What's the biggest financial mistake you've ever made?

[steve5946]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

[Ambatman]

I would say your biggest mistake from what I can tell is fear
You chose to sell at a way lower price
Which showed that you invested without even understanding what you investing on
I have been there before
Hence why I promised myself that even if I don't sell at peak I would never sell at loss
I would never make myself a nocoiner.

[mirakal]

You did the right thing to continue hodling, but then again once you lack that ''patience'' thing, you will really find it hard to overcome such situation and just resort into wrong decision-making. It's a different thing when you enter the market with full knowledge about the nature of investment you enter, than those who enter just by peer pressures or FOMO because they get too emotional and get bothered when they start seeing bitcoin price dropping low.

Bitcoin is highly volatile, so expect that its price will never stay on top but it also goes down and turn into roller coaster every now and then.

[ColdLava40]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

That's a huge mistake but no one is above. It's good you saw it as a mistake.

Buh my question now is, if BTC had continued dropping from the point you had sold, would it have made you feel better that you were no longer in the market?

You know sometimes the market tends to mess with our heads, you get carried away by emotions and fud comes into play.but with enough knowledge you will be able to stay strong in times that are tempting.

It's good to have a plan for your investment and avoid panicking over the market, so you don't take actions which will be regrettable.

[ZAINmalik75]

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

Since this thread is in Economics and not Bitcoin Discussion, I assume we can talk about our financial mistakes outside of the crypto market. So I'm going to talk about the mistake that I made which I believe is probably my biggest financial mistake so far.

So I actually bought a piece of land in a town just outside the city I live in. I bought it at a reasonable price, even though I wouldn't call it cheap and that wasn't the reason behind the purchase, but the reason was that I anticipated that the prices or value of lands and properties around that area would increase rapidly over the next few years, and then I will sell it back to make some money, but I was wrong, because the area is barely getting much attention from investors or buyers, and the value of the land I bought has barely increased by 5% or so, and I have been regretting about why I didn't buy Bitcoin with the money instead because I could easily make more money with it.

[Stormisover]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

That's a huge mistake but no one is above. It's good you saw it as a mistake.

Buh my question now is, if BTC had continued dropping from the point you had sold, would it have made you feel better that you were no longer in the market?

You know sometimes the market tends to mess with our heads, you get carried away by emotions and fud comes into play.but with enough knowledge you will be able to stay strong in times that are tempting.

It's good to have a plan for your investment and avoid panicking over the market, so you don't take actions which will be regrettable.

Just as we usually say don't use money you will be needing any time soon, invest from your discretionary income, make provisions for emergency funds, these are part of the approach that will always help in keeping calm whenever the market is dropping, selling at lost must have come with a great fear and of course the money is something you can't afford to lose, majority will never sell at lost no matter what because even if they lost the money they invested it will not affect their normal ways of life, let's have it that every mistake should be a lesson.

[Grace333]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

I don't think your mistake is fear or not having clear strategy it's more of wrong investment mindset. One of the things people like yo not admit is their own deceptive mind telling them that left is right. In your case, using a clear strategy still wouldn't do the trick or even overcoming greed won't do it either. Bitcoin is a long-term asset and even till date people still regret selling instead of holding. Probably they thought trading was the right way untill several year of trading passed with nothing to show for it. Just imagine if you had an investors mindset you wouldn't be triggered about those pumps of dumps and if you compare the price to let say 5 years backwards you'll have a glimpse of what bitcoin is capable of doing in the long run.

[Sexylizzy2813]

I would say your biggest mistake from what I can tell is fear
You chose to sell at a way lower price
Which showed that you invested without even understanding what you investing on
I have been there before
Hence why I promised myself that even if I don't sell at peak I would never sell at loss
I would never make myself a nocoiner.

You will not blame the OP. He felt that it is better to take back an amount much lesser than losing out entirely and this situation is popular amongst newbie investors. Bitcoin is volatile so it's important to have a strategy to work with else you'd easily lose interest the moment there's no productive result.
I noticed the op mention that they've not been able to go back into the market or did I miss that? Fear can deprive one of many things but in trading, if you're not cut out for it, you should better leave it.

[DPHOR]

I believe as you are a beginner you wouldn't know how the market operates. Investment is not something that you could get panicked over the little changes in the market, if you want to hold then you should be that looking beyond instant profits and quick profits from the market. As a Bitcoin trader or Investors you wouldn't be that pushed to rush and dump instead you should be that looking for a way to accumulate more when the market quickly drop and today with the way market are you should be having more plans to accumulate before thinking of selling. Bitcoin investment is not something that you would jump into market without doing thorough analysis on the coin you should be accumulating. You can't predict the market when it should be rising or dropping so whenever there are spaces for you to acquire then do more to your portfolio.

[Findingnemo]

The dream of being my own boss, yes this is the biggest mistake I ever made in my life that I still regret and it entirely wiped my assets and almost pushed me to become a homless but atleast I got the confidence to get away with nothing instead of leaving it with debt. SO I spent my life savings and also sold some of the assets that I saved with my family to get me out of thie shit then I ever wanted to be my own boss, atleast with my own money.

[Fortify]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

In life, it was probably starting investing quite late in comparison to others, but this was driven by spending a lot when younger and also having more casual work that only turned into full time later on. The compounding effect is dramatic over years and decades, so it's best to get your money to work as early as possible but it also means contributing steadily into it over a long time. It's no good to keep pushing it back and thinking that you'll suddenly have some lump sum close to retirement, as it really takes a long time to build. A more specific piece of investment advice is holding on to a mistake for longer than necessary, say you buy a share in a company and it starts going back - your reassessment tells you that it's just badly run, it's better to sell out for a 50% loss than a 90% or 100% loss later on.

[Sanitough]

The only financial mistake you've done here is buying bitcoin using the money you can't afford to lose that's why when bitcoin price dips so low, you find it hard to stay hodling and manage your emotions, thus you resort into panic selling which is very wrong.

Not having an exit falls on wrong investment strategy. The fact that you make an entry plan, an exit plan is as crucial as an entry plan. You can't enjoy the fruit of your hardwork and patience with bitcoin hodling if never take some time to sell portion of your bitcoin.

[Cookdata]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

My financial mistake with investment? I had the opportunity to flip alts money into Bitcoin when the price were crazy in 2020, I had the opportunity to swap everything but I was blindly thinking everything was going to be the same but I sold late and all back to Bitcoin. I have never touch a single altcoin since that time, even with some retroactive airdrops I did, I don't let them sleep before I sell them, if it spend days with me, it will not be more than 24 hours and that's probably I didn't have access to my device quickly.

There is no points in getting hook to your past mistakes, I have learned from mine and I have learn. Anything concerning alt investment, I'm done with them but it doesn't stop the opportunity hunting. If I see any alts so valuable, I'm flipping that to Bitcoin, I don't want to listen to this will do this and do that because even the government can't influence those coins. I mean whole US president launch meme coin and it's dead, what do you expect from them.

[steve5946]

I would say your biggest mistake from what I can tell is fear
You chose to sell at a way lower price
Which showed that you invested without even understanding what you investing on
I have been there before
Hence why I promised myself that even if I don't sell at peak I would never sell at loss
I would never make myself a nocoiner.

You make a fair point. Looking back, fear definitely played a role in my decision to sell. At the time, I was focused more on the falling price than on the long-term value of what I was holding.

[Finestream]

Its normal for any beginner to experience this kind of mistake as no one is born having an edge with bitcoin investment. So take it as a learned lesson, at least you know already how to stick with your budget when buying bitcoin, so as to avoid panic selling and unwanted loss.

Also, make sure to have your own exit strategy. Entering the market should be plan well, as well as exiting the market. Not that you have to make the total exit, but selling when the market is highly bullish and favorable is also important.

I have been making a lot of financial mistakes in my life, but so far, the worst one is letting myself drown into debt. But I know I can get rid of this later on, I just have to focus more on my investment and make some side hustles to avoid piling up more debt.

[steve5946]

That's a huge mistake but no one is above. It's good you saw it as a mistake.

Buh my question now is, if BTC had continued dropping from the point you had sold, would it have made you feel better that you were no longer in the market?

You know sometimes the market tends to mess with our heads, you get carried away by emotions and fud comes into play.but with enough knowledge you will be able to stay strong in times that are tempting.

It's good to have a plan for your investment and avoid panicking over the market, so you don't take actions which will be regrettable.

Honestly, if Bitcoin had continued dropping after I sold, I probably would have felt relieved and convinced myself that selling was the right decision.

The problem is that short-term price movements can make us believe our decisions were correct even when they were based on emotions rather than a solid strategy. In my case, the real mistake wasn't necessarily selling it was deciding out of fear instead of following a pre-defined plan.

[khiholangkang]

My biggest financial mistake was not keeping track of my finances, not having good financial management, it's not about investing but it's about financial discipline, and that was for years, maybe before I felt okay because the salary kept coming every month, but when I quit I really didn't have anything to sustain me for the next few months and that's something that's underestimated but it's a big mistake in terms of basic finance.

Financial records are very important because if you want to have good money management, start with financial records so that you can discipline yourself, including in investment, it will run smoothly if our financial fundamentals are very good.

[steve5946]

So I actually bought a piece of land in a town just outside the city I live in. I bought it at a reasonable price, even though I wouldn't call it cheap and that wasn't the reason behind the purchase, but the reason was that I anticipated that the prices or value of lands and properties around that area would increase rapidly over the next few years, and then I will sell it back to make some money, but I was wrong, because the area is barely getting much attention from investors or buyers, and the value of the land I bought has barely increased by 5% or so, and I have been regretting about why I didn't buy Bitcoin with the money instead because I could easily make more money with it.

A 5% increase is definitely disappointing if your goal was rapid appreciation, but at least the investment hasn't completely lost its value. Real estate and Bitcoin are also very different assets, one tends to move slowly, while the other can be extremely volatile.

[Faisal2202]

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

First mistake is booking a loss in Bitcoin while you have no fear of liquidation. If you did not need the funds you did not have to book the loss, just hold them until the market reverses because there is no way that you bought at a range and then the market won't give you a chance again to close the trade in profit.

Traders who close their trades in loss are making a huge mistake in my opinion, that's why never do this no matter how high the dump is. Whatever you are feeling, instead buy at dumps and hold for the long term. When we think a lot about profit we don't close the trade, and then it turns red and at that time our mind tells us to cut the loss, while when we are in profit then it tells us to wait.

So the problem is definitely with the mindset, that's why work on this.

[Dr.Bitcoin_Strange]

Years back when I was still not so new or familiar with Bitcoin, I got introduced to a company that gives a monthly returns on investment meanwhile Bitcoin price was still around $4k - $9k then but because I was not aware of Bitcoin, I decided to invest in that company that will give me monthly returns, that was how I lost my money because the company crashed. If I had invested on Bitcoin then, I would have even made more profit than I would have made from the company. So,. The lesson I learned here is that knowledge is power and it's also the key to a good life (knowledge).