Bitcoin Forum

Never try timing the market bottom

I have tried to time the bottom in the past and failed woefully, this is impossible to target even if you are a master of the crypto charts you will always miss, the best solution to this is dollar cost averaging.

Do not fall in love with your coins

I got too attached to my coins and while they are pumping I failed to take profits, I also get too attached to a crypto platform called Celsius and they went bankrupt on me.

I know many have done one or two things wrong in the crypto space, so what's yours? Mind sharing?

I can only give two, and they are 1. Invest what you can loss and it will not pain you if it happens. And 2. Always read and have a positive mindset in the investment process. Timing the market is part of the tools use in the investment process. Timing is to know the movement of the market. You have to love your coins so that you will be motivated to trade if not I don't think you will do well if you are not motivated by your coins.

Therefore the two advise you have might be contrary to someone progress.

• Do not get complacent. After spending a couple of years on this space it's easy to take security of your bitcoins for granted and expect you can make no mistakes. Always keep learning and discovering more ways to protect yourself.

• Not your keys; not your coins. Coins in an exchange does not belong to you, they belong to the exchange and they only choose to allow you spend it if they wish. Always have your coins in a wallet you own the private keys to and have your seed backed up.

For me, the first advice is do your own diligence when doing research before you decide to invest in crypto, not just in crypto but this applies to all investments as well. Second, invest at your own risk. You cannot just invest if you can’t take the losses. Always invest on the amount you can manage to lose so you won’t be regretting when your investment fails in the end.

1. Always perform due diligence before investing in a project.

2. Never invest all your assets in a coin because investment can go either ways, only invest what you can afford to loose.

At first, when I saw the topic in question, I thought we were being asked to state on our own prerogatives, outta our own perspectives yunno, but it turned out another thing. Happy to see this relentless efforts of remaking already made threads in you... just hoping it pays off someday.
Well, I'll really say that a crypto investor be a good learner; having several experiences from the past happenings, just to be able to plot a friendly investment chart on when, where and how to invest in these whole cryptography per-say.
Secondly, they should try as much as possible never to trust too much; to the point of rendering themselves on negligence just to invest....it might turn out a big fiasco just like the former happenings -- but that ofcourse depends on where exactly your whole investments are...

Sandra 🧑‍🦰

I have to admit that this is very strange, considering that it is about cryptocurrencies, which for most are just an investment instrument, so what does love have to do with that? Do you feel the same about the money in your wallet or bank account? Love, greed, envy and ignorance are only obstacles when it comes to any risky investment.

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My one and only advice is: don't invest in something you don't understand, because the chances of you experiencing a financial fiasco are much higher than success.

Let's DCA with https://dcabtc.com/

If you got attached to Celcius, one more piece of advice you can share is risk of high APY.

Projects that promise to give high APY especially too high APY than average APY of the industry is high risky. They will run something like Ponzi with abnormal high APY to attract investors. If you join early, you are fine and can enjoy good yield but a later you join, more risk you will get and afford to lose your money.

CZ’s FAQ 8 - On LUNA/UST and Taking the Right Risks (https://www.binance.com/en/blog/from-cz/czs-faq-8--on-lunaust-and-taking-the-right-risks-421499824684903883)

Here’s my great advices for crypto investors. First, Understand what you are investing. You should know the risks involved and how to manage those risks. Otherwise, you will lose your investment and eventually lose all your funds. Second, Do not go all-in investing. It’s safer to diversify your portfolio but make sure you put your money on high potential crypto coins rather than trusting on new released projects that have no guarantees if they can sustain their value in the long term.

About this statement, you always seem to hold altcoins which of course will have a big impact when you love them too much and don't sell them when the price is very high.

But it will be different if you hold and already love bitcoin, bitcoin has never disappointed anyone including me. Because if you continue to hold bitcoin from a bitcoin price below $ 10k and you continue to hold it until now, then you will have many advantages.

A fatal mistake when choosing an altcoin as a favorite coin and when the price starts to get high does not sell it. Altcoins will be greatly affected by bitcoin, rather than having to hold altcoins that are still affected by other coins, it is better to hold Bitcoin and that is definitely more recommended.

And you need to remember, that crypto investment has a high risk, you are really aware and confident when you get into crypto. Even as big as Celsius, you can go bankrupt, especially if we are only small investors trying to do it to fight the market.

This is the one am going to work on myself. I find it difficult buying at once i think it will change direction. I feel regrets whenever I look at where i could have entered a trade or left it and see how it did not change in my direction. Apart from me struggling with this which I plan to overcome, my advice to other crypto investors from your question is never to trust anyone in a hurry. Let them prove their honesty first because there are alot of scammers in cryptocurrency.

Let me make that more direct:

High APYs Are Dangerous

Why? Because it means the platform has to pay out high interest rates to its users. Imagine if you had to pay high interest rates to a bank or some loan shark to pay off a debt. What do you think will happen?

You'll go bankrupt really quick, one way or another. And that's exactly what happened to these platforms. I mean, just because you can print your own money does not save you. You will just inflate its value almost immediately (thanks to exchanges tracking the prices in real time) and destroy your coin as well in the process.

At the moment there is a lot of information, research and analysis of crypto market from more experienced traders, in open access. I would strongly recommend before you start investing in crypto to get acquainted with the theory in more detail, so to speak, to study opinions and arguments... I think it will definitely help newbies!

Talking about cryptocurrencies as whole its vast and unlimited so you can't make more precise decisions but you can narrow it down to one and dominating crypto of all time which is bitcoin you can do both the points you missed, maybe not at perfect bottom and peak but some what near to it.

In the previous cycle it went upto 21K and then fell to below 4K so lets assume it fell down 500% and if we applies the same to this cycle from 65K to 13K the drop is almost 500% so yes we can point out what is ATH and bottom so even with the layman who keep their greed under control can conquer the investment of bitcoin. ;)

Being a newbie, you can't limit the level of exposure needed to only two but each member can giver two to make it moderately, and it will also benefits you if you take good cognisant of the ones given by members because they were already experienced in the area you're just getting into.

1. Learn about cryptocurrency and take time to do your own research, avoid being in haste to make money through it so you don't fall hands of fake projects.
2. Let your first investment begins with bitcoin.

Most importantly, you can place a buy order at a price you think is already low.
And if he finds that the price keeps dropping, he can buy it again and this is why we have to be able to adjust the purchase amount so that he doesn't use up all his money.
A price drop will occur and we often see the price continue to decline and confuse us with the market's state.
I just fell in love with bitcoin and not other coins because only bitcoin can be my main investment, while other coins are just a way to get additional profits.

Don't listen to influencers:
If it's possible all newbies should try as much as possible to stay away from social media influencers trying to shill a project or trying to create hype for a project, because most of such projects always turn out to be scam project or most times they run away with investors funds with them hearing any update from them. So I'll advise that newbies stay away from such shitty business and learn how to do their own research about a certain project.

Not your key not your coins:
This advice is mostly due to the FTX fiascos, actually it turned out that most crypto enthusiast who have never thought about removing their Bitcoin/crypto from exchanges learned a lot from the incident and now majority of users now store their coin in a non-custodial wallet. Also those just entering into the ecosystem should try as much as possible to adopt the NOT YOUR KEY NOT YOUR COIN ideology, it's really going to save them from trouble in the long run.

Don't fall too much in love with altcoins even though they have become big but in the end it is hopeless and actually makes investors lose because you believe too much in these altcoins, we have to stay away from altcoins more because this will not give anything unless you move faster taking profits, so I just eliminated the altcoins in my portfolio and more on bitcoin being the main one for the coin as a long term not to be disillusioned for me.

Regarding the problem of mistakes in the past, it is clear that I have felt how big a loss is due to expecting too much with an altcoin pump of 100x or even more, but now I realize that it was all a trap for me, then I thought and introspected myself over the mistakes several times in the past and more in bitcoin which makes the real investment not in altcoins.

Firstly, Do Your Own Research Before Getting Involved in Any Form of Trading, whether it appears real or not or from a reliable and dependable source, take the time to learn more about the project before investing in it. When you find something worthwhile to invest in, you'll have a better guide.

Secondly, If you use borrowed money or money for daily expenses to invest, you are already risking financial loss, which can cause total breakdown of your health if you are not well prepared. Invest only what you can afford to lose, no matter how little.

Actually, when you’re in trading or investing, you don’t have to trust other people but only yourself. That is why if you decide to invest, make sure you have all the knowledge and skills required to make a successful investment, otherwise you will only see investing as a trial and error method because you enter it without enough preparation.

As for my advices for newbies here, first is to always invest on your spare money, and invest only in bitcoin because it’s the most profitable crypto investment that has been proven by all crypto investors in this community.

do not invest what you can't afford to lose. crypto is a very volatile market and investing money that you borrowed or will need in near future can put you in a tough situation.

as Upgrade00 have mentioned, Not your keys, not your coins. if you plan to invest in bitcoin or cryptocurrency, do not leave your coins on an exchange site/centralized wallet. it would be best for you to actually own your wallet where you own your private keys.

For me, here are some of the advice I will love to give any Newbie crypto investor.
1. Never think that with crypto investment, you could get rich over night, as that's literally not how the system works

2. Never take loan to invest in crypto, because you never can always tell the next direction of the market movement, as the value of a coin may fall and you end up losing money, while your loan interest keeps accumulating every day

1. Know your investment well so you will know how to manage and grow your investment and in times of market recession, you should know that panicking will only put your investment at risk so avoid being pressured on it.

2. Have a long term goal. That way, you can gain higher advantage from hodling your coins for years knowing it could give you so much profits if you have the courage and patience to perform it without being bothered by the outside market factors.

Laziness. In bull market, everything rises - you look at your coins , say wow and sleep. I have given up thousands like this, not realising that money is not mine until I sell.