Crypto seems synonymous to losing money these days and I'm kinda wondering so many still have this perspective about cryptos as "something that could make you lose all your money". Well, besides the anyone who invested in bull market and day traders, I'm just kinda curious to meet anyone who's currently losing money to cryptos.
The fact is almost everyone if not everyone currently dealing in cryptos have lost money via cryptos, the beautiful thing about this is that most of them never left the space because at some point you'd realise losing money was as a result of some of your actions (sometimes you really aren't the cause like in the case of Rug Pulls and Luna Terra crash).
People lose money everyday via cryptos which is also why I realised losing money isn't a newbie thing. It happens to even the best of us, but not as frequent as some newbies in this space.
So how do you not lose money?
Well, I can't tell you for sure how to not lose money here since our view of what money is in the cryptoverse is quite different. I'd rather say, "how to not lose cryptos" since we're actually dealing with the units if cryptos owned and that's is unchanging.
So First, I believe it is best to stick to solid projects. Do your research and stay with the projects that can't let you down no matter what. They may appear slow, but they're worth the time at the end of the day.
Also read more and learn about any step before taking it. This involves making transactions, storing money on an exchange, exploring NFTs, clicking of links for freebies etc. These are well known ways quite alot of us have lost money around here and some of still do.
Finally, take risks but calculated ones. Life is full of risks and taking risks could create a massive opportunity for us. But, we could also be at the losing end when we take risks without calculating and making sure our chances of success are high. Risks like FOMO and buying shitcoins. These two areas have created millionaires, but have also caused more havoc than you can imagine. Unfortunately, people still do them, but if you'd ever consider them which I don't advice, please do your calculations well and May the forces be with you. (NOT A FINANCIAL ADVICE)
Well … all my Crypto is from Steemit, Hive, Blurt, Dtube and a few faucets like Earncrypto. So I’m doing Well. I would be up a lot more if I had sold everything in November … but when you can earn a few thousand dollars from zero, it’s pretty good if you ask me.
Hey buddy, I really admire your consistency and dedication to all of these platforms. Its really not easy with all the drama and price crash all theee years. Glad they were worth it at the end
Buy low sell high...that is financial advice...
100% hahaha..long time buddy, good to see you around
In my case, my dear friend, I do some trading from time to time. I'm still studying how to do it, but right now out of 10 trades, 8 or 9 are winners. The problem with trading is that the greed of wanting to make a lot of money quickly makes it easy to lose, and even more so when there is no well-defined trading plan.
I also learned the hard way how not to get into businesses that promise juicy profits, so when business is slow, it's safer, just like Blurt is right now, taking small steps but going a long way too.
In a few words, I trade, hold some cryptos and create content that has a message and is not empty of quality.
También aprendí de la peor forma como no entrar en negocios que prometen jugosas ganancias, así que cuando el negocio es lento, es más seguro, así como está Blurt en este momento, dando pequeños pasos pero que recorren un gran camino también.
En pocas palabras hago trading, holdeo algunas criptos y creo contenidos que tengan algún mensaje y no estén vacíos de calidad.
I can relate to the trading as well. I lost a a couple back then when i tried trading and I learnt two major lessson, to not be gready and not to FOMO, those reasons were why I lost money back then and now I have a better understanding of things.