Mistakes I made During My Bitcoin Journey

[Dareo]

And what lesson did those mistake really teach you? We can all learn from our experiences.

However another mistake new investors often make is to give more importance to other people's advice than their own decisions.  They buy something after seeing someone they know or on social media but it is not clear why they are buying it. When the market goes in the opposite direction, that confidence is also lost. Also it is important to understand at least the basics before investing in Bitcoin, If you understand your plan, temporary price fluctuations cannot affect your decisions so easily and that is more useful in the long run.

[PVequalNRT]

Watching the chart as a beginner is quite harmful and most of them will do the same mistakes you mentioned. But mistakes are necessary to learn what is it to learn. But as mistakes are necessary so as your behaviour changes as those mistakes should shape how you approach things.

But the main thing to avoid is allowing those mistakes eat you up. Because it will so be bad that you would hate that your made mistakes. Don't dwell or overthink your mistakes. Great men are build from tears and sweat.

I don't think as a beginner it's harmful to look at Bitcoin chart, the question we should ask is do you even know what the chart is saying? Some beginners don't know how to interpret the chart and that's why many of them makes all this mistakes like the one he made. If you don't have the appropriate knowledge, don't do what you don't know.

I will also advice that as a beginner, it makes sense for user to learn things, don't jump into things you don't understand and make sure that you even understand things you know.

[Su-asa]

Just like every other thing, there’s always time for everything, there’s a time to invest aggressively, there’s equally a time to visit the charts, there’s equally time to make some changes in your strategy (not outsmarting the market though). And the most important thing is knowing the best time to do all these things. It’s not always the actions that’s the mistake, but also the timing, it’s just like doing the right thing at the wrong time, it’ll definitely produce the worst result.

But it’s good you’ve identified your flaws, because that’s literally the best way to grow. And hopefully others who are doing the same thing can also learn from you too.

In my opinion I don't think there is ever a time for investing aggressively and the reason why I'm saying that Is because this goes against emotional discipline and every other thing we learn about market psychology. No matter how bad it gets or even though we come across an opportunity whatever the case maybe it is not advisable to invest with such a mindset because this could be damaging in the long run.

[Cgrexp]

Just like every other thing, there’s always time for everything, there’s a time to invest aggressively, there’s equally a time to visit the charts, there’s equally time to make some changes in your strategy (not outsmarting the market though). And the most important thing is knowing the best time to do all these things. It’s not always the actions that’s the mistake, but also the timing, it’s just like doing the right thing at the wrong time, it’ll definitely produce the worst result.

But it’s good you’ve identified your flaws, because that’s literally the best way to grow. And hopefully others who are doing the same thing can also learn from you too.

In my opinion I don't think there is ever a time for investing aggressively and the reason why I'm saying that Is because this goes against emotional discipline and every other thing we learn about market psychology. No matter how bad it gets or even though we come across an opportunity whatever the case maybe it is not advisable to invest with such a mindset because this could be damaging in the long run.

Investing aggressively can lead to unnecessary risks in the decision-making process due to fear of loss or overconfidence. In my opinion, it is more reasonable to invest according to a plan by determining an amount in advance instead of investing aggressively. Those who mainly invest for the long term invest from their discretionary income. And if you invest for the long term, you do not need to change your strategy when the market goes up and down  and investing in small amounts has less impact on market fluctuations. I think this helps maintain consistency and reduces the emotional impact of decisions. And I think that the long-term investment method is sustainable and realistic rather than chasing opportunities in advance, where it is possible to achieve success if you maintain consistency, discipline and management.

[Umulala-alala]

A lot of people have invested aggressively In Bitcoin probably due to the fact that they probably lost during a previous dip so they try to recover by investing an extremely high amount for them to regain what they have lost faster. It is not normal to make these mistakes as a beginner but it is going to concerning when you are no longer a beginner and you are still struggling with all these. The first thing you should ensure that you master as an investor is to master the psychological aspects of it, this is very important.

i hope you know that people does not lose in Bitcoin investment but most people claim that they lose in Bitcoin investment, so Let Me Clear our doubt that people does not lose in Bitcoin investment, if you lose in Bitcoin investment it is out of you don't have a patient to hold your bitcoin for long, because if you have a patient to hold your bitcoin for long even though it falls it will increase it in future and the more you hold it before it increase it will recover what you have lost from it, but our problems is that we want to make quick and the instant money when we invest in Bitcoin and the that is what we hope to get from bitcoin investment, and if it failed us we become to think that bitcoin investment is not reliable

You dey right i never see long time BTC investor way say e loss as e invest in bitcoin na why people supposed to dey hold there bitcoin for so long time, people way I see dey loss for this bitcoin investment na people way think say them smart well well that is those gambler/ traders way go just dey wait mk the price just decrease so them go buy and try to sell when the price dey increase most of them don loss funds wella because them no fit dey patient enough to hold their bitcoin for long and them go sell when the price come start to dey decrease more.

[Out of mind]

Basically, people learn from mistakes, in this case, there are many new investors who have made many mistakes in the past and in the future they understand those mistakes. When a person enters the market to invest, he is afraid of seeing the instability of the market, so he refrains from investing. Again, when the market enters a lot higher from there, they regret it again, mainly because of their fear, they are not ready to take big risks. Only those who can take risks can expect something in the future, in this case, taking risks is the biggest challenge in every case. However, since you have understood your investment mistakes and now if you want to invest with experience by understanding all the mistakes, then you must plan for the long term. Since there is a possibility of loss if you enter the market for a short time, you have to hold for a long time so that there is hope of profit in the future.

[Female King]

Those who regularly monitor the price of bitcoin are traders and they also think they can make more money from bitcoin within a short period of time, first of all you should know that bitcoin is best when you actually buys with the plans of holding it for years you should also use the dca method when buying bitcoin using money you can afford to loss the dca method will make you not to be monitoring the price again since it's something you are regularly buying.

[Btcdeybodi]

In my opinion I don't think there is ever a time for investing aggressively and the reason why I'm saying that Is because this goes against emotional discipline and every other thing we learn about market psychology. No matter how bad it gets or even though we come across an opportunity whatever the case maybe it is not advisable to invest with such a mindset because this could be damaging in the long run.

Investing aggressively DO NOT mean that you will have to exhaust all the money you have available for use. You can invest aggressively and still be emotionally intelligent. We can ONLY invest aggressively at times when we have a bigger discretionary income. A time might come when you will begin to earn higher or maybe your financial responsibility has reduced and you will be left with enough money, instead of you to keep all the money in your local currency, it will be better to use it and buy more bitcoins aggressively which will help you to reach your level of accumulation earlier before your target and even when you have arrived at the amount of bitcoin you want to have in your portfolio, you can still decide to over accumulate.

[yixichloro2xx]

‎I just want to let you know that mistakes are bound to happen as an investor. It doesn't matter if you are a newbie or an experienced person. What's more important is how you try to learn from those mistakes. These mistakes you listed out, I believe 80% of investors have gone through that  phase before, especially during their early investing stage. I remembered when I started investing then, I usually check the price of Bitcoin every day. Whereby as soon the price of Bitcoin is pumping, I will sell the profit (funnily the profit was relatively small, but I didn't care). My biggest mistake then was not learning more about Bitcoin, I later sold all my holdings gradually, till I was left with nothing.
‎
‎The best thing I ever done was joining this forum. Because it opened my eyes to a  lot of informations, I have never seen or heard before (e. g DCA, discretionary income, How to work on your mindset etc). I did learn alot from here. My advice to investors are 3, which includes;
1. ‎Work on your finances (have a proper financial planning and management
2. ‎Try to build your knowledge about Bitcoin and it's ecosystem
3. ‎work on your mindset (Long term goals, discipline, patience and consistency)

[SOKO-DEKE]

Those who regularly monitor the price of bitcoin are traders and they also think they can make more money from bitcoin within a short period of time, first of all you should know that bitcoin is best when you actually buys with the plans of holding it for years you should also use the dca method when buying bitcoin using money you can afford to loss the dca method will make you not to be monitoring the price again since it's something you are regularly buying.

It is not only traders that regularly check the price of Bitcoin; even some investors do that, especially when someone is new to Bitcoin investment. It is like going through the process of checking the price often, but it is not a good idea for investors to act that way because it can lead to selling their Bitcoin investment too early, even when it is still the wrong time to sell.When someone is constantly checking the price of Bitcoin, it can be easy to panic when the price drops. So, the best thing for an investor to focus on is continuing to accumulate Bitcoin so they can build a better portfolio.Focusing on the price of Bitcoin all the time has led some people to make the wrong decision to sell because of price movements. That is the reason an investor does not need to be checking the price from time to time.