Another warning for every NEWBIE!

[Issa56]

Lots of newbies coming into cryptocurrency don't really understand what crypto is all about and some don't even believe they can lose money in trading due to what they have been hearing people saying, most people only talk about their profit and they don't talk about lost, most newbies don't even know the risk involved in Cryptocurrency.
In Cryptocurrency trading always invest any amount you can afford to lose, you should invest the amount that if you lose, it won't affect your health condition. Also as a cryptocurrency trader, you should never borrow money to invest in any coin, because no coin can be trusted and anything can happen to any coin at any time.
I believe as a professional, if you are trying to teach any newbie cryptocurrency, I believe you should always let them know they can lose thier money and they should always invest what they can afford to lose.

[jossiel]

All of those reminders are on point.

The current most hot issue about Luna and UST have thought these lessons to those who lost a lot of money including their life savings. Saw some investors who have borrowed money just to invest in Luna alone.

Well, you'll never know if you're into the right one unless it's been tested and proven for so many years. Be wise in your investments newbies, buy bitcoin and choose it as it is the most reliable one.

[Yamifoud]

Well, you'll never know if you're into the right one unless it's been tested and proven for so many years. Be wise in your investments newbies, buy bitcoin and choose it as it is the most reliable one.

However, most of these newbies wanted an instant return, they just think that investing in new projects, those hyped ones, and those that are in trend are the best investment. Many got shocked at what happened with Luna, well, this is the thing we have to be aware of and to consider the fact that crypto is not a safe investment, things like this will come anytime. That is the reason why we should choose Bitcoin and some leading cryptos for the sake of having safety assurance.

[Lida93]

I know most of us here already knew what happened to $LUNA but for the sake of beginners, I want to reiterate and give a warning about investing and going all in on this market.

I saw a post online in our local group about money investing and he shared his experience their about losing all his life saving money because of $LUNA investment, this is very heart breaking and that guy really want to end his life which I hope he wont do it. This is why I want to list some of the reminders about crypto investment and I hope every beginners here won't do the same mistake.

CRYPTO INVESTING - SHORT REMINDER

1. DON'T USE YOUR SAVINGS FOR YOUR INVESTMENT ACTIVITIES - Use your separate funds if you are going to invest on any market and make sure that you are ready to lose that money because investing is not a guaranteed way to make profit, so have some funds for this.

2. DON'T BORROW MONEY - Many still do the same mistake like this and when the market turns to negative, they are also drowning and the situation will get worst simply because they use the money which is not them. If you want to become profitable, save for your capital first.

3. DON'T BE GREEDY - If you already lose money, you should stop for a while and study again so you can know what's wrong with your strategy and start analyzing again so you can do better next time.

I agree with you to some length about greed, but sometimes in business greed can take someone to higher level. For instance, as the OP said one should stop and look at what's wrong with the previous strategy then do some analysis. What if in the period I am doing my analysis in the waiting that was when the market boomed and pumped up, that if I had invested immediately after the lost maybe I would have regained but no cause I was strategizing and analyzing in waiting.

[Ziskinberg]

this is a reminder for everyone, not just newbies.
If in a state of urgency someone will definitely do the unexpected. Using savings, borrowing money for investment, of course it has a high risk, because there will be a return that is deposited and the savings that have been collected will be used. If it is forced, then you must be absolutely sure that you can return what has been borrowed.

At some point, people had committed mistakes about borrowing money to start investing due to the wrong choice of coins. Most of this has been visible to newbies. However, I don't agree with not doing this but be sure that we have other sources of income to back up in the case of losses and still have the money to pay the debts left.

Last but not least, don't be greedy, of course this is the nature of all human beings, just how can you maintain your psychology well, if you're already profitable, don't expect too much.

Honestly, I was greedy in real life but I know when I use this, and perhaps I know how to control this feeling. I take every single opportunity that I know will give me money, that is greediness, right? But I'd never find it wrong as long, I only just do what I think is right.

[Anguwa]

CRYPTO INVESTING - SHORT REMINDER

1. DON'T USE YOUR SAVINGS FOR YOUR INVESTMENT ACTIVITIES - Use your separate funds if you are going to invest on any market and make sure that you are ready to lose that money because investing is not a guaranteed way to make profit, so have some funds for this.

2. DON'T BORROW MONEY - Many still do the same mistake like this and when the market turns to negative, they are also drowning and the situation will get worst simply because they use the money which is not them. If you want to become profitable, save for your capital first.

3. DON'T BE GREEDY - If you already lose money, you should stop for a while and study again so you can know what's wrong with your strategy and start analyzing again so you can do better next time.

These are basic guides that will make we beginners stay away from losing money again even after we might have lost before.we are suppose to live everything for now and learn more in order to avoid falling victim on such incidents again. $Luna has showed many of us lesson and we are still learning lesson everyday, so it's better we learn and gain more knowledge so that we will be ready for such disappointment again.

[GreatArkansas]

Since you brought up Luna I thought it was Luna related but you just repeated what everyone else has said a million times. A better warning would have been to avoid centralized altcoins with no purpose such as Luna that try to fool people into thinking that they are useful, stable, offer this and that utility, etc. while they remain useless and their price can dump significantly simply because they have no value.

What happened to Luna is also wrong timing, the tragedy happened during the bloody market, so for sure a lot of people were affected and most of them are "double dead" because sure even those other people who have other baskets that are non Luna related investments are also affected somehow.

Just like me, I thought I was safe during the dump because before I converted to stablecoin, but I converted on the wrong stablecoin, which is UST.

[YOSHIE]

I know most of us here already knew what happened to $LUNA but for the sake of beginners, I want to reiterate and give a warning about investing and going all in on this market.

What is certain is that your three warning elements, will be an afterthought not only for beginners, for Legendaries it is also a lesson that must be remembered, when dealing in the crypto world, what else talking about investing and trading, obviously the risk of losing knows no such thing as a beginner and a Legendary, which is basically: everyone is aware of the risk, as I read in the source below.

• 'I'm devastated': 3 cryptocurrency investors on losing thousands in the catastrophic Terra Luna crypto crash.

Of course, if we remember the phenomenon that happened to LUNA, this year is the worst phenomenon that has ever happened to the crypto market, maybe this will be a lesson for all crypto users, that anything can happen to crypto, that's why consider the risks the OP said, before going any further to invest and trade in the crypto market.

[BlackHatCoiner]

A better warning would have been to avoid centralized altcoins with no purpose such as Luna that try to fool people into thinking that they are useful, stable, offer this and that utility, etc.

Pretty much this. There's nothing more to say about shitcoins. Not using your savings for "investing", not borrowing money, not being greedy etc., should be said after you've answered yourself "What the hell is the thing that I'm buying?". If you're buying things that, at least have essence, such as stocks, bonds, metals, oil, gas etc., do ask yourself for these things. But, buying things like dogecoin, shiba, luna etc., that have no purpose, and can be re-created by humans anytime, is foolish.

In my opinion, you shouldn't put your money in altcoins. Period. If you're a newbie and do it, acknowledge that you're a fool. If you don't care, go on. But, acknowledge it.

[AnotherAlt]

There is always a risk in the crypto market. But, You have to do the risk management accordingly. I wasn't surprised by the $Luna Crash, but I was surprised when I saw UST was de-pegged and it's failed to peg again. Other Stablecoins also have the risk of being de-pegged. A few days ago, USDT was de-pegged during the chain swap. USDC was de-pegged in 2020. So, there is nothing risk-free in the crypto market.

[jossiel]

Well, you'll never know if you're into the right one unless it's been tested and proven for so many years. Be wise in your investments newbies, buy bitcoin and choose it as it is the most reliable one.

However, most of these newbies wanted an instant return, they just think that investing in new projects, those hyped ones, and those that are in trend are the best investment. Many got shocked at what happened with Luna, well, this is the thing we have to be aware of and to consider the fact that crypto is not a safe investment, things like this will come anytime. That is the reason why we should choose Bitcoin and some leading cryptos for the sake of having safety assurance.

Yeah, nothing new with that attitude that they want to have the quickest return for their investments. Even in the circle of my friends, they're all having the same mindset of getting rich quick through investing in the crypto market.

This isn't really new because, in the bullish year of 2017, every newbie has that thought as well.

That is going nowhere if they have that mindset because the experience will hit them hard together with the reality that it's not easy.

[Shamm]

Before investing in a new project make sure that if you lose you won't be hurt, and don't invest a big amount in a new project,  also you are right that Op does not use your savings for investment because it causes depression if you got scammed or lost. This is what happens to a friend of mine he withdraws all his savings to aim a big amount but the project is a scammed. Then a depressions come.

[Scripture]

Since you brought up Luna I thought it was Luna related but you just repeated what everyone else has said a million times. A better warning would have been to avoid centralized altcoins with no purpose such as Luna that try to fool people into thinking that they are useful, stable, offer this and that utility, etc. while they remain useless and their price can dump significantly simply because they have no value.

Avoiding centralized altcoins might be hard since some of them are still in a good shape, it's actually hard to predict stable coin especially if someone holds them a big portion of that coin and he can easily drop his holdings just like what happened with LUNA. This is not about the progress or update about LUNA but this one is the bad result of manipulators, many lose a lot of money.

[AakZaki]

A lot of advice for beginners is written. But I think beginners are quite difficult to do that. In addition, practice will be more difficult than reading. Because the state of the market is very different from the conditions when you understand the theory about beginners. One problem is especially for greed, I am sometimes a little wrong to leave the market because of greed. This greedy nature seems to have been carried from birth and it is difficult to control it. A person must continue to practice discipline with the plan he plans to avoid regret.

[Smartvirus]

Most people who makes such mistakes are those who see the crypto projects out there for a get rich quick scheme.
Suddenly, you get a new investor completely obsessed with making money out of cryptos that they tend to forget that, there is a risk factor in every investment and crypto is no exemption.

Some of these obsessions comes put of listening and giving much attention to users success stories on the various social media groups or channels out there. Even some of the once j  a blue moon promoted stories on some start up projects for which some user must have acted as an early bird and made the most of it.

The truth is, it happens but this might not be your story. Again, the user just might not have taken the sort of risk obsessed reckless users are willing to take by going all in. You have to be conscious of the fact that it can go south at any time and when your not properly grounded in a field and on a project, your always in for some huge risk.

Take time and study the field and the project before investing. When you do invest, ensure its money you would be comfortable loosing. No doubt, the money gets to accumulate into something worth the while and painful to lose but, you still get a lifeline I'm the fact that, they were not some pained investment.

[Rockstarguy]

Before investing in a new project make sure that if you lose you won't be hurt, and don't invest a big amount in a new project,  also you are right that Op does not use your savings for investment because it causes depression if you got scammed or lost. This is what happens to a friend of mine he withdraws all his savings to aim a big amount but the project is a scammed. Then a depressions come.

Not just only to invest with small amount on new project, it is also important too to make research on new projects to know how legit it is. Many new projects don't survive during the bearish season. It is always advisable to invest only on the amount that won't result to any emotional issues if anything happens.

[Shamm]

A lot of advice for beginners is written. But I think beginners are quite difficult to do that. In addition, practice will be more difficult than reading. Because the state of the market is very different from the conditions when you understand the theory about beginners. One problem is especially greed, I am sometimes a little wrong to leave the market because of greed. This greedy nature seems to have been carried from birth and it is a difficult to control it. A person must continue to practice discipline with the plan he plans to avoid regret.

Yes you are right that mate and every newbies must know about  that it's hard to understand and gain more knowledge if they spent less period of time for reading and understanding the topics provided by our forumites.

Before investing in a new project make sure that if you lose you won't be hurt, and don't invest a big amount in a new project,  also you are right that Op does not use your savings for investment because it causes depression if you got scammed or lost. This is what happens to a friend of mine he withdraws all his savings to aim a big amount but the project is a scammed. Then a depressions come.

Not just only to invest with small amount on new project, it is also important too to make research on new projects to know how legit it is. Many new projects don't survive during the bearish season. It is always advisable to invest only on the amount that won't result to any emotional issues if anything happens.

research is a must why it because in research you will know the feedback of those investor who already invested in that project and you can say that through research you will what the site or project all about.

[The Cryptovator]

Pretty simple logic doesn't invest that you can't afford the loss. Luna sorry was like a killing mission for new investors. Even I have lost a lot. But I invest only that I can afford the loss though the amount was big. No reason to borrow money to invest in cryptocurrency, it's not only a risk but it would destroy your life. It's not very easy to make money from crypto anyway. It's always risky, before getting into crypto should think twice.

[nakamura12]

It's not bad to use your savings in investment. You can divide your savings which is fund #1 is for Bitcoin investment then fund #1 is for expenses that is important to spend your money with. This also apply to don't invest what you can't afford to lose and if you can't afford to lose all your savings then why take a portion of it which I just explained earlier. You can invest separately to avoid losing all your money if ever the project you have invested is a scam or a shit one.

[nurilham]

I know most of us here already knew what happened to $LUNA but for the sake of beginners, I want to reiterate and give a warning about investing and going all in on this market.

This warning is actually not only for newbies but also all of us, especially for me, this kind of remaining from each other is really helpful because we are sometimes too greedy and dumb to see the project and all in to buy the token or coin without any diversification and cosndieration.
Whereas, so far, there have been several examples that also crash like LUNA although LUNA may be the worst. But as a newbie or even as an investor, we must know about money management including the risk amnageemnt. The two combination will result a wsie management of fund and also strategy so tht we don't regret about what we are doing so far.