Top 5 things I Wish I Knew When Starting Crypto

Background

I started trading crypto when I was 12 (2017). I’ve been through bull markets and bear markets. I’ve made 10x trades and round-tripped life-changing money. I’ve been rugged more times than you can count (even by the President of Argentina). Year after year, cycle after cycle, I keep coming back.

I’ve learned a lot since starting, and I would’ve made and saved much more money if I knew then what I know now. I’m not claiming to be a crypto master. Just a guy who’s been around long enough to learn some hard lessons. Here are the five things I wish I knew when I started in crypto.

1) Everyone will tell you to buy, no one will tell you to sell

You’ll find yourself in trading group chats where the whole group is invested in one coin, NFT, or thesis. They’ve made some money, and every time someone new joins, they convince them to enter the trade. The price keeps going up, and any time someone talks about selling, the group shames them into holding.

“It’ll go 10x from here.”

“Believe in something.”

“It hasn’t even started yet.”

Then when the trade crashes and everyone roundtrips (plus more), no one takes accountability. You look back and realize you should’ve sold on the way up. You got greedy. Your friends were using you to pump their trade. Never be afraid to take profits. Which brings me to the next lesson.

2) When you take a screenshot, sell half

The moment you start bragging to your friends about your gains, lock them in. No one cares about the guy who used to be rich on paper. The urge to brag is a signal to sell. You don’t have to sell everything, but take a meaningful chunk off the table.

3) Bitcoin is king

100x memecoin gains are seductive. The idea that you can throw dust into a trade and walk away with life-changing money is intoxicating. Most of the time, it doesn’t happen.

The number of memecoin traders I know who have made no money over the last five years is astounding. Think about that. Since 2021, some people haven’t made a single meaningful positive trade because they refused to own Bitcoin. Bitcoin has averaged roughly 100% annual returns over the long term. That’s incredible. Everyone should own more Bitcoin.

4) You are your network

It’s extremely difficult to navigate these markets alone. There’s always something happening. New trends, new coins, the next big thing. Having friends who care as much as you do makes everything easier.

Focus on networking and getting into groups that are actually profitable. These groups won’t want you unless you show hard work, profits, or both. Build your portfolio and find the people you want to trade alongside.

5) Catalysts are dangerous

Getting into the right trade for the wrong reason can be almost as bad as never getting in at all. That sounds crazy at first. You still entered the trade. You still had a chance to make money. That’s true.

But catalyst-based investing keeps you in trades longer than you should be. Say you buy an NFT because you expect an airdrop. The price pumps, but you tell yourself, “The airdrop hasn’t even been announced yet. Imagine what happens when it is.” Then the market turns, gains evaporate, and the airdrop never comes.

You would’ve sold that same pump if it happened for another reason, but you didn’t because you were waiting. Price is all that matters. Catalysts usually hurt more than they help. Trade on price. Take profits on price. Plan your exit before you enter. Remove emotion. Set stop losses and move on.

Final thoughts

Which lesson resonated with you most? What do you wish you knew when you started? Let us know on X (@heybeluga).