I made a lot of mistakes and saw other people making mistakes, so I compiled them together to review. Please comment where you went wrong so others can learn from it.
1. The money on the floor is not necessarily your money:
I experienced the collapse of btc-e in 2017, witnessed Binance's unexplained account lockouts, and even if I opened them, my account would be divided more than a dozen times.
2. DCA reverses the trend
I used to buy shitcoins like btg and nxt during the 2018 downtrend and lost a lot of money. DCA is a double-edged sword, only dca strong projects like btc, eth and dca in moderation. The more you buy, the more you buy but the project keeps slipping, which is the fastest way to go bankrupt.
3. Listen blindly to teachers and KOLs: everyone has experienced this without needing to say much, no one can accurately predict the market. They have right bets and wrong bets. If they were all right, they would be on par with Elon Musk right now. They wouldn't be here livestreaming. And no one can accurately predict the long term, because the future is unpredictable.
The wave expanded to 120k$, which is easy to understand, PlanB is still wrong, so what are Vietnamese KOLs?
You should check with technical analysis and comply with risk management, always ask "If I'm wrong, how much will I lose, how much will I gain when I'm right?"
4. Transfer money to the wrong chain: be very careful when transferring money
5. Wallet or account hacked: should be kept secure and careful
6. Complete basic analysis, then idolize the project
There are many people who do basic analysis and then fall in love with technology and project idols. Dimond Hand and proud of it.
Perhaps this is a mistake when emotions are high. Every project must comply with the money game.
"The winner eats the loser's money"
Take profits when it seems reasonable.
7. Believe that Crypto is the future that can be invested in for the long term
This is sensitive, my opinion is that crypto is a money game, let's play like you and I are gambling together, if you win then you withdraw, bet firmly and don't let it remove you. New season crypto, new coin, believe it is the future, buy and hold for 5-10 years. It's no different than the buy and pray strategy.
8. Not knowing how much you will lose if you lose from the beginning
After playing, I got drunk in there, the losses were huge, I didn't know how much volume was enough, how much to lose when losing. I have had many problems, guys.
9. Don't take profits because you have too much money left or don't need the money yet
I can only observe this, I don't have much money. There are KOLs who don't close Bico when it turns 20 because "there's too much money left, there's no need to close"
Only when the downtrend is difficult do we see how much money is needed
Money is always necessary. If you don't need it, your family needs it and other people in need need it. Don't give it to CZ, he's too rich
10. Conservative in one's own views, not open to learning
In the past, I really despised technical analysis, it wasn't true.
Now I realize, analyzing price charts is a way to recognize favorable bets to bet on. But price charts cannot predict the future
For example, playing poker: I hold a pair of Aces, he holds a pair of 2s, and both people hold equal money
I'm all in on the money at the table, if you follow, I have an 82% chance of winning, you have an 18% chance of winning. Risk ratio: 1:1
Many people still make money, but they still have to accept corresponding risks. There are many ways to play, not this way is right and that way is wrong.
Everything has its price
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This is my opinion. I'm not a Pro, I'm not rich.
I'm still a chicken learning.
If you have anything wrong, please comment so we can all refer to it!
