Basics things to note before venturing into crypto

[Alisha-k]

1) you don't always make profits, they're huge losses too, I've lost $300 twice in different occasions, so it's not always Rossy, there are hard time too.

2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

4) You need to be obedient and humble, it's one thing to have a mentor and another thing to take heed to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.

[CryptopreneurBrainboss]

Sorry for you lost but first of course, this is a public forum, so try using the globally accepted currency which is the US dollar so people can easily understand you.

Secondly don't Invest funds you'll need urgently be it in trades or investing, that way you won't be pressured to sell if the market is experiencing some downward moment.

Thirdly, you don't need anyone to make calls for you, you can analyzed the market yourself. Just take out time to learn the skills and if you're not yet good at it don't start trading, simply invest and hold. You need a mentor to teach you how to trade and not to give you free calls, there's no gain in that as the professional can also be wrong and when that happens, you stand to gain nothing (no experience or profit).

Fourthly, again you shouldn't rely on anyone in this industry, things here can be learnt with time, you just don't have to be greedy and want to earn without learning. Sorry for your loss but this mistake of yours was quite avoided and it seems you're on a path of making other mistakes unless you change your reasoning of relying on free calls.

[cryptoaddictchie]

I guess most have experience the same with you including us. I also loss countless times and too many money have been burned through wrong doings. I guess everyone will go to that path at some point but of course we arent gonna be like that always. There will be time to have some moment where we could appreciate our gains and also learned something from trading.

Experienced is always the best teacher and we knew that so learn from it while were doing it. Dont waste time amd not grasp anything from each time we made mistake.

[mk4]

Fun fact: these things don't even solely apply to bitcoin or cryptocurrencies. It applies with other ventures like starting a brick and mortar business as well.

And yea, there's nothing really new here.

[lovesmayfamilis]

I like the fourth tip that people often give, but do not understand the very essence of this advice.
My opinion is not to cling to everything that promises a profit. Sometimes it is worth weighing all the pros and cons several times and only then decides for yourself whether this is worth the money, your reputation, and so on.
It is rightly said that we must be patient. Only a calm and confident person will do full research before investing, learn as much as possible about the project, and only then will he decide on participation.
But the promise of money overshadows the eyes of people, this leads to mistakes that often have to be regretted for a very long time. And as a result of this message will be the conclusion, that discipline in almost everything, will always bring the mind and life of a person in full order.

[tranthidung]

2) Trading Cryptos need PATIENCE, I once lost over 5million Naira just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

You did not lose anything.

You only got less profit than you should have if you sold your coin a few days later. Anyway, profit is only profit when you officially take it. You can not say you lost profit because you sell it earlier than ATH or peak.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....

A good mentor will teach you about psychology of market and how the market works with psychology of investors. You don't have to know or predict when a coin will pump because you can do it correctly all times.

The bottom line is do your own research, make fundamental analysis and choose good coins for your portfolio. Next, wait and have patience as you said. That's enough.

[Pmalek]

The headline is wrong.
Those advice you give only works for people who trade cryptocurrencies. And most people do that without any prior knowledge or experience. That's why people lose money. People also lose money because they gamble with unknown coins and unlisted tokens expecting higher returns. But many times those returns only turn into bigger losses.

Owning crypto and trading (especially day trading) isn't the same thing. Don't invest in crappy projects, stick with Bitcoin and maybe (only maybe) some of the more popular alts. Understand that the market moves in the direction that Bitcoin moves, so there aren't many reasons to look for something that will act differently from that trend. If you don't day-trade and gamble with your money, there wouldn't be a need for a trading guru or mentor to help you out. 

[aoluain]

Seems like the OP is talking primarily about "trading".

So many newbies think that because crypto is decentralised they have access
to this ever generating wealth machine, but it isnt that easy. Trading is just one aspect
of Crypto.

I was expecting the basic things to note before venturing into crypto to be:

1. Stay away from every $hitcoin and focus on Bitcoin

2. Understand how Bitcoin works

3. Take ownership and secure your Bitcoin after buying

4. Hodl until you are knowledgeable about trading, or just Hodl

[ifarted]

1) you don't always make profits, they're huge losses too, I've lost 150k twice in different occasions, so it's not always Rossy, there are hard time too.

2) Trading Cryptos need PATIENCE, I once lost over 5million Naira just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

4) You need to be obedient and humble, it's one thing to have a mentor and another thing to give here to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.

Finding an experienced or expert mentor gives you an advantage because they will guide you on your juorney to become a good trader.

On the other side, if you intends to do it on your own when you're a newbie you'll end up being swallowed by the greediness that you have itself and lost all of your assets because of scams. I'm not really saying that trying it for yourself is bad, it's just very risky and you will have two results ahead to worry, it is to trade successfully or the result of your lost. If you're not sure ask for help, it is the best option that you will have.

[Lucius]

1) you don't always make profits, they're huge losses too, I've lost 150k twice in different occasions, so it's not always Rossy, there are hard time too.

It's not clear to me if these 150k are in $ or your local currency which is a big difference if we consider that 150k Naira is currently around $360. I guess this is the latter though, because I doubt you have $300k as a relative beginner.

2) Trading Cryptos need PATIENCE, I once lost over 5million Naira just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

If I understand the situation well, you did not lose anything, you just failed to make a profit due to a wrong assessment. It’s the same as someone saying he lost hundreds of thousands of dollars because 5 years ago he sold several BTCs that are worth $50k each today.

Basics things to note before venturing into crypto

Also (although unrelated to trading) everyone should ask themselves whether they want to promote scams or not in order to make a profit. Your signature also says more than clearly that you have not adopted some basic things.

[Taskford]

1) you don't always make profits, they're huge losses too, I've lost 150k twice in different occasions, so it's not always Rossy, there are hard time too.

That's why learn to sell when all is at the hype and learn to buy when everyone is at fear since if you do this for sure you will always get a higher chance to win on your trades than lossing.

2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

Also take this word "profit is profit" don't regret if you sold early while it continuously pump since this feeling will make you greedy on next time around so learn to settle and enjoy the profit you can get on your trades.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

Not everyone has an access to have a mentor so best to thing to do is do your own research, read some post or articles on why people losing their money on trades and learn to do technical analysis since this will really help you.

4) You need to be obedient and humble, it's one thing to have a mentor and another thing to give here to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.

Don't rely on your mentor, trust yourself and everything will follow. Always listen to your god feel but if someone gives you an advice either from your mentor or not take it as a basis but still do your own research then decide on what you plan you execute on your trades.

[Luzin]

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

I think this is not mandatory. Currently looking for a mentor is also not free. Maybe if you have good friends, they can teach you. But yes you have to understand they will not teach you as much detail as a mentor. But at least if you ask a friend maybe you will be given an answer. The best lesson is that you seek and experience for yourself. Because that's what I do. It will go deeper into your mind. I learned from friends and was self-taught and I thought it worked quite well. It seems that the most important thing is the will and mentality to never give up. Furthermore, if there is a loss then it is natural but then we must be able to cover the loss. (IMO)

[sheenshane]

First, welcome to the forum, and sorry to hear your losses, it might you didn't understand yet how crypto works.
I won't answer the first one because it's unclear and I don't understand what you meant.  It's about the dollar or your local currency.

2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

It's unclear again, but I assumed that you're holding altcoins, not Bitcoin.  IMO, it depends on the coin if that is worth it to hold and have patience on it.  Not all coins deserve to have patience and wait, I rather invest in Bitcoin and hold until my profit were there because I know I have an assurance that I will be able to gain profit when the bull trend comes.  Otherwise, have good research of what coin that you hold will probably reduce risk on your side.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

No, I doubt that possible this you called mentor might belong to the pump and dump group which leads you to a massive loss if you missed them.  It's your money to risk, don't ask other people regarding your financial investment.  Do your own research instead and might help you to boost your knowledge in the future.

4) You need to be obedient and humble, it's one thing to have a mentor and another thing to give here to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.

It's not necessary when you yourself have been already oriented, because I'm worried that someday the one who called you a mentor will abuse your kindness.  We shouldn't trust anyone when it comes to financial status.

Basic knowledge is very important in crypto and it's better not to rely upon others' opinions nor having them on your own.

[Oceat]

Newbies need some guidance if they are venturing in crypto with little less knowledge because they won't survive in this market on their own. You would be consider lucky if you got someone who wants to help you in this very volatile market that would lead you to the right path. Of course, trading isn't that easy especially if you are lacking of experience and knowledge then the one thing that most likely you will do is to sell early because you don't know what to do and you get impatient. It should be a hard lesson to you OP, if are venturing alone the same goes to someone who's most likely new to this market.

[Lucius]

First, welcome to the forum, and sorry to hear your losses, it might you didn't understand yet how crypto works.

Some may say that it is never too late to welcome someone, but the OP is on this forum for almost 1 year. Before answering someone's post, I would advise checking the profile of the member in question, and there you can see some things that I have already mentioned (trust score), but also that (at least by profile) OP has a birthday today.

[hatshepsut93]

You can't become a successful trader by taking random bits of simplistic and overly general advice from a forum. I'm sure you had the best intentions when you created this threat, but it's really not going to help anybody.

There's way too many posts about trading on this board, which just confirms that most people come to Bitcoin to simply make profits.

[passwordnow]

I think the majority of us got losses before we've found our safe haven in investing in cryptocurrencies. It's a pretty normal thing to loss especially if there's no one that have you on back. I've also that the same mistake of selling very early, it won't be a million but sure I've got a lot of profits by now if I just did the right thing. But this is life, we commit mistakes and those mistakes are becoming the lessons that are serving us on how to become better on this space.

[GeorgeJohn]

No one can claim to be perfect in cryptocurrency trading irrespective your long time experience in trading their most be a lost, and a lost in trading correct errors or impression towards trading, from my understanding in all ramifications of life, it very clear that a mistake in any venture always contributes to a welcomed development or success of any one who adventure or enroll nto cryptocurrency, so on my own aspect i have never see lost as mistake but seen it as a pathways to correct a mistake.

[Piggymonster]

1) you don't always make profits, they're huge losses too, I've lost $300 twice in different occasions, so it's not always Rossy, there are hard time too.

2) Trading Cryptos need PATIENCE, I once lost over $10000 just because of lack of patience, the coin wasn't moving well so I sold it, 5days later, the coin did exceptionally well that I would have made 5Million if I had left it for a bit longer, so Patience is very necessary.

3) You need a mentor, mentors helps to analyze the market and tell you what coin to buy, when to buy it, what coin would pump in the nearest future and the coin that'll delay in pumping.....
As a newbie, if you decide to do all this on your own, you may be running at a lose.

4) You need to be obedient and humble, it's one thing to have a mentor and another thing to take heed to their Instructions and advice.
Most times we just want to act differently from what the ask you to do thereby running into unnecessary loses.

Great tip for the new venturer,  it will be helpful not only in the crypto world but also with other trading business. Patience is the most difficult skill to learn specially that the cryptocurrency is volatile, the decision when to buy and trade. That is when you need a mentor to guide you and help you, learn from his mistakes also to reduce the risks and losses.

[Masplanc]

Yes I always say it that cryptocurrency is not just about getting profits and sometimes their could be lost which you didn't expect , even if there are losses in cryptocurrency one need to learn how to manage how to avoid loss. Patient for one to take time and learn cryptocurrency market is another factor that will enable one to do exploit in trading.