When Conviction Costs You: My Biggest Crypto Mistakes in 2024!

in these last couple of days the horrors I've seen are endless but the lore is something peak in an opposite way like I've not only Round-tripped months of profits

But made more mistakes just when the year was about to end and it all happened because of my own overthinking. So things I'm going to share ahead in this blog are lesson I learnt and it's going to help me and you get better.

Also everyone should learn from other people mistakes, not by doing those mistakes yourself. that is one reason I often read people experiences good/bad in any aspect of life and recommend everyone else to do same.

This Altcoins crash is worse than may 2021

Just yesterday $1.4b got liquidated in crypto.. mostly altcoins lost it's value and leverage got wiped out by today as we've seen another -15% dip today.

We've seen a slow death of Altcoins Infront of our own eyes while bitcoin only went down to $92k from $101k which is nothing bad.

Last bull run was different and when the crash happened in may it was quick leading no room for people to sell or get out of those altcoins

And not only the crash was quick but recovery was also quick before it went down again

I remember that time I was holding BCH and it went from $1650 to $400 the same day within hour or so and than from $400 it went back to $800

That was instant crash and recovery in a bull run.

But with this one we've seen altcoins going down -20% each day from the past couple of days.

Sei lost about 50% in this market and I was mostly holding this than any other coin.

My mistake was not sticking to my plan

When SEI was at $0.73 I sold more than half of it and kept USDT. Decided to stake those stablecoins and wait for correction

But I thought it doesn't seem right to be in stablecoins and I'll simply hold it and let it ride to $1 minimum.

Bought again in that same price and it started going down and down.. didn't flinched because "I was comfy in Spot" but

It would've been a lot better If I had sold and held USDT.. so I could scale back in at these low price.

So it only means if you've high conviction on some coin, don't just hold it but trade where you can. Take profit and scale back in at low price.

If you really believe we'll see a bull run in next year than altcoins should recover in V-shape style by the time trump is in office and I believe we'll see this.

It can't get any worse than how it is right now unless bitcoin with the rest of stock market collapse and we enter in bear market.

I ignored seasonality

I've seen signs from the market to sell my coins and secure the profits but I ignored everything just to stick with my conviction

It was first week of December and was randomly doomscrolling on Instagram and saw a reel where I was told "December price action is going to teach a lot of you lessons" but I ignored...

Everytime in December people take profits, pay off their taxes and reallocate their positions for the new year

I've seen stablecoins in top gainers almost every december and it's because people want to derisk going into Christmas and new year.

But next time I won't ignore seasonality, not in crypto.

Got rugged the same day everything crashed

It's like I'm having really tough time in crypto because of my luck.. it is getting worse because I got an airdrop $pengu on Solana

And sold those tokens to get USDC...next day I decided to buy this coin

On dexscreener it is showing 100m liquidity, marketcap was same as the coin I needed to buy

I swapped all my USDC I got from that airdrop into this and than when I decided to sell it next day.. it showed there's not enough liquidity

And I was confused where it went wrong..opened binance to see what's going on and saw coin is indeed in top gainers above $1.. checked dexscreener and coin was still at the same price I bought yesterday.

So realised that was not a real coin but a scam and that's how I lost whatever I had on Solana.

Market crash was already hurting me and than this happened.. it's like I'm getting my birthday surprises in advance with all this bad luck.

Just another lesson and recommend everyone to avoid using Dexscreener or double check contract of coins in their website when you decide to buy some.

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Wrapping Up...

In the end I wasn't really expecting to end this year by being this unlucky but it somehow still happened and I can't change anything now.

Learnt new lessons and I'll try to move on but it's a hard pill. I hope life is treating you well and hope it helps you not do same mistake as I did in your journey.