you know that it's ok to lose it all, it becomes easier to invest and not panic.

The money you lost is not a loss, it is an investment. Gaining experience in crypto cost money and time.
Now you need to ask yourself what did you learn since a few days?
If you buy/sell crypto, never react emotionally, this is the basic rule of the succesful trader/investor.

I think most of us experience making a  mistakes when it comes to trading especially when you buy on the resistance and you sell at the support or you buy when the price is high (FOMO) and sell when it is low (FUD). If you make research on the altcoin you bought and believe that in the future it will grow you should hold on it when the price goes down and buy more instead of selling it.

sorry if you had some bad strikes i myself had my fair share of loses which isn't small but that didn't make me quit in fact it made me stronger it made me learn and read more and more about crypto watching the news anlysing the market seeing which is a great project and which my advise for is to read and learn from your mistake invest at your own risk dont ask anyone about any project some people might point you to the wrong direction there are some really good project with a great development that doesn't have much publicity at the moment advise to go invest in some of them i won't point out any project in particular just do your own research and don't panic iam sure you will recover from your losses just need some time...

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.

I recommend you not to succumb to a short-term panic. You should study the cryptocurrency data more carefully for at least three months.

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.

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

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.

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!

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.

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.

If your coins is giving you a negative balance then you just have to keep them for a little while longer.

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.

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.

Thanks all for the many great advises and reassuring comments.

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

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.

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.

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.

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!  ;D

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!!!  ;D ;D ;D

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.

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.

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

If you cant trust your instinct, use the instinct of others. But it is better if you have skills to do that. Trading need skills specially reading charts. Updating your self on a trusted sources would be better. Use tweeter or pages to update yourself  about your altcoin portfolio. Learn not to use your emotion when deciding to cut lose.

In General, short-term losses may not be accidental, do not worry about it. Advice from wise men: if you want to make good money, it is better to invest in dolgosrok, and trades lead at least daily trends.

What prevents me from panic selling is that every time I spend my money on crypto I imagine I just give it away. I feel like I don’t have this money anymore. It’s easy to see that you lose money that you don’t have. However, I understand that there’s a high percentage that I will get a great profit from this ‘money I don’t have’.

buy good coins that are having a bad week (in the red) now's a good time to get in. if the market is rising try not to FOMO about it...wait and buy low.


Go Green!

BCH is different from other Altcoins because it's a direct competitor to Bitcoin. It has some merits, but the hostile nature of the competition makes it a considerable possibility that BCH can also go to 0 or extremely low levels, whereas most promising altcoins rally exponentially while Bitcoin is trending up.

So be very careful about giving great weight to BCH in your portfolio, unless you are really confident about the price action.

We really knows that mostly all newbie are performing some mistakes but there are also wise newbie, but it is only a learning lesson when people got mistakes, and for sure that people got mistakes would surely become a master on this particular business on their future life, because they learned from their mistakes.

How can we help them except verbally. I think they should study everything themselves, but they will fill the cones with it, but it's the other way around that teaches what is right and what is not. He studied everything himself, analyzed and read a lot and held some opinions so that in the end he somehow made me a confident trader and that losses are inevitable even with an ideal planning.

For better investments you must reading all news in forum, because here you can find all informations about the best investmens.

If any coin will be profitable to invest you will know this thanks this forum. Because your the biggest mistake is low knowedgle

Hey there buddy!

How you doing? I know how it feels to encounter these losses, because I felt the same way as you. I bought TRX at $0.17 and it is currently down to $0.04. I never sell them for now, because I am waiting for the market to recover again. My advice for you is that these short-term losses are just temporary, which we just treat it as a healthy correction. Of course, never buy high and sell low. We should aleays follow the basic principle of Warren Buffett when it comes to trading, which can be applied in the cryptocurrency market as well.

Just my two satoshis.

The problem is not being a newbie. The problem is being impulsive and rushing into decisions without enough knowledge. You could have prevented these mistakes to happen if you only did not let your emotions decide for you.

But anyway, it is already done. That must not stop you from doing crypto investments. That must serve as a lesson to you. Do not panic sell because know that the crypto market is naturally unstable. There will be extreme pumps and dumps but it will always recover.

In my opinion, you can be a good trader by just following your own way. As I understand from your words, you are doing many researches and thinking about the trading strategies, that's really good.

Don't forget that, everybody make mistake or mistakes. The important thing is, being able to learn from the mistakes. My advices are these, follow your own way and try to make better choices. Good luck!

learning to control yourself is not easy, do not panic sell when the price falls. you should be able to control yourself. because what you invest is money, not plain paper

it is necessary to buy at a low price, and sell at high, it seems that it is elementary and everyone knows about it, but most make mistakes on this. Many do not study the coins and simply invest at random.

From what I see, you should learn to relax and don’t panic sell. It is the same if you are trading in stock markets and forex, patience and clear mind are very important.

Your current portfolio looks good and you should be confident. Good luck.

my opinion, before, this is a factor often faced by a trader, the risk always comes, and behind the risk becomes the most valuable experience in life, here I can not determine about portofilio, because I often make portfolio and investment analysis, failure to make a profit, but when I invest and do not make portfolios, profits are abundant, so the thing I do is courage, do not be afraid of loss if you want profit. use your remaining funds with investments in potential crypto.

Everyone makes a mistake that is natural and usually takes lessons of that mistake.
You just need to be wise and clear-minded to handle it not to mess up because it can make you take the wrong decision.
And for your remaining funds you can still invest it by purchasing the coins you mentioned. Divide your funds a few% on some coins, do not focus on one type of coin because we do not know what will happen with that one coin in the future, if there is a loss then another coin can cover your losses, so your funds will not lost in vain and remember never to be affected by panic sell because it will only harm you.

The best thing to do before starting to invest is to study the coin you are interested to purchase, next thing is to find a market that is reliable for hold your coins on a very long time.

1.buy into projects that you believe in and have legitimate teams and goals

2. Get a hardware wallet to protect your funds

3.stop fomoing at everything, buy low and sell high

I think you are a person easily influenced by FUD or are afraid of losing small amount of money but you don't think all in the long run if you want your portfolio back I suggest you to be patient

In any case, it is experience . it's priceless . I think in the following coins you will analyze before buying . do not be upset and be patient and everything will turn out