Mistakes I made During My Bitcoin Journey

[samadam007]

No one knows everything when starting to invest in Bitcoin.  I made countless of mistakes when I first started to invest in Bitcoin. And these mistake are what many still makes today. I am not saying I am perfect now, because I am not. I am still learning and also I still have a lot to learn, but the little Time I have spent investing has made me learn some things which I will like to share with you all. Hopefully it will prevent one from making the those my same mistakes.
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‎Mistake 1: One of the biggest mistakes I made is that I spent too much time monitoring the price
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‎I did look at the price and how it fluctuated nearly every day when I just began. If the price rockets up, I get pleased and motivated to buy. When it fell down, I get very upset.  Then I found out that such behavior made no sense. A true investor isn't supposed to allow changes in price to control how they buy.
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‎Now I am more concerned with the long term plan of how to buy using my discretionary income, without disturbing myself if the price is high or low.
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‎Mstake 2: I believed I would make a lot of money in Bitcoin by outsmarting the market
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‎I always said to myself "When the price goes down, I will buy
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‎Occasionally, the price doesn't decrease to the price that I want and that usually prevent me from buying. Other times, I purchased because I was afraid that I would miss out, and the price will later come down later.
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‎That changed my attitude to the fact that no one can outsmart the market. Better to have a simple plan to buy with discretionary income, and adhere to it, than to keep guessing where the price will be next.
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‎Mistake 3: I believed that the best way to invest is through an aggressive investment.
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‎I always felt that the more I could buy the better it would be. But I later learned that if I pushed for aggressive investment and then invest money that I might need sooner, it can make me to sell my Bitcoins when an emergency comes.
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‎Now I know that investment all abilities aggressively buying. And that is why I invest with the money I can afford to invest for a long time, even if the more y is not big.
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‎So far so good, I don't regret making these mistakes, because they help me to make better investment decisions. It would be fantastic to hear from other members here. What were those your first mistake that you made?  And what lesson did those mistake really teach you? We can all learn from our experiences.

[Youngrebel]

The second mistake you mentioned is common among many beginners and sometimes not only beginners but also those that are intermediate as well. They wait until the price decreases to what they want but that's not really how the movement of Bitcoin works, it's not always going to decrease to the desired price that we want, it is important to always take advantage of the dip whenever it comes and instead of waiting for it to go lower before investing you can use DCA strategy to keep on investing in it as the price decreases. I didn't make mistakes as a beginner because I was properly guided, my only problem was that my expectations were way to high.

[gracreavix]

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.

[Rgram]

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.

Mistakes are how you learn, it’s either you make them yourself or you learn from other people’s mistakes.

However, having to spend a lot of time on the charts isn’t exactly a mistake, it certainly would alter your emotions and try to test how determined you are with regards to holding if you’ve got some portfolio being built.
If you aren’t that disciplined, then it can easily translate into making decisions backed by emotions that can lead to losses.

[Makus]

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.

[Godwill888]

Every single person single person who been in Bitcoin longer have 1 or 2 years has a list. People who win are  just the one who learned from the mistake instead of quitting. list to influencer over fundamental bought shitcoins instead of learning. But the good news is mistake are tuition. They are expensive, but they make me dangerous later.

[Thewatchman]

Mistake 1: One of the biggest mistakes I made is that I spent too much time monitoring the price
‎
‎I did look at the price and how it fluctuated nearly every day when I just began. If the price rockets up, I get pleased and motivated to buy. When it fell down, I get very upset.  Then I found out that such behavior made no sense. A true investor isn't supposed to allow changes in price to control how they buy.
‎
‎Now I am more concerned with the long term plan of how to buy using my discretionary income, without disturbing myself if the price is high or low.

You are not alone, everyone great investors started like this too, I went through the process too, then I opened my Binance app everyday looking at the price movement, monitoring newly listed altcoin, going to coingecko to find out the problem they are solving and all of that but got nothing at the end of day.

Over time, I notice I was just wasting my time doing what doesn't matters, wasting my precious time giving my attention to what will fail sooner, then I realize the only perfect investment strategy is buying and hold Bitcoin, nothing much.

The price fluctuations shouldn't be a problem, it's non of your business, if you want check those often, then you go learn day trading for survival, and I guarantee you to be successful with it.

[Doan9269]

We tend to make mistakes because we lack some basic information we ought to have known before starting, this is where we must not relent on learning because it gives us an avenue to avoid some of these mistake, we should learn from others mistakes than to be a mistake on our own end, it's really cost a lot when it comes to doing what is not expected of us or lacking the necessary information we needed in cryptocurrency, bitcoin network may be wide enough to know everything at a time, but we can still get used to the basic and necessary update that should be taken into consideration to prevent us from making losses.

[ejikeme24]

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.

It is high time we understand that there is no guarantee about the outcome of our investment, and as such, we should only invest with what we can afford to loss. I'm not saying that being aggressive is bad of course it is good for an investor to buy aggressively especially when there's a buying opportunity but it has to be done moderately in a way that it won't affect your finance. Sure there is nothing bad if an investor chose to be aggressive, so long as they are doing it according to The level of Thier discretionary income without investing from other funds then it's fine.

[Ever-young]

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.

[Judith87403]

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.

That’s right. In fact, making mistakes in investments is very normal, especially as a newbie. And most times it’s necessary for us to make certain mistakes because it’s usually the fastest ways to learn and improve. Without mistakes, some folks would most likely just remain at a particular spot and never give room for growth and improvement, but the moment they get into one trouble or the other do to one or two mistakes, they push themselves into developing themselves so as to avoid repetition of such situations. That’s why it’s not always the mistakes that defines an investor but how they react towards those mistakes, and identifying and seeking to grow and improve is definitely the best way to handle and treat mistakes.

[Powerjumboo]

A person can never be successful in the beginning, to be successful, he must learn from various obstacles, mistakes, etc. He can be successful. Till date, I have not seen any person succeed very easily because as you can see, those who have succeeded have succeeded by making some mistakes and have corrected themselves from various mistakes and then reached the point of success. All the mistakes that you have mentioned here, in fact, I would say that all the mistakes are normal, but from here, you have learned a lot by making small mistakes.

If you didn't make these little mistakes, you probably wouldn't have learned anything so quickly. I think you're on the right track now that you've realized and caught your own mistakes.

[Emjay24]

Your first and second mistake is quite relatable, I monitored the price and was satisfied the price increases before I started getting convinced to attempt investing, even when the price was lower, I was not yet convinced because there was lots of scams trending in the country and I was skeptical of bitcoin.

I understood bitcoin very well when I joined this forum all thanks to the various investment threads I was actively following back then. I actually regret missing out on when bitcoin was 15k due to ignorance, but as they say, "What you don't know is bigger than you".

[Big Dirams]

Your first and second mistake is quite relatable, I monitored the price and was satisfied the price increases before I started getting convinced to attempt investing, even when the price was lower, I was not yet convinced because there was lots of scams trending in the country and I was skeptical of bitcoin.

I understood bitcoin very well when I joined this forum all thanks to the various investment threads I was actively following back then. I actually regret missing out on when bitcoin was 15k due to ignorance, but as they say, "What you don't know is bigger than you".

At least you get to knew that you did miss out during those years of not investing in bitcoin when the price was low but now I guess you have a good amount invested in bitcoin already because if you still end up missing this opportunities too out then you really don’t want to be part of this journey.
Many of us were not really into crypto during those years and digital currency was so new so many were scared in taking part in it and end up risking it so people just stay back but few went in and at the long run it brings a good returns for them, so the returns convince some people to take part in it.

[Sammye3]

The point mentioned are popular amongst new investors and its totally a normal feeling, you would not expect to have it all figured out while starting your investment journey, there would be a lot of back and forth no matter how much commitment you put into an investment. What really matters is the attitude and discipline built during this journey, the market should not drown your decency and attitude towards responsible investment, learn new things everyday and don't take the losses as failure hut rather experiences for a good cause.

Everybody makes mistakes, even the most prominent and outstanding investors are not perfect market markers, there could be cases of miscalculation and decisions made on emotions and other factors inclusive. The most important thing is learning from these mistakes and knowing the best way to navigate the market.

[CryptopreneurBrainboss]

So far so good, I don't regret making these mistakes, because they help me to make better investment decisions. It would be fantastic to hear from other members here. What were those your first mistake that you made?  And what lesson did those mistake really teach you? We can all learn from our experiences.

One mistake that I always regret was when I decided to choose altcoins over Bitcoin, if I stick to my earlier strategy of only buying Bitcoin I probably would have been more better financially than where I am currently. This mistake is a mistake I regret all my life and I see lot of newbies making the same mistake. Altcoins looks shiny and they promise you nice return of investment but I kid you not , you will be better off accumulating Bitcoin instead of accumulating shitty coins all in the name of investing into coins that cost less to accumulate more. After you have gotten your Bitcoin portfolio into a decent quantity then you can mess around to try out trading those  altcoins for profit which should be reinvested into Bitcoin, if that isn't your strategy then don't invest in  altcoins at all.

[Webutxo]

‎So far so good, I don't regret making these mistakes, because they help me to make better investment decisions. It would be fantastic to hear from other members here. What were those your first mistake that you made?  And what lesson did those mistake really teach you? We can all learn from our experiences.

Do you know that one of the famous Bitcoin book writer that write about Mastering Bitcoin sold and loss some or his Bitcoin, it was the same Bitcoin community that raised money for him to bounce back to his feet and today I can tel you that he is one of the people that don't joke with Bitcoin. You should learn from his inspiration, life has now given you a second chance to try and again, don't think it's too late to start over again because the opportunity is wide open.

My personal advice to you, use your mistake to learn and improve. It's good to learn from other people but you don't have to follow what everyone tells you. The mistake you have learn should be a stepping stone for your journey, don't listen to too much advice that you see on the internet. Some people will tell you do this and that and it might surprise you that some people don't have Bitcoin like they claim, they just know how to give advice for free.

[PremiumcryptoHub]

Yes, the second mistake that you mentioned is common among many new investors, because they initially think that they can make a lot of money from Bitcoin by outsmarting the market, in fact, to achieve success or profit from Bitcoin investment, we all need to invest with patience and a long-term mindset. I have also noticed that there are many new Nigerian investors who are investing on the wrong website and trying to make a quick profit by buying at a low price, in fact, Bitcoin investment does not work in this way. So it seems that the inexperienced should maintain the DCA strategy according to the right direction, as a result we feel that the investment portfolio will accumulate several times the amount of BTC.

[adultcrypto]

The mistakes you list so are normal mistake every oma wey buy bitcoin dey make na why I no go wan make we con stress am like say na something we dey new. I happy as e be say you lean one or two from those mistakes and you are dey do better in your investing and holding. Although some of the things you mentioned no really be mistakes. na just past of investing for a newbie, so them supposed count as experience and not mistake.

[Humblevirus]

Knowledge is what easily determines the mistakes we make, especially in this crypto industry. So, all those mistakes you made op are commonly made by any newbie due to their limited knowledge of cryptocurrency as they start at the beginning. Those who are lucky enough not to make some of the mistakes mentioned are those who were properly guided before they started investing in Bitcoin, and that is the reason why every newbie is advised to make sure they have some level of knowledge before investing in Bitcoin. People likely lose money in Bitcoin investments because of some small mistakes and the steps they do take, and it is all due to their low level of knowledge about Bitcoin investment.