Mistakes I made During My Bitcoin Journey

[EluguHcman]

To overcome the FOMO psychology in the Bitcoin market that triggers the emotions of newbie investors, it takes courage to beat the situation.

It has also been confirmed that this is usually caused by short term expectations and also considers the funds used to buy the Bitcoin if it is worth risking because, if we have also been buying Bitcoins with our discretionary incomes, we would have the mindset to overlook the immediate market performance while being hopeful to what outcome it would be in the long term. Especially the timeframe within the periods that follows a limit of the 4 years cycle (an event calendar that covers the bearish and bullish seasons) in a cycle of the market events.

Else, it will always be that volatility controls our minds and decision just as the newbies finding it interesting to buy when price is going up and panic at market price with all events happening over the short term performance.

[Onyeeze]

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

[Alonso_]

This mistakes you have listed are very common between newbies or beginners who are just getting started with investing in bitcoin, I think there are people who usually watch the market on a regular basis, but watching the market when there is a downturn in the market can be very scary when you’re just a newbie, you might panic and start selling your bitcoin when the conditions of the market aren’t favorable.

There is no guarantee of profit when investing in bitcoin, but as a newbie you don’t have to be waiting for the price to go down before buying, when you can always buy through the DCA in a more comfortable and sustainable way.

However there is no problem being aggressive if you’re careful and cautious, you just need to know your limits of being aggressive, so it doesn’t affect your bitcoin portfolio, you know when to stop and when to be more aggressive.

You have made this mistakes and you’ve learnt from the mistakes and move on with your bitcoin investment journey, you will grow and get better.

[Achalugo BTC]

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

This thing wey you talk so na just the real fact, lack of patience na wetin dey cause all this loss statements wey people dey talk talk about, meanwhile the most important thing wey person need to know before they decide to invest in Bitcoin na patience but most people no get wetin them dey call patience for their lives, as their blood go dey hot to get quick money, I no know whether their fear to keep hodling na they never really believe say Bitcoin na real asset wey go dey for long, because I see no reason why person go decide to hold and before them know, they don end their journey halfway, beside, Bitcoin no be wetin dey stable, e dey do rise and fall and this thing na wetin people already know, meaning say e no dey stay for one position for long.

[NewRevelation]

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.
‎

Many investors must have also made these mistakes, especially this one. Something you are starting newly, and it's money or profit oriented, you will always feel that way and get neevoyas the money or price fluctuates.  Those days, a rise in price to me was a sign that this investment will make sense and will give quick return, while a fall in price is a sign that this investment may not be real and that I don't want to loose my hard earned money, so many, I shouldn't be investing. It is with time we got to understand that such movement (up and down) is the character of BTC and we must not allow it to hinder us from beginning our investment. At least, with the DCA strategy, we can always buy as we can afford and then do well to HODL for long term.

By the way, this topic for make sense pass for Beginners and Help board oo, at least, na there newbies they gather to learn or hear wetin dey sup and how things sopose be as baby wey Dem be,  so that no be only our country people but other newbies from other countries for hear your story too. Weldon

[Bryan jessy]

This mistakes you have listed are very common between newbies or beginners who are just getting started with investing in bitcoin, I think there are people who usually watch the market on a regular basis, but watching the market when there is a downturn in the market can be very scary when you’re just a newbie, you might panic and start selling your bitcoin when the conditions of the market aren’t favorable.

There is no guarantee of profit when investing in bitcoin, but as a newbie you don’t have to be waiting for the price to go down before buying, when you can always buy through the DCA in a more comfortable and sustainable way.

However there is no problem being aggressive if you’re careful and cautious, you just need to know your limits of being aggressive, so it doesn’t affect your bitcoin portfolio, you know when to stop and when to be more aggressive.

You have made this mistakes and you’ve learnt from the mistakes and move on with your bitcoin investment journey, you will grow and get better.

Experience became the best teacher in this case and it is really common among beginners, I liked the fact that he shared his experience so other beginners here can learn from it rather than learning the hard way, one thing I have come to realize about life is that as humans we are bound to make mistakes some of this mistakes will turn out as experience that will serve as a good lesson, while at times we can avoid mistakes by learning from others experiences which they share just like that of the Op. the scary part is the monitoring of the market changes that alone can give a person heart attack but understanding that such should be avoided with the mindset of a true investor is good.

[Fiasem20]

Atleast you’ve learned from your mistakes now and it’s more better you experienced it yourself,because most people don’t take corrections till they experience it by themselves.Trying to outsmart the market would only lead you to more problems so it’s better you invest on what you can afford to lose and it would be best if it comes from your discretionary income.As an investor,long term investors to be precised,it’s crucial you focus on a long term goal and not being panicked by short term price decline.Though we have weak and strong investors,a weak investor can’t hold for long because they’re usually scared of further price decline then a strong investor has developed a tough skin that regardless the price decline they’d continue investing on bitcoin.

[Jubilee58]

So far bitcoin investing is concern, many of us have made one mistake or the other, and while some of us have also learned from our mistakes or the mistakes of others, some investors are still yet to correct their own mistakes.
If you have been in the bitcoin market for long, or if you have made your research properly, you will under stand that bitcoin does not promise quick reward, having this knowledge will enable you to invest with the hope of earning reward on the long run.

The first time I bought bitcoin, that was around year 2020, I lacked the full idea how bitcoin investing works, I was receiving messages online telling me to buy Bitcoin, but never received the message when to sell, I actually bought some fraction, but saw it dropping in price instead of rising, so out of improper knowledge I sold without making profit even before the bull market came in year 2021.

Some of us have made various mistakes in the past, and we have learned a lot from those mistakes couple with the top notch ideas we receive from this very forum. Those errors are now things of the past for those of us that learned, and it is necessary you understand how the bitcoin market works before you engage in it.

[Cityhunter34]

‎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.

Of course, you don't have to regret those mistakes, because it's a normal thing. There's no way you can something and becoming successful immediately. Even though most people get lucky with their first try, that doesn't mean they're perfect. Nobody is above mistakes. What matters most is when you realize your past mistakes and stop yourself from repeating them.That the important thing in life, because till now many people have not leaned from their own mistakes, and that's not always nice at all.

[Dzwaafu11]

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.

It is good for us to be learning from our mistake we will take correction, the most important thing is to avoid that mistake don't let happen again. As a beginner mistake are acceptable, just make sure you are kmowledgeable in everything ypu are to do, so that regrettion will not be the end of it, watching the chart is really not the best the best thing to do, because actually won't help.

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.

Normally, the best thing is don't let your mistake take you down make sure you are strong and don't give up, because if you give up that is where problem comes in, and the money you lost will be gone for gree, rather continue grinding after till when everything go well.

[ejikeme24]

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 know it surprises me when I see people talked about losing Thier money in bitcoin, meanwhile I have been holding bitcoin for years yet I have not experience Loss. At some point I realized that maybe they are not doing the right thing because anyone who is investing with long term mindset does not have anything to do with Lossing even though there is no guarantee about the outcome. but Those early investors that held Thier Bitcoin for Long term investment made us believe that Bitcoin will surely reward Those that will invest for long term.

[Ronsbit]

Nobody is above mistake, as humans we are bound to make mistakes and such serves as lessons and an eye opener for is to learn from. So you should count your mistakes as a blessings in disguise because they make you more stronger to face challenges you will ever encounter on the future.

The list you have itemized are all popular in the Crypto space and common amongst newbies who have no idea how the system works. Newbie that venture into the space on their own accord always encounter challenges of this nature but all the same it makes the better and stronger and they have the experience on how to navigate their ways around the space. But one thing with them is they learn the hard way.

[Grace333]

samadam007 it's good to share your personal experience with other enthusiasts but all your points and mistakes made could have been summarized to a short write up rather than this lengthy post. I find it a waste of time to read a long post that can be summarized without missing any point, you can work on that it's not that difficult to learn.
In regards to the mistakes you made, most bitcoin enthusiasts started off with same mistakes but for my case I thank God for this bitcoin community and the likes of JJG who continually teaches how to manage your investment even in the midst of bearish trends. His words made the journey a lot more easier and helped me avoid or derail from those mistakes I was already making initially.

[Onyeeze]

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 know it surprises me when I see people talked about losing Thier money in bitcoin, meanwhile I have been holding bitcoin for years yet I have not experience Loss. At some point I realized that maybe they are not doing the right thing because anyone who is investing with long term mindset does not have anything to do with Lossing even though there is no guarantee about the outcome. but Those early investors that held Thier Bitcoin for Long term investment made us believe that Bitcoin will surely reward Those that will invest for long term.

People do talks often about losing  money from gambling, but i do ask if those who always emphasize on such dont know that investment is risk and it's when you have patient in investment is when you will understand if the Investment is will be progressing or not, but many people keeps thinking that if you invest now and you make profits immediately, for losing in bitcoin investment, i have said it before that happens when you have fear that bitcoin price will fall and you will panic to sell and it's when you lose in Bitcoin, if we remove fear from bitcoin investment and they have patient I don't think that anybody can lose for investing in Bitcoin losing can only have a period of 6 months and you recover what you have lost so it is an impatient that make us to lose in Bitcoin investment

[ruykeri]

Your experience will be useful for beginners. Because everyone makes some mistakes in the beginning of investing in Bitcoin. Because no one knows everything at the beginning. With time, you can learn a lot and understand. If you learn from mistakes and continue investing correctly, it will really benefit you. But if you make the same mistake again and again, the loss will be more.

Your first mistake is common. Seeing the price every day and if the price increases, excitement works and if it decreases, a bad feeling is created and depending on this, making changes in investment planning really creates a problem in Bitcoin investment.

The second mistake becomes a little difficult to avoid for beginners. Because everyone wants to buy Bitcoin at a low price. For this, they try to do market timing and try to find a better entry by making price prediction. Which is not possible in an asset with a volatile price like Bitcoin. Therefore, it is more realistic to invest in Bitcoin regularly according to your budget because in this case, there is an opportunity to buy Bitcoin at the average price.

And if you buy Bitcoin with money beyond your ability , that is basically over aggressive buying. If you invest a larger part of your discretionary income in Bitcoin, it will be DCA aggressively. This is not a big problem, rather, by aggressively DCAing Bitcoin, more BTC holdings are created in less time, but when you try to invest in Bitcoin with money that is beyond your ability and is used for necessary purposes, it is over aggressive buying, which can really weaken your financial situation and if major financial problems arise, you may be forced to sell Bitcoin.

In this case, my opinion is that when investing in Bitcoin, invest according to your financial situation. Start with a small amount so that there is less stress. And from your experience, beginners will also get an idea about these things. My own view is that beginners should first learn how to stay away from market noise, how to buy from discretionary income, and how to invest an amount that won't keep them awake at night. The goal of Bitcoin accumulation is to hold it for the long term.

[Nheer]

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.

Might not exactly be a mistake but definitely it holds someone back from reaching that point they want to get to especially when the market is not doing well. In this cryptocurrency space mistakes are almost unavoidable and part of the journey, i doubt if there's many who would boldly say they haven't made a mistake but what matters is how you react to it. Some people let it weigh them down and quit but they are what makes us stronger.

I don't encourage people who can't bear the tension and pressure to spend much time checking the chart, the end result is usually not good. They end up being tempted to sell ignoring their initial target.

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.

You're not wrong but you should know that not only beginners make these mistakes, so learning the basics can't save you all through the way unless you have a more experienced person guiding you through. There are also stages you get to that you make mistakes and the basics doesn't cover to that extent. You're right, learning from other's mistakes or making research always can be useful to avoiding certain mistakes.

[Mhizmezube]

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.
‎
‎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.
‎
‎Mstake 2: I believed I would make a lot of money in Bitcoin by outsmarting the market
‎
‎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.
‎
‎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.
‎
‎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.
‎
‎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.
‎
‎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.

As someone who is new to bitcoin I can relate to some of these mistakes. While waiting for the perfect price before buying. I realized that trying to time the market only made me miss good opportunities.now I’m focusing on learning, staying patient, and investing only what I can afford to hold for a long term.

[Cryptoprincess101]

‎
‎Mistake 1: One of the biggest mistakes I made is that I spent too much time monitoring the price
‎

Actually, this is the practice of a newbie investor or someone who is trading. A newbie investor can get over monitoring the market with time, but a trader cannot do without monitoring market movements. When i was a newbie, i do check my wallet balance always especially when the price is rising and i will be very happy but as time goes, i understand that you don't need to monitor the market so far as you are a long term hodler.

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‎Mstake 2: I believed I would make a lot of money in Bitcoin by outsmarting the market
‎‎

You can never outsmart the market because even if you buy when the price has falling, it can still dip more instead of rising so the only way you can outsmart the market is to buy plenty of bitcoin during dips and hold in order to maximize your profits when the price increases. Though you don't need to wait till the price falls before you buy, with the DCA you can be buying consistently then increase your purchasing power when there is a serious dip.

‎‎

‎Mistake 3: I believed that the best way to invest is through an aggressive investment.

It is not bad to invest aggressively especially during dips but just make sure that you use your discretionary income and don't go above your discretion so that it won't affect other plans you have for your money.

[SDS11]

‎
‎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.
‎
‎Mstake 2: I believed I would make a lot of money in Bitcoin by outsmarting the market
‎
‎
‎

One can actually check the  price of bitcoin anytime they want to but, not once in an hour. Bitcoin rewards patience, not panic.
Mistake not “Mstake” So far I don’t regret these mistakes because they made me wiser because without mistake one can not learn sometimes though there are mistakes you can not afford to make.

[AYOBA]

This mistakes you have listed are very common between newbies or beginners who are just getting started with investing in bitcoin, I think there are people who usually watch the market on a regular basis, but watching the market when there is a downturn in the market can be very scary when you’re just a newbie, you might panic and start selling your bitcoin when the conditions of the market aren’t favorable.

The mistakes are very common especially in Bitcoin investments not only the beginners that are falling in that trap, but is just that the beginner find it very easy to get into the trap quickly why? Is because they don’t know what the Bitcoin investment is all about, and instead of them to seek for the experience and knowledge of the Bitcoin but they can’t since they are only after the money they can earn through the investments. They don’t know that profitable in investment doesn’t happen in short term, it take a little time before it can happen.

There is no guarantee of profit when investing in bitcoin, but as a newbie you don’t have to be waiting for the price to go down before buying, when you can always buy through the DCA in a more comfortable and sustainable way.
 

That’s the main issue that most of the newbie’s are facing they prefer to wait for the price of Bitcoin to crash before they can start investment, and anyone who want to wait for price of Bitcoin to crash down before starting investment, that means the person has never ready to invest in Bitcoin.