It's same in crypto you have to set rules for yourself and follow them strictly otherwise there are pricy consequences. I have learnt the hard way and will tell you what were those rules I've broken ahead in this and lesson that can help you avoid major losses.
I seriously got punished plenty of times for just breaking rules in childhood days and at that time I used to think why it is necessary like why I can't play outside for more than 2 hours, why I need to do homework everyday and what's Good in there for me?
Now after growing up, it has taught me well why those all things were important to follow and what Good was in For me.
The Rules I've Set for Myself in Crypto
These are some rules that evolves with the time I learn new things in crypto journey and some are fixed rules that never changes.
Are;
- Never investing in a asset without DYOR
- Make No decisions emotionally when thing's aren't in My Favour
- Keeping Plenty of Seed Phrases Backups in safe Place
- Never playing with those Leverages and No Gambling
- Never believing in some third person offering you to double money
I learnt some of these things hard way and you will see how bad I've seen consequences and why it is important to set rules ahead from this experience of mine.
The consequences of Breaking Rule of DYOR
Image by Pexels from Pixabay
I've been lazy back then when it comes to DYOR even though it was a rule I set and I literally spent money to join a paid group to get signals and invest in those coins without knowing what that coin even do or exist.
But just ape in it, because it is given in the paid group by someone who claim to be an expert.
I did followed those signals and it was like out of 10 coin I only made profit in 2 and rest goes in loss so technically I never made any profit.
Later, when I started doing my own research results were opposite in a good way like out of those 10 investment, 8 have given return whole 2 in loss.
In 2021 when market crash happened that paid group was reason I lost my all life savings and that consequences were more hash I still regret till today.
Using Those Leverages to Make it all Back Turned into a Disaster
After following that rule break of DYOR incident, I started doing gamble with those leverage.
I thought DYOR is just all I need to make everything back, I was keeping an eye on announcement by coins and was using leverage in future trading to make profits.
But those Leverages only burned every single penny I had after getting liquidated and that was when I found another reason to never play with leverage and follow that rule strictly and till day that is something I've never tried again.
These lessons I learnt the hard way still hurts me but that was past and now I'm not really a trader anymore cuz trading is something not meant for me but I'm just holding couple of coins for long term without buying or selling anymore exposure.
Wrapping Up...
Instead of regretting it is better to be disciplined and never break your own crypto rules and even follow other rules set in life to avoid harsh consequences.
The price I've paid was high enough and life could've been more better without that unnecessary price I paid all because of breaking rule. A lesson that I won't forgive in lifetime and will also advice everyone to be more discipline and productive when it comes to take action and follow rules and if you've not made those rules yet, these few I mentioned above can still help you. In the end I would like to know your thoughts about it in the comments.
