Bitcoin Forum

The 1st principle: never lose your money.
The 2nd principle: look for opportunities and avoid big risks. Return must be greater than risk.
The 3rd principle: pay taxes.
The 4th principle: create a diversified portfolio:
various classes of assets, investments in each class of assets, investments in different markets, countries, and currencies + it's necessary to distribute investments in time.

Remember that there's no ideal time for investments. However, if you regularly invest in different assets,  you'll reduce the risk and increase the return in the long term.

6 main mistakes causing to fail:
1) Subjectivity in perception.
2) The belief that today's trend will last forever. Today's winners are tomorrow's losers!
3) Overconfidence in your knowledge and skills.
4) Greed, impatience, passion.
5) Geographic limitation.
6) Negative mood and the fear of losing. As we all know, people remember a bad experience much better than a positive one. We're afraid of losing money and lose it, in the end, because of our wrong actions.
Money is emotions, and we should be positive. If you don't control your brain - it will control you!
80% of our success is our psychological mood and the rest 20% depends on instruments and methods. Stop set yourself up for failure!
Of course, I understand that you won't become rich and successful quickly after reading my post. But I want you to focus on the positive!

Tell me, please, what kind of methods of psychological training you use? Thnx!

Well i personally think that once you take any business or investing decision then you should stay confident and positive although your decision may not end up as you predicted but there are always more opportunities so never blame yourself but you should make the decision after considering all the aspects, the outcomes, the risk etc.

awesome! overconfidence is essential when it's for self-esteem but not in skills, you're right. pay taxes wisely;) clear focus matters too. i use imagination and make plans with step by step description.

To me, the best idea is to practice the smallest things. I have read a lot of books on investing and theories to remember to invest in, but when I started investing, all the theories disappeared from my head. So my precious experience is to practice. wrong, fix, do not worry.

I have some important points that leads you to success in crypto. Individual should aware of day to day market condition with full experience of crypto market. Individual should carry calm and patient attitude towards to crypto though market is RED.

Paying taxes, Really? :D I wouldn't say that paying your tax has anything to do with your success, But it could be a starting point where you can help your country. One thing that I like about being successful is that you should always hodl on to your coins rather selling/dumping them.

Your method is quite good and throughly analytical. It is good to do your own resaerch and focus on both the negative and the positive sides of an investment, and then make a decision. Sticking to the decision while adapting to the change in market is alos something what investors should follow.

When you take any business or investment decision you should always remain confident about it even if it doesn't go as planned. There will always be a chance for failure or having losses but you should never be discouraged by them as there are new opportunities around the corner. So never blame yourself and make decisions after you've considered all the risks, different aspects, outcomes etc.

Ofcourse, without controlling your sentiment you can not make a good decision. And in this risky and unstable market you need to take every steps carefully but fast. Overconfidence and greed are to be avoided.

Great advises for the newbies, that are coming to the market. The most important is the divesification aspect. Never invest everything in one coin, or you will lose a lot of money. Also, never sell deep, because you will only cut your loses and lose money.

It will surely depend on a person to be successful I really think he would need hard work and a mindset in pursuing his real goal in life, your advice can be helpful in a way of changing his bad principles in life and indicating the mistakes so that no one would abruptly do it, An advice from a financial analysis should be enough, Because having knowledge will sure give you an edge in becoming successful.

First one is the most important, because If you lose your money, you will hardly be successful, it is a matter of fact
but, this post is a bit ridiculous, since it is only stating life-couching mantras, that are widely known, but not that useful to general population

       The ideas you mentioned are some clichés. It is good that you have some principles you apply, but in the crypto world you can not apply every time. It's good not to invest money for your daily spending in the crypto world, because it's long-term investment. And it's good to be as documented as possible, and take advantage of every chance. Other principles do not have because the market is volatile and can not be applied.

Well my personal suggestion is to be confident and positive always. Once you take any decision then you should stay confident and positive although your decision may not end up. But never blame yourself.

The ideas are good but they are not stable and they could have problems in the work with the changing cryptocurrency market so they are not useful for me.

It is not my style to use them, it is better and more convincing for me to rely on myselg only and on my ideas only as well, this ways is the best.

Thanks!

im agree with the list except one

not all places are require to pay tax for crypto trading. this is rather grey zone. but if your country require you to do so. best you comply.

All of those listed are correct. But what I want to say is that very few people do that. Because there are many factors that determine your behavior. For example, unstable market, Emotion, Asymmetric information. I think the biggest progress is to sum up experience and make fewer mistakes in the market.

Very good reviews. I also note that to be success we need to take the risks. But we must hold the good strategy and plan when taking the risks. Never make you entered in some loans for investment because it gives very risky decision. All your statement in that posting is very important and I got it. Thank you.

nice of you to suggest it! i guess our mindset matters a lot when it comes to any field where we want success and your rules include some deep psychological aspects, even subconscious related. great!

Well, these are really pretty good suggestion, especially the ones never to lose money and not to go for big. But the main point here is to remain cautious,whether the investment is big or small, not it just jump in anywhere just because it's intriguing, also not to enter in every sites cause the scammers are everywhere.

Well the real success was achieved by those people's who started investing when BTC was founded, they never thought about the risk. They were hopeful that one day it will be more and more popular, their patience gave them a loads of happiness as BTC was over the moon last year.

indeed, some of the things you reveal look very easy to do, especially for those who are used to underestimating everything. Come on, we all don't just see how short a suggestion and writing are, but we also have to know the essence of the message and it will be very difficult to do. So in essence we must be able to control ourselves from the qualities that can make us lose.

Very helpful tips
Some of them I know and do
Some have just learned
The utmost importance of learning and patience and not rushing
Thanks for the expensive tips.

I definitely agree with OP's information on the approach regarding the principles she had shared to the community and I think it is very useful to the people in this community.I think what is important is that when you invest cryptocurrency, just see to it that you were able to study the market trend of such coin. I you think the trend is good enough then you may start to invest and also, you need to consider other options and not just rely in one coin only.

Thank you very much for such a wonderful compilation! Much of this is very close to me. The things are obvious, of course, but they really work, that's what my own experience shows!

I used all of your ideas during trading and holding, it does help me a lot when i can't think properly because of too much stress of looking at the market that your portfolio doesn't even move for a good profit. And yes, patience is the only key to success that's why i am trying to control myself when i'm almost going to lose it.

You have indicated important points. I agree with you. I would also advise you to learn how to filter the news about the coin and not to panic. Some news, just to induce panic and to weed out people. Therefore, we must always be on the alert and analyze the situation well.

I love this quote though it goes in reverse because Today's losers could be Tomorrow winners that got to show that in cryptos nothing is steady, take the best decision you can today and never regret your decisions because no one can predict the crypto market, also always take your profit whenever you see them no matter how small it is, always bear in that what ever goes up will surely come down. that's crypto market for you.

Just went through the thread. I'd like to say thanks to OP for making a meaningful and helpful post as this. Even though they're not much, I'm sure these tips would come in handy for me. If not now, in the near future. For instance, greed is a major cause of loss experienced by some crypto investors and traders. If we can get it under control, we should do just fine. Overall, Thanks for the tips!

These principles are known to all smart people who earn on cryptocurrencies. But for beginners, they can be useful.

Thank you for this , it helps me a lot. It makes me realize my mistakes before and I know that I can make decision wisely now. This is what beginners need rightnow when they feel hopeless. This add a knowledge on me because sometimes I feel like I cant achieve my objectives in crypto.

many are not aware of the ability they have and this is what makes them fall in the loss. based solely on the limited knowledge but too confident in crypto even greedy. It results thus provide Boomerang worse for yourself and it's a lot to happen. many aspects that must be mastered in crypto and this will determine the outcome of this and sometimes forgotten.

I lol at the first one. "never lose your money" :D Isn't that the truth, that is absolutely perfect. Yes never lose your money, if you do not lose your money than you gain more money and become rich, such an easy suggestion, why hasn't anyone think about that before I will never know.

Return should be bigger than the risk, that is another gold one, because risk is a calculate-able thing during trading and that is why you should calculate how much risk you are taking and how much the return will be and invest accordingly, these are all so obvious things of course. "Pay taxes" is of course the best one out of them, otherwise people are running away from government and not pay their taxes and walk away with it.

Even if they don't, eventually government wouldn't collect it anyway. These are really just econ 101 things that you should tell to kids at this point, everyone knows these things by heart, do they follow them or not ? Some do, some don't but even the ones who do not follow these rules still at least know about them.

Like you said the market looks scary and we are dependent on a bull run so that the market will gear up and turn hot. As the last quarter has started and still there is no change in CMC this makes everyone panic and lot of confusion goes either to sell it hodl. I will hodl in this tough situation I believe it will recover slowly and gear up again.

There is power in failure ,don't be too scared of failing because the more you fail the more you getting better in every angle ,failure is wining ,so just keep failing ,there is a big difference in theory and practical ,find your way yourselves so as to be a better person

It's a good start up and good advice for some people invested lot of money in ico and get's scammed let's take a move on and find a good idea for putting our money in a good sense.

I think there is a one thing to summarize it all, in order to gain success in the cryptocurrency world, we should have one thing that we possess, and it is the will to continue our present condition. We should be consistent in our choices and we should be responsible about the consequences that is bound to our actions.

In fact, there are many ideas, because today we see that the market is beginning to come to life, and the implementation of new ideas may seem very, very simple, the most important thing today is worthy awareness, and honesty is the most important thing.

In my sense there are some ideas for your success when you invest in crypto firstly you should have a capacity to bear a risk, more important thing is patience and you should fully confidence on youself.

That is a simple and fine list from OP, and I would add one more to it.  Never spend the principal, only the interest.  This is similar to the old farmer's adage 'never eat your seed corn'.  If you eat your seed corn, you won't have anything to plant for the next harvest.  Your principal is the money that makes you money: it pays dividends, interest, or other depending on the type of investment it is.

Noone wants to lose their money and people are working for it to happen.
We should be wise on every decision we will make.


We are looking for great opportunity, yet we are still at risk.
In cryptocurrency everything we do is a risk to get the profit later.

That's cool ideas. I also agree with you. I myself always consider these things when going to be success:
1. Be brave, brave to take risks, brave to make a smart decision, and brave to get in the job
2. Be smart, in analyzing the strategy and making a plan for success
3. Define what we are really going to do, to have,a dn to earn
4. Never be panic and impatient, it will kill you
5. Never owe

Those are really some clever ideas. Everybody knows that being a success is not an easy thing, it needs a long process. After reading this thread, I think there are many people feel intrigued to be successful but not all of them can reach it. Why? Yeah, it depends on our step to reach it. The most important thing to get success is a strong determination, if you have this point, then you will get whatever you want.

With all glaring indications, crypto business is not all about win win mantra, it's obviously win some, lose some but it's very consequential to take congnizance of both positives and the negatives and make a clever decision for you not to record more loses than wins. 

When you are going to do any business, risk is inevitable. The key is to make a plan and act smartly. No matter what happens just move forward.

Investing in something always comes with its risks, there is no way around it. So patience and smart decisions are the best qualities and best-friends while investing.

Risk free investment is like unicorn. They dont exist. However, when it comes to panic sale, i wait till the last moment. Whether its psychological or not, this is my strategy.

When you are going to do any business, risk is inevitable. The key is to make a plan and act smartly. No matter what happens just move forward.

Try to find the valuable projects  and your investment will be rewarded just be patient  and give time to the development team to work and fulfill their promises.

in my opinion you can use different twchniques and find the best for you and i wish you good luck with your obtaining yourself

Never lose money? I dont know on how you would avoid such stuff even the most professional ones do suffer it out.

Investment/opportunities do always tied up with risk and the ratio would always be equal on what you are targeting.

If you do live on a strict country when it comes to tax then you dont have any choice.

If you do have the money then this thing would be the best thing to do.

Of course, each of us is trying to do everything to avoid deception. Today, the cryptocurrency market and the ico market of companies contain a lot of fraudulent activities and therefore many users cannot tolerate because of their experience.