“A smart man learns from his mistakes, a wise man learns from the mistakes of others” . What mistakes have you done so we can all learn together?

We are all humans, and we all make mistakes. But it is important to learn from them so we don’t make the same mistake twice. Even professional investors make mistakes, not as big as amateur mistakes, but we all do. Having said that, I think that everybody (from crypto amateurs to veterans) could learn some things from this post.

It’s frustrating to make mistakes, especially if you lose a huge amount of money. But a person who never made a mistake never tried anything new. So don’t waste a good mistake, learn from it.

Thus, what mistakes have you done and how have you learnt from them?

Any story sharing is welcome!

View Source

46 thoughts on ““A smart man learns from his mistakes, a wise man learns from the mistakes of others” . What mistakes have you done so we can all learn together?”

  1. Jumped from one coin to another in the hopes of increasing my position in the former coin.

    Safe to say I lost enough money that it made me literally vomit and disconnect from the crypto space for a few weeks.

    After that, I changed my plan of action and decided to just DCA and HODL despite the FOMO knocking at the doorstep from time to time. Now I’m zen 🙂

    Reply
  2. Classic case of sending an Erc-20 token from an exchange to a wallet without having the gas to pay for any transactions with it

    Reply
  3. I once thought my mother in law was capable of emotional self regulation. But I’ve learned that’s downright impossible.

    Oh…wait…you meant with crypto? Don’t tell your mother in law!

    Reply
  4. Not sticking to my original course of action. New holds require new money. Don’t bounce around between investments unless you have a specific reason to divest from your og hold (beyond ‘this other project is shinier’)

    Reply
  5. Focusing to much on the real usage and technology and reading whitepapers/roadmaps.

    You can have the best coin with best whitepaper and roadmap but if you don’t have big community to shill it, you can consider it dead.

    if I coin has a large cult following = profit

    While everyone was taking shit about SHIB I saw the growing cult following and invested $700 I got almost $4K out of that.

    Reply
  6. Hesitating for months before taking the plunge into Bitcoin and crypto. That was late 2020 to early 2021. I missed much of the bullrun

    Reply
  7. Falling for the diamond hands b.s. and hodling waaay to long. Taking profits is a very important part of the game.

    Reply
  8. I got married….. TWICE!!!! first one didn’t turn so badly so that lead me to the second one. And that one has destroyed me since.

    Reply
  9. I dont believe in mistakes, you make the best descision you could at the time with the info you had. Hindsight is BS, dont do it.

    Read the “Strange Life of Ivan Osokin” by P D Ouspensky to get your philosophical approach in order.

    Reply
  10. 1 Saitama Inu 😡😭 bye bye 💸

    2 Coinbase charges you for every transaction, it just doesn’t show up explicitly.

    3 Make sure you have a bill with your name on it if you are going to use binance. My money still locked in cause I have “no way” of confirming my address. Oh, if you receive your mail on a PO Box, you are screwed.

    4 FOMO is bad

    5 Patience is key, but as soon as people start mentioning diamond hands, take profits, cause there will be a massive dump.

    6 Take profits before the first week of November ends. There’s usually a massive dump afterwards. Use profits to increase your position when the dump happens.

    Reply
  11. I left crypto when everything fell mercilessly back in March 2018. I sold my BTC, didn’t had any alts. I stopped following the crypto world until late in July 2021 when I was studying Forex . But I didn’t do anything. Bought again my first crypto in November 2021, it was FOMO.

    **My mistake was losing faith back in 2018.** I’m a stronger believer now, and I can declare we’re going down together lads.

    Reply
  12. Investing in DeFi ponzi sh*t tokens. Like Titano, Libero, Safuu, Aurora, OTO Finance, Hyss Finance, OptiFi, Fujiro, Cerberus, X365, Clock x24, RingFi, Yieldzilla, New Order Of Finance, APY Bank, Ouranos, XProtocol, Quantic.

    I though that if I diversified enough, at least one or two would work. So far, at least 3 have rugged, another 3 died, and another 6 or 7 have lost 90% of their initial value.

    Even ponzi gems like Baked Beans, the Vineyard, Spooky Bones and Ruby Miner are only profitable for youtubers that have loads of people using their referrals, the average Joe just barely breaks even (if that), gains just get lower and lower.

    Reply
  13. *The Importance of protective stops*

    One of the more powerful aspects of technical analysis is that it can be used as a mechanism for a risk and money management approach to trading. Defining risk means using protective stops to help protect against unanticipated adverse price movements.

    A stop should be placed at the time of the original trade, since this is when we are most objective. Stay in the position only if the market performs as per our expectations. If subsequent price action either contradicts or fails to confirm these expectations, it is time to exit. If the market moves opposite to the chosen position, you may think “why bother with a stop? It is just a short term move against me”. Thus, you stubbornly stay in the position in the hope the market will turn in your direction. Remember two facts.

    1. All long-term trends begin as short-term moves.
    2. There is no room for hope in the market. The market goes in its own way without regard to you or your position. I call it The HAPI – The Hope and Pray Index which people love a lot to trade.

    The market doesn’t care whether you are won it or not. The one thing worse than being wrong is staying wrong. Lose your opinion not money. Be proud of the ability to catch the mistake early. Getting stopped out concedes a mistake. People hate to admit mistakes since price and prestige get involved. Good trades will not hold views firmly. It has been said that the famous private investor Warren buffet has two rules.

    1. Capital preservation.
    2. Don’t forget rule 1.

    Stops are synonyms with rule 1. You have limited resources. These resources should be maximized, or at a minimum preserved. If you are in a market that moved against your position, it is time to exit and find a better opportunity. Think of a stop as doing business.

    The market is a battlefield. Think of it like it. A commanding general’s goal in the battlefield is to preserve troops and munitions. Yours is to save capital and equanimity. Make temporary and tactical retreats. Sometimes you must lose a few battles to win a war. We all know Lord Krishna ran away in battle with Jarasangha as a tactical move.

    *In trading, there is no sure thing, no matter what the chart looks like or any adviser told you otherwise. Remember, every ship on the bottom of the ocean has a chart!*

    Some of this post has been taken from a book by Steve Nison. Rest written by me.

    Reply
  14. Trying to catch a wave with FOMO .. happened twice not gonna fall for that again..
    If a coin moons ,just let it .. maybe the next one will be yours , but the chance are real high you get screwed if you try to get in after the coin started pumping

    Reply
  15. I used to look at the price in USD, which made me feel that most of my alt plays were profitable. However, had I looked at the price in BTC I would have seen that many of them were not as profitable as I thought (look up opportunity cost).

    Reply
  16. Don’t be the guy that needs to get -99% on his altcoin portfolio through an entire cycle before you make a good chunk of your portfolio btc. This time its different ^TM

    Reply
  17. Not taking profits on time keeps you poor.

    That’s exactly what happened to me. I would’ve made the life changing money last year had I made one swap but I didn’t, I am still poor.

    Reply
  18. Leverage trading in futures without any knowledge on graphs, crypto behaviour, economy or newsfeed that could affect crypto prices.

    Reply
  19. If you’re going to get into crypto, pick 2-3 coins and research them like you’re trying to get your PhD in the coin.

    Go all out and purchase what you can afford to lose between the 3. Each with less risk per coin. So high, medium, and low market caps respectively. No point in diversifying in 15 different cryptos. If you wanted to do that you might as well just put that money into your 401k where that is essentially what is already happening.

    Reply
  20. Biggest mistake is investing all my savings in one shot instead of spreading over few weeks/months. Then later everything continued to dip lower n lower with no Fiat left in hand for cost averaging.

    Reply
  21. Recently I got baited into phemex’s crypto trading rebates competition which you’d get a rebate reward based on your average open interest for trades + fees paid on the platform. I was up to over $10k in rewards after pumping/losing about $3k into the competition from farming fees. Then the last two days of the competition the whales/phemex manipulated everyones rewards down to almost nothing and took the entire prize pool. Here’s a screenshot of 4 days before competition end and one after competition end. Was a complete bait/high tier scam and I feel like a fool for falling for it.

    4 days before competition end: [https://gyazo.com/5ce98bf0a86643b99773d7951c4de2d4](https://gyazo.com/5ce98bf0a86643b99773d7951c4de2d4)

    After competition: [https://gyazo.com/3f54ef964c17d694e8b1467c27fdc264](https://gyazo.com/3f54ef964c17d694e8b1467c27fdc264)

    Reply
  22. Bought the ICP top at around $700😅

    And a buddy of mine bought the Doge SNL top so I don’t feel so bad now lol

    Reply
  23. 1) Taking ” revenge ” on the market. truth- you or I do not matter. The market is always right and you can go broke waiting for the world and the market to come around to your way of thinking.

    2) Not crypto, but a mistake- DO NOT SEND that angry text or email no matter how pissed you are. Sleep on it. You will wake the next day and read it and say ” Holy crap, I cant say that ” and your anger is probably diminshed, too.

    3) If you lose 20% then make a 20% gain, you are not even.

    4) things go down MUCH MORE QUICKER than they go up. It can be very surprising.

    Reply
  24. Leverage trading and not periodically revoking permissions to my wallet for protocols i no longer used or even wanted to interact with

    F You BZX – Fulcrum, aka Ooki

    Reply
  25. Have patience and don’t buy on green days. Buy on red days, and there will always be more red days to come so no FOMO. If you feel you missed an opportunity with a particular project there will likely be another opportunity to buy and if not, there will certainly be other opportunities with other promising projects.

    Reply
  26. My main mistake is thinking shitcoins even stood a chance to make me money. Instead I’ve lost almost 1btc.

    My eth from 2017 is still -40% down from the 2017 ATH. You got better odds at the casino than trading shitcoins.

    Reply

Leave a Comment