Bitcoin Forum

Here I decided to write what were my mistakes when I started the crypto market.

1. When I started studying this market was January 2, 2018 it seemed so attractive and I was anxious to buy the crypto currency without any further study in previous years. So i bought the BTC at 15,200, then the market went down and BTC reached $ 6,000. If I was studyied previous years how did BTC think I do not buy at the given amount but wait for the 10000 most likely:) it's better than 15200

2. How did I get BTC in exchange again and I was so excited to invest in other things that I bought at fairly high prices and blocked my money for an approximate one month period and even now when the market is growing there are 30% loss of the initial budget but I also learned a very good lesson (no matter what happens does not have to be sold at the loss that just so you lose money in crypto)

I think that before you take a step in this trend you need to study thoroughly and without haste.

As a final, I am very pleased to have entered this field, I hope to be more successful.

It would be desirable for you to expose yourself to your mistakes.

Much success at all !!!!

Sorry for my english it`s not my native language:(

For anyone who wants to understand a bit about the price movements of Bitcoin, there are some interesting statistical threads on the Speculation board. This is a sub-board in the economics section.

I feel like a lot of people fell victim to this over exuberant buying that started in December and fell into this trap.thanks for being honest and I'm glad you see where your mistakes came from...you were emotional trading and thats okay .. its better to learn now than when your stack is much larger come 2-3 years from now.

First and foremost, December/January were not normal.. alts aren't typically allowed that sort of long leash while BTC goes sideways for so long..  John Mccaffee and tons of youtubers promoting "hot coins" that constantly pump abused the noobs even more (along with attracted people they could make tens of thousands over night, which to be fair I'm sure did happen if people didn't get greedy and took profit).... a lot of people didn't understand the correlation of alts vs btc and just viewed BTC as something that has small gains or goes down while all alt coins go up constantly for 100% + gains per day.. us long term traders are also responsible as much as the fomo'ing noobs.. we abused new traders and stuck them with big bags, then double and triple dipped on the gains through the BTC fud as they sold it all back to us.. we all deserve this correction cycle for different reasons, and hopefully everything is coming back to normal.  The moral of the story can be learned all around.. old players/whales and noobs both need each other.. we both have our role to play in a responsible healthy market where we are all successful and hopefully across the board we all learned from our December/January craze mistakes. 

Couple of notes based off of your points...

1) I think past charting would show that January definitely slumps, but past doesn't always predict the future.. instead of waiting to buy til January.. maybe look to dump alt positions to safe havens in late December...

2) To expand on not selling at a loss, just always be greedy with BTC.. hodling btc will lead to you double dipping on success if btc price fuds out.. you can flee to USDT to buy lower then at the lowest price buy alts that have also bled out.. 

Extra input:  Picture trading as more of a positional rotation.. where you have 3 faces.. one has BTC mooning.. one has BTC going down.. and one where BTC is going sideways.... BTC mooning is best to be in BTC.. BTC going down is best to be in BTC so you can move to USDT easily as a shelter.. and BTCs going sideways as alts moon...  The point is alts in two of the three positions are potentially two trades out of position.. where as the worst position you can be in with BTC is your value goes sideways.. this is very important because alts will have 70-80% where BTC will do better but during that 20-30% of times alts do better you can easily double up.. investments have to be a rotational thing if youre buying in at higher prices. its not safe in any of the three positions except hodling btc.. and even that AT TIMES (although limited) is too conservative.   You want to be able to multiply position and make money even in down markets, and the only way to do so is to play the position game.. and even if primarily hodling you're going to need atleast 30-50% of your portfolio in BTC to cost average alt coins slippage or mistakes. I know some people put very little value on BTC or ETH and just want to support alt coins but the market will catch up with you and you will be left losing satoshi value when your alts go into the wrong position and even if you make USD overtime you will lose value as compared to just hodling BTC.

I can't stress enough to learn the BTC relationship to alts.. its not only something you have to understand.. but you have to have BTC's chart open all the time just to monitor.. its THAT important.
 

Tradingview also has some great charts which are created by professional traders.
Here is a link https://www.tradingview.com/symbols/BTCUSD/ (https://www.tradingview.com/symbols/BTCUSD/)

I bought BTC at 17,000. And now, I still hold BTC, not sale any price. Because of my point of view, when you don't sell, you will never be cut your budget! I think BTC's price will go to the moon in 2018 or 2019 year

I understand your sentiments, its difficult to accept it, but the damage has done. You just need to getup and move forward. You're not alone on that kind mistakes and perhaps most of them now are successful in this technology. At least you know where you made it wrong and pick-up those pieces of experience and make it sure that you will not stumble again as the fight is not yet over.

Beginner’s Guide to Cryptocurrency Trading:

https://www.tokens24.com/cryptopedia/basics/beginners-guide-cryptocurrency-trading/

mistake is mistake but thank you for posting it so newbie like me would learn some error or mistake to be avoided. So just keep on reading and learn from the links and comments of fellow mates.

Yeah I also bought when it was more than 15 k. But I did buy after searching some months lol. If I did not I would buy around 8-9 k and wouldnt  lose that much. I mean to investigate too much is not correct too :)

I think you did one good thing by not investing more than you can afford to lose. There are so many people who put their life savings/taking loan for the purpose of the investment. They are now in financial disaster for their greed now.

https://www.cnbc.com/2018/08/20/after-the-bitcoin-boom-hard-lessons-for-cryptocurrency-investors.html

I wish I could understand more of what you wrote...

1 - When btc goes down you sell it, but when do you know it's going to go down even further and you need to sell now?
2 - When btc if going up when do you know to buy, how do you know you are at a start of the uptrend?
3 - When btc is going sideways, is it only then you go into alts?

well did you sell yet? you haven't lost anything until you sell! 8) and that's the point with january from what I understand, everyone simply saw what you saw and flocked to the market which led to the inevitable collapse.

Agree 100%, problem is for most people that are technically illiterate its like black magic.
You can learn new spells, but still have no clue about magic.

It needs A LOT of study to be able to differenciate real crypto like bitcoin from all other copy paste altcoins. It need knowledge to understand WHY investing in bitcoin is so worth thing to do.
I spend too much time learning about bitcoin, and u know what? I will spend even more :)

it's fail if i am investor,  because the profits when you send the bank has been 15% per year

I thought that there was no way this would be real, so I Googled, and there are apparently banks that offer one-year deposit terms with similar yields. Most of them are from countries with high inflation though, so most of the gains are eaten up. I'm not going to say one method is better than the other, but keeping your money in Bitcoin will give you a much, much higher ceiling that isn't influenced by local fiat inflation.

I think beginner mistakes like me too is:
- We think can get easy money from cryptocurrency, whereas it takes time and patient to study in crypto world.
- We tend to underestimate cryptocurrency and tend to hurry decide for invest, rather than study first. And then many of beginner lost their capital.
- When it goes uptrend, we feel greedy and want to get more profit than withdraw it first to lock our profit.
And my mistakes are mostly in point number 3, that is feeling greedy when trade in cryptocurreny. It makes me miss the profit that should i get  :(

What beginners normally do is that they don't read instructions before entering into some campaigns and investments.

How to fix point 3?? When to sell?

Maybe your choice is correct, but not all cryptocurrencies are worth your long-term preservation, which will only make you suffer more losses!

The newbies are always very eager to jump into cryptocurrency and invest without any prior knowledge of how the cryptocurrency works. Loss may not be very bad at times because it guides you to learn and get wise. There are so many people found themselves in this kind of situation.

Emotions aren't your friend.         If you can avoid the FUD and FOMO you'll be doing better than 90% of crypto "investors" out there. 

Jan was a scary time,  seeing so many people just lose any sense of logic and going all in on crypto.     I can't imagine how many people have destroyed their credit now.     

That's true but how will you know which one are worth keeping and which one to sell fast?
Is it better to hold them all even if some or even most will loose value but maybe just one be very successful and brings huge profits?

I think successful people all must have experienced failure and from that failure experience they can succeed because the best teacher is experience.
And it becomes a very valuable student in the future so we don't repeat the mistake.

Most entrepreneurs will fail many many times before they reach a success. First difference between them and  other people is that they don't give up an keep trying on new ideas, never stopping believing at some point they will win.
 

My first mistake is to buying Altcoins when it is listed on exchange in the first day because the price at that time always pump.

I learn this by heart and never forget. I study on other people's mistakes. Thank you that told this us. It will be cool if you share more your experience with us.

HellO!
My mistake wos buy bitcoin in december 2017))
Now I consider myself a hamster. But I trying to fix it...
I will have a chance to fix my mistake)

Plenty of the newbies will encounter this kind of situation expecially from year 2017 December to 2018 January when bitcoin reached an all time high price. The motivation for so many of these people was to make quick money but the pattern changed. If you are new in any space, the ideal thing is to study the system well enough.

you make point here, specifically i heard about bitcoin when it was at it higher rate which was ending of last year, i decide not invest then because if i convert it to my local currency the fund was to higher and i don't have such money then but now am happy i did not get involved then because the price is down now and i could have run lost.

Experience is a valuable teacher. Don't regret if you ever bought bitcoin for 15200, because I'm sure the price of bitcoin will be higher than that price. You just have to wait and stay positive. This decline is only temporary and will not last long. Be patient.

Good call  If you want to get rich you need to lose money and learned from it your now the only has this experience this includes me !

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