Bad Decisions in Crypto world: Old days

Good Morning BULB Family!

How are you all? I hope you are all well and happy. I'm doing fine too. Today, while trading, I remembered the old days when I started trading for the first time and created my accounts on various exchanges, and how I incurred losses at that time. It was during those days that I wrote an article on the read.cash platform. Today, when I came across it, I thought why not share it with you as well because it contains many lessons. I hope you won't make the same mistakes I did.
Note: This article is also posted on my read.cash profile.
I read somewhere in an article by one of my friends (Sorry, I don't remember the author) where they wrote that the fear of the future is hindering confidence in achieving success. Though I can't recall the exact wording, the gist was similar. It resonates with my situation as well. I tend to overthink excessively about upcoming events. For instance, when I'm traveling from one city to another, I find myself imagining all sorts of scenarios like accidents or other incidents. If you have any solutions to overcome this tendency to overthink, please share them in the comment section below.

Let’s come to today's topic, But before continuing next.

If you haven’t visited my previous article yet then do visit it first.
My mood depends on the weather: Let's talk about.

How this all started

Just about 6 months ago, I was introduced to the world of cryptocurrencies. Prior to this, I was only aware of BCH, BTC, and ETH. Someone suggested that I should transfer all my assets to the Binance exchange app, which allows buying, selling, and trading various cryptocurrencies. At that time, I was only holding BCH in my Bitcoin.com wallet. I followed their advice because it made it easier for me to sell my assets for fiat currency. Later on, I learned about other coins, but at that time, I didn't know the value of any of them.
Image from Unsplash

She advised me to learn technical analysis (TA) before investing in any coin, but as you all know, it's not an easy task. Learning TA requires proper focus and time, which was not feasible for me as I had to manage my time between other responsibilities and studies. I attempted to grasp the basics from YouTube tutorials and also joined a few paid crypto groups for guidance, but I couldn't find a suitable course for myself because I didn't know where to begin.

Why DYOR is important?

Getting to the point, she advised me not to invest in any coin without doing my own research, but as you know me, I'm always in a hurry. Hehe, so while I was learning the basics on YouTube, I joined a few signals groups on Telegram. During the first week, I merely observed whether the signals from those groups were accurate or not. By the end of the week, I noticed that the signals were 85% accurate and were hitting their targets.
Image from Unsplash

After a few days, the admin of that group shared a signal for the coin TKO, which had recently been listed on the Binance exchange. The price of the coin was around $2, and he assured the group that it would easily reach $8 to $10 within the coming month, with a minimum target of $5. I became excited because if that target was achieved, it would result in a huge profit for me. I blindly invested my $200 as per his recommendation, but unfortunately, the market took a dive that night. Ahh, I can't describe the feeling because it was my first time experiencing such a loss. I lost $100 in just a few hours, and those funds are still tied up in that trade. It's been more than 2 months now, and I'm still at a loss with that coin. I'm unsure if it will ever recover, but I'm grateful to God that I was engaged in spot trading. Therefore, I've decided not to sell it until it recovers my losses and my initial investment. I don't regret anything because I've learned a valuable lesson from this experience, and I'm relieved to have avoided a bigger loss.

Ending Thoughts

I learned a lesson that crypto is not a game for immature people because if you jump into it without any knowledge, you will lose everything. I learned that the words "Do your own research" are very important in the crypto world. Whenever you are investing in any coin, no matter who advises you to invest, whether they are a pro or a novice, always do your own research. In this way, you won’t regret your decisions.

Share your experience in the comment section. Are you also a trader? Do you create your own signals or follow someone else's?

Let’s interact in the comment section. Thank you to all the readers for your precious time.

Do hit the like and subscribe button if you want.

Btw, if you have any queries regarding anything you can follow me on my different branches :)
Telegram:@jawad7555
Gmail: jawadniazi897@gmail.com

fin...