During my first crypto bull run, I made almost every mistake possible, and it cost me big time.
That crypto bull run was insane. Bitcoin hit record highs. Ethereum skyrocketed. Altcoins? People turned tiny investments into life-changing money overnight. It felt like everyone was winning.
I was all in. My portfolio grew. Every hour, I refreshed my app, watching the numbers climb. This was it, I thought. I’m finally making it big!
Then—boom. Reality hit. Hard. And the worst part? I could’ve avoided it.
In this post, I’ll break down the costly mistakes I made during that crypto bull run, so you don’t repeat them.
Whether you’re new to crypto or you’ve been in the game for years, these lessons could mean the difference between walking away with life-changing gains or repeating the costly mistakes I made.
Learn from me—don’t make the same mistakes. Or will you?
The Biggest Mistakes I Made During My First Crypto Bull Run (Avoid These!)
Here are the costly mistakes that I made during that crypto bull run.
1. FOMO Buying at ATH (All-Time Highs)
What was my biggest mistake during that crypto bull run? Buying at the peak.
I wasn’t alone. Over 80% of new investors make the same mistake—and many more will.
Here’s why: Crypto moves in cycles—bull and bear markets. During bear markets, prices crash, fear takes over, and most people avoid crypto because it looks “dead.” Then, a bull market hits. Prices explode, media hype spreads, and suddenly, everyone is chasing gains.
By the time investing feels “safe,” most cryptocurrencies are already at all-time highs (ATH). That’s when the risk is highest.
That’s exactly what happened to me. The market was on fire, and I didn’t want to miss out. So, I bought Ethereum while it was skyrocketing, thinking I was making a smart move. Then came the crash. Within months, I lost over half my investment.
Luckily, I had extra funds and held on. But many beginners panic, sell at a loss, and leave the market for good.
Here’s what I wish I knew:
- The biggest gains come from buying when fear is high and selling when hype peaks.
- Crypto always brings new opportunities. If you miss one bull run, another will come.
- FOMO (Fear of Missing Out) is a trap. Chasing hype means buying high and selling low.
The key? Be patient, learn market cycles, and never invest just because everyone else is. The best investors move before the crowd, not with it.
2. Jumping Into Hype Coins Too Late
This was another costly mistake during my first crypto bull run.
I’d see coins trending all over social media—people bragging about insane profits, hype building fast. Without real research, I jumped in. Every time. And every time, I bought at the peak—right before early investors cashed out, leaving me holding the bag.
During that bull run, some coins skyrocketed 2,000%, 5,000%, even 20,000% in a single day. Then, I didn’t understand market dynamics. I assumed they’d keep climbing, so I kept buying—right when the smart money was selling.
I got caught chasing the next “moonshot.” Instead of making profits, I kept stacking losses.
What fueled this? Influencers on Twitter and YouTube. Many promoted these coins—not because they believed in them, but because they were getting paid.
Take the Trump Coin, for example. A friend bought in at $60, convinced it would hit $1,000 once Trump is sworn in as president. I warned him it was overhyped. He ignored me. Now? It’s under $17, and he’s down over $4,000.
Here’s the truth: If a coin has already surged thousands of percent, you’re probably too late. Before investing, ask yourself, Who’s left to buy? If everyone’s already in, there’s no one left to push the price higher.
The best time to buy is before the hype, not when it’s all over social media.
Though not all trending coins are scams, the truth is most won’t last long. If you missed the wave, it’s often smarter to move on and find the next real opportunity.
3. Panic Selling During Dips
This mistake cost me more than I’d like to admit. Every time the market dipped, I panicked and sold—only to watch prices bounce back soon after.
Why does this happen? Sharp drops trigger fear, especially for beginners. When prices crash, emotions take over, and the instinct to “cut losses” kicks in. But here’s the truth: most dips are just corrections, not the end of crypto. Selling out of fear locks in losses instead of waiting for a rebound.
I learned this the hard way. I bought Bitcoin at $25,000, feeling confident. Days later, it dropped to $19,000. I panicked, sold, and braced for a bigger crash. A week later? Bitcoin shot past $30,000.
Instead of making a profit, I was stuck on the sidelines, watching a missed opportunity turn into an unnecessary loss.
And it didn’t just happen once—I kept repeating the mistake. My portfolio suffered. So did my mental health.
Everything changed when I studied market trends. I realized that crypto moves in cycles. Dips are normal, and what falls often rises again—especially when the project has strong fundamentals.
Panic selling is one of the fastest ways to lose money. Instead of reacting emotionally, step back and look at the bigger picture.
The best investors stay patient, trust their strategy, and let the market play out.
If you’re in crypto for the long haul, remember this: Dips aren’t disasters—they’re opportunities.
Struggling to Stay Calm? Here’s How to Keep Your Cool During a Crypto Crash!
4. Trusting Influencers Blindly
This mistake nearly wiped out my portfolio during my first crypto bull run.
Crypto influencers have massive followings and can make any coin seem like the next big thing. Many get paid to promote projects, creating hype to drive up prices—only to sell their own holdings once enough people buy in. It’s a classic pump-and-dump.
Their recommendations sound convincing, but not all of them have your best interests in mind.
During that bull run, I followed big-name influencers hyping up low-cap altcoins. They shared flashy charts, made bold predictions, and claimed they had “personally invested.”
I let FOMO take over, thinking I was getting in early.
Days later, prices would crash. The reality? Many of these influencers were either paid to promote these coins or secretly selling while their followers were still buying.
I lost a lot of money.
The worst part? They never acknowledged the damage they caused.
While some genuinely know what they’re talking about, the bad ones far outnumber the good. Many care more about their own profits than their audience.
To protect yourself, always question their motives. Who benefits? Are they getting paid? Are they dumping their holdings while hyping the coin?
Influencers can help spot trends, but blindly following them is a costly mistake. Always do your own research before investing.
5. Misusing Stop-Loss Orders
Here’s another costly mistake—misusing stop-loss orders.
Late in that bull run, I took some crypto trading courses and discovered stop-losses. Finally, a way to protect my capital!
Or so I thought.
Setting them wrong led to premature exits and unnecessary losses.
Many traders (including me back then) make two big mistakes: placing stop-losses too tight and setting them at predictable levels. Whales and market makers exploit this, triggering stop-loss hunts—forcing traders out before prices surge again.
I learned the hard way. I placed a stop-loss on Ethereum at $618. The price briefly dipped to $610, triggering my exit. Hours later, ETH shot past $800. My trade closed at a loss while others rode the wave to profits.
It felt like the universe was against me. In reality, I was just using stop-losses the wrong way.
If you’re serious about crypto trading, mastering stop-loss placement is crucial. The only thing worse than not using a stop-loss is using it incorrectly.
6. Not Taking Profits
In crypto, if you don’t take profits, the market will take them for you.
Of all the mistakes I made during that crypto bull run, this one hurt the most.
I had the chance to secure life-changing gains—but I got greedy.
One trade still haunts me. I bought an altcoin at $0.08. It skyrocketed to $1.52—an incredible 1,800% gain. I felt unstoppable, convinced it would keep climbing. But weeks later, it crashed to $0.11.
All those unrealized profits? Gone. If I had taken profits, I would have locked in real gains instead of watching them vanish.
Beginners (including me back then) make the mistake of thinking prices will always go higher. That’s not how crypto works.
Markets move fast in both directions. Crypto prices rise fast—but they also crash hard. The sooner you understand this, the sooner you unlock the real secret to making money in crypto.
You won’t go broke taking profits. The smartest traders cash out while others hold, hoping for more—only to lose everything.
Remember: Profit isn’t real until it’s in your bank account.
Don’t make the same mistake—secure your gains wisely. Here’s how: 5 Best Ways to Take Profits in Crypto Without Regret.
7. Trading with 100% of My Capital
This mistake still haunts me as well.
By this point, I had stopped chasing hype coins and moved past FOMO trading. I thought I was getting smarter.
But I made a new mistake—one that wiped out 70% of my portfolio.
What went wrong? I went all in on Ethereum, putting my entire capital into each trade.
At first, it felt like a winning strategy. My profits soared. I felt unstoppable.
Then reality hit—hard. One bad trade left me overexposed. I lost more than I could afford. With no capital left to buy dips or seize new opportunities, fear and greed took over.
I watched helplessly as my portfolio bled out, losing 70% of everything.
Smart traders never risk more than 10% of their capital on a single trade. Even that’s high—many experts recommend 5%. One bad trade should never wipe you out.
The key to long-term success in crypto is survival. If you blow up your account on one mistake, you’re out. But if you protect your capital, you’ll always have the chance to buy dips and seize new opportunities.
In crypto, those who survive are the ones who win. Don’t let a single trade take you down.
Additional Resources:
- Most Common Crypto Scams and How to Avoid Them
- 7 Best Ways to Secure Your Crypto as A Beginner
- How to Be Successful in Cryptocurrency
- 7 Common Mistakes Crypto Investors and Traders Make
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DISCLAIMER:
The information provided here is for informational purposes only. Do not rely solely on it for making investment decisions. It is not financial, tax, legal, or accounting advice. Always do your own research or consult a financial advisor before investing in cryptocurrency.