Mistakes in crypto Investment

[henmark]

My mistakes in crypto investing are:

1. I used small exchange that was hacked, and I haven't withdrawn funds on first signs of trouble.

2. I bought mostly shitcoins when I started to be interested in crypto. Almost all of these projects are now dead projects or practically worthless.

After having these bad experiences I sold almost all altcoins (for very low price) and have almost exclusively BTC, and try to keep my funds on exchanges for very limited time.

Those actually are very basic mistakes we all make. At the initial stage, we would not really chose a reputable exchange but will chose convenience. If we find some local exchange offering faster withdrawals/deposits at the moment, we would prefer investing with that exchange instead of looking for the reputable ones. It is only when we face a situation like this, we realise how big mistake we made and now recovering those funds is almost next to impossible. That's why choosing the right exchange is the first and foremost step while trading or even investing.

It is understandable why you chose shitcoins at that time. I am sure you might have seen the huge upside potential because a few of these shitcoins have actually performed quite well in the past. Hope you learnt from your mistake. If yes, I'm sure you would never go that path again.

[JoyceBTC]

Many newbies have made a lot of mistakes from crypto investment before they realized their mistakes, because they Lack real helper in crypto investment but since they find this forum it has helped them to get it right to improve in crypto profit or income. Do everything possible within your knowledge not to borrow money to invest or trade Bitcoin because it will not make you to concentrate to where to achieve profit or income that will make you to avoid mistake in the market.

Is not advisable to borrow momey to invest or trade, it's always give Newbies or even anyone problem because they can't concentrate fully to trade, most of them don't borrow money to invest because it take a long time to get profit talkless of paying back the money.

So.most of them borrow just to trade, bevause some of the Newbies think trading is something you can make quick money from so they don't care to borrow money and trade, but the process of trying to make profit and pay back the borrowed money, that where they always have problem because they want it so fast and its doesn't work.

I don’t think only newbies fall into this trap of borrowing money to trade, most people who have been trading for a while also make this mistake. The point of going that far is the FOMO and at the end it might not even go as planned, so that’s why borrowing is not an option to trade. if you don’t have the money then, wait until you have. Borrowing might put extra debt on someone more especially when they encounter loss after trading with borrowed funds.

[Humblevirus]

So.most of them borrow just to trade, bevause some of the Newbies think trading is something you can make quick money from so they don't care to borrow money and trade, but the process of trying to make profit and pay back the borrowed money, that where they always have problem because they want it so fast and its doesn't work.

It is one of the main reasons why newbies are advised by experienced people in the industry to have some certain level of knowledge before they put their minds into crypto. When someone gains some level of knowledge, they will never think that trading or investment will give them quick returns and go ahead to borrow money to trade or invest in Bitcoin or any other altcoin.It is a very bad idea for someone to borrow money to invest in something they are not guaranteed to make a profit from, because it is volatile in nature. It is very possible that, during the period they may need the money to pay back, the price of the coin they invested in may be down, which will really cause more problems.For trading, someone needs proper knowledge before they can make a profit from trading. Before someone even gains that knowledge, it may take time. It is not really easy to make money from trading.

[ndutndut]

Mistakes in crypto investing or trading, like the ones you mentioned are definitely true. But I also want to stress that after making those mistakes, things can get better or not. Because maybe almost everyone who gets into crypto investing or trading has made mistakes like that, whether in small or large amounts. For me, it's normal because the crypto market is very complex and full of uncertainty. The most important thing is that we acknowledge or realize every mistake so we can analyze it and learn from it, so we don’t repeat the same pattern in the future.

Because by learning from every loss or wrong decision we can develop better discipline, risk management, and our mindset about trading becomes much more mature. In the end, the experience from those mistakes actually becomes valuable ammunition to keep growing and surviving longer in the crypto world.

[AGogi2003]

Economic challenges are everywhere but that isn't a valid reason why you shouldn't invest in bitcoin as you only need your discretionary income and nothing more to get started. You don't need any fundamentals but just discretionary income to invest, whatever you are investing in other than your discretionary income isn't necessary.

You sound like a trader otherwise what tools are you using to buy bitcoin? From my experience and years of investing in bitcoin,I haven't heard of any special tools that are use to invest in bitcoin. As an investor, you don't need any of those special tools to buy bitcoin,all you need is your discretionary income, internet and your preferred Centralise exchange, nothing more.

You’re absolutely right, Economics problems won’t stop you to invest in bitcoin or any other investment, just discretionary income will serve you everything, and your investment will be moving smoothly without any problems. If we says everyone will be complaining about economic challenges, know one will invest, but that didn’t stop any good investors that knows the value of investment. I think the tools is talking about is how to secure your coin or exchange that you can buy your coin and swap.

[Silikiem]

So.most of them borrow just to trade, bevause some of the Newbies think trading is something you can make quick money from so they don't care to borrow money and trade, but the process of trying to make profit and pay back the borrowed money, that where they always have problem because they want it so fast and its doesn't work.

It is one of the main reasons why newbies are advised by experienced people in the industry to have some certain level of knowledge before they put their minds into crypto. When someone gains some level of knowledge, they will never think that trading or investment will give them quick returns and go ahead to borrow money to trade or invest in Bitcoin or any other altcoin.It is a very bad idea for someone to borrow money to invest in something they are not guaranteed to make a profit from, because it is volatile in nature. It is very possible that, during the period they may need the money to pay back, the price of the coin they invested in may be down, which will really cause more problems.For trading, someone needs proper knowledge before they can make a profit from trading. Before someone even gains that knowledge, it may take time. It is not really easy to make money from trading.

It will become a very bad idea and naive for anyone to think that they can borrow money to invest in crypto and at the same time depending on the performance of  their crypto investment to pay back the loans. I’m not against borrowing money to invest but not when the only hope of paying back the debt is solely on the investment performance which means that if the investment fails then the loan can’t be paid on time as at when due. Anyone borrowing to invest should be able to make proper plans which are more reliable means of paying back the loans.

[Pandu Geddon]

You’re absolutely right, Economics problems won’t stop you to invest in bitcoin or any other investment, just discretionary income will serve you everything, and your investment will be moving smoothly without any problems. If we says everyone will be complaining about economic challenges, know one will invest, but that didn’t stop any good investors that knows the value of investment. I think the tools is talking about is how to secure your coin or exchange that you can buy your coin and swap.

Having problems in your economy will affect how well you manage your finances. It is actually important for you to consider your economy and finances before investing in any assets, including Bitcoin. It may sound simple if you say just use extra funds to invest. But the calculations for someone who is in economic trouble will not be that simple. You must understand the capabilities of your investment.