Learning From My Past Crypto-Investments

Although I met Bitcoin and other cryptocurrencies way back (7 years ago), I am far from being crypto-rich like those who have made it. I wasn't one of those who were smart enough to invest wisely.

Looking back, I realized that I fared like I did because of my crypto investment decisions which were poor and unwise to say the least. And here's to share a few:

• Chasing every new thing for easy profits is never good.

  When BSC launched some years back, there were Telegram Groups I joined which shill out new tokens that are coming out. I would spend time in those groups, buy into those they say are going to be the next big thing and then I would not sleep through the night trying to monitor the price and then dumping them when a desired profit is met.

  Although I gained on some, I actually lost more. My internet connection was bad and couldn't keep up. By the time I wanted to sell what I bought, the project would have rugged or the price have already dumped way too low that what I bought would already worth nothing.

  The adrenaline rush was great at some point, but everything became worthless and pointless so I stopped but not until I have lost all my capital.

  This time, I usually ask myself if it is really worth it before jumping into something new.

• Buying Bitcoin is still a better option than speculating on something else.

  I think it is never too late to buy BTC if we are thinking long-term or it is one of those we want to keep in our wallets.

  I bought BTC several times in the past using fiat and credit cards but then I sold most of them in exchange for other tokens that came along. If I kept those satoshis instead, I would still be in profit today even on this bear market. This is one of the most painful yet best lessons that I have learnt.

• Dollar Cost Averaging is the best way to approach buying coins or tokens especially for long-term HODL.

  I used to buy tokens and coins in one go but thanks to Hive and LeoFinance folks, I am now learning to apply it on my buys. It keeps me on track with what I'm trying to stack up on especially those crypto assets off the chain.

• Take profits.

  The current bear market taught me something very important. That it is best to take profits even with those tokens or coins we love to HODL. Because whether we like it or not, the market behaves as it usually does. It's good to have something liquid to take advantage of situations. When BTC was above $60k, I kept myself from selling when I should really have. When it was at going down, I was in denial saying to myself it's going to get back up and selling would mean me missing out (FOMO).

  I've read a couple of people who have the same predicament of not taking profits when the market was at its highs, probably because most of us thought it will stay up there then the opposite happened. So I think it is still best to take profits when or where necessary unless we always have something extra to take advantage of the lows.

Well, these are just some of the things that came to mind as of late. I am still learning and still stumble often but getting back up every single time. And I hope to do better this time around.

DISCLAIMER: Ideas or opinions expressed in this publication are not to be considered Financial or Investment Advice.