Learning from mistakes

[pawanjain]

Hi Pawan, we all have faced such hard luck. Let me tell you my story.

When I had purchased my first apartment back in 2017, I had liquidated my entire crypto holding to pay off 20% co-pay value and the stamp duty. I didn't think long term.

Today the same amount of crypto will pay off my entire mortgage and also help me to purchase a bigger apartment.

Lesson learnt so I am not selling anymore. Hard luck mate!

Just today I saw one post which really struck me and so I have come back here to let everyone else know.
One person used his bitcoin to pain his house and shared it with the community that he has used his long term bitcoin holdings to do that.
The goal is not to die having the most bitcoin but to live the best life using your bitcoin.
This is something we all should understand and yes I encourage people to use bitcoin to solve their life problems when there's no other option available.

[XXKK-Exchange]

Same here, my biggest loss came from overtrading, not scams. I tried to time the tops and bottoms but only ended up losing a big part of my stack.
Lesson learned: patience > panic. Holding long term would have given me much better results.

[IIrik11]

Same here, my biggest loss came from overtrading, not scams. I tried to time the tops and bottoms but only ended up losing a big part of my stack.
Lesson learned: patience > panic. Holding long term would have given me much better results.

time in the market > timing the market

is what the stock gurus say, applies perfectly to almost all investments, me thinks

[henmark]

That's actually a very common mistake, most of us will to. I might say it also is followed by FOMO where we don't really want to miss selling at peaks and buying back at dip. But, this is not always a good option as we will never know when exactly we experience the peak or dip. I have done similar mistakes in the past but I can say that these mistakes have taught me to have more patience and keep our emotions away from the trades.

Back in 2017, I ended up buying at extreme peaks which if I remember correctly was above $20k but bitcoins started dumping and were closing at around $3k that time. I panicked and sold all my coins and decided to never invest again. But as we all can see, after a couple of years, $20k feelings like nothing as we already are past $100k. Imagine if had patience that time? This was my biggest mistake and I will never do it again and I'm pretty sure even you won't do this mistake again.

[marcus222]

Ouch, that’s rough but a really common story in crypto. Trying to time the market often backfires, even for experienced traders. The lesson is clear: if you believe in your coins long-term, sometimes holding through volatility is better than chasing profits. Painful, but it builds discipline and patience.

[TSen]

Ouch, that’s rough but a really common story in crypto. Trying to time the market often backfires, even for experienced traders. The lesson is clear: if you believe in your coins long-term, sometimes holding through volatility is better than chasing profits. Painful, but it builds discipline and patience.

Long term holding is always the key to avoid such losses but the thing here is that we have to hold for a very long time and also sometimes we have to forget about the amount we invested. We can come back after a few years and see the profits but for these few years we will have to be really patient and try not liquidating our positions just because we have some urgent need of money.

Holding positions for long term will build discipline and patience but it does not come naturally. We have to work on it by making sure we do not close the positions in loss and keep holding.