Topic: 5 Big mistakes for a beginner in cryptocurrencies ✌ - page 4. (Read 2510 times)

FOMO is normal for someone who simply does not know much about how to really be trading the market and all they are always busy looking for is a moving train or a crashing plane.
This is the reason so many new traders always end up losing a lot of money just because they could not get all the knowledge they need on their own to be able to do it right and anyone who skips that part will never get anything good from trading except for them to lose all their funds in the process.

That you for sharing your view with us as a trader and most of this five mistakes are things that newbies commonize.  In trading you have to learn from your mistakes in other to increase in your intelligence and make more inform investments decision.  I have seeing that learn from the mistake is one of the way the professional become successful in  trading.

Once greediness comes up in the mind of a traders for sure there are many mistakes He/She going to make where in the end they will loss a big

amount of money. Then, lack of knowledge of reading the graph like candle stick between Buyer and seller, and could also one of the

reason of doing mistakes by the others.

This really is a nice thread, clean, presentable, easy to understand and I learned a lot for sure. Even if I am doing my business with cryptocurrency for over a year now, I still keep doing the same mistakes and what you said in this thread helps me build a new strategy on how to counter attack these common mistakes and turn it to a positive result. I better save this on the thread I created when I have time and I am really sure that those person who will read this will open their eyes and minds with their own mistakes in cryptocurrency.

FOMO is normal for someone who simply does not know much about how to really be trading the market and all they are always busy looking for is a moving train or a crashing plane.
This is the reason so many new traders always end up losing a lot of money just because they could not get all the knowledge they need on their own to be able to do it right and anyone who skips that part will never get anything good from trading except for them to lose all their funds in the process.

One more thing is FOMO when the price bull run and panic sell when the price on the bottom. FOMO is natural emotion and all newbies did it and finally they loss money, but learn from the pass  we can avoid FOMO and make better investment strategy.

I guess this could help. But I was once a newbie and I knew about these, but I still made some mistakes. I think these mistakes are bound to happen to newbies. And experiencing the consequences of these mistakes makes them a wiser crypto user.

I support your opinion, self-confidence is the biggest mistake in the crypto industry, and not only there.

I support your opinion, self-confidence is the biggest mistake in the crypto industry, and not only there.

Fair enough, I respect your 5 views on the most common mistakes people do but I would also add to the list to try and think for themselves and not be just strict followers.

The biggest mistake is to believe that you are right and the market is wrong:) this one I think is the biggest disease of all newcomers.

👉 Instead of writing down the key phrases and passwords on a piece of paper they memorize it and often forget their passwords.

Thank you very much everyone 😉

I hope everyone is good. Today, I will present you top 5 mistakes which are usually do a beginner. I understand these topics from Youtube and like to share it with you. So that no one else will make such a mistake in future.

So let's start♥

1/ 😟 Wrong Investment Strategies 😟

👉 People invest into cryptocurrencies by borrowing money from relatives and panic sell whenever price falls to cut their losses.

👉 People invest big at a very early stage without getting a better understanding of the market.

👉 Invest on shitty coins.

2/ 😟 Improper knowledge 😟

👉 The most common mistake that people do is that they get involved into the crypto currency by a MLM trader.

👉 They invest big without knowing exactly how crypto currency works.

👉 People who get into crypto often don't do proper research before investigating into an Coin or into an ICO.They don't read the "White Paper" of the coin.They don't research about the technology and the team.

👉 People also don't keep them upto date by the latest news and because of this they often miss out the profit opportunities as well as incu huge loses.

3/ 😟 No understanding of price fluctuation 😟

👉 I have seen people getting into cryptocurrencies when it's on a rise and every coin in the market on bull run.

👉 People don't have a holding power.

👉 Fails to understand that crypto currency price also has a tendency to fall.

4/ 😟 Day trading and FUDS 😟

👉 Another common mistakes beginnings do is that they get effected by the FUD's very easily and quickly and therefore sell their coins.

👉 Another mistake what people do is that they join pump and dump groups on Facebook and whatsapp and other social media sites and follow them blindly without DYOR.

👉 Start "Day Trading" which can be very risky if you are a beginner.

5/ 😟 Security risk 😟

👉 Keep all of their long-term #HOLD coins on different exchanges instead if keeping them into digital wallets.

👉 This often pose a serious threat of losing their coin hacking or malfunctioning.

👉 Don't activate 2FA security.

👉 Instead of writing down the key phrases and passwords on a piece of paper they memorize it and often forget their passwords.

Thank you very much everyone 😉

The big mistake I made was a FOMO disaster.  I fomo'd during the big rise and bought in at the highs as i was afraid of missing the big moves.  A big lesson to learn as I have lost about 80-90% of my funds.