A blind investor's confession

[Kelvinid]

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.

Living in a place that we know we are good at is really the best choice ever. Some people are good at holding (just like you), they have the patience that most people don't have, you're actually a gifted person.

In my opinion, we don't need to become an expert on something, that is even hard in the crypto world but at least we are helping ourselves to be good in some areas, and we are able exceel. And having KNOWLEDGE is to be our advantage in every investment we made. Choosing the best coins and applying all the learning will help to see positive results despite the risk and market difficulties.

[jossiel]

Enough is enough and you've already admitted that you're wrong.

Well, the best start is to buy bitcoin while it's dropping and be patient with it. At least by doing that, you won't see it just like the other altcoins that you've bought having an exit scam.

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

[Viscore]

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.

Investing comes after thorough researching. Otherwise, you will mess up everything you have because you came to invest in those coins that have no high potentials to give you returns, just like the situation you have right now. However, your situation is very common particularly for most of the newbies. And once you lose, that's the time you learn your lesson. I suggest focus more on acquiring bitcoin, its quite more expensive but rest assured there are future profits guaranteed.

[sheenshane]

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project.  Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them.  But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

[libert19]

Most coins don't survive, market shake ups destroy everything weak, even if coin itself were supposed to be legit in start.

1) hold the money, don't invest for sake of investing. Opportunities will come.

2) Regarding finding genuine projects:

- Search for team profiles, search Twitter, LinkedIn and other socials. Check history.

- Check communication channels. How do they behave, how do they reply to community questions.

- What project is trying to accomplish? Most are not original they just pick up concepts from other projects, if there is already prominent project and this new one is not trying to improve anything. There is no point in bothering with it.

- ignore projects who don't have anything concrete

3) Can't change past but learn from mistakes, that's the only positive choice you have left when things go wrong.

[pooya87]

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

The first step of improvement is to figure out where your mistake was, the highlighted part is your mistake! Doge (and by extension other altcoins) didn't give profit to "holders" it gave the biggest profit to traders. Lets take a look at the charts.



It should already be obvious from above picture that bag holding altcoins is never a good idea since they are always dumping except the handful of days when they get pumped. If you want profit and are willing to take that risk just jump on board during those short pumping windows and get your profit.
Lets zoom in a little more:



As you can see the pump clearly started around 14th and you could have jumped on board and bought this shitcoin at around 100 satoshi and dumped it between 24 to 48 hours for a 7x profit. Note that we are ignoring the peak at 1190 satoshi (11x profit) and we should be satisfied with the already massive profit and not risk it any further.

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

So if I wanted to give you one advice I'd say never "invest" in altcoins. Only trade them to get your profit quickly and run out of that market so that you don't get dumped on.
Every single top altcoin you see is a pump and dump scheme very similar to this.

[Mpamaegbu]

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.

I sympathize with you on your loss. We all learn but sometimes some lessons are that harsh they throw us off balance. There isn't any investor or trader here who will beat their chests and say they've had a 100% win rate. None! Except they're hodling, and hodling just Bitcoin. So, take that as a lesson learnt and move on.

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 don't think Doge is as useless as you want it to sound. It might've started as a memecoin but it has utility. If you've made any transaction with dogecoin you would surely fall in love with its speed and ease of transaction time. It confirms easily, far ahead of what Bitcoin does. Those who use it know this.

[pawanjain]

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.

Living in a place that we know we are good at is really the best choice ever. Some people are good at holding (just like you), they have the patience that most people don't have, you're actually a gifted person.

In my opinion, we don't need to become an expert on something, that is even hard in the crypto world but at least we are helping ourselves to be good in some areas, and we are able exceel. And having KNOWLEDGE is to be our advantage in every investment we made. Choosing the best coins and applying all the learning will help to see positive results despite the risk and market difficulties.

The trick is to hold the coins in a non-custodial wallet or a cold wallet rather than an exchange from where it becomes difficult buy/sell.
I am just too lazy to transfer the funds to the exchange which makes me hold them for a long term.
And then there's also the price gains in long term which makes me think it's better to hold than trade to make good profits.

[Taskford]

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project.  Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them.  But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

Sometimes those people who promote some coins on social media groups is one of the main reason why there are newbies got scam by those devs who doesn't do anything good to anyone here. And this is one of many reason why those newbies got affected by many scams. We know there are so many stories posted about this issues but the unfortunate thing there is mostly those newbies who get scam are lazy to do some research to find out the legitimacy of the project they are looking on.

[jossiel]

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project.  Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

Yes.

They've been attracted to the hype and not to the actual which made them too excited and both it while it's on hype. That has made them blind investors.

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them.  But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

This is expected.

They are also investors and they're aiming for the profit that they have to make and that's why they're rushing with the potential profit they'll make.

But that's always wrong when someone is in rush for the profit, he's likely to fall.

[Franctoshi]

That's why it's very important you get a little knowledge about any crypto project or investment you wanna dive into ,

not all round knowledge, but the necessary information you need know regarding that particular asset so don't blindly dive into a project that may burn your hard earned money.

[GeorgeJohn]

That's why it's very important you get a little knowledge about any crypto project or investment you wanna dive into ,

not all round knowledge, but the necessary information you need know regarding that particular asset so don't blindly dive into a project that may burn your hard earned money.

before venturing into crypto sphere you have the primary knowledge as you portrayed, the problem is that some people don't bother to know the rudiments of cryptocurrency before adventuring into it, so when they join project investment without carrying out proper research of the project they will became blindfolded because of lacks of information or not knowing the rudiments of the project before venturing into it, this has became many people challenges into crypto sphere, and will be nice to carry out some elementary functions and research before we merge into market.

[CryptoATM]

It's good that you've learnt your lessons, now you need to take your eyes off any crypto investment and spend your time reading about crypto and also try to know more about the differences of crypto wallets too this is very important.

[GeorgeJohn]

It's good that you've learnt your lessons, now you need to take your eyes off any crypto investment and spend your time reading about crypto and also try to know more about the differences of crypto wallets too this is very important.

lol.. cryptocurrency investment is good to someone to enroll itself there, but before you do so, you have to investigate properly as i portray from the first comment..is not bad to invest but the issues is that knowing the good one to be venture into. Do you know that before you invest in cryptocurrency platform, you have already have the passion in cryptocurrency especially bitcoin, learning is gradual process, i think with time you will get acquainted with all the necessary cryptocurrency scenario's

[Mpamaegbu]

I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on

That's right. Sadly, some people don't believe that such apply to trading but they dare not do it when it comes to flying an aeroplane or moving a ship/boat. They learn first. Well, now that you've got your baptismal of failure and have come to a realization that knowledge is key to development I guess I should confidently say you're at the place now.

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.

I also made that mistake in the past (I guess many old timers here did too) of buying new tokens and hoping they would perform like Bitcoin and ETH did. Now I know better. Always look at the use case or utility of any token before investing into it. If a token doesn't have it, steer clear of it even if has hype.

On a side note, I think you should also consider tokens that have staking value. Where you can stake and earn passive income.

[JangoUnchained]

Almost all newbies did this mistake as well, they always run after the gold rush until they made big mistakes, I did the same thing twice until I start learning more about top crypto projects vs new crypto projects, there is a lot to learn in this area, new coins are higher risk than top altcoins, to invest safely start with ETH, BNB BTC.

[freedomgo]

Educate yourself through a deep study on investing in crypto.

It's easy to invest but finding the right investment requires due diligence.
Don't consider what you are investing as an asset that will give return to you overnight, as for sure you'll easily loss money.

If you invest in a project, consider checking their ANN thread here so you can find some feedback that would give you an idea of whether the project has potential and is a legit one. Don't get into FOMO as that's usually the weakness of the newbies, but it's never too late to learn, just learn.

[Ethan151]

It’s quite a petty that you lost your money, all you would have done is consult a professional or someone who has a better understanding thank you are, it’s quite annoying when people don’t ask questions before venturing into businesses. Well I’m sure you must have learnt your lesson and please you need to be properly guided and very careful now.

[Alisha-k]

Investment without the knowledge is gambling, the same goes to investment without analysis. Even with the heavy analysis there is still no guarantee of a sure profit how much more when the investment is done outside having a good research and analysis. It's good you now understand how the crypto investment market works. Welcome on board

[firmino10]

I fell victim to this and i learnt it the hard way. i follow the trend and knowledge of the common man without studying and understanding the market and project. now i am reading up on project and understanding how this things work. one could join an online community, read the white paper and also know about the project of that coin. it is good to invest but one should make findings about ones investment.