Ask Leo - What Are Your Biggest Mistakes As a Crypto Investor?
I joined the crypto train about 4 years ago and I made some silly mistakes back then as an early investor. I think it's quite normal for most people to make mistakes in this space especially because of how new the idea of blockchain is and also particularly because of the uncertainties surrounding crypto as a whole.
I wouldn't say my first crypto mistake was not buying BTC at 100 dollars, that's quite general and I also didn't know about bitcoin at $100, but my first mistake was not fully learning about cryptos and how useful they could be when I heard about them. I just jumped in and bought based on the fact that they were used in a ponzi scheme back then.
It was until after I investigated and did my own research about cryptos that I understood how crypto worked and saved myself from more mistakes. Experience they say is the best teacher and it's almost inevitable to be into cryptos and not learn one or two things from mistakes even when it seems we were good at investing.
My second mistake as a crypto investor in my early stage was FOMO, Oh God I just loved to jump on a token that was already at its peak even when it was a known fact that it was a pretty wrong time to buy unless you were a long term investor. I FOMOed on every single coin I invested in back then and that brought me some huge losses.
My third mistake which is one I've never done again since it happened was storing my tokens on a general cryptocurrency exchange market. I learnt my lesson after the one I used in my early stage as an investor (Cryptopia) got hacked and I lost all my funds on the exchange. Not Your Keys, Not Your Coins.
My fourth mistake was not Hodling no matter what happened. Well, I struggled financially for quite a long time and my parents couldn't afford some things like tuition fee for my college degree and most other bills that came through. They struggled too and I could see that at the time. I had to sell some of my holdings to fund myself through school and settle some debts the family had. I don't regret this aspect though and I'm glad it all happened at a time when I was so new to cryptos.
Everyone makes mistakes at some point but the best thing about making mistakes is to learn from them and try to avoid them in the future. I've since learnt my lessons from the mistakes I made in the past and I've learnt to be a better investor.
What are your your mistakes as a crypto investor?