My Bitter Crypto Experience: How I Lost Money Due to Ignorance
A month ago, I jumped into crypto trading. The result? A loss of $12.13, a staggering 91.8% of my capital. I did everything wrong.
Trading Blind and Ignoring Risks
I got into crypto with zero knowledge or strategy. I bought a coin just because everyone was talking about it. No analysis, just blindly following the crowd. It was like playing poker without knowing what an ace was.
I didn't understand volatility. The price of my "chosen" coin swung wildly, and I just watched, hoping it would recover instead of setting stop-loss orders to limit my losses. Of course, most of the time, it didn't. I didn't manage risk or position size.
Costly Operational Blunders: Fees and Wrong Addresses
To make matters worse, I made silly mistakes with the transactions themselves. When I wanted to send Dogecoin via Revolut, they took a whopping 98% of my currency in fees. Only a few scraps actually got sent.
Another huge blunder was sending Ethereum to another account, then, when trying to send it back, copying the original sending address. I didn't realize it wasn't my address, but an internal Binance account. The money's gone, all due to my inattention.
Learning from Mistakes: Education is Key
Honestly, I didn't spend a minute on education. I didn't read books, follow courses, or understand technical analysis. I thought I'd learn as I went. Big mistake.
This experience, though a relatively small loss in absolute terms, was devastating in percentage terms. It's been a valuable lesson for me. Now I know that successful crypto trading demands discipline, education, and respect for risk. You can't just wing it; you need rules.
What are your experiences with crypto, positive or negative?
