It's alright to lose and learn

[Cynthia_sinach042]

I recently posted an update about my bitter experience with cryptocurrency in over a year. I am not financially stable or okay yet but I am trying to build independence for myself, although I had read some theoretical approaches to things I went the wrong way and I paid the price in full.

I wasn't alone on the road to wasteful investment. I had friends who joined me or most likely encouraged me into it, but right now they are cursing cryptocurrency.

I may have lost much though but I had learned
1. How to control my emotions in cryptocurrency: before now I had issues with controlling my emotions generally and even though I had intelligence on certain things. My emotions becloud my sense of judgment. But after losing serially over one year in cryptocurrency I think that aspect is improved.

2. Letting people control you:  I have come to discover that there are so many different characters in cryptocurrency both online and offline(close to you) many of them with different schools of thought on investment, trading, and cryptocurrency in general, as a newbie I have learnt that you ought be careful on the knowledge you get feed. Many of which are wrong, unproven, and sent out by the sender based on what they were paid.

3. Throw in the towel on wrong approaches: I know many newbies are on the wrong path but are still very adamant about changing their ways. I had lost a lot but if I had remained in foolish stubbornness I would have lost more. So as newbies call it quit your wrong approach as soon as possible.

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

[examplens]

I recently posted an update about my bitter experience with cryptocurrency in over a year. I am not financially stable or okay yet but I am trying to build independence for myself, although I had read some theoretical approaches to things I went the wrong way and I paid the price in full.

I wasn't alone on the road to wasteful investment. I had friends who joined me or most likely encouraged me into it, but right now they are cursing cryptocurrency.

like everything else in life, everything that happens to you, be it good or bad, is a matter of your choice. your bad experience happened because you made some bad decisions that led to it.
you certainly can't blame cryptocurrencies, because you naively expected a big profit, which turned into a total fiasco.

How to control my emotions in cryptocurrency: before now I had issues with controlling my emotions generally and even though I had intelligence on certain things. My emotions becloud my sense of judgment. But after losing serially over one year in cryptocurrency I think that aspect is improved.

it's called experience, even if it's negative. it's good for you if you managed to recognize where exactly you are wrong. in that case, you have the possibility to fix it.

Letting people control you:  I have come to discover that there are so many different characters in cryptocurrency both online and offline(close to you) many of them with different schools of thought on investment, trading, and cryptocurrency in general, as a newbie I have learnt that you ought be careful on the knowledge you get feed. Many of which are wrong, unproven, and sent out by the sender based on what they were paid.

always do your own research. your money, your decisions. no one will compensate you for your loss because you listened to the wrong advice. yes, today there are many experts, especially in the trading sector. everyone who makes a couple of successful trades is considered an expert and offers his consulting services or tips.

[cryptoaddictchie]

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

No need to be shamed. You dont need to impress other people to see that you made it. Someone is only doing that to make himself visible. A true crypto enthusiast doesnt need to brag anything he founded or aqcuired. Learning in crypto could be hard but if you are open to a lot of criticism and even accept that there are people who are more succesful than you then it will be okay. Remember that we have our own success story and yours are just yet to start so be patience.

[Upgrade00]

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

You should have started from the basics when you first began your journey. Knowledge is the first thing you gain when planning an investment, before you consider putting in your money.

With the current situation, you're not starting from the scratch, you're restarting now, with a bit of experience.
Many of the high ranked members here, might have made one or two mistakes during the start of their Bitcoin journey, and have learnt valuable lessons along the way.

[Hyphen(-)]

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

There is no shame in learning; at the very least, you have expressed yourself and provided an example; experience is the best teacher, and I hope you will learn more in the forum and add to what you have already learned.
Feel free to ask questions and use the form search to find answers when necessary.

[pakhitheboss]

There are a few practicalities that you have undergone with your bad investment. I am sure you have learned a lot from your failure. I also would like to say that through failure you would find success.

2. Letting people control you:  I have come to discover that there are so many different characters in cryptocurrency both online and offline(close to you) many of them with different schools of thought on investment, trading, and cryptocurrency in general, as a newbie I have learnt that you ought be careful on the knowledge you get feed. Many of which are wrong, unproven, and sent out by the sender based on what they were paid.

This is a big issue and we generally do not realize it but we are trained to do it from our childhood. We only realize this issue when we become an adult and face a problem in our life that we did not create but was created by someone else as we were controlled. You have learned the hard way however you are on the right path now.
 

[Pmalek]

I remember you. Actually, I remembered the name. A little more than a month ago you told us how your friend invested in a fake bitcoin investment group and lost money. And now it's you who has lost money with altcoins I assume. Did all that take place in different time frames or were both of you losing money and making bad investment decisions at the same time?

Those two cases will hopefully be enough to make you see things a bit clearer from now on. One thing you should remember is you and your friend didn't lose money because of the way crypto and bitcoin works. Therefore, the industry isn't accountable and responsible for your actions. If you send bitcoin to a scammer or you get phished or hacked, it's not the network that made a mistake. In fact, the blockchain worked the way it was configured to operate. That means allowing the people who control the private keys to spend the coins protected by it.

It's important to use common sense and make decisions calmly. Don't let euphoria or FOMO trick you into making irreversible mistakes.    

[Coyster]

Of course learning from a mistake is good, it is more like making the most out of an already bad situation, but you know it's pretty much better if you had learnt without making that mistake, that way you'd still have learnt, but the difference is you'd not have suffered any loss in the process, but i guess it is what it is.

Having said that, i think it has become quite common for newcomers to learn the hard way, whilst i feel sorry for their losses, i think most of these losses were simply self induced, and if quite a lot of them hadn't thought about cryptocurrency as a get-rich-quck scheme i'm pretty sure they wouldn't have had to endure losses in their learning process. Well i hope you've truly learnt your lessons because in this network people hardly do that, there are investors who jump on every new project and investment, despite the fact that they have lost so much money to pump and dump coins, but they still jump an any new one that's released, just blatant rinse and repeat.

[Lucius]

Did all that take place in different time frames or were both of you losing money and making bad investment decisions at the same time? 

Judging by the post history, her friend's experience happened before August 30, and the OP admits that she had no money then - and her experience comes almost a month later, so in my understanding, both events are timed apart.


I have read countless stories like this, and they all have a common denominator in ignorance and naivety. First of all, everyone should know what exactly you are investing in, and secondly, social networks are a place where you don't trust unknown people, regardless of their sweet talk. I would therefore conclude that it would be better if people did not learn from their mistakes, but if this happens, it is important to admit to yourself what happened and find the strength to start again.

The most important thing is not to repeat the same mistake, and this means that you should not trust unknown people who promise success overnight and that you should take every piece of information with a grain of salt - ask questions, look for more sources and determine what is true and what is false.

[tvplus006]

...I may have lost much though but I had learned ..

This is the main problem when many people start trading without having special knowledge for this. In this case, you gain experience while losing money, instead of spending money on training. At the same time, such training will take less time than if you learn it yourself.

[Peanutswar]

But not all the time it is good to lose money in crypto just to learn  instead it is good and ideal that before making different projects in cryptocurrency-related is good to have a background check what are the things needed by a newbie by that you can get an idea where to start your journey next is if you can now manage the risk that's the way you make a decision it is good to make a risk or not with the journey you would like to take, again investment in knowledge and skills is a must before making an money investment.

[ajiz138]

3. Throw in the towel on wrong approaches: I know many newbies are on the wrong path but are still very adamant about changing their ways. I had lost a lot but if I had remained in foolish stubbornness I would have lost more. So as newbies call it quit your wrong approach as soon as possible.

I know about that in that beginners are usually too ambitious in what they do so overdo it in their actions but despite all that beginners can learn from experience and change mindset not to lose more, and beginners are bound to suffer this fate so you don't have to No matter how hard your head is, surely at the end the pattern will think positively and no longer make the same mistakes, so you will be better off in the future.
At least you have to understand that from your surroundings so that you can stay away from the mistakes of that approach.

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

I think from failure and starting over again there is nothing to be ashamed of, what to be ashamed of whereas if our determination is strong to rise from the beginning again then start over, this principle must exist because some of their failures will think intelligent patterns to change everything in the future, in investing nothing is too late even though you previously lost a lot of money and capital, I'm sure one day you can become successful after that bad experience.

[Mpamaegbu]

OP, your experience is almost the experience of everyone here; one way or the other. Most of us aren't still out of it. Cryptos (cry-ptos) as some have come to describe and point out the "cry" part as a near experience of peeling onions. You know what happens to the eyes when one does that, right? But of course, onion still remains an important ingredient for cooking. Cryptos, despite the ups and downs, and the loss one may suffer shouldn't be seen as a source of pain. Don't rush out like your friends have done. Take your time and calmly study it. At the end, trust me, you will be the better for it.

[m2017]

But not all the time it is good to lose money in crypto just to learn  instead it is good and ideal that before making different projects in cryptocurrency-related is good to have a background check what are the things needed by a newbie by that you can get an idea where to start your journey next is if you can now manage the risk that's the way you make a decision it is good to make a risk or not with the journey you would like to take, again investment in knowledge and skills is a must before making an money investment.

Of course, personal experience is priceless and nothing can replace it, but you have to pay a reasonable price for everything. Including for knowledge about cryptocurrencies, which can be obtained without large financial losses. It is enough to do it using a reasonable approach to investing, which is to first prepare theoretically and only then act practically. All these impulsive jerks on emotions will provide only monetary losses.

[KingsDen]

Nothing to be ashamed of, your fate is exactly the fate of 90% people you see around this forum. If not in the crypto space, it would be by scam, if not by scam, it could be the first money mistake.
You are not starting afresh, you are starting from experience. And it is now your growth would be rapid and enjoyable, so no regrets.

Re: It's alright to lose and learn

Yet, there are people who didn't lose to learn, either these set of people haven't tried anything new or they obeyed the rule of Learning before Earning. In whichever way, they are lucky not to have the awkward experience of moving from thousands of dollars to hundreds of dollars and cents.

[freedomgo]

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

No need to be shamed. You dont need to impress other people to see that you made it. Someone is only doing that to make himself visible. A true crypto enthusiast doesnt need to brag anything he founded or aqcuired. Learning in crypto could be hard but if you are open to a lot of criticism and even accept that there are people who are more succesful than you then it will be okay. Remember that we have our own success story and yours are just yet to start so be patience.

You know it’s better to start from a scratch because you will see your performance from time to time and if you have prosper or not. Even those who are in the verge of success today also started from a scratch and see how far they have come. So there’s no reason to feel ashamed on that. As long as you keep doing the best for you, one day you will make yourself proud and will also reach the heights of your own success.

[sunsilk]

It's okay to fail many times but don't let it sink in on your mind that you're bound to keep on losing because it had happened for several times. It's part of being an investor but we're not bound to stay in losing, we have to learn from those failures and gain experience from it.

And no need to be shameful about if you want a complete reset and restart for what you do. It's better to have that plan and do it again from the beginning if that's what makes you comfortable having all of those experiences that you've got to avoid those losses.

[Stalker22]

~

People make mistakes, and that's why new scams and fraud cases continue to pop up. Don't be discouraged if you lose money from a poor investment decision. Just try to do what you can to mitigate your losses, learn from the experience and move on.

It is hard to see great opportunities when you are limited by a small viewpoint. One of the things I always like to say is that sometimes it is necessary to take a step back and really think about what is happening in the market. Don't let other people's opinions influence your own; listen to them, consider the points they make, but then look at everything from multiple angles and make your own decision. Try to see for yourself how things could play out in reality rather than falling victim to each new hype. It is going to be an exciting ten years for crypto and I hope you will be a part of it!

[Russlenat]

I recently posted an update about my bitter experience with cryptocurrency in over a year. I am not financially stable or okay yet but I am trying to build independence for myself, although I had read some theoretical approaches to things I went the wrong way and I paid the price in full.

I wasn't alone on the road to wasteful investment. I had friends who joined me or most likely encouraged me into it, but right now they are cursing cryptocurrency.

I may have lost much though but I had learned
1. How to control my emotions in cryptocurrency: before now I had issues with controlling my emotions generally and even though I had intelligence on certain things. My emotions becloud my sense of judgment. But after losing serially over one year in cryptocurrency I think that aspect is improved.

2. Letting people control you:  I have come to discover that there are so many different characters in cryptocurrency both online and offline(close to you) many of them with different schools of thought on investment, trading, and cryptocurrency in general, as a newbie I have learnt that you ought be careful on the knowledge you get feed. Many of which are wrong, unproven, and sent out by the sender based on what they were paid.

3. Throw in the towel on wrong approaches: I know many newbies are on the wrong path but are still very adamant about changing their ways. I had lost a lot but if I had remained in foolish stubbornness I would have lost more. So as newbies call it quit your wrong approach as soon as possible.

4. No shame in starting from scratch: using myself as an example I am starting fresh and going back to the very basics and I am not ashamed to admit that. The good news is that I am better experienced and more mature.

Losing is part of the process and you will not eventually learn if you never lose and commit mistake in your first attempt. Losses are simply the best motivation to correct your mistakes and learn from it. Everyone started from a scratch, but it does not mean that we should still end in a scratch too. Think positive, and gradually apply what you have learned, that way you will achieve success easier and faster.

[Hypnosis00]

It is alright OP...And it is simply because not all went perfectly, especially for beginners. You can just call yourself an expert if you have suffered both losses and profit.

What we just need is to admit our mistakes and do something to correct them, not by blaming others or crypto. Because we know this is risky and every mistake we did correspond to possible losses. If we can't afford to do it, then much better not to be here anymore.