I stopped my crypto journey way back last year because of so many losses and got busy with my school works, it was last year in February when I lost a huge amount of my money investing in altcoin and got rugged, I was depressed that time and sad because I lost a huge amount of money which makes me stop my crypto journey and just focus on my study.
Two weeks ago I saw my friend on Facebook posting such luxury and cars he already has and I know that person is into cryptocurrency so I know that he got all those things because of cryptocurrency that inspires me now to continue my crypto journey and I will start it with this forum as I know I can have a lot of lessons and advice here.
I just realized how risky cryptocurrency is, especially for those people who have not yet have good knowledge about it, I've learned from my mistakes last year and j am now here exploring again and will be careful this time.
Yes, knowledge and understanding of BTC and cryptos in general should be present before the act of buying.
Or at the very least alongside a DCA strategy with small amounts by the time you're sure what you're doing.
It's pretty simple, who would buy stocks of companies they don't know, without understanding of what they are doing, and with no background?
Nobody.
So why do something like this with BTC or other cryptos? It doesn't make sense no ?
I'm sorry to read that you've already lost money in the past OP, but I sincerely hope that this experience made you realize that quick gains are not automatic, and most importantly, that education and patience are essential to make profits with Bitcoin.
I wish you success in your future investments, and if I have only one piece of advice to give: take the time to educate yourself about Bitcoin before you put any money into it, understand every real risk involved in owning BTC, and be patient, don't rush. Bitcoin is not going to disappear tomorrow (at least I hope not!), and those who have studied it well, in general, come to the conclusion that rushing is not useful: you won't be able to go back in time and buy BTC at 10 usd anyway. Take your time.