The Fatal Crypto Mistake

4 Mar 2023

The success you have in the cryptocurrency market is all determined by the decisions you make. By making good decisions in this market you will be able to change your life financially forever. However, making poor decisions could result in you losing everything or something even worse.
Throughout our lives, there has been one lesson that most of us have learned. This lesson is that it is okay to make mistakes, but we must always learn from them. This is actually great advice and if used responsibly could help transform a person's life. Each time that a person makes a mistake it isn’t a failure, but we are just learning another method that doesn’t work. In our neverending journey to find the correct path in life. However, there is a certain way of thinking that you need to be very careful about.

You can look at your past, but don’t stare at it.

After making mistakes it can become so easy to dwell on them, and that is when things become dangerous. Especially when it comes to investing in cryptocurrency. The crypto market is the Wild West and there are dangers lurking all around. If you are investing in this market, you will make mistakes, we all do. 
Some of the mistakes you might make are

  1. Buying altcoins that trend to zero 
  2. Losing or having your funds frozen on a 3rd party service 
  3. Being liquidated while trading
  4. Buying High and Selling Low
  5. Selling too early
  6. Not Buying enough
  7. Missing out on cryptocurrencies that could have made you rich
  8. Falling for scams or being hacked
  9. Wasting too much money on transactions/gas fees
  10. Falling into FOMO or FUD traps
  11. Being too emotional while investing

These are just a few of the common mistakes that most people will come across while investing in crypto. I’m actually a firm believer that people do need to make a few mistakes in this industry. Learning from these mistakes teaches you what you need to do and shouldn’t be doing to have success. Similar to how a young child must first be burned by fire to learn that it is dangerous. After that incident, they will never make the same mistake twice. 
It is the constant dwelling on these mistakes and the inability to move on that becomes a problem. Because the cryptocurrency market involves money and is much more volatile than others, it also means there are much higher stakes being played with. People become more emotional, desperate, and depressed. When this happens not only will they repeat they never be able to move on from that first mistake, but this will result in many more mistakes being made. 
For example, we have all heard stories about someone who was liquidated for a large amount of crypto. They were taking more risk than they should have or using too large a percentage of their portfolio. But either way they lost nearly everything. Now they are desperate to make it all back and begin revenge trading. Taking Hail Mary gambles, usually losing even more and often going into debt.
Throughout my history of investing in Bitcoin and cryptocurrency, I have made many mistakes as well. A few of them that have haunted me in the past were not holding onto some coins that would have made me wealthy. Not paying close enough attention to a crypto-backed loan I had taken out years ago and eventually being liquidated due to market volatility. And most recently, losing money when the UST stablecoin was de-pegged. All of these mistakes resulting in me losing thousands of dollars.
In those situations, it is normal to grieve and reflect. Take a day to be sad about it and learn from it. After that day, the past is in the past and you must move on.
As I mentioned before, “You can look at your past, but don’t stare at it.” From this moment on you have a chance to improve and grind even harder. Yes, making mistakes can cost you money and heartbreak. But, never being able to move on will prevent you from ever having success.

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