MY MISTAKE #1: You are not an unstoppable force

Making your first win, being in the green and then getting cocky. Everyone has done it, you make a good trade and think you’re unstoppable.

This leads to a deep rabbit hole of buying random unknown coins hoping it’ll 100x

MY MISTAKE #2: Buying unknown coins is gambling, not investing.

Like I said before, buying random alt coins, before you do this. Remember it’s gambling, it’s a gamble and just because it’s a new coin doesn’t mean it’s to the moon.

MISTAKE #3: When you need technical help, DON’T ANSWER TO DMS, only public comments.

Don’t trust anyone in dms, generally if you’re having a technical issue with crypto and someone helps you in dms. 9 times out of 10 they are trying to drain your wallet.

If someone comments on your Reddit post asking for help, then usually it’s a better bet to trust them, because they can’t scam you publicly. Why? Because people will call them out for it. (I’m not saying trust everyone in a comments section).

MISTAKE #4: Do your own research 100% of the time.

Do your own research, it’s generally good to get advice from people who have been in the space for a long time.

That being said we’ve all lost money, we’ve all made money, we’ve missed out on opportunities. My biggest mistake was selling too early, otherwise known as a paperhand.

Now I cannot stress this enough, NO YOUR OWN RESEARCH, if you own a coin. And I ask you why you bought that coin, and you can’t give me a complete answer with reasons, motives, problem it solves. Why are you even buying it?

People too often just buy some random coins because maybe they’re up 20% and they think it’ll go more, or maybe people will buy it because of hype.

Nonetheless if it doesn’t solve a problem, don’t touch it. (Or provide an upgrade to something that already exists).

MY MISTAKE #5: Humans are greedy, don’t trust people with control over your crypto.

Trust no one, I don’t trust exchanges, I don’t trust custodial wallets, I don’t trust cefi. And nor should you, if you do a simple google search on every exchange, every cefi, every custodial wallet companies that have shut down.

And all the drama with it, all the massive fees, the company getting hacked, the company not letting you withdraw.

I will sell/buy Crypto on an exchange and take it right off, you never leave it on there. The biggest reason I’ve heard people say why they keep it on is because of the withdrawal fees.

Think of it like this, would you rather pay $5 in withdrawal fees or lose $500 because an exchange went bankrupt.

MY MISTAKE #6: Don’t buy shitcoins, and make sure to keep your money balanced in a rule I called a ‘40 40 20 Rule’

No not buy shitcoins, do not buy unknown coins, this is my rule and I think everyone should follow it:

40% BTC 40% ETH 20% Alts (Top 20 coins).

When I say Alts, I mean matic, xrp, avax, atom. Those coins, not random unknown coins.

CONCLUSION

That’s all I’ve learned so far, (the main big stuff). Good luck new comers to Crypto.

And everyone else feel free to share some advice you’ve learnt in the comments.