Bitcoin Forum

I want to share my experience as a newbie in crypto....I started my crypto journey in 2021, and that year is very bullish as a starter which I could gain almost $6,000 or more if only I wasn't to greed for believing it will go more higher... those  gains are almost from NFTs (games and airdropped), I didn't take profit even it reached ATH until it fall to the hell lol ;D and some are turning to rugged tokens :(. Im too late to asked for advice here in forum ( https://bitcointalk.org/index.php?topic=5388154.0 ) and now its too late that I took my profit which is less than half lol.... my advice to newbies in crypto here is always take profit don't regret if it goes up, don't be too greed. stay connected here in forum for advices. :)

Nice advice and your experience is worth learning from, in addition to what you gave, i will like to chip in that after taking off the profit, your mistake was that you could have use it investing on Bitcoin although i understand how eager one could be in spending the realised profits but investing on bitcoin could have been a better option even as the tokens and airdrops goes dip, the interest you took from them could have serve you better alternative and  opportunities.

NFTs have high price due to hype, similar as ICO IDO IEO and not like Bitcoin for long term. It's true when you have shitcoins, don't be greedy to think it will reach x price, more over if you believe/heard for long term. This is different with Bitcoin, you don't need to worry if Bitcoin goes dump for few days, surely it will recover and remain back to the previous price. I know it's still have a risk, but I'm trust in Bitcoin as it's the best cryptocurrency.

Don't buy when people are in FOMO but but when everyone is at fear this is common things we need to learn as we deal up with crypto and normally all falls down after a pump comes on it. But treat it as good experience to learn since by next time you know how to handle the risk especially when dealing up with those NFT games and better for those category to invest only if they are new or on their IDO,pre-sale or whatever wordings they use and don't chase them up if they are in ATH because you might get suffer from huge dump. Just treat those ATH you see as a late stage to invest and move on to other NFT and try your luck again.

All the phrases I have described are good but emotional and difficult to define.

It seems that you traded without a trading strategy and therefore you have made losses, building a strategy requires dealing with numbers and analyzing the market situation and thus you can know phrases such as greed, profit taking, goes up, regret buying/selling.

NFT is a trend and therefore will lose its value over time, almost all altcoins fail to maintain their value in the long run.

Greed will give us nothing but prevent us from taking advantage of what is in front of us. Many people have experienced this, and we should not be like them and can always restrain ourselves from being greedy and taking advantage when the time is right. If you have regrets about your experience, you don't need to repeat it because you will not get the benefits you want.

Try always to take advantage if the price can go up two or three times to enjoy that profit, and you can also buy the coin or token later if the price drops again. If you can do that, you will always be able to take advantage at the right time.

Their is no gain in being too greedy, thinking of earning more can end up losing all we have gained. We should learn to be satisfied and appreciate  every little profit that comes our way, we should not be too desperate to make all the profit at once, the market is always available to bring profit at any given time. It is better to take profit no matter how small it is than to loose it all because of greed.

Being greedy is never a good thing when it comes to investing and even in trading. That will stop you from seizing all the opportunities that is coming in your way. Always take time to sell and make profits if you see positive chances no matter how small it is. Being contented will help you to overcome your greed and you will start to chase every opportunities that have signs of profit making. As long as your not seeing yourself losing, that's a good sign that you are still profitable even with small amount of profits.

Greediness is somewhat hard to control especially if you are living it. Of course, you can easily just think we can but the moment has come, when the price spikes, we just even think there is more. We commonly just say "don't be greedy" but in most cases, "we then just fail to follow".
Don't be greedy? unless if we don't need money.

As being an investor, we certainly live with this, we want more and that is why we risk more. For me, it wasn't bad for as long as you know how to manage it.

Actually in cryptocurrency investment the only thing that affect investors is the ability of monitoring their Profit and loses, some people really know when their are at lost but because of greediness they fall back to the zero that can affect their capitals, the best way of investment is not being greedy into investment, at least any profit you make at particular time you cash it out until it get to equivalent to your capital, after your capital is up to round some, you can leave investment for so long

This is actually quite common for newbies and we have all been in that situation. I was the same and it took me a while to "adapt" to the market but the important thing is that you don't panic! Take profits when you're close to the top and not when the pump is at its end. (try to sell before any price target is reached).

Greed is nothing but a selfish desire one has to avoid. Because it can only lead us to losses. But if we can stay away from being greedy, we will start to acknowledge every single opportunity that comes. And making profits regardless of the amount is one thing that we should start doing than to wait for a higher price and yet, end up still losing. The only important thing in crypto investment is know when to buy and sell, that way you will never be facing huge losses at the end of the day.

Mistakes can be a very good experiences. And experience is the best teacher for us.
We have been talking so many times right here about what to do and what not to do. And greediness is one of the things that we must not put and must avoid in the crypto world. We don't need something super high enough by expecting the skyrocketing more and more even it has been reaching our target. Once you are falling down to the greediness, you may end up your life. Greedy will not be good at all, even at certain things that relate to picking new coins. Greedy is one of the most difficult thing to handel, but we must be able to handle it.Set a good target in order to avoid the greediness come into us

Experience is definitely the best teacher. No matter how much we advocate HODLing, until we are in that kind of situation, we will never personally feel the need and to learn from our mistakes if we did not stumble during your journey.

What happened to you OP was very unfortunate but that will serve as your backbone and foundation in investing again. Greediness can absolutely destroy your investments especially if you cashed out in a different time. While being greedy is not wrong perse, it is still better to create at least a contingency plan on how much price you are willing to stoop down before you cash them out or sell next time.

Yes, that's correct. That is why we really need to control that greed that can prevent us from withdrawing the profits we have seen. Without controlling greed, we will surely be too late to react, which will result in the loss of profits that we should be able to get. We have seen how many people do not control themselves when they see the price go very high and do not close the trade immediately but want to get higher profits. Maybe it's not wrong, but we have to see the situation and conditions first so that we are not too late to decide.

The truth remains that we all in one way or the other exhibit this greediness attitude of a thing knowingly or unknowingly to us, why is because human needs are insatiable and we all tend to use force on things that are meant to occur naturally, what makes many loose the entire profit to loss lies in doing things without caution, that's why too much of everything is said to be bad.

I would change the subject of this topic to "Don't be too greedy for more gains, sold shit coins/tokens/nft, the end will come suddenly and will end quickly"
the most frequent scenario in most cases is when we talk about tokens without real support.
waiting for even better value is a way of thinking that is ok for all long term holders, but it is done with major coins. certainly not for tokens without special use value, nor most NFTs. Especially not something that is so easily given out, airdroped to random people.

NFT hype is slowly going down and in the coming days, the tokens related to those projects might well not be heard anymore as they won't have any value. If you had invested your time in acquiring Bitcoin then your greed would have been justified here. Anyways greed does cause a lot of problems such as scammers are always on the hunt of finding people who are greedy.

your experience is exactly like mine. I also lost half of the profits I should have earned due to my greed and belief that the project I was involved in would continue. but it turned out that the project had no improvement and was monotonous even the investors ran out and sold the tokens. so the price drops drastically.

but from that experience I realized that investing in crypto or in tokens or coins whose fundamentals are weak should not be for the long term. enough to just make a profit and go.
and put away greed with all false hopes. because it can be devastating.

Nice, thanks for this advice. This also happened to someone I know that lost almost everything because of greed and wanting the price of the coins (altcoins) he had then to pump up. He lost about 70% of $5000 over a night. He still sees that as a nightmare till date. We learnt from that mistake he did then, we felt sorry for him but he just had to let go and face the market more as he had understood and learnt his lessons. That was really an eye opener for us all.

Greed is part of a human behavior and so its always inevitable and hard to control. And they say learn to be greedy when others are fearful. However, in crypto investments, greed is something that most of the time it does not help at all. Because of greed, we mostly end up losing the profits we expect to receive. Although investors are born with greed, but its better if we can learn to control it. And by selling every time we see good opportunities to make profits, and manage the risk, we can somehow control our greed. Though greed is not bad at all, but once not properly managed, it will result into huge losses.

We are all people who commits a mistake in our lives, don't worry mate cause every mistake we made there are many lesson we learn and as a normal person it's a normal that we feel greedy sometimes in order to gain more but we must focus and think that greed is not the best way to practice it's better to think smarter and relax our mind if we feel greed cause green can not gain us what we want. Sometimes when our bad luck had come greed will bring us to loss.

Firstly stop investing in crabs just because they have a very nice graphic and they get shilled to be the next big thing. Avoid falling for this crabs and you would not have issue just buying and holding onto fundamental projects like Bitcoin without having to bother about knowing when to take profit so you don't lose your investment capitals.

99% of the NFT currently existing will lose value in the next couple of years, while others will turn out to be scams. Know this and you won't be excited by them. They aren't no different from the hundreds of ICO that got launched in 2017 but are no where to be found in the market today.

This is what actually happened to my friend who regretted after taking so long to take some profit since I always told him to sell it already because NFTs nowadays aren't gonna last long but he insisted that it will still pump a little bit more that's why he still holding but unfortunately the price suddenly dump and he lost the chance to sell it on ATH. And now he's still hoping that it will still pump even a little more but that's not gonna happen I told since it's already a rug pull.

Moral of the story – don't be too greedy and sell some to take some profit and that's what you called minimizing the risk of losing.

Rushing and being greedy will only make us panic and get a lot of losses because we can't think clearly. Based on your experience or my own experience, having been in a hurry and greedy in managing crypto assets made me more aware and learned that all of this requires careful thought and caution. learn to control your own emotions so that we are not affected by the ups and downs of the crypto market. Do it calmly and patiently before deciding to buy or sell crypto. but besides that we also have to learn to understand and analyze the crypto market so that we can read the moment and determine when we can sell or buy crypto.

When trading many people find it difficult to determine when he exits the market. This is because they don't understand and maybe they have too greedy targets. Learning takes time, I think it takes a process. I'm sure it's because it's related to emotional and mental control. Since I've experienced that, it's very difficult to master that.

Perhaps, we all have carried that every day. I admit I'm greedy, I knew it but because I could manage properly, it never gives me a problem. Emotional and mental control, all it depends on what we think. Our mindset becomes more influential as we think more about earning big. Thus, if we are just contented with earning small that is not a problem, however, it was not our ambition. In fact,  we work hard, we extend our patience, and that was because we wanted more, and I believe it was not greediness, it is just our goal.

Its always happen with when a crypto use not analysis about market condition i also lost lots of money because of this reason. But sometimes i remember about 1 days when i lost 1.5 k just because of buying and selling one token without understand the process on pancakeswap!! Even though this token made 10 to 20x after i lost this. Just only because of greed and without dyor!!

Greed is the main problem and prevention to gaining profits from cryptocurrency. Recently I have learned a costly lesson. Although this isn't the first time, lost this way previously as well. Invested again on a shitcoin but didn't sell in profit, but suddenly it become useless somehow. So taking an exit when you have a good profit is a better decision always during crypto trade or holding. Just don't be greedy to make more money or become a millionaire overnight. This is a big problem in the cryptocurrency world that we have to play with carefully.

True.  Our mistakes is responsible for the height we have reach, mistakes makes us to be stronger and achieved  much. Greed has killed so many good trade, sometimes what makes us to loss money in trading is having too much confidence of making more profits not just greed alone.

My advice to newbies is different from yours.

Taking your case as an example, what I advise them to do is to first get informed about personal finance, and with basic concepts such as having a contingency/emergency fund, risking only the money they don't mind losing or diversifying the risk.

What you say has all the characteristics of an impulsive person who knows nothing or little about personal finance and investment, who because of this ends up investing in the coolest thing of the moment (high risk, of course), and who ends up losing everything.

Better to take your story as an example so as not to repeat the same thing.

Some people are so greedy that they want to take over the whole world.
But some people like me work hard all day to earn enough money for education.
I do not have time to get deeper and deeper into Bitcoin technology.

So it is better to help others instead of increasing your assets.

They do not feel enough of what they've got so they want to look for more.
As long as it doesn't conflict with what they want to get and doesn't use improper means, they can be like that to get what they want.
You can also look like them as long as you can divide your time between making money for education and preparing for your future.
Everyone has the same opportunity and it depends on how that person will use it.
Helping others is great but you should also prepare for your future by adding more to your assets for your future.

It's always the hypes to be honest. Regardless of what type token is it in the future, it will always be about hypes for obvious reasons of number of contributions plus the demand of course. NFTs here in my country won't just die, maybe due to how interactive and "fun" it is to have that "play to earn" concept and not just all charts and graphs of sort.

---

For shitcoins, it's not for the faint hearted people.

You got 6000 dollars just from NFT airdrops?  Care to elaborate?

The concept of trying to use one stone to kill all the birds in the forest is what normally causes this late "Had I known" regret. Because at times when the price of a coin get pump so high they tends to get carried away and forget actually how this things work, because whatever goes up most surely comes down. And that's why it's good to always have an investment goal.

Plan + execution = success

Many people have their plan or goal, however, there is no execution has been done which makes this useless. Greediness is very common to most of us, we believe this is the reason for our losses and regrets. Mostly we got out of our plan because of the influence of our mindset and mostly we missed selling our coins during ATH as we usually think about more profit. I don't believe it was wrong but in this kind of market, the volatile nature and fluctuating prices went it wrong.

For me, this always becomes one of the basics of trading, moreover if we are new to this. We cannot guess the exact oredicrion by 100%, that is why we are better to prepare every probability that may happen.
In my opinion, it is better for me if I am setting profits in some levels based on the price increase.
But, I will also commonly take a note that it is better to at lease save the capital at least, and let others to be the price target of takong profits.

If you are too greedy, you will fall into the arms of liars, and where there are people, there will be politics, there will be rulers, and the greedy will be taken advantage of.

The thing is you need to be satisfied with the profits you are having because there are always chances that it will go up or down so we can't always regret it.Some people will become greedy as you said and not sell their altcoins when prices are rising but then after it is dumped they regret their decision.The base for most scams is also greed as you fall victim to some attractive offers and lose control over your funds.So avoid this and gain profits if you can.

I have met people who buy many coins at the same time and then lose all. They do not analyse what is actually going on in the market and they buy them just because they heard someone saying buying cryptos will give them profits.

Yes you're right, going through a thorough research is very important, not that one has to believe any news released online about coins but your personal conviction will discern wether to invest or not, although our personal greediness also contribute to many loosing their investments, some coins can be successfully launched and last just for few months before folding up, for those that are smart enough to withdraw their coins before it crash will realize profit while those that are greedy enough to wait longer for the coin to eventually rise higher fall the victim and the value run down to the lowest level.

In my little period learning and practicing trading (mostly on demo account), I've learnt to deal with greed, the last time I traded on FX, I blew my demo account because I was greedy: I've been trading using the strategies I've learnt and I've been able to manage my trades but suddenly I started having interest in following someone's signal cause the guy always post his trade profits, I was surprised that the first of his signal that I would follow cost me my demo account, I blew the account in few minutes, I ought to have opted out of the trade but I felt his signal couldn't fail and I was going to make a huge profit if that trade had gone has predicted, but I lost! My demo account that I've built with confidence for months vanished in minutes. It's not easy because we are humans, but learn to control yourself, learn to control your greed!

Treat it as one of your mistakes from wrong decision making. This is very common, and we all fall in the same result, losses. But what is more important is that you learned your lesson and for sure, you won't repeat the same mistake again.

Greed can sometimes create positive results, but in most investments, its definitely very unhealthy and sometimes detrimental. So never be ruled by greed, sell when there is good opportunity, and lastly, be contented even in the small profits you gain. As long as you're not losing, you have nothing to worry.

Many people are successful in crypto but they can't catch it. The main reason for this is the greed that drives you towards Destruction. Everyone should remember that there is no end to what people want. From birth to the moment of going to the grave, they will just keep asking for getting more and more. So try to be satisfied with little. You will be successful.

In most cases, such mistakes are more common among new traders. You must research particular assets. You have to analyze how logical your request is and you have to ask accordingly.

Greediness has been one of the biggest challenges of man right from the time of creation, same greedy led Adam to eat the fruit of knowledge of Good and evil in the garden of Eden. Right now it's still the same challenge most investors and traders are facing in this volatile market. I've been a victim of it several times and I knew what it cost me, Until I put it under control. In summary of my point, it's in you to rule your world of greediness and put it under total control hence you're gonna get recked.

That's FOMO ( fear of missing out) when you buy or acquired NFTs that many people did buy or acquired when it becomes trending or reaching ATH at that moment. There are some times that when we have our balance have grown then we still want to wait for it to grow which is a sign that you are starting to get greedy. It's part if our nature that sometimes even those who are not greedy will become greedy when in a dire situation. In my opinion, this will be your lesson why being greedy is not good and even though you're in a dire situation is you should not become a greedy person.

Greed is one of the major elements that contribute to the loss of the first profit, as well as the whole loss of the profit and investment.
The advise is always the same: accept what little profit you have and move on, or wait for a better opportunity to invest more.
It's too  greedy to expect a coin you invested in to multiply 20 times or more.

Nice advice, greed is something most of us take for risk sometimes, when you tell such person it's greed he or she always see you as someone who can't take risk.

Actually there is difference between risk and greed.

It is risky to accumulate profit. Anything can happen without any notice, what ever that brings profits traders are always advised to remove profits. Sometimes ago I loss both my capital and profit due to greed, I was adamant of taking away greed, if I had taking the profits it would have been more better than loosing every thing.

This is why we need to stop listening to people who always tell about more pump to come and mostly we can encounter these people on telegram and discord so I always shut those media channels when I trade so that I can always focus on my targets and can able to take the profits without getting bothered about more possible pumps. People always think profit is still profit and its good to accumulate rather than losing our money.

I'm one of those few people who believe that experience is a better teacher than knowledge, while hoping that my experiences don't turn out sour or bad. Whatever that happens directly to us is an experience that leaves an indelible mark on us. It's a better way to learn. Now that you've experienced it first hand that profit made can still evaporate if it's not taken off the table, I bet you won't allow that to repeat itself. In cryptos, it's not yet calculated as profit until it's taken out. Every veteran here will tell you that from experience. Next time, do a partial profit taking. You can take off 50% at a go and watch it run. If you're still not sure price will rise more, you can do another percentage taking like 20 or 30. That way, you won't lose.

You don't have to be greedy when holding a coin, you shouldn't keep on holding a coin because of what people say, whenever you are holding a coin and you are in good profit, always make sure you take profit, you might just sell like half of the coin or you might sell the amount you invested and leave your profit but you should always make sure you take your profit.

You know, greed is one emotion that is so difficult to tame for one that haven't experienced much loses and even at times, for those who did but failed to learn from there loses. To tame this, one needs to establish certain principles and live by them. There are those that sets a stop lose or take profit and should they monitor that its about to be hit, they adjust a little farther because of the little tips they want to get off the market.
It's one way to entertain greed and it could catch you when you least expected. Whole profiting, you could take put your capital and let the profit work for you. Humans are insatiable and that's a greed factor in everyone but your principles is all that could save you!

You can keep or hold coin that is relevant and any coin that is not relevant is not good to hold, before we talk of greedy in holding cryptocurrency we should ask of the quality of the coin if it is altcoins or bitcoin. Bitcoin is good to hold to any year you like because bitcoin always appreciate any annual.why altcoins is coin when we talk of greedy is were it manifest, if altcoins increase you and profit is being made you have to leave the market because altcoins appreciate some time and before it will appreciate again it will be like next two years. Altcoins is not suppose to hold for long time. Thanks you for the information, so this is scammers ways of taking away of our coins

That's why new users shouldn't trade before they have enough trading knowledge. Otherwise anyone can lose whole funds.So before doing any trade you must have knowledge about chart and project analysis.

You are very correct, actually always advise most people to invest in bitcon, if you invest in bitcoin no matter how long you hold it your profit will be increasing but you know some people prefer investing in altcoins more than bitcon, those are the people that are not suppose to be greedy for too much gain, but if you invest in bitcon then you don't have problem.

Excellent advice and worthy of learning from your experience, in addition to what you have given, I would like to chip it after the profit stopped, could give you better options and opportunities.

What you need to know is that there are a lot of new projects regardless of whether they are NFT or other altcoins that you shouldn't keep too long when you know that ATH has been reached. You should take profits and turn them into whatever asset has more potential because to be honest you will only see a drop in price over time.

But if it's bitcoin, then you certainly won't be said to be greedy because so far only bitcoin has been able to maintain a consistent increase from time to time even though several other altcoin also exist. But you should also consider taking advantage if it's worth it to you.

Actually many people are thinking like that. It is similar to my experience when I was trying my day trading in crypto. Without me experiencing losses that day, I would not be able to know that I am not suited for day trading. I kinda learned still the technologies like RSI and Bollinger Band though.
It might not be directly that my experience in day trading kept me moving forward, but still I did not gave up in how can I earn at least in crypto. I just took another route in short which was going for long-term.

Many beginners when they start cryptocurrency trading newly they are always desperate to make more gains from trading but as time goes on they tend to learn from their mistakes. It's only few beginners who really understand the results of been too greed to make gains.

it all depends on people's goals and what they want to achieve, if you were happy with the profits you made, you should have sold it and celebrated with it, what i like to do personally is to take some of the profit that i got (a percentage that i am okay with) and keep investing with the percentage left so that if anything goes wrong i won't be devastated by, at least i got something out of it and gained some experience too.

The biggest investing strategy is buying a coin or token before FOMO kicks in, the mistake that many newbies keep repeating is joining the FOMO race once they hear something big about the project or when the hype is active, I've made same mistake before and I learnt my lesson, profits won't stay the same for too long, its always an opportunity that needed a fast finger attention, sell or dips will take over.

In crypto market trading have much risks to earn money. Because you have to know about price prediction and have to know about the proper time to buy or sell. Otherwise you will lose funds too quickly.

the purpose of every business or investment is to maximize profit. at what level do we draw the line and know that we have made the desired profit?. do we set a target for ourselves?. most of these new coin might not stand the test of time,so why not take the little profit and make other investment. but we learn everyday. greed comes from a place of not being contented and the regret that we would have made more. so we ask ourselves how much are we investing and how much we hope to make. what's the selling and buying price. these are vital questions to ask ourselves

Most beginners don't understand what cryptocurrency is about, most of them just hear about trading and they also decide to start trading, they don't really have passion for it, which is really wrong, in Cryptocurrency trading if you are investing in altcoins you should always know when you will  leave the market.

Indeed Bitcoin is a coin that has a higher value even though it has experienced a great decline. From some of my experience the cycle goes on all the time, so holding on to a few satoshis might be worth more the following year. But when it comes to altcoins by far the longest and most enduring is the ETH cycle it is very similar to BTC. Either with a new coin, maybe there is a potentially better one. But for this time I think if you are trading then the right type is scalping. Buy earn profit then sell.