Wenbing (OP)
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There is gold in volatility..
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May 09, 2020, 04:42:51 PM Last edit: May 10, 2020, 05:10:41 PM by Wenbing |
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As we approach a new week, I've been pondering on the crypto trading and exchange. I'll also focus my research on these areas this new week.
Generally, I want this trend to be a discussion about what one has learnt in the game of investment either in crypto or in other businesses.
I'll start by commenting the one lesson I've learnt when it comes to investment generally.
The Uncertainty Factor:
Investment always have element of uncertainty. Its always based on speculation of success which may not always be so.
So, its a game with two tails....success and failure.
What is your own one big lesson?
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Slow death
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May 09, 2020, 04:59:02 PM |
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my big lesson is probably something that has happened to many people:
when I started to trade I had some habits that don't let me think correctly, I bought bitcoin for $8000 for example and when the price dropped to $7800 I still believed that the price would go up again. When I woke up the next day the price had already dropped to $7200 and I still believed that the price would recover, it would pass a few days and the price would drop to $6800, I was irritated by it ... until I sold it and the next day the price started to rise to the point of exceeding $8000. it happened to me more than 10 times until i started using Stop - Limit and that's how the cycle of losses ended, but i must say it was a great lesson i learned and it took a long time to learn
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Yogee
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May 09, 2020, 04:59:53 PM |
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Did you really invest in bitcoin or in other cryptocurrencies? I am asking because I cannot tell if you are an actual investor asking for user's personal experience or someone who only read a book or an article.
My biggest lesson is to have a plan and follow it. I've been burned before because I got a little greedy.
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pakhitheboss
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May 09, 2020, 05:12:32 PM |
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Interesting question!
There are many but, the biggest of them all is patience. You need lots and lots of patience and success will follow. As a investor and business man for me patience has always been profitable.
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gentlemand
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May 09, 2020, 06:23:15 PM |
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When it comes to buying or selling then if you do the exact opposite of what your emotions are telling you to do the chances are high that you'll do very well.
I can't manage it. Very few others can either.
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canaris1985
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May 09, 2020, 07:39:08 PM |
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It's kind of non-technical, but important lesson. I've learned to detach (to the degree that I can) emotionally from things that I can not control, and, which is equally important, learn from my mistakes instead of dwelling on them. When there's money at stake, you learn faster
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Sanugarid
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May 09, 2020, 07:49:03 PM |
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my big lesson is probably something that has happened to many people:
when I started to trade I had some habits that don't let me think correctly, I bought bitcoin for $8000 for example and when the price dropped to $7800 I still believed that the price would go up again. When I woke up the next day the price had already dropped to $7200 and I still believed that the price would recover, it would pass a few days and the price would drop to $6800, I was irritated by it ... until I sold it and the next day the price started to rise to the point of exceeding $8000. it happened to me more than 10 times until i started using Stop - Limit and that's how the cycle of losses ended, but i must say it was a great lesson i learned and it took a long time to learn
It happens to me a lot in trading with bitcoin. You could've make a profit out of that drop mate if you are doing futures trading imagine from $8K to $6.8K it is a huge drop you could have double your capital in 25x cross leverage or make it x5 with 125x leverage but that's too risky haha. This goes the same as what I have learned with bitcoin, as I am doing margin trade I always get easily scared when the price is dropping or increasing drastically in opposite to my trade then when I start to finish trade it will go to my direction, it was like something is wrong with the platform but the truth is it is just a unlucky trade.
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Gozie51
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May 10, 2020, 03:17:23 PM |
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I have seen that I have no control of how my coins will rise or fall. The decentralization is a big factor and since no regulations, it is easier for price to do whatever. I also try to minimize my losses by not being greedy because I have had a time that it was difficult to come back from losses.
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wingfield_crypto
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May 10, 2020, 04:18:10 PM |
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One lesson I learned from Bitcoin is that you need to be very knowledgeable when investing. I started investing in crypto, hearing that I make a lot of money from it, but I hope to make a quick profit. When I saw that the BTC price fell below the investment price, I panicked and sold. But I learned from my mistakes and I realized that you have to be patient. I also learned that people with influence misinform the general public and discourage them from investing in BTC just because they have certain financial interests.
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Festac
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May 10, 2020, 04:34:41 PM |
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The biggest lesson I've learnt so far in crypto investment and trading combined is patience, Bitcoin is volatile, that's certain but we can't get or predict when price will rise or fall, but these two will eventually happen isn't it? Bitcoin is time game, you lose today you recover tomorrow, days, or in weeks later
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The Cryptovator
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May 10, 2020, 04:43:21 PM |
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My big lesson is about greed when I were newbies on the crypto. During last bull run on 2017 I had 1.5BTC with me and I had been waiting for more increase even from ATH. I had bought that btc around $5K/$6K but didn't sold that time due to greedy behavior and I wasn't much experienced about bitcoin price trend. When BTC dumped from ATH I had wait for recover again and I repeat again and again that's how my portfolio of trading become 0.1BTC and I am quite far from trading lately. Just holding some shitcoins and waiting for recover my funds.
My lesson is anyone who in crypto should avoid greed and ake profit whenever you can. Shouldn't wait for big movement. And now, wherever I earn or I have I always sell them with reasonable price, I am not waiting anymore for bump.
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BrewMaster
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May 10, 2020, 04:49:33 PM |
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the biggest lesson which i am sure everyone else also learns very soon after they start is that whenever it comes to buying bitcoin or not buying it and bitcoin's price i should never pay any attention at all to what other people say. specifically when those people are referred to as "experts" i should run the other direction because they are trying to scam.
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There is a FOMO brewing...
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20kevin20
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May 10, 2020, 04:57:07 PM |
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When it comes to buying or selling then if you do the exact opposite of what your emotions are telling you to do the chances are high that you'll do very well.
I can't manage it. Very few others can either.
Reminds me of a quote from "The Good Psychopath's Guide to Success". Don't have the book anymore to quote it precisely but it was something like "The best thing you can do to succeed is trying your best to fail", giving an example of a study that was done on a group of men challenged to get rejected as many times as possible from girls in a bar/club, the one with most rejects winning the challenge. Got harder to get rejected the more they tried to. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
The biggest lesson I have learned is that Bitcoin is and will always be the king of all cryptos defeating all the awaited deaths, finishes, scams or all the other things some thought would be imminent and lead to the end of the top crypto. Alts may sometimes get you very nice profits but overall, whoever holds only BTC will survive most of the times. When it goes down, the rest follow at a much more brutal pace.
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Wenbing (OP)
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May 10, 2020, 05:15:26 PM Last edit: February 26, 2021, 01:24:50 PM by mprep |
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my big lesson is probably something that has happened to many people:
when I started to trade I had some habits that don't let me think correctly, I bought bitcoin for $8000 for example and when the price dropped to $7800 I still believed that the price would go up again. When I woke up the next day the price had already dropped to $7200 and I still believed that the price would recover, it would pass a few days and the price would drop to $6800, I was irritated by it ... until I sold it and the next day the price started to rise to the point of exceeding $8000. it happened to me more than 10 times until i started using Stop - Limit and that's how the cycle of losses ended, but i must say it was a great lesson i learned and it took a long time to learn
This your comment makes my day and it excites me a lot. So, you mean there is a way to stop loss or minimise loss. Can you help those of us that are just starting out with materials to learn about the stop-limit strategy. I certainly believe that it'll be superb to learn how to manage risk from day one.
Did you really invest in bitcoin or in other cryptocurrencies? I am asking because I cannot tell if you are an actual investor asking for user's personal experience or someone who only read a book or an article.
My biggest lesson is to have a plan and follow it. I've been burned before because I got a little greedy.
I'm an entrepreneur that know a lot about practical investment, so I'm speaking from that angle. The crypto investment is a new field I'm trying to learn how to play in and I've read up articles and discuss with the great minds here as per journey so far. Hope you're cleared [moderator's note: consecutive posts merged]
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adnet
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May 10, 2020, 05:29:26 PM |
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If I invested in 2011, the biggest lesson and achievement would be not to trade bitcoin at all. Find a good passive income and enjoy your property. And the biggest investment lesson after 2014 is a few projects and coins in which it was necessary to invest all available bitcoin reserves. To enjoy property and freedom.)
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coolcoinz
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May 10, 2020, 05:50:23 PM |
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My biggest leasson was to not get involved in any schemes, ways of getting money fast, multiplying an investment and so on. Whenever you send your coins to a centralized exchange, a cloud mining site, you name it, you put them at risk. Bitcoin is going to appreciate in value by itself, you don't have to do anything with it. All those things that people are told, that you have to put your money to work to profit, that you have to differentiate, are not worth a penny.
So, from a perspective of someone who held coins for 5 years and built a portfolio from scratch: Don't try to reinvest your investment, don't overthink it. You're already in one of the most risky, volatile and also profitable markets in the world. Don't let some fools tell you that you have to day trade, gamble, buy altcoins, invest in a ponzi scheme, mine, cloud mine, stake, and so on, to make money!
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finaleshot2016
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May 10, 2020, 08:21:01 PM Last edit: May 10, 2020, 08:32:40 PM by finaleshot2016 |
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my big lesson is probably something that has happened to many people:
when I started to trade I had some habits that don't let me think correctly, I bought bitcoin for $8000 for example and when the price dropped to $7800 I still believed that the price would go up again. When I woke up the next day the price had already dropped to $7200 and I still believed that the price would recover, it would pass a few days and the price would drop to $6800, I was irritated by it ... until I sold it and the next day the price started to rise to the point of exceeding $8000. it happened to me more than 10 times until i started using Stop - Limit and that's how the cycle of losses ended, but i must say it was a great lesson i learned and it took a long time to learn
Is this is a sign for me to stay calm? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) I failed to convert my BTC because I was sleeping at the time when the BTC goes down the $8k mark and I still regret it. I do hope BTC's going back to a $9.8k high, so halving is one of my excuses for holding it off. Recently, I began to think that I should sell it now because it's going down to a $7k peak, but I remember that BTC was really playful, it's going down, then after a couple of days or a week, it's going to go up. Thank you for your insight, I'm still doubting, and thankfully I've read your post, and it's going to serve as a reminder for me too.
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thesmallgod
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May 10, 2020, 09:02:59 PM |
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The biggest lesson is not to put all my eggs in one basket and not to believe anybody you meet online when money is involve because people will go as far as possible to rip you and take the little you have if you give them the chance and lastly, I learn not to rely on you effort you put in promoting a project because you can be disappointed
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pixie85
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May 10, 2020, 09:47:06 PM Merited by gentlemand (1) |
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I've learned to be calm when Bitcoin drops and ready to buy every time it goes down by a lot like 40-50%.
Usually at times like these people feel like it's the end of the world and only write threads about the end of Bitcoin. The press isn't helping too, but this is the time when you should buy. First time it went down I was scared like the rest, but I still bought some and did great. It taught me not to trust others but myself.
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shield132
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May 10, 2020, 10:13:02 PM |
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When it comes to buying or selling then if you do the exact opposite of what your emotions are telling you to do the chances are high that you'll do very well.
I can't manage it. Very few others can either.
From my view when I do opposite of what I think at the moment, then I absolutely do opposite of my opposite thinking and so on endlessly. Personally what I learned and I would call it the biggest lesson, is following: It's never too late to hold your bitcoins. Well, I am against money holding for a long time but what I mean is that during bad moments you shouldn't sell your coins. Keep bitcoins as a dedicated money that you won't use for daily or some other needs, think that those coins are lost and remind them when price will be high. That works!
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