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Author Topic: TUTORIAL: How (not) to get REKT  (Read 81 times)
CryptoSheikh
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August 16, 2018, 10:34:54 PM
 #1

Jack Ma advises to learn from others' mistakes rather than their success stories.

So i kindly ask you, guys, to share your biggest mistakes (or mistakes that you think the others can avoid) in trading, securing your coins and etc. in this thread. I hope "new comers" will be able to learn a lot from this thread  Smiley


Let's begin with me: Mine is almost a cliché but still there are a lot of people who do this mistake - I blindly followed some traders on twitter which cost me 30-40% of my funds
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wvizmanos
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August 16, 2018, 11:57:52 PM
 #2

If you feel there's a hype going on with your invested coin/token, try not to miss the ride. I missed this in one of my coins and now it's only worth 1/10 of the original value, when I could have had it for ten-folds if I was able to ride the hype.
molecularman
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August 17, 2018, 12:38:03 AM
 #3

My biggest mistake is not listening to things that get said often.

If you spend enough time around forums you'll start to read the same stuff.      Towards the end of Dec. I was hearing a lot about how the price isn't sustainable and folks should take profit.  I wasn't really in a position to do that, but still.

When people were shilling AntShares (NEO)  really hard and the price went from 1-2USD to over 100.    That one hurt. 



On the other hand - the best way to not get REKT  is to  1)invest what you can afford to lose 2) research research research 3) only invest in projects you really believe in 4)  hodl for the long term.        85% of the time it works every time.

shade jenn
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August 17, 2018, 01:49:27 AM
 #4

Jack Ma advises to learn from others' mistakes rather than their success stories.
~snip~
Yes thats good quote, im totally agree with it.
My biggest mistake is a feeling of greedy.
on December last I made a big profit with the price increase in cryptocurrency, but I did not immediately withdraw and i continued my trading.
But suddenly the price falling down, but i keep hold it because i believe the price will bounce back, indeed the price is bounce back, but then the price was going down lower and lower again. Until now, i lost almost 90% of my capital because of that.
So i regret of my greedy and did not immediately withdraw it.
engrawaz
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August 17, 2018, 02:41:12 AM
 #5

It is extremely hard to make money in this bear market, especially if you are starting new and learn on the go.
I prefer to be late for the bull market rather than to invest in the bear market at all.
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August 17, 2018, 06:46:36 AM
 #6

Make sure you have a complicated password that you don't use elsewhere.
Consider using a unique username that is unrelated to your email and other accounts you own.
Consider changing your password periodically.
Don't reuse your password on other sites.

I know this from personal experience...
My account on bitcointalk was compromised and they changed the email address so I can't reset it! Just yesterday I messaged the admin Cyrus with a signed message from the first bitcoin address I posted on the account. I still haven't heard back from Cyrus, but I hope he sees my message soon. The person who took over my account doesn't seem to speak English as a first language, and even features a different identity now...he's spamming for some bounty campaigns, but he left all my old posts unaltered. Luckily I still own the bitcoin address and private keys posted by my account to sign and verify a message using that. It still sucks though. You don't want this to happen to you. I don't think I even got an email saying my account's email and other things had changed, at least I didn't see it. So again:

Make sure you have a complicated password that you don't use elsewhere.
Consider using a unique username that is unrelated to your email and other accounts you own.
Consider changing your password periodically.
Don't reuse your password on other sites.



^^>^^^^>^^^^^^>^^^>^^^^>^^^^^>^>^^^^>^^>

Help!

My bitcointalk account kworrom was stolen from me!

      Help!

I have messaged admins Cyrus and Theymos with a signed bitcoin message, but no reply!

            Help!

I have messaged Hilariousandco and mprep about suspending the person who stole my account, but no action taken!

                  Help!

I've posted a public signed BTC message and link to and unedited message where I posted address as kworrom: https://bitcointalk.org/index.php?topic=4864633.msg44391814#msg44391814

                        MY ACCOUNT KWORROM WAS STOLEN! PLEASE HELP!

-----BEGIN BITCOIN SIGNED MESSAGE-------------------------------------------------------------------
This is morningcoffee. My account kworrom was stolen. Please help! This message was created on 9/20/18.
-----BEGIN SIGNATURE----------------------------------------------------------------------------------
189EGkRQHkzPwqrzvaabgAVj696eL6uQeB
HGs4ofERMfkg+yo8E2+HxRsfYxdr8xmfRuGdIB0CMJL4eAIZzicdvnMlJ6WzxvXr9q2hrXblDcLIBN5iLBWSGTM=
-----END BITCOIN SIGNED MESSAGE----------------------------------------------------------------------

AN UNEDITED POST WHERE I USED ADDRESS: https://bitcointalk.org/index.php?topic=246400.msg2633111#msg2633111
jossiel
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August 17, 2018, 09:04:08 AM
 #7

I'm encouraged before to follow those crypto influencers on social medias, youtube and any other channel, But the good side is that there are people that gave warning that they will just ask us to buy those coins that they've invested.

I guess my biggest mistake before was when I'm so very immature that whenever I see some negative fluctuations that triggers me to sell immediately at low and never buy back. I've learned from that mistake though and it taught me a lot that whenever the market swings, don't be discouraged.

And holding is a serious matter, it may sound odd to others but this is the key to success from what I've learned.

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[/]
souleater1494
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August 17, 2018, 11:46:22 AM
 #8

I thought this is a tutorial but i only sees your mistakes ! I have read many articles to never rely your trading to such people who post their coins !
Obiwankenodium
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August 17, 2018, 01:54:52 PM
 #9

My biggest mistake was not using a stoploss. Could have saved me a lot of losses and bags.

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August 17, 2018, 09:23:02 PM
 #10

Jack Ma advises to learn from others' mistakes rather than their success stories.

So i kindly ask you, guys, to share your biggest mistakes (or mistakes that you think the others can avoid) in trading, securing your coins and etc. in this thread. I hope "new comers" will be able to learn a lot from this thread  Smiley

Let's begin with me: Mine is almost a cliché but still there are a lot of people who do this mistake - I blindly followed some traders on twitter which cost me 30-40% of my funds

You learned the hard way that trading isn’t easy, and requires a profitable system that can cut your losses quickly. It’s no surprise that most traders actually lose money, because they trade blindly based on emotion.

When it comes to trading, stay away from altcoins until everything is bullish again. Altcoins get massacred during the bear markets.

When it comes to security: Don’t use exchanges as wallets. Get your own dedicated desktop wallets. And you should also start keeping most of your coins in cold storage, in case your intenet-connected PC gets compromised.

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