Before You Think of Giving Up on Crypto, Read This

[Makus]

As crypto investors, we must always  jave it at the back of mindset that cryptocurrency isn't a get rich quick scheme  and before we begin the journey to start investing or trading, there are several  concepts, do and don't we should know. Risk management is the most important thing that we should always have at the back of our minds, sometimes due to loses we get overly emotional and start taking decisions from our emotion instead of our knowledge, and that's where most people get it all wrong because that will only lead to more loses. Also we must learn to read chart, and under market sentiments.

[AGogi2003]

I am not going to sugar-coat my words to any newbie, if you cannot deal with volatility; if you cannot handle losses, then quit if you want to. There are a thousand and one other kinds of investments that are more stable and less riskier than crypto.  Bitcoin is even a better option for newbies but there are still risks. Just like op has mentioned, if you cannot stay committed and disciplined, go for other options that suit your risks tolerance instead of holding on to something your mental health can't handle.

And we can say that crypto is not for everyone, not for the faint of heart, that person who can't even go and complain about the decline of price. So it's really like we need to go to school and learn everything from scratch.

So patience is the key here, for sure we have heard this before, but that is the truth. So really need to have a lot of it inside so that there will be no mad swings like in one day you want to sell everything and quit and then the next day, you want to stay. Everything boils down on how you can really handle and yeah, it's all mental games for us.

That is the fact,  Bitcoin is not for everyone because not anyone can be patient enough to risk is funds in the coin, that is why they have many things that you can probably do and have profit without Bitcoin investment. But if you are patient you can be in the best way with others that benefit from bitcoin investment. Bitcoin is risks and you can't predict the outcome that make it special and more stronger. That is way you can't predict what will come next day or week or months. But if you are interested and focus and invest for long term, you can always get profit on it because he usually raises for long term that is why people says we should invest and wait patient but that is the patient that is killing people without getting trust to invest for the long process. Anything that will bring profit just put it in mind that you can lose anytime and he won't always comes easily achieve your goals.

[sunsilk]

One thing that no one have taught me of is the DCA part. But I'm happy that I've been in the forum and many of the early investors have told that.

And I think that the newbies are also in the same phase, where they don't know this strategy yet. As they continue to stay and trying to learn and invest more, they're understanding how effective DCA is as a strategy.

The results are great and very efficient for someone who doesn't own a lot in assets but with Bitcoin, made me learn several things not just about Bitcoin but also on how to invest properly and proper risk management.

[Porfirii]

One thing that no one have taught me of is the DCA part. But I'm happy that I've been in the forum and many of the early investors have told that.

And I think that the newbies are also in the same phase, where they don't know this strategy yet. As they continue to stay and trying to learn and invest more, they're understanding how effective DCA is as a strategy.

The results are great and very efficient for someone who doesn't own a lot in assets but with Bitcoin, made me learn several things not just about Bitcoin but also on how to invest properly and proper risk management.

I'm going to make an unpopular comment here, but DCA is not a panacea either.

DCA smooths the curves of the volatility in the short term, but if we talk about a deflationary asset with great potential, as seems to be the case with Bitcoin, now that we've just touched a new ATH we can say that, the earlier you bought, the better. And the more you bought, the better too.

In a bull market, DCA only makes you miss the train. In a bear market, it reduces losses too, but in the long run, if you plan to wait for several cycles before selling (if ever), it may not be the best strategy.

[KiaKia]

I think the one you mentioned, "Losses are part of the game" is the most important. It builds character before anything else. Strategy is the easy part since it's all in the mind, you can research, copy others, or learn through experience. But if you're not disciplined enough to accept losses, then everything you've learned becomes useless, because you won’t be able to execute your game plan properly.

People are too scared of losing or making mistakes, if anyone is trying so hard to avoid this I doubt they will ever move forward, sometimes you have to taste failure to be stronger, if you don't know how failure feels like you can't have a taste of winning either.

A soldier who goes to war was prepared to die, they look at death in the face and try to triumph, if fear kicked in you are likely not going to make it back, so yes many successful people around the world have tasted failure too many times until they break free in the end.

I have failed a lot in this crypto space especially this period of time, but I strongly believe that I will bounce back even better, and I promised to share my journey so far after this bull market is over, if anyone is reading, this is not the time to give up, standing up and falling was how life began.

[Abdulzuruku01]

So if you are a beginnner in the space, here are a few things I wish someone told me early on:

1) Losses are part of the game. Losing your money doesn’t mean you are a failure, It means you’ve learned something, if you take time to understand why the lose happened in the first place.

2) Don't be in a hurry. The reason why most newbies tend to loose alot is because they jump into every green candle they see without taking time to understand why it was so.
 
3) Risk managementt: The market is highly volatile so never carry your "house rent" or "school fees"  to invest into crypto. Always invest what you can afford to loose.

4) Practice DCA Strategy:  For example you have a $100 as capital, never invest all of it into a project at once no matter how promising it is. Always try and spread your capital using installment acrross different point in time.

So if you are thinking of quitting. Take a break and remind yourself that you are still learning and growing and that winner's never quit. One love ❤️

Lack of patients is what causes most newbies to give up investing in Bitcoin and other cryptocurrencies quickly but when there's patients they can take their time learning the basic knowledge, and If they overcome losses or other challenges during their investment, they will understand that it's a common occurrence in cryptocurrencies. And also investing in Bitcoin is worth investing ompared to other cryptocurrencies, while there is no guarantee that you will make a quick profit when investing in Bitcoin, investing investing in Bitcoin for long term can yield significant profits, if you are patient and willing to endure market fluctuations. Start small and invest what you can afford to lose.

[dumpsterhawk]

1) Losses are part of the game. Losing your money doesn’t mean you are a failure, It means you’ve learned something, if you take time to understand why the lose happened in the first place.

Stay away from shitcoins and you won't have losses. That is even a simpler lesson for your first point. 

[Alone055]

So if you are a beginnner in the space, here are a few things I wish someone told me early on:

So you don't wish someone had told you that you need to learn everything about the market and the industry first before you attempt to make money out of it? Because you didn't mention that in your points, when it's one of the most basic things one needs to do as a beginner. How can you expect yourself to become a good trader if you don't even know everything about trading itself? You don't just need to know how you can use an exchange, how you can place a buying or selling order, and how you can deposit and withdraw funds in your exchange account, but you need to know everything.

Think of it this way, you want to take a test, a test where you will be answering questions based on a book you must have read before taking the test. Now, you appear for the test, but you only read the first chapter of the book, and didn't read the rest, but the questions in the test are from all chapters of the book. How many right answers do you think you can get? Only a few, right? Now imagine if you had read the whole book, wouldn't that make the test easier for you?

That's how trading is for you.

[sunsilk]

One thing that no one have taught me of is the DCA part. But I'm happy that I've been in the forum and many of the early investors have told that.

And I think that the newbies are also in the same phase, where they don't know this strategy yet. As they continue to stay and trying to learn and invest more, they're understanding how effective DCA is as a strategy.

The results are great and very efficient for someone who doesn't own a lot in assets but with Bitcoin, made me learn several things not just about Bitcoin but also on how to invest properly and proper risk management.

I'm going to make an unpopular comment here, but DCA is not a panacea either.

DCA smooths the curves of the volatility in the short term, but if we talk about a deflationary asset with great potential, as seems to be the case with Bitcoin, now that we've just touched a new ATH we can say that, the earlier you bought, the better. And the more you bought, the better too.

In a bull market, DCA only makes you miss the train. In a bear market, it reduces losses too, but in the long run, if you plan to wait for several cycles before selling (if ever), it may not be the best strategy.

It might not be a panacea to most of us but it's a proven strategy that could work for the majority.

If someone is planning to stay on this market for so long, they're free to DCA as early as now or they can leave this market for a while and just get back when we're already in a confirmed bear market.

But that's the harder part, last 2022 if we compare to the past bears, it doesn't seem to be a bear but just slugging market yet still was a fine year to start in DCA.

[pawanjain]

So if you are thinking of quitting. Take a break and remind yourself that you are still learning and growing and that winner's never quit. One love ❤️

That is in fact the most important thing of our investing journey. No matter howmuch of a pro investor a person is, nobody can save him from losing trades.
At the end of the day, it eventually boils down to how consistent we are at holding and investing.
Losses do hurt a lot but we must take it in a positive way and consider it as a lesson.
Improvising everyday is the only way we can succeed over the long run and get rich from our investments.

[Miramax12]

As crypto investors, we must always  jave it at the back of mindset that cryptocurrency isn't a get rich quick scheme  and before we begin the journey to start investing or trading, there are several  concepts, do and don't we should know. Risk management is the most important thing that we should always have at the back of our minds, sometimes due to loses we get overly emotional and start taking decisions from our emotion instead of our knowledge, and that's where most people get it all wrong because that will only lead to more loses. Also we must learn to read chart, and under market sentiments.

You are actually very correct with your view, Too many people jump into crypto expecting overnight success without understanding the risks or the psychology behind trading. Emotion-driven decisions are dangerous in this space. Risk management, patience, and learning the basics like chart reading and market sentiment go a long way.

[Japinat]

I think the one you mentioned, "Losses are part of the game" is the most important. It builds character before anything else. Strategy is the easy part since it's all in the mind, you can research, copy others, or learn through experience. But if you're not disciplined enough to accept losses, then everything you've learned becomes useless, because you won’t be able to execute your game plan properly.

Losses are not the reason to give up, but instead it will motivate you to improve even better not just to overcome those losses, but should go beyond it. That’s where discipline should enter the picture. While it’s a smart move to gain skills and working strategies to maximize the potential outcomes, but for any trader or investor to remain in crypto, it takes a lot of discipline and courage to keep going and to move forward.

[Fiasem20]

Overcoming the urge to give up on crypto begins with selecting the right cryptocurrency.If you've chosen a 'shitcoin,' to be the right cryptocurrency to invest on then it's wise to switch to a coin with more potential(Bitcoin).As a beginner,you might learn the hard way in terms of selecting a right cryptocurrency.Investing in Bitcoin is a good choice,as it has proven its long-term profitability to its enthusiasts.Secondly,it's crucial to verify information about Bitcoin online to avoid falling prey to misinformation and FUD(Fear, Uncertainty, and Doubt).Thirdly,set a clear goal for your investment horizon,determining how long you plan to hold your coins to avoid unnecessary panic.

[ProfitableAirdrops]

do not jump into shitcoins

[uchegod-21]

Overcoming the urge to give up on crypto begins with selecting the right cryptocurrency.If you've chosen a 'shitcoin,' to be the right cryptocurrency to invest on then it's wise to switch to a coin with more potential(Bitcoin). As a beginner,you might learn the hard way in terms of selecting a right cryptocurrency. Investing in Bitcoin is a good choice,as it has proven its long-term profitability to its enthusiasts.Secondly,it's crucial to verify information about Bitcoin online to avoid falling prey to misinformation and FUD(Fear, Uncertainty, and Doubt).Thirdly,set a clear goal for your investment horizon,determining how long you plan to hold your coins to avoid unnecessary panic.

Alot of beginners actually learn the hard way not because they are just unfortunate, but because they rushed to invest, only to start learning properly from their own experiences. Learning from one's experience can be very risky; many mistakes will me made, most newbies will not have that patience and resilience to continue further.

Investing in Bitcoin is a journey; to avoid missing your way, it is expected that you come prepared. New comers into the crypto community should learn the basics first before investing. It's not just about the basics, learning some security tips is very important to avoid unauthorised access to their wallets.

[nakamura12]

Alot of beginners actually learn the hard way not because they are just unfortunate, but because they rushed to invest, only to start learning properly from their own experiences. Learning from one's experience can be very risky; many mistakes will me made, most newbies will not have that patience and resilience to continue further.

Investing in Bitcoin is a journey; to avoid missing your way, it is expected that you come prepared. New comers into the crypto community should learn the basics first before investing. It's not just about the basics, learning some security tips is very important to avoid unauthorised access to their wallets.

Rush decision is what makes newbies learned the hard way instead of doing it at a pace that they can fully understand and utilize the things that they have learn throughout the time that they start learning about cryptocurreny. If a person didn't do that is that they will experience losses a d regrets like I should have created more than 1 backup of my wallet and I wouldn't have lose my funds and make a profit, I should have make my security increase then my wallet won't have get compromised by a hacker. So as you have said, basics is a must.

[uchegod-21]

Alot of beginners actually learn the hard way not because they are just unfortunate, but because they rushed to invest, only to start learning properly from their own experiences. Learning from one's experience can be very risky; many mistakes will me made, most newbies will not have that patience and resilience to continue further.

Investing in Bitcoin is a journey; to avoid missing your way, it is expected that you come prepared. New comers into the crypto community should learn the basics first before investing. It's not just about the basics, learning some security tips is very important to avoid unauthorised access to their wallets.

Rush decision is what makes newbies learned the hard way instead of doing it at a pace that they can fully understand and utilize the things that they have learn throughout the time that they start learning about cryptocurreny. If a person didn't do that is that they will experience losses a d regrets like I should have created more than 1 backup of my wallet and I wouldn't have lose my funds and make a profit, I should have make my security increase then my wallet won't have get compromised by a hacker. So as you have said, basics is a must.

Yea. I was once a victim of my own ignorance. I have had my own fair share of punishment for being so impatient both in the crypto space and in another form of investment. I can still remember as a young boy growing up, I gave a total stranger I met online some money to invest in a ponzi scheme for me. Well, I was blocked immediately I sent the money. I learnt the hard way because I didn't do my due diligence.

Newbies who are in this forum are very lucky. Everyday they come across security tips and life stories of experienced investors. They have all the opportunity to learn from these experienced persons, except they don't read or just want to explore by themselves.

[Shawheer Khan]

1) Losses are part of the game. Losing your money doesn’t mean you are a failure, It means you’ve learned something, if you take time to understand why the lose happened in the first place.

2) Don't be in a hurry. The reason why most newbies tend to loose alot is because they jump into every green candle they see without taking time to understand why it was

I think these two points are the most important. Firstly, The thing that's really important and is underrated is, Not Being In A Hurry. If you are not in a hurry you are less likely to Lose in the markets. Most people that lose money are because of them using High Leverage in hopes of doubling or tripling the monry in a few trades but they get liquidated. The reason they Do this is they are In a hurry and the The market Humbles People who are in a hurry.

If you're not in a hurry and take calculated trades then the other factor to increasing chances of profitability is Learning to accept losses. No trader in the world has a 100% win rate. Even the Best of Best traders lose money and that's completely fine because loses teach us lessons. Losses are fine as long as you are not using 2000× Leverage 

[Aanuoluwatofunmi]

1) Losses are part of the game. Losing your money doesn’t mean you are a failure, It means you’ve learned something, if you take time to understand why the lose happened in the first place.

Loss may truly be part of the game indeed, but we must not have to pass through this hard way before we can learn to know what bitcoin or crypto is all about, i don't buy the idea of learning in a hard way, but for us to be able to prevent this from happening, we have to be more conscious of the things we do and how we go for some of the offers we see online in a random manner, before we can do anything, we need to learn how its been done, take the effective risk measures and be able to control our emotions not to go too far in it for a start that we lose in a big way.

[albon]

Loss may truly be part of the game indeed, but we must not have to pass through this hard way before we can learn to know what bitcoin or crypto is all about, i don't buy the idea of learning in a hard way, but for us to be able to prevent this from happening, we have to be more conscious of the things we do and how we go for some of the offers we see online in a random manner, before we can do anything, we need to learn how its been done, take the effective risk measures and be able to control our emotions not to go too far in it for a start that we lose in a big way.

Anyone can learn trading through a demo account that contains virtual funds. As for investing,, I don't consider it a real loss unless the investor sells at a loss, so Fluctuations and price drops is part of the nature of this volatile market, and patience is the key.

I see that learning through practice is a good approach, but it shouldn't involve real money, or at most, only a very small amount that is hardly worth mentioning. No beginner should give up, as everyone started from the first step and ladder.

What the OP mentioned is important advice, especially about risk management, as many ignore this important advice despite its great importance.. Managing your capital wisely also is a smart and essential strategy for success in this market and for avoiding potential major losses.