A lesson from other people's mistake can go a long way

[Jaycoinz]

Error or mistake is something that is almost fixed along side with the human character and everyone at some point tend to make some vital mistake in which he or she is regretful about and also uses this same mistake as point of reference or lesson so as to avoid same error twice.

But for some reason some folks actually like making these mistake intentionally even after being warned or given heads up about what is ahead or involved. Some actually believe that experience is the best teacher of which I do agree but I would to think that learning from other people mistake is actually the best especially when it comes to mistake that has to do with financial affairs.

The crypto (Bitcoin) space is filled with lots of opportunity and aslo scammers who are willing to pry on every error that any newbie or curious veteran can make and that's why it's important for newbie and amateurs to actually learn from some of the vital mistakes that other members have already done to avoid making such.

The bull season is closed by and alot of things will be happening so everyone should stay on the alert and also imply some of the skills and also take correction from the many mistakes that other have already committed to avoid making same mistakes of our own.

it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?

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[mk4]

1. Don't trade, just DCA
2. If you really want to trade, only use a very small amount (and don't use leverage)
3. Use a hardware wallet
4. Don't get scammed: https://chainsec.io/scams
5. Don't make the common mistakes concerning wallet security: https://chainsec.io/checklist

[Don Pedro Dinero]

In my case, luckily I have made few mistakes, but because I am cautious in general, and I tend to study a lot before making a financial move or in life in general.

On the other hand, I quite agree with mk4's advice, the only thing I would add is: keep it simple. The best way to get rich for the average person is slow and boring.

[Gladitorcomeback]

it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?

To the point i am sharing some mistake and lessons that I learned in the crypto journey.

1: As a newbie My first mistake was to send usdt to wrong address. I don't know that time that btc and Ethereum both has different address. As I remembered I sent usdt to Coinbase BTC address (Eth network) and the address of both was changed. I lost 40$ that time and learned that I should get deposit address of same token which I want to withdraw (Noob scene)

2: Second time I sent more than 1200$ to exchange and my mistake was that I didn't checked network on the the exchange. The token was on multiple chain and exchange listed ERC20 network while I sent Token in BSC network. Later exchange returned my token after 15 days and fortunately token price surges to 1700$ but I learned lesson that I have to check Network also when I send token.

3: once I send less than minimum token to exchange where I lost tokens as per rule of the exchanges and Lesson is obvious that we have to check minimum deposit token whenever we send payment.

4: I lost 600$ when I send token mistakenly to contract address of the token. I was in too hurry that I didn't even checked the address before sending. I learned that I have to double check before sending big amount.

5: I lost more than 1k$ when I send wrong contract token to Binance and unfortunately such token was not listed. I learned that I have to send first low amount (1 or two token) before sending all. I learned a lot but unfortunately lost big

[Orpichukwu]

We all have different experiences, and we all have different means of learning. Many people don't want to believe what they hear about someone until they experience it for themselves. Some people do think there is some sort of error, and they experience some mistakes, but they don't take them seriously until they encounter them over and over again. Then they can start adjusting themselves and not making such mistakes again.
 
We can't change people's way of thinking; the best we can do is educate them on how to avoid falling into some sort of dangerous situation that can ruin their lives and how to avoid making some mistakes. That's the length at which we can go. It's now left for the person to decide what they want to do and what they should not do.

[TakeItEasy]

Error or mistake is something that is almost fixed along side with the human character and everyone at some point tend to make some vital mistake in which he or she is regretful about and also uses this same mistake as point of reference or lesson so as to avoid same error twice.

Mostly the traders learns from their past mistakes which is a good step towards the success but sometimes repeating the same mistake many times just puts a person in danger which is quite bad even for the trader and in the sense of money he has lost. Money may be come from some other ways but they way the trader create to earn money should changed because in that way he also suffers from loss previously. Now he have to do it in a right way that no one would blame him for his mistakes.

Even though there are also some mistakes in the trading which can't be forget sometimes. Because some people invested all of their money in the trade and when they make a small mistake they loss all of them, we should be careful about that.

[hugeblack]

You can make the same mistake one or two times, but if you do it more often, the problem is yours, so instead of blaming yourself, you will not turn back the clock and take advantage of these opportunities to learn from the mistakes of the past and start a new beginning from them, and you must not let greed control you, as soon as the price rises We will see some people expect prices such as $200,000 and even $500,000, so the best advice is as long as the price is less than $50,000, buy in large quantities, then DCA, and start selling at any level near $130,000.

[GiftedMAN]

Concerning the issues of avoiding scammers, I think we can only get good orientation here on the forum on the ways to identify some of their tricks but we can't stop their activities because they are everywhere even the least place you would expect them.

Personally I think being less concern about free things on the internet and in the crypto space is one of the things I consider very important for someone who's avoiding being scammed apart from ensuring the security of your seed phrase and others.

[Findingnemo]

Learning from your own mistakes makes you a wise person and learning from others' mistakes makes you a smart person so combining both indeed increases the chances of being successful.

Few tips to stay away from scammers/hackers:

• Never invest your money with a project/scheme that is true good to be true
• Always check and ensure that you entered the right address in the recipient box because there are high chances that devices may infected with clipboard malware which replaces the destination address to the hacker's wallet instead of what you copied
• Store cryptos only in the open-sourced, non-custodial wallet.
• Never accept unconfirmed TX as payments.
• Stay vigilant and avoid doing p2p trades with random users.

[kentrolla]

We all learn from our mistakes and we should rather consider the mistake we make initially as an experience and try not to repeat the same mistake again, to give you an example some newbie or even somewhat tenured traders end up losing huge chunk in futures trading just because of setting the leverage too high and I was one of them then I have learnt from my mistake and don't get into anything more than 5x leverage for futures. But the most important thing is one have to learn from mistake and not just repeat the same mistake as Bull run and halving event are lined up we may see people repeating the same mistakes like buying due to FOMO at peak, selling due to Fuds, falling for ICO scams to name a few

[Antotena]

it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?

When you hear the phrase "Not your keys, not your coins", people take it for granted but let me tell you, that statement is goated and yet underrated. I don't wish anyone to experience the real meaning to it but if you do, you will learn the hard way and it will be to late to take correction and that's why it's advisable to disengage from centralized platforms because you will never have access to the private keys where coins are stored, if anything should happen, consider everything gone.

In addition, learn to appreciate the little you have in profits, don't chase clout like the way influencers does all around calling unimaginable price like bitcoin to 1 million, 500k and many more, you will only regret following them because those guys are there to exite the market and the general public to come into the market while they dump immediately and sell their bags.

[Saint-loup]

To be honest, I'm not sure mistakes from other users could benefit and help other people to make things better than them because unfortunately the whole crypto universe is risky by nature and you need to accept that. Even if you're highly cautious you won't be able to predict new scams and new technical hacks. So if you don't want to make a risky investment or to use a risky asset/currency you shouldn't invest or use cryptocurrencies, that's it. Some regulators think they can clean up and make the area safer but I think they're just wrong.  

[Marvelman]

We've all been there when starting out with crypto - making mistakes as we learn the ropes.  For me, I once missed a zero when sending some bitcoin to a friend.  Sent way less than I meant to! Another time, I got spooked when prices suddenly jumped up a lot and  i panicked and sold most of my coins, only to end up buying them back later at an even higher price.  Doh! I laugh about those early missteps now but at the time I felt like such a newbie. 

It's a complex world to dive into, that's for sure.  But making small mistakes is part of the learning curve with any new technology.  Over time, through trial and error, we get better at navigating things. The only thing is that with crypto, we have to be extra careful because we can lose a lot, and there's no way back.

[AYOBA]

it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?

Mistakes is a part of everyone, and it has no master. Let's make sure we continue to gain knowledge from our previous errors. We typically do this since the wallet addresses are similar, especially when it comes to sending money to friends or other people.

In order to avoid making the same mistakes twice, it is wise for us to view the mistakes we make from the outset as learning experiences. Since it is not like a bank, that we can say we will go directly to the manager and complain to them, and then in a few months they will reverse the money back to us so we have to be very carefully.

[Viscore]

There is no perfect investor or trader in the market. All have experienced their own share of mistakes and some have learned their lessons well while others are still repeating the same mistakes again, seems like they aren't learning at all. But here's my piece of advice:

1. Always invest on the amount you can afford to lose. Bigger amount of capital does not guarantee success and profits, but everything lies on the performance of a trader or a long term hodler.

2. Focus on bitcoin. If you wish to diversify your investments, it does not mean that you'll go with altcoins as you have no choice, but take part in other physical investments like real estate or gold.

3. Never trust other people in the market more than yourself. You only get scammed because you are too trusting.

4. Stay away from meme coins or shitcoins. While others may be lucky that they have made exceptional profits just like dogecoin, but the rate of chance to make it happen again is very rare or it could not be happening again.

5. Do the DCA method. Maximize your investment profits not by doing leverage, but stick to DCA.

[tabas]

Don't panic when the bull run comes. Sell when you are at profit and you really think that you've got more than enough for your profit. There are people that sells at a wrong timing even if they're already in profit, they feel that it's a mistake to sell. So focusing about selling, make sure that you are satisfied when you have sold already because that's going to be a mistake that you cannot re-do and even if you can re-do that, you can easily forget that moment as you can't feel that you're not satisfied. No regrets upon selling.

[PrivacyG]

Do not be greedy.  This will solve most of your problems.

Why do you trade instead of Dollar Cost Averaging?  You are greedy and want more than what you can get.  Right?

Why do you resort to Shit Coins instead of Bitcoin?  You are greedy and want more than what you can get.  Right?

Why do you fall for a scam?  It sounded too good to be true and you wanted more than what you had.  Right?

Otherwise you would have not done the things that got you in a worse place.

Most of these source from a degree of greed that is inside you.  Stop being greedy and accept what you can get with what you have.  Play it out in a safer way.  The results will be slower but you will love them results.

[hatshepsut93]

Just when I started using this forum I invested 0.01 BTC in an ICO that of course turned out to be a scam. Back then 0.01 BTC was a really small amount, so I consider it a good bargain - I learned a valuable lesson and paid only a little for it. I'm never touching again any ICOs, NFTs, DeFis and whatever else the scammers will come up in the coming years. Just holding Bitcoin is good enough growth rate for me.

[GeorgeJohn]

Let me generalise this, it's obvious and understanding that even though you carry out a campaign of how people will overcome some of the mistakes they do venture into seven times or multiple times some people will also be a victim, so them been a victim is something I know quite well that happened through them testing or checking if what you instructed is true or not, if we follow other people instructions I don't think we will make same mistakes we make again, so therefore if we want grow we should learn the senior colleagues mistakes and ensure we don't make a such mistake again

[Mr.right85]

Concerning the issues of avoiding scammers, I think we can only get good orientation here on the forum on the ways to identify some of their tricks but we can't stop their activities because they are everywhere even the least place you would expect them.

Personally I think being less concern about free things on the internet and in the crypto space is one of the things I consider very important for someone who's avoiding being scammed apart from ensuring the security of your seed phrase and others.

Scammers continue to evolve different tricks everyday and each time, the next trick often seems to better the previous. That’s just how innovative these guys are. At times, I wonder how they don’t see the need to direct some of these there innovative initiative towards something positive/legit, stay on it and see how it flourishes.

One can never be way too sure not to fall into a scam simply by having to look out for loopholes or being familiar with a scam trick or not. You can only try so much but, one thing that could aid you is your approach towards every new scheme or means to an income or just a pop up of whatever kind on your device.
You have to realize that these things exists and don’t try to catch every opportunity or regret so much over lost opportunities because, these could be a cause for irrational actions and you can’t afford mistakes.