Share your top mistakes in crypto - learning from others experiences!

[kro55]

When we start a journey as a beginner, we tend to make a lot of mistakes and those mistakes make us stronger over time. Some of these mistakes might be minor and have no significant impact on us or our journey, but some will cost us a lot of money, and time, or other things that might be of good value.

For me, during my cryptocurrency journey, I would say that my biggest mistake was making large investments in meme coins. When meme coins started to gain traction and become successful due to extreme hype, I thought it could be an opportunity for me to make a fortune for myself just like others who had earned a lot of money through them, but little I know that we aren't supposed to make large investments in them because they are extremely risky. I lost a lot of money in my initial meme coin investments.

I think investing in memes is not as bad as you say, and your loss is not due to memes but because you did not restrain your greed in time. Look at memes like doge, shib, floki and especially Pepe that are becoming phenomena in the market this year. All of them still exist today and have even brought great profits to many people who invested in them early and exited in time. Obviously, people who invest in memes and lose money are largely because they cannot control their greed, not because of those meme projects.

It's true that we shouldn't invest a lot of money in memes, but it would be remiss of our portfolio not to include any memes. Many people expected memes to disappear from the market, but instead, investing in memes is becoming the choice of many people and it has become a culture in the market.

[rodskee]

Allowing emotions like fear and greed to dictate trading decisions can result in impulsive moves and losses. It's crucial to stay disciplined and stick to your trading plan.

as long as you are not engaging with emotions and that will be our best attitude when trading
there are so many failure happens from some of my friends that use their emotions when they are in trading
and from that i learn to never have that same mistake again and indeed now I managed to leave those
attitude and now doing what is best to give me better return.

[Nrcewker]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

The first mistake I did was keeping a huge amount of Bitcoins in an online wallet. The wallet got compromised and for which I lost huge amount of money. From that day onwards I have been avoiding using online wallets and exchanges to store my cryptos. Hardware wallet or offline wallet like Electrum is best for storing the coins safe. This mistake is done by many newbie investors, and hence need to be carefully observed.

[Webetcoins]

On thing that people often like to say is a mistake is the fact that I studied bitcoin for at least one year before every buying any.  It was probably somewhere around the year 2013 and I had come to learn of bitcoin, and it's breakthrough technology, but I was still skeptical and didn't really know what to make of it so I studied it for a year.  I read Mastering Bitcoin, Digital Gold and any other book /news article etc I could get on bitcoin and continued to study it before ever buying.  I think it was smart, other say a mistake..you be the judge I guess.

I guess they think that it's a mistake because they think you are only wasting time but they may not really refer into studying because they also know that it was beneficial. BTC on 2013 is still early and even if let say you only wasted 1 year, that is still fine because the peak of BTC have only started on the year of 2017 if I'm not mistaken.

It's better to have a knowledge on the thing that you are dealing with, as it gives you a confident and a peace of mind. So you are more successful with it, than the other. Since this was not a real mistake, I wonder if you have any? I'd be happy if I/we can also read it here . In my case, I think my crypto mistakes are only common, so it's not worth sharing anymore lol.

[KingsDen]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

At any stage you meet bitcoin, you are free to buy and hold. I met bitcoin when it was around $8K, and I was discouraged from buying that it is expensive, that I should buy some random coins. Today bitcoin is above $60k and those random altcoins then are gone. At any point in time, try buy bitcoin and hold, you will not regret in the future.

[LogitechMouse]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

I don't have top 1-5 in my years in crypto space, but I only did a big mistake twice in my whole journey.

1. Don't get FOMOed. I can still remember the time when I got FOMOed in a token just because they made a partnership with a famous company. I bought that token even though it's on the top already because I expected that it will go even higher. To cut the story short, it didn't go higher and by the time I bought it, it went down a few minutes after causing me to lose more than half of my initial capital.

2. If you have an opportunity to sell, do it whatever happens. This isn't applicable to all because I believe that there are some out there who follows their plan of holding their coins for more than 5 years or even longer. As for me, I believe that the best time to sell your tokens is during the bull run as prices of coins go up at that time. I made this mistake during the 2021 bull run when I didn't sell my tokens when there's an opportunity. Now if we enter the bull run, I will sell all of my tokens.

[VanKushFamily.com]

I would say that the Biggest Mistake that the Entire Cryptocurrency World made, was Watching Bud Lite make Whatever, USA copying FinShaggy's Idea, and still just not Supporting Bitcoin Town. The Single Biggest Mistake of all of Cryptocurrency, was not Supporting the Creation of Bitcoin Town.

[BABY SHOES]

Never publish your portfolio to others even if you want to show it off, it can be a crime for others.

Never deposit assets in the stock exchange, there have been many cases where the stock exchange collapsed and your assets cannot be withdrawn.

Never invest in too sweet profits, avoid this kind of investment by yourself.

Never buy meme coins.

[Mame89]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

I think almost everyone involved in the crypto world has experienced mistakes, whether small or big. Because of course the world of crypto is complicated, so when we first get to know crypto, of course we make mistakes.

I myself once clicked on a phishing link connected to a wallet and in the end all the assets were lost, it wasn't much, but it was a lesson for me to never store assets in an online wallet. I also made a mistake in the network when transferring crypto, this is also not much but from here we need to be careful when transferring assets, and lastly I once stored assets on an exchange and at the same time the exchange was suspended because there was a scandal, no it is necessary to mention the name of the exchange. because you all definitely know what exchange went viral a few years ago. Here I also learned never to keep assets on the exchange for too long.

These three mistakes made me more careful in treating my crypto assets and made these mistakes a bitter pill so that they don't happen again in the future.

[Assface16678]

The biggest mistake when it comes to crypto currency is that I didn't enter in crypto currency or bitcoin earlier. I mean, I have an idea of what bitcoin is, but I choose to ignore it because I'm more into playing and watching at that age. If I even had a business mindset or mindset to earn at that age, then maybe now I'm more wealthy, I guess, but that's in an idea of what bitcoin is, but I choose to ignore it because I'm more into playing and watching at that age. If I even had a business mindset or mindset to earn at that age, then maybe now I'm more wealthy, I guess, but that's in the past, and I only treat that as a lesson that if you see an opportunity and you have the means and knowledge to grab it, don't let another opportunity slip away. All things have risks, and if you can't take those risks, then you are also not deserved the reward you might get or earn.
 
Anyway, right now I'm doing great in the crypto currency world and earning in a lot of ways because I didn't let myself sulk and just took time to reflect and regret not being able to enter this industry early.

[ancafe]

It's always true to be cautious with centralized exchanges and be responsible for our methods to store our bitcoin.

That was just an initial mistake at a time when we weren't familiar with centralized exchanges and now we understand much more about storing assets safely and I think almost a lot of people make mistakes when they first get to know crypto.

Even senior investors who are in the market for years, don't predict the market price movements because with their experience, they know that all predictions are wrong and can not help their investment portfolio.

History is important and they can analyze past cycles, how a bear market ends and how a new bull market starts, how a big bull run usually lasts. From all of these analyses from past records, they can build up their investment strategy within one market cycle, about 4 years, or longer, but they don't predict the market. Making predictions is for newbies who don't have enough experience and usually have high belief that they are 'smart' enough to make correct predictions.

Predictions are only for consideration and they are not completely true, why do people try to make predictions because they will have an idea when they want to buy or sell it. However, regarding the certainty value, it can change because the market is speculative and always runs outside of predictions. By looking at predictions from previous travel history, it will create a general picture so that it will make it a little easier for people to see whether the market is bearish or bullish.

If we understand Bitcoin's journey then predictions are only relied on as evaluation material and are not fully used as a benchmark. The bitcoin cycle shows a much stronger understanding where we can see which price increase process will be marked in which period. We can see this step if we understand the process of bitcoin's journey in the four-year cycle and adjust previous history.

[kotajikikox]

My experience on this is when holding shitcoins one must be always updated and monitored since one missed opportunity will lead us to hold worthless tokens.  I have a stash of 3k shit token that were priced at most $20 each during the token's hype but failed to sell them because I failed to monitor the market and did not sell when the price was profitable and later the shit token become worthless because it was abandoned by the developer wich makes me end up holding worthless token.

I think that is certainly one of the worse things that could happen to an investor. Especially if you truly believed in the potential of the project and you ended up buying way too much than necessary because you wanted to earn as much as you can.

This is probably one of the reasons why a lot of investors are hesitant and do not want to risk in new altcoins. They are better investing in top coins like bitcoin and ethereum. They are volatile but I think there is more time for you to be able to pull out your funds once they start dipping.

[blckhawk]

Biggest mistake for me was not selling at the peak, never ever marry the bag even if it's bitcoin because the amount of stuff that I could've done that would be funded on that would be a lot, the possibility is endless but now I've learned my lesson, I'm better off going for having a target price, that way, I can never really miss out on things and when that happens, I wouldn't regret it because now I've got all the funds that I can ever need for those stuff and I can always go back to bitcoin when the price starts going down again anyway.

[livingfree]

If you are knowledgeable to investing, you'll not be fooled by anybody and you will understand why Bitcoin is volatile.

I think it is a common misconception of many new investors that when they buy Bitcoin, they'd assume the ROI as soon as possible. It's not how it goes so that assumption is breaking their expectation and that's not right.

Since many mistakes are identical to each other. Having that mindset is a mistake in general not for me but for most investors, new and not.

[Questat]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

- When I trust someone to create a wallet address for me and take my money as he knows my keys.

Lesson to learn for me and for others - trusting someone is not wrong but trusting the wrong person is a big mistake. That is why, aside from knowing who to trust, we don't easily trust them as well especially when it talks about money.

A reason why we should not make ourselves ignorant of something. Research is really what we need, so we will not become a victim of our innocence. And know that not all people who help us have good motives, some of them are looking for our weakness and make use of it to take what they want.

[fuguebtc]

Never buy meme coins.

Doge, Shib, Floki...they're all memecoins and aren't they worth buying? If you invest in them early, I believe the profits you will receive will not be inferior to other investments, you will even gain a huge profit. If you warn people against investing in memes, I think it would be more appropriate to advise people to stay away from altcoins altogether. Because many top altcoins like Luna, EOS have become useless but memes I mentioned still exist and grow to this day.

In my opinion, we can invest in any project but it is important to do your own research before investing. Don't invest based on luck, don't invest because of Fomo...