If You Say You Started on the Right Side of This Chart, I Call BS!
Over the last decade cryptocurrency adoption has taken a hold slowly because of the steep learning curve. When I began my Bitcoin journey I made many mistakes with my crypto. I am going to list a few so that you understand everyone makes mistakes along the way. I also continue to make mistakes because such is life.
Randy Hilarski Mistakes in Crypto.
HYIP Scams- Yup, I fell for High Yield Investment Scams early on. These websites promise the moon but usual disappear after a few months. An outright Ponzi scheme doesn't tend to last too long.
Mining Pools- The idea that I could invest my Bitcoin into something, that I did not control, and earn Bitcoin continually was too good to be true. I burned about 30 Bitcoin in total in this method of stupidity. Never give your Bitcoin or Crypto over to someone else who promises you returns.
Making mistakes when sending Crypto from wallets to exchanges, ICO's etc. Always verify before sending Crypto. Also never do it in a hurry, when you are drunk or high. I have lost about 30 more Bitcoin making mistakes in sending Crypto.
Trading Crypto without using Stops.-My worst day ever was a 7 BTC loss because I kept trying to cover my losses on Bitmex.
Buying into a pump.- I learned early on that if a coin is already up 30% it is way past my desired entry point. I now buy when no one is paying attention and sell into pumps. Recently I did this with Decent.Bet, Ravencoin and Holochain. They were good weeks in a Bear market.
Do not hold tokens on Exchanges.- I learned a hard lesson when Decent.Bet was delisted from Cryptopia. It took weeks for me to get my coins off and by the time I did the value had tanked. Also the hacking of Cryptopia earlier this year was a good example of why not to hold your coins on exchanges.
Do Your Own Research.- Find your own tactics of trading. I can't count how many times I changed a trading decision because someone I respected made a comment about where the market or a certain coin was heading. Then I get REKT!
