A blind investor's confession

[Vvang]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

[TheNineClub]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

It's not a great situation, but this forum is a great place to start your learning experience before further investments. Also, don't dwell on your past mistakes, those are all lessons that can only benefit you in the long run (if you are willing to learn from them). And I would second the suggestion of first and foremost investing in BTC or ETH. Then from there, you will see what works and what doesn't.

[Taskford]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

This learnings from what you experience is good to mirror already for your next action you made upon investing. For now since you are picking up yourself and trying to learn things I think what most better to do right now is to study how top coins flow then research more information what you can possibly see that can contribute for its possible pump so that you will be on your best position if you want to buy something. Also learn to read the chart trader should know this and this is one of our best indicator for our possible next action.

[BlackHatCoiner]

Understand that this isn't investing, but simply gambling. And to be honest, almost all the altcoins have no purpose other than to create a problem that does not exist so few devs can profit out of it. Ethereum, with their tendency to switch to Proof-of-Stake with over 70% of the coins being ICO-ed, is a perfect example. But, that opens a big discussion.

If I were you, I'd just begin reading this: https://www.lopp.net/bitcoin-information/getting-started.html

[DdmrDdmr]

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I’d say (out of the blue, with no data to back it) that there are likely more people that went into crypto in a manner similar to what you mention, than doing the necessary homework beforehand, and trying to narrow down the scope and broadness of the investment/gamble they make.

The latter is certainly not easy to do, as it requires time, dedication and criteria, whilst lacking the experience to separate the wheat from the chaff, and be more sensible than passionate driven by fomo. Sure some people have made a pretty penny by placing money on a bunch of unnecessary coins/tokens, and selling before they became worthless, but that’s not likely the norm.

Note: My backgroud is actually similar in a sense, but with an ICO scamalot scent ...

[aysg76]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

Many people were crazy about hoarding gold coins, bonds and other items few years back as many people have the same old school mindset that it's the best and safest option to invest in with returns but didn't bother to check how much returns it has given to the holders in recent years.When you checked it's the same inflationary measure giving downtrend returns to the holders.As per investigation $1000 of gold investment would have given you $996 while bitcoin has managed to grow 68000% compared to it's ATH in past.So you manage yo to know the difference

1. I have the money but not the knowledge of picking the right coins to invest money on.

If you have knowledge or not BTC is the best option for all of us due to it's technical working, complete decentralisation and long term utility if you understand it at core level.

But the only thing is you keep them on hardware wallets or non custodial wallets like Electrcum with proper backup of your seeds instead of securing them on any centralised exchange that can deny you of your funds anytime or get hacked.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

You got that right all the shitcoins at first seems to be very promising but has nothing in them to offer to the holders and will soon turn out to be scam.Many people have the this mentality that it's cheap and giving huge profits so invest in it without even understanding the project.That's their worst mistake because you can't make money from them and whales will make out of your pockets.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Doge and Shiba Inu won't go the moon and Musk influence was at peak one time but now his manipulation tricks are not working anymore.How could you invest in the projects under someone's influence without even doing your research once? But you might be the same group who was under his influence and lost their money.I clearly remember when the shiba inu surge was there the Binance servers got crashed and not any orders were completed so the normal people get nothing out of it but become victims of these shitcoins pump dump scheme.

[Coyster]

I need help.

Well, the best help anyone can give to you will still depend solely on you, and that is you must do your own research before doing anything on the network, newcomers tend to invest/trade before learning/researching, you could prolly be lucky and it works for you that way with one or two projects, but what are the chances? Pretty low if i must be honest with you.

Thus, forget about the losses, it is more or less very common these days that people always learn the hard way, what i mean is, they learn a lot of what they should have known before investing/trading only after they have made a mistake and lost some of their funds, take it to be a process, and going forward do your research, focus on long term projects (Bitcoin), invest only what you can affford to lose, remember that whatever is too good to be true, is prolly not true, etc, etc...

[Oluwa-btc]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

Failure, losses, then comes blessings.
It's a good thing you know all of this now, at times you have to fail, but it's up to you to rise up with a proud head.
Freedom is for all and Doge coin is mostly flattered by Elon, most YouTubers as well.
I think you have followed a good route to the bank of knowledge if you're ready to observe read and learning, a curious mind will never stop learning....Self development is great,but climb the stairs on step at a time.
Good too see you here, OP.
Thanks.

[Dean2]

You took the right step to come and ask here in the forum btw have you considered investing in other less risky stuff ? like stocks and gold

1. I have the money

Because this can change very quickly if you insist on continuing on this path

[Findingnemo]

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

[Vvang]

You took the right step to come and ask here in the forum btw have you considered investing in other less risky stuff ? like stocks and gold

1. I have the money

Because this can change very quickly if you insist on continuing on this path

I have some money invested in gold but we all know how sluggish gold investment is compare to crypto and also crypto profit is better than that of gold.

[Vvang]

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

I've heard you and thanks for all advice but is this a good time to buy Bitcoin? I'm much more interested in learning and stop buying for now, not diving in again until I fully understand what crypto is all about and how to get the best out of them. The internet said there is timing for buying even the best coin BTC, my research reveals that buying in a bear market gives better results in quantities and buying dips through Dollar Cost Average is also good too. ... Am I getting something right here?.

[Findingnemo]

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

I've heard you and thanks for all advice but is this a good time to buy Bitcoin? I'm much more interested in learning and stop buying for now, not diving in again until I fully understand what crypto is all about and how to get the best out of them. The internet said there is timing for buying even the best coin BTC, my research reveals that buying in a bear market gives better results in quantities and buying dips through Dollar Cost Average is also good too. ... Am I getting something right here?.

Buying Bitcoin at any time is profitable in my opinion when you are planning to hold it for atleast few years, because that is what the history showed to us, Bitcoin recovered after every dump and reached new all time high. And you are right it will be profitable if you buy at the bear market but the fact is no one can tell whether we are in bull market or bear market due to its volatile nature so just start accumulating bitcoins and expect the high returns in next 4 or 5 years.

[qwertyup23]

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

I think you got all the help that you need- given that you realized the mistake from your previous investments, this knowledge and experience you gained would help you on your next investments. Unfortunately, almost all meme coins may soon follow with an exit scam- that is why it is highly recommended that you invest on the top 10 altcoins in the market.

Do no worry, however, as almost all investors have experienced your situation. The key here is to absorb the knowledge you gained from your failures and transform it into a successful investment in the future.

[Kalchef]

I'm glad you don't end up walking away from crypto blaming the technology, it's what many newbies are doing, once they lose to scam projects all cryptos are scams too but you learnt your lesson, blamed yourself and you are willing to put in more work, this is it mate, the beginning of a journey you will be proud of when you look back in future, don't give up and keep learning.

[aioc]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

Three things that you just need to remember when investing in a coin, and these are usability, whitepaper, and the people behind the project, a project cannot stand without a platform behind it, and without a paper that will clearly explain what the project is all goal is all about, and of course, who are the people behind the project and are they capable to complete and realized the project, the worse investment is investing in projects that have no motive or something to solve, meme coins are not created for this they are pump and dump and only the developers are likely to make money.

[cryptoaddictchie]

Thats normal mate. You dont need to get shame or regret what you did hence learn from it. Mistakes are meant to teach us what we did wrong. I did some of those what you did too, so I know what you are feeling. Its not easy to grasp what choice to do when it comes to doing such things. Ive really invested some good money too on wrong choices like meme shitcoins but thats fine. There were good experience for me too.

[Hypnosis00]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

That is certainly the case why many investors fail to reach their goals. We can underestimate the market, it needs for us to have the knowledge, or else, we are just making ourselves a fool. The volatile nature of the market makes things difficult to predict nor we are able to be in perfect buying and selling.

That is why we have to do these thing;
 * Invest more time learning
 * Must appreciate all the learnings we get and applied it to real life
 * Must know our capabilities and limitations - we'd rather stick to it

[Smartvirus]

When it comes to investment and this doenst applies to just crypto alone but all round investment and even going into some filed for which, your not familiar with, the principle has always been; seeking professional advice! It's always that simple. I've done this in the paste, seeking the advice of a friend that was the more better than myself a for sure, it still ended me in buying some shit coin. I call it shit coin because as it is now, I lost although, the coin is still in the market but, its below half my investment capital already.

Professional advice doesn't mean you won't encounter some loses but it limits them. So far, the only coin that could be very much trusted not to fail is bitcoin but to profit more out of it, you've got to invest and hodl for a long time.

Meanwhile, give yourself time to learn other aspects of cryptos and benefit more. On that, I'll say, be very much involved in the activities that goes on in the forum and do your best to read and research more. Build an interest for anything that concerns the field you wish to be involved with.

[pawanjain]

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

According to me, picking the right coins is relatively easy when compared to holding them.
Just pick the top 20 or top 10 coins and select a few from it and invest in it.
But the holding them is a tough thing to do. Fortunately I am good at holding.
But I am bad at entry and exit points. I have noticed many times that I enter and exit at wrong times.
Holding for long term has been the most profitable investment for me.