I want to start this post by saying that no coin, or asset or whatever else is going to be more valuable to you in the long run as educating yourself on a particular subject of interest. This holds very true in the crypto space.
Since I am into this space, be it investing/holding/trading ect. I have made some decisions which were mistakes but I am learning from them as well. So I wanted to share with you some common mistakes that probably everybody that is new or inexperienced in the space does and some ideas that I am beginning to grasp with time and experience, so that you probably know them beforehand.
Mistakes and lessons:
1. Don't rush into buying because X-Coin is doing great.
Also called FOMO (fear of missing out). Happens very often but with time one realises that the market is a CYCLE and will always be and that means that it will always have UPS and DOWNS. In the end it is better to miss a gaining opportunity ( and you never know for sure) and stick to your cash than buying high and then having the market go down. Even the best cryptoasset will have the proper time when you can buy it for a good low entry. No asset is going to go from 0 - 1000% overnight or overweek.
2. Stay on the sidelines most of the time and buy and sell only at specific moments.
You don't need to check the prices all the time. Let them be. That is for daily traders and you would need a big sum of money to make profits in even 10-15% drops and gains over a single day/week.
3.Don't go all in, unless the market is very low and you can buy cheap. This also means that you have a stack of cash on the side, so that you can use it when the proper moment comes, if for example the market crashes and be sure that that moment will come sooner or later. If you buy and buy over and over, it might be a sign that you are over-investing.
4.Look at both sides of a coin (pun intended). It happens that when we own a certain crypto, or we want to invest in a certain asset, we look for the news that strengthen our assumptions. Meaning that if we are bullish on a coin, we tend to search and read bullish news. Try to be objective on the matter and consider the bullish and the bearish news together. Don't try to validate your opinion or speculation on something, because even if you are bullish and it goes bearish and you really value the asset, after all it is better to buy cheap and have more of a good asset.
5. Each mistake is a lesson, but care to minimize the damage or loss. No trader or investor in Crypto or any other asset has been 100% right all the time, but what makes one a good trader is accepting the mistakes and learning from them.