Know your limits!

[cheefbuza]

I hope you are doing alright.

So I'm writing this thread especially for me to get it all out but I hope it will reach to some other people who will find it valued.
For the last few years, I got serious about economics and crypto itself, I guess it's my passion. I find everything about money, economics, technologies, companies, crypto and many more very interesting. So I decided to try my luck, to go for this. I acquired a ton of knowledge, I followed the leading personalities in the economics (not necessarily crypto) and learned as much as I can. I spent months of reading because I really enjoyed it. Eventually, no regrets. So what I am trying to say is that I told my self to get into crypto as part of investments and then move to the stocks exchange but crypto as a start. My mistake? I convinced my father to hand my few thousands to invest into cryptocurrencies, and honestly, I wasn't wrong; my actions were.
The problem is the huge need for immediate satisfaction so I couldn't really HODL I guess and lost almost all of this.

What I am trying to say over here. That, those investments are based on a lot of speculation and knowledge but not only.
Sometimes no matter how a product is good, the team is doing great and everything is perfect. Sometimes the market itself isn't perfect.
So I'm trying to tell you KNOW YOUR LIMITS. Why so? Due to the high volatility (10% up, 10% down), I got addicted to this and all I wanted is to make 2x. I felt it was so close to me (to be honest if I wouldn't touch my money and just HODL almost no matter at what coin I would at least 3x). So I changed from a coin to a coin was looking for the closest pump, for instant profit I wanted it so hard without noticing I am losing very slowly.

The economy is a very complicated thing, I kept watching multiple long videos about the economy to look what I missed.
I am just a small letter in the whole bible, so I guess it doesn't matter. People believe they are different, but usually, they are not.
Plan a strategy and more than all, be patient and do not let emotions or urges get into your actions. Investments could be very nice but sometimes risky and harmful. Cryptocurrency, for example, brought the good thing, made every single person from his bathroom to invest and become a millionaire; that's a huge great thing but if you don't follow the basic rules it can be fatal.

In conclusion, don't put yourself above other traders or investors. Don't fall into the deep water. Actions should be taken very carefully and after a long smart thinking. I wish you the best!

[Emin90]

Thanks for general advice and you're in this with you fully rights agree. no need to hurry and carefully all study and carry out the steps in accordance with their knowledge.And more patience will not interfere, you can often meet a trader knows but absolutely no patience.

 

[Leane Lee Natividad Cuenc]

Thanks for general advice and you're in this with you fully rights agree. no need to hurry and carefully all study and carry out the steps in accordance with their knowledge.And more patience will not interfere, you can often meet a trader knows but absolutely no patience.

 

Dont be so proud of yourself.always remember no one will win if you dont know how to be humble, You should not jump in your own conclusion,you should always think twice or more than that before you move and do other things especially if that matters not possible for your own good.

[CongHoan]

thank for your sharing ! It's helpful

[palle11]

I guess you were in a haste to make money from your capital and you did under study the coins you wanted to invest on and jumping in when they were already being dump, therefore, catching a falling knive.

My advise is that, you don't invest what you can not afford to lose. All that glitters is not gold.

[davis196]

Did you lost everyhting?Do you have a plan about how to recover your capital?
Your tips have little value for us,because so many people have posted the same tips here.Every trader should learn from his own mistakes.Every failure is just another step to  success.Just don`t give up and you will start making profits slowly.Why do you post your cryptocurrency portfolio here,OP?There are experienced traders,who can give you some useful tips.

[PsylockReborn]

I hope you are doing alright.

The economy is a very complicated thing, I kept watching multiple long videos about the economy to look what I missed.
I am just a small letter in the whole bible, so I guess it doesn't matter. People believe they are different, but usually, they are not.
Plan a strategy and more than all, be patient and do not let emotions or urges get into your actions. Investments could be very nice but sometimes risky and harmful. Cryptocurrency, for example, brought the good thing, made every single person from his bathroom to invest and become a millionaire; that's a huge great thing but if you don't follow the basic rules it can be fatal.

In conclusion, don't put yourself above other traders or investors. Don't fall into the deep water. Actions should be taken very carefully and after a long smart thinking. I wish you the best!

I was also in the same shoe when I started trading crypto last year. At first I was so excited seeing bitcoin pumped up and all other alt coins. It was my first trading experience and I'm very proud of myself for doing it right at the very beginning. I tripled my investment and almost lose half of it few months back when blood bath came to almost all cryptos.

I got scared and let my emotions take over me as a trader. Ignored the possibility that market will correct itself. I was so hyped with the trend so I got buried cos of greed.
Sometimes greed can make us all lose in trading. Since most all of us traders are very optimistic, we tend to get greedy when a coin pumps up we just can't stop. The contradictions from the supposedly trend just to follow our gut feeling, emotions and greed will always make us lose.

We should be glad we have experienced this kind of scenario in the cryptoworld for it taught us to be more cautious and could help us make better decisions in the future.

Patience and humility is really the key to everything. Goodluck to all of us!

[aoihs00]

Did you lost everyhting?Do you have a plan about how to recover your capital?
Your tips have little value for us,because so many people have posted the same tips here.Every trader should learn from his own mistakes.Every failure is just another step to  success.Just don`t give up and you will start making profits slowly.Why do you post your cryptocurrency portfolio here,OP?There are experienced traders,who can give you some useful tips.

He posted it here because he might want to share the thoughts I believe. It might be nothing but it could be something for those who are new to crypto trading and want to learn more and more about the crypto trading.

Anyway there is no problem in sharing such portfolio and self story as it could be learning for others as I mentioned up here. We always have to keep learning things for our good sense and increased knowledge of trading.

[peter0425]

I hope you are doing alright.

So I'm writing this thread especially for me to get it all out but I hope it will reach to some other people who will find it valued.
For the last few years, I got serious about economics and crypto itself, I guess it's my passion. I find everything about money, economics, technologies, companies, crypto and many more very interesting. So I decided to try my luck, to go for this. I acquired a ton of knowledge, I followed the leading personalities in the economics (not necessarily crypto) and learned as much as I can. I spent months of reading because I really enjoyed it. Eventually, no regrets. So what I am trying to say is that I told my self to get into crypto as part of investments and then move to the stocks exchange but crypto as a start. My mistake? I convinced my father to hand my few thousands to invest into cryptocurrencies, and honestly, I wasn't wrong; my actions were.
The problem is the huge need for immediate satisfaction so I couldn't really HODL I guess and lost almost all of this.

Sorry to hear that you lost a lot at this market. This is a very cut-throat economy. Everyone is really for the profit to make. That's why you will hear that strong hands always win and always on top.

What I am trying to say over here. That, those investments are based on a lot of speculation and knowledge but not only.
Sometimes no matter how a product is good, the team is doing great and everything is perfect. Sometimes the market itself isn't perfect.
So I'm trying to tell you KNOW YOUR LIMITS. Why so? Due to the high volatility (10% up, 10% down), I got addicted to this and all I wanted is to make 2x. I felt it was so close to me (to be honest if I wouldn't touch my money and just HODL almost no matter at what coin I would at least 3x). So I changed from a coin to a coin was looking for the closest pump, for instant profit I wanted it so hard without noticing I am losing very slowly.

Of course, for sure you should know by now that the market is based on speculation. Just one FUD and everything is gone in an instant. That's why you should not be GREEDY. Its like gambling, we all know that you can' beat the house. But you can play everyday get a margin of profit and exit immediately.

The economy is a very complicated thing, I kept watching multiple long videos about the economy to look what I missed.
I am just a small letter in the whole bible, so I guess it doesn't matter. People believe they are different, but usually, they are not.
Plan a strategy and more than all, be patient and do not let emotions or urges get into your actions. Investments could be very nice but sometimes risky and harmful. Cryptocurrency, for example, brought the good thing, made every single person from his bathroom to invest and become a millionaire; that's a huge great thing but if you don't follow the basic rules it can be fatal.

In conclusion, don't put yourself above other traders or investors. Don't fall into the deep water. Actions should be taken very carefully and after a long smart thinking. I wish you the best!

Entry and Exit strategy is a must in this market. With so much volatility and manipulators you need to carefully plan your every move and get out as soon at you hit your target. Again, you don't need to be greedy. As long as you are getting profits then get out before your emotions take over, your decisions clouded and at the end lose everything.

[LodisMcguire]

Yes you're right,don't be tempted to risk your money by hoping it will doubled in short amount of time.Patience is the key,i know it can be scary when the price keep falling,but keep believe it will rise eventually,don't give in.Never use all your money into crypto,just invest enough so it can't be a hindrance to your daily life.

[harizen]

In conclusion, don't put yourself above other traders or investors. Don't fall into the deep water. Actions should be taken very carefully and after a long smart thinking. I wish you the best!

But on the other hand, sometimes it's good that others will be like that (not just lots of times).

Why? To feel the actual output of being driven by hype and speculation. To really experienced what things done by riding a wave, a trader must put themseleves on the current and let that current leads them to a specific point of "destination". After reaching the destination, there are things thaat will happened and that will now be part of the experienced of that trader.

What I mean here is, sometimes a trader must be on the actual problem for them to realized what things should be done on their future trading decision.

[malikusama]

What i have observed from your whole story is you lack the basic needed power in trading i.e "patience".
Every beginner dreams about 2x or 10x in a single night but unfortunately they don't have too much skills to make it happen.
These beginners (including you) usually go towards the pump and dump schemes to earn as quickly as they can, which is infact the worst idea.

Anyhow i somehow agree with "Know your limits" because Crypto market is too much unpredictable so you should not invest what you can't afford to lose.

[richardsNY]

Sometimes no matter how a product is good, the team is doing great and everything is perfect. Sometimes the market itself isn't perfect.

I agree. That basically applies to all investments, but what I see a lot here on this forum specifically, is how people believe to have found a goldmine ICO, which is purely based on the people behind the project and the idea/concept itself. They completely ignore all the variables that in some cases are even more important than the project itself. I have always found it weird to see people have so much faith in certain ICO's, while it still is nothing more than a gamble, just like all other ICO's. If people acknowledge and accept the risks of such an investment, then it's all good, even when things don't go according to plan.

[Chikitita2004]

Thanks for general advice and you're in this with you fully rights agree. no need to hurry and carefully all study and carry out the steps in accordance with their knowledge.And more patience will not interfere, you can often meet a trader knows but absolutely no patience.

 

Dont be so proud of yourself.always remember no one will win if you dont know how to be humble, You should not jump in your own conclusion,you should always think twice or more than that before you move and do other things especially if that matters not possible for your own good.

I dont think he’s proud in what he said. He thanked the author even. He was just neutral and right in what he said. He is right we all need to be patient and no need to hurry. I shoukd thank the author too, what he shared is based on his own experience.

[coolcoinz]

I was doing that for some time. Watching the price, trying to calculate gains and losses, counting Bitcoins in fiat.
As a matter of fact you're wasting time watching the price of Bitcoin because you're worried that this is the most volatile investment and you're looking at fiat money like they were a safe haven that can save you from losing money when cryptos go into bear market. It's the other way round. If you're 100% in fiat money you're the biggest loser. Start looking at crypto as the safe haven. It will probably be the best investment in your life.

[herecomesjohnny]

A lot of people are trying to copy the progress and advances of the big whales which are putting their tutorials of the proper investing everywhere on the web. The problem is that a lot of this advice come from the false millionaires which have just copied someone else advice an showed it to the crowd. Many newbies are attracted by the bits of advice which are promising the easy profit in the crypto market.

Newbies can in most cases be disillusioned because of their own unknowledge. Everyone that is investing in the crypto should know his/her own limits and only invest the balance that he/her can afford to lose. Investment is risky and not knowing the limits is fatal as the OP said.

[ironman2014]

It's always better to learn from other people's mistakes than to do them yourself, thank you for sharing your story, there is something to think about before "making" money in crypto )

[carlfebz2]

What i have observed from your whole story is you lack the basic needed power in trading i.e "patience".
Every beginner dreams about 2x or 10x in a single night but unfortunately they don't have too much skills to make it happen.
These beginners (including you) usually go towards the pump and dump schemes to earn as quickly as they can, which is infact the worst idea.

Anyhow i somehow agree with "Know your limits" because Crypto market is too much unpredictable so you should not invest what you can't afford to lose.

"Patience" is always be the main issue on here on where most people do failed out to have when they are just starting out.We would really make false moves or mistakes which is normal since we are just new into this thing and we should really expect and accept those mistakes further more for us to be a better trader later on.Dont give up as long you can able to manage your funds well and not busting it all out.You might lose up some amounts but the learnings you have gained or experience is priceless.

[ylnar123]

I hope you are doing alright.

So I'm writing this thread especially for me to get it all out but I hope it will reach to some other people who will find it valued.
For the last few years, I got serious about economics and crypto itself, I guess it's my passion. I find everything about money, economics, technologies, companies, crypto and many more very interesting. So I decided to try my luck, to go for this. I acquired a ton of knowledge, I followed the leading personalities in the economics (not necessarily crypto) and learned as much as I can. I spent months of reading because I really enjoyed it. Eventually, no regrets. So what I am trying to say is that I told my self to get into crypto as part of investments and then move to the stocks exchange but crypto as a start. My mistake? I convinced my father to hand my few thousands to invest into cryptocurrencies, and honestly, I wasn't wrong; my actions were.
The problem is the huge need for immediate satisfaction so I couldn't really HODL I guess and lost almost all of this.

What I am trying to say over here. That, those investments are based on a lot of speculation and knowledge but not only.
Sometimes no matter how a product is good, the team is doing great and everything is perfect. Sometimes the market itself isn't perfect.
So I'm trying to tell you KNOW YOUR LIMITS. Why so? Due to the high volatility (10% up, 10% down), I got addicted to this and all I wanted is to make 2x. I felt it was so close to me (to be honest if I wouldn't touch my money and just HODL almost no matter at what coin I would at least 3x). So I changed from a coin to a coin was looking for the closest pump, for instant profit I wanted it so hard without noticing I am losing very slowly.

The economy is a very complicated thing, I kept watching multiple long videos about the economy to look what I missed.
I am just a small letter in the whole bible, so I guess it doesn't matter. People believe they are different, but usually, they are not.
Plan a strategy and more than all, be patient and do not let emotions or urges get into your actions. Investments could be very nice but sometimes risky and harmful. Cryptocurrency, for example, brought the good thing, made every single person from his bathroom to invest and become a millionaire; that's a huge great thing but if you don't follow the basic rules it can be fatal.

In conclusion, don't put yourself above other traders or investors. Don't fall into the deep water. Actions should be taken very carefully and after a long smart thinking. I wish you the best!

That would be right, in crypto your actions reflect directly to your output. Actions should be taken seriously and slowly in order to have the full edge of your investment. There is a volatility in cryptocurrency that is why hasty decisions will lead to a lose of your investment. Before going to crypto it is better to read, research and study how the marjet moves and how crypto works in our society so that losses will be minimized.

[dunfida]

What i have observed from your whole story is you lack the basic needed power in trading i.e "patience".
Every beginner dreams about 2x or 10x in a single night but unfortunately they don't have too much skills to make it happen.
These beginners (including you) usually go towards the pump and dump schemes to earn as quickly as they can, which is infact the worst idea.

Anyhow i somehow agree with "Know your limits" because Crypto market is too much unpredictable so you should not invest what you can't afford to lose.

"Patience" is always be the main issue on here on where most people do failed out to have when they are just starting out.We would really make false moves or mistakes which is normal since we are just new into this thing and we should really expect and accept those mistakes further more for us to be a better trader later on.Dont give up as long you can able to manage your funds well and not busting it all out.You might lose up some amounts but the learnings you have gained or experience is priceless.

Not only patience but also the emotions involve on doing trading this is also a great factor that do affect your trading habits or strategies.If you dont have proper control and dont plan on risk management then most of the time you will fail out on doing trading.Take this as a lesson learn for you rather than on giving up directly because you lose out on your first try out.