When I first dipped my toes into crypto trading, I thought I had it all figured out. Buy low, sell high. Maybe catch a few moonshots. Make a little extra on the side. How hard could it be?
Fast forward to a couple of years later — and hundreds of trades, painful losses, thrilling wins, and countless hours of screen time — I realized something:
I didn’t know what I didn’t know.
Crypto trading isn’t just charts and candlesticks. It’s a psychological game, a lesson in discipline, and a daily test of patience. Looking back, there are so many things I wish I had known before I started. Not to scare myself off, but to enter the game smarter.
If you’re just starting out — or even if you’ve been in the game a while — here’s what I wish someone had told me when I was a beginner.
1. Most People Lose Money — Especially at the Start
Let’s get the hard truth out of the way: the majority of new traders lose money.
Not because they’re dumb. But because they’re inexperienced, emotional, or moving too fast. I thought I was different — I had done some reading, watched a few YouTube videos. I was ready.
Spoiler alert: I wasn’t.
I made money fast on one altcoin, thought I was a genius, and then lost it all plus more on the next trade.
The reality is, the market doesn’t care how excited or smart you are. Until you’ve developed solid risk management, patience, and emotional control — you’re likely to lose.
The sooner you accept that this is a craft and not a lottery, the better.
2. Risk Management Isn’t Optional — It’s the Game
When I started, I didn’t even know what a stop-loss was. I’d throw in 50% of my account on a random coin based on a tweet and pray.
Now? I won’t enter a trade without a stop-loss and a calculated risk-reward.
If I could scream one thing to my younger self, it would be:
“Protect your capital. Survive long enough to learn.”
It’s not the huge wins that make you successful — it’s avoiding the blow-ups.
Use position sizing. Risk only what you’re okay losing. Never go all in. Learn to love boring setups that protect your money.
3. The Market Is 24/7, But You Shouldn’t Be
Crypto never sleeps. But you have to.
When I started, I checked charts 20 times a day. I’d wake up at 2 AM to check a trade. I’d bring my phone into the bathroom, terrified I’d miss a pump or dump.
It was exhausting.
Eventually, I realized that good trades come from planning, not chasing.
Now, I pick my setups in advance, set alerts, automate entries or stops when I can, and walk away. I trade less, but win more.
Discipline > Screen Time.
Quality setups > FOMO.
Your health and sanity matter more than catching every move.
4. Having a Strategy Is More Important Than Being Right
Early on, I’d flip strategies every week. One week I was scalping, the next I was swing trading. One day I followed RSI, the next I chased moving average crossovers.
I had no consistency, no edge — just hope.
Now I follow a simple system based on market structure, volume, and key levels. I don’t need to be right all the time — I just need a process that works over time.
What I learned is this:
A mediocre strategy executed with discipline will beat a genius strategy executed emotionally.
Pick a system. Backtest it. Stick with it long enough to learn from it.
5. You’ll Fight Your Emotions More Than the Market
You think crypto trading is about predicting the market. It’s not. It’s about managing yourself.
I’ve made the worst trades not because of bad charts — but because of:
- Fear of missing out
- Fear of losing
- Revenge trading after a loss
- Greed after a win
- Impatience
I’d make money and feel invincible. I’d lose money and spiral. I’d break my own rules because “this one feels different.”
Trading taught me more about self-control than any book or job ever did.
If you want to succeed, master your mind. Journaling helped. Meditation helped. Logging emotions during trades helped even more.
6. Social Media Can Be More Dangerous Than Helpful
Crypto Twitter, YouTube, Telegram groups — they’re full of bold calls, moon predictions, and endless noise.
I used to follow a dozen influencers and change my bias based on what someone tweeted. I got caught in pump-and-dumps, bought tops, and sold bottoms — all because I was chasing someone else’s conviction instead of building my own.
Here’s what I wish I knew:
Most people don’t share their losses. Most people don’t know what they’re doing. Most people aren’t trading with your account.
Use social media for ideas, not instructions. Do your own analysis. Trust your own eyes. Learn from experience, not hype.
7. You Don’t Need to Trade Every Day
In the beginning, I felt like I had to trade every day to improve.
The truth? Some of my best gains came from waiting.
There are days the market gives you nothing. And that’s okay.
Sitting on your hands is a skill. Knowing when not to trade is just as important as knowing when to enter.
Now, I only trade when:
- A setup meets my criteria
- Risk-to-reward is clear
- I’m emotionally neutral
- I have time to manage the position
Otherwise? I walk away.
8. Losses Are Inevitable. How You React Is What Matters
I used to think a losing trade meant I messed up. That I wasn’t cut out for this.
Now I know: Losses are part of the job.
You won’t win every trade. You’re not supposed to. Even the best traders lose — frequently.
What separates them is how they handle it.
Do they revenge trade? Or do they review the trade and move on?
Do they chase the loss? Or do they trust their system and wait?
If you want to trade long-term, make peace with red days. The goal isn’t to avoid them — it’s to make sure they don’t wreck you.
9. Compounding Small Wins Beats Chasing Home Runs
Early on, I wanted to turn $100 into $10K overnight. So I’d take huge risks on low-cap coins, leverage 10x, and try to hit it big.
And every time, I’d end up back at square one.
Now, I aim for consistency, not jackpots.
A 2% gain here, 5% there, 1% loss, 4% win. It adds up.
Compounding matters more than hitting it big once. If you can make 3–5% a week, with limited drawdown, that’s how real growth happens.
Don’t chase “life-changing” trades. Chase discipline.
10. Trading Isn’t for Everyone — And That’s Okay
Maybe the most honest thing I can say: this isn’t easy.
It’s mentally taxing. Emotionally draining. Unforgiving at times.
You need thick skin, constant learning, and the ability to stay patient while doing nothing.
Not everyone thrives in that environment.
And that’s okay.
There’s no shame in deciding to be an investor instead of a trader. Or in stepping away after realizing it’s not for you.
But if you’re going to stay in the game, go in with your eyes wide open — and a plan.
Final Thoughts
I don’t regret starting my crypto trading journey. It’s taught me more about money, psychology, and myself than anything else ever has.
But I do wish I had started smarter.
I wish someone had sat me down and said:
- “You will lose trades.”
- “It’s not about being right — it’s about being consistent.”
- “You don’t need to trade every candle.”
- “Risk management will save you from yourself.”
- “FOMO is the devil. Discipline is your friend.”
So, if you’re just getting started, consider this your reminder to slow down, build a solid foundation, and treat trading like the long game it is.
Because once you stop chasing, and start trading — that’s when the magic happens.
What I Wish I Knew Before I Started Trading Crypto was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.