Learning from mistakes

[pawanjain]

I would like to ask you guys a simple question here. While this could have easily got more replies on the global board but lets discuss it here anyway.

What are your biggest losses in crypto ?
What did you do about it ?
What was the lesson you learn from the experience ?

Let me share my experience. I have been accumulating over past few years and but never took profits in any bull cycle.
So I thought of taking advantage of the next bull cycle by selling near ATH and then buying back later so that I can accumulate more coins.

When bitcoin hit $100k I thought of selling all my coins in the hope of buying back later but bitcoin hit $103k.
I panicked and bought bitcoin at $103k and then it dumped to $92k and I panicked again and sold it all.
My luck was playing against me because bitcoin went all up to $108k and so I bought it back again.

Doing all of this I lost 50% of my bitcoins and so I stopped it all and started holding again.
It was very hard for me to overcome the losses but there was nothing for me to do.
I should have just holded to my coins and it would have given me better returns.
The thought of taking profits and buying back at lower price ended up eating all my profits.

[Bitcoin Smith]

What are your biggest losses in crypto ?
What did you do about it ?
What was the lesson you learn from the experience ?

I never sold all my cryptos at once, I only cash out the profits intermittently and then I will forgot about the prices and start back fresh on the next opportunity so it could be missing out potential profit making opportunity if we can consider it as loss too?.

I don't regret cashing out, because at some point we have to do and the price will go on further so it's what we need to fix before taking that decision.

When bitcoin hit $100k I thought of selling all my coins in the hope of buying back later but bitcoin hit $103k.
I panicked and bought bitcoin at $103k and then it dumped to $92k and I panicked again and sold it all.
My luck was playing against me because bitcoin went all up to $108k and so I bought it back again.

It happens to most crypto investors and that's who we call weak hands.

It's normal but you need to change your strategy a bit, like sell half and continue to keep the remaining so if the price went down you can cover the capital loss with the profits made and if the price went up then you can convince yourself that you are still holding some.

[pawanjain]

What are your biggest losses in crypto ?
What did you do about it ?
What was the lesson you learn from the experience ?

I never sold all my cryptos at once, I only cash out the profits intermittently and then I will forgot about the prices and start back fresh on the next opportunity so it could be missing out potential profit making opportunity if we can consider it as loss too?.

I don't regret cashing out, because at some point we have to do and the price will go on further so it's what we need to fix before taking that decision.

Yes, if you sell at $100k and then buy back at $110k then you are missing out on the potential returns.

When bitcoin hit $100k I thought of selling all my coins in the hope of buying back later but bitcoin hit $103k.
I panicked and bought bitcoin at $103k and then it dumped to $92k and I panicked again and sold it all.
My luck was playing against me because bitcoin went all up to $108k and so I bought it back again.

It happens to most crypto investors and that's who we call weak hands.

It's normal but you need to change your strategy a bit, like sell half and continue to keep the remaining so if the price went down you can cover the capital loss with the profits made and if the price went up then you can convince yourself that you are still holding some.

Yeah that is what I should have done because I could have probably holded on to what I have left with.
I could have saved my portfolio and yes, I did have weak hands back then.
I did learn my lesson but unfortunately I had to pay a large price for that lesson.

[TheUltraElite]

I had a lending business running on another site. Learnt a lot about being a loan shark from that. Lost some 0.01 BTC as well in total in defaults. But I moved on from that and accepted the loss, eventually made it back from campaign earnings.

Mistakes in trading have been low for me because I am mostly placing them in the long term view. We have to take it slow there we dont know what the future from crypto is in India for now.

[IIrik11]

What are your biggest losses in crypto ?
What did you do about it ?
What was the lesson you learn from the experience ?

biggest loss in crypto would be about 80k inr (gambol), so not that bad  

what i did, nothing basically, felt sad for a couple of days and just moved on

lesson learnt: trust your research, whether it is crypto, stocks, real-estate or any investment for that matter

if u know u have done your home-work and u trust the project, just have patience and confidence in urself n don't gambol 

[libert19]

I have made plenty mistakes over the years but one that constantly lingers in my mind is of not selling a token named, 'JRT' at right time — I earned significant amount of it by doing bounty here, and it was worth about 100 ETH at one point of time, my dumbass didn't sell it, it plummeted, plummeted and I eventually sold it for mere 4 ETH.

Do note ETH's price in USD was low when it was worth 100 ETH, and was higher when I sold it for 4 ETH — so there wasn't much difference in USD value I got, but in ETH value, the difference was night and day as you can see.

Edit: typo

[LucyFurr]

One of my social media friends got scammed in a crypto investment scheme promoted by influencers. We have the mindset that if someone popular vouches for them, then we just blindly go with it, without even thinking that it can be real. Instagram influencers will promote anything if they are getting paid for it so we should never trust them with our financial decisions. I try to be smart and learn from other people's mistakes.

[IIrik11]

One of my social media friends got scammed in a crypto investment scheme promoted by influencers. We have the mindset that if someone popular vouches for them, then we just blindly go with it, without even thinking that it can be real. Instagram influencers will promote anything if they are getting paid for it so we should never trust them with our financial decisions. I try to be smart and learn from other people's mistakes.

dude, this reminded me of something, go to twitter and search giveaway

u would find 'green-ticked' paid accounts promoting crypto giveways

and all they ask from u initially is u know the usual, like/repost/comment ur address/follow/etc.

as soon as u do that, u'll get a dm from them, and they'll say something like..

'we only send to the active wallets, u need to have $20 in ur wallet to receive this this coin..

and then they make the people connect their metamask or similar wallets by providing them a link

and they rob these gullible people for little amount of crypto which is in their wallet:

[libert19]

^ You mean blue tick? Since they made that blue tick purchaseable, that mark means shitall, and yes one has to be gullible to fall for that scam — I mean everything you have shared in pic, screams scam.

[IIrik11]

^ You mean blue tick? Since they made that blue tick purchaseable, that mark means shitall, and yes one has to be gullible to fall for that scam — I mean everything you have shared in pic, screams scam.

yes, sorry blue ticked, it might have seemed green to me in black background

[memehunter]

The thought of taking profits and buying back at lower price ended up eating all my profits.

Essentially, it is short term trading that will eat your profits and give you a restless, stressful life. You did the one part correctly though, which is buying  . For me DCA is the gold standard for investing in BTC or in any asset you believe. It will give you a peace of mind which is far for important to me than any short term few bucks.
You can not beat the market in the short term sustainably because you are basically betting with random noise. 

[LucyFurr]

The thought of taking profits and buying back at lower price ended up eating all my profits.

Essentially, it is short term trading that will eat your profits and give you a restless, stressful life. You did the one part correctly though, which is buying  . For me DCA is the gold standard for investing in BTC or in any asset you believe. It will give you a peace of mind which is far for important to me than any short term few bucks.
You can not beat the market in the short term sustainably because you are basically betting with random noise. 

Along with all these, our government added 1% TDS for all our trades so will be giving a decent chunk of our profits to our government and we might need to wait to claim them back but as far as I know most of the TDS paid will not be claimed because having someone to manage these tax reports can be more expensive than what we can get back for an average retail investor.

[pawanjain]

One of my social media friends got scammed in a crypto investment scheme promoted by influencers. We have the mindset that if someone popular vouches for them, then we just blindly go with it, without even thinking that it can be real. Instagram influencers will promote anything if they are getting paid for it so we should never trust them with our financial decisions. I try to be smart and learn from other people's mistakes.

That's very common. I bet several people would have fallen prey to such scams.
Some influencers just promote anything without knowing about the actual product.
They don't acknowledge the fact that people actually believe in them and try out stuff they are promoting.
So it's common to see people falling for such scams but to be honest, it's the people who needs to do their research before investing in any such products.

[avikz]

Hi Pawan, we all have faced such hard luck. Let me tell you my story.

When I had purchased my first apartment back in 2017, I had liquidated my entire crypto holding to pay off 20% co-pay value and the stamp duty. I didn't think long term.

Today the same amount of crypto will pay off my entire mortgage and also help me to purchase a bigger apartment.

Lesson learnt so I am not selling anymore. Hard luck mate!

[Bitcoin Smith]

Today the same amount of crypto will pay off my entire mortgage and also help me to purchase a bigger apartment.

Lesson learnt so I am not selling anymore. Hard luck mate!

Selling bitcoin for bigger purchases will always create painful memories when we look back after years.

At least you learned the lesson earlier and back on the track with stacking that can be the positive thing happened for you and this could be the key difference from an average person to someone who changed their life entirely with their right strategy after realizing the potential growth in the initial stage itself.

Focus on future goals and Keep stacking more for better future.

[pawanjain]

Hi Pawan, we all have faced such hard luck. Let me tell you my story.

When I had purchased my first apartment back in 2017, I had liquidated my entire crypto holding to pay off 20% co-pay value and the stamp duty. I didn't think long term.

Today the same amount of crypto will pay off my entire mortgage and also help me to purchase a bigger apartment.

Lesson learnt so I am not selling anymore. Hard luck mate!

Oh well, if we think of it from that perspective then most of us would have sold our bitcoins back in the day for one of our expenses.
Obviously, the same thing would cost us a very small amount of bitcoins when compared to what we spent back in those days.
Just like you, even I had invested in a property in 2021-2022 and use a small portion of my bitcoin for the same.
But I am not really concerned about that because back then bitcoin gave me a strong support to go ahead and complete that purchase which made me feel so happy.
That is what should be considered. Bitcoin makes us happy.

[Bitcoin Smith]

That is what should be considered. Bitcoin makes us happy.

No matter how much money we have still it won't be enough that is what the money and human psychology of having money. So from time to time we can do the things that we need or even want with the money we have but also need to think about the future, savings and investment then we can use the returns from an investment can be used for such things.

In finance emotions has no value but as a human it's the ultimate thing so we have to balance all these things and also increase our standard of life while also increasing the network is the way to go.

[IIrik11]

Hi Pawan, we all have faced such hard luck. Let me tell you my story.

When I had purchased my first apartment back in 2017, I had liquidated my entire crypto holding to pay off 20% co-pay value and the stamp duty. I didn't think long term.

Today the same amount of crypto will pay off my entire mortgage and also help me to purchase a bigger apartment.

Lesson learnt so I am not selling anymore. Hard luck mate!

dude, no one has seen the future.

we all try to make the best decisions in the present according to given circumstances

i sold my gold holdings, 2 months back, i was in good profit and chinese were buying bulks

and i thought, they might crash it, as they have done at one point of time in history

so, i cashed out but it kept going up and it still is

but i don't regret it, i made the decision with a sound mind, it could have gone either way

so it is better to be safe than sorry

[Krishna1942]

Frankly speaking my biggest mistake is not investing in bitcoin even I know when it is trading at 100 dollors. I don't expected this multiple returns in long run. Actually I started using crypto as a payment processor to transfer funds.

Another mistake is I invested 100 dollor in a platform because they promised daily 1% return after few days they scammed me.

[ritik8288]

^ You mean blue tick? Since they made that blue tick purchaseable, that mark means shitall, and yes one has to be gullible to fall for that scam — I mean everything you have shared in pic, screams scam.

angel drainer x inferno,monkey and pink,, all these drainers that these scammers use get red alert detection very very quick either on the domain or flagged by metamask  and if it didnt get detected, just never ever connect your wallet EVER, if u dont have such basic knowledge regarding crypto investments Then let it be a lesson for you, so you can teach others around you.


also nowadays golden tick twitter accounts go for like 850$