All of those five mistakes come from greed. All these people reading about get rich quick from Bitcoin and jumped right in without searching for proper knowledge. People should realize that Bitcoin and cryptocurrency isn't a get rich quick scheme. If people want to get rich then invest in yourself, gain knowledge and skill, make a healthy financial plan.
Investing into Bitcoin and crypto hoping to get rich is just the same as dice gambling.
Topic: 5 Big mistakes for a beginner in cryptocurrencies ✌ - page 6. (Read 2536 times)
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 fact that they borrow money to trade is totally wrong, borrowing money for such an investment is quite a risk and people should abstain from that. But I don’t see anything wrong cutting losses, If you think you can’t bear the loss then it’s better for you cut it at the earlier time before it is late and you start regretting. So nothing wrong cutting your losses anyone can do that if they want to. 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 😉
I recognized your efforts for writing those problems. Indeed true that borrowing money isn't beneficial. Hence, will just tuen your life down and will not lift your living up with your expectations. Also, greed is somewhat an emotion to be prevented because in trading, losing and winning are both possible. If I may also add, in tems of trading whether on altcoins or other, stop limit and cut loss will be a big help.
The anticipation that cryptocurrencies are volatile and will resulted in loosing of your money within some seconds during trading will help each and everyone to explore first the cryptos, educate themselves on how this thing works and acquire more knowledge will reduce the loosing and will at any rate prevent the 5 big mistake presented on this thread.
Thanks for share this good article. It's can help for newbie. Many newbie coming here in trading they invest lot of money for quick rich. This is main problem for newbie
I have been trading for 3 years and I still feel like a newbie.and I always read anything and then put it into practice, but for me trading is not an easy thing.
the most important thing is practice and experience not theory.
I think it is biggest blunder of any one who invest in any thing by taking loan or borrowing money from others. It is a crime with your own self so please eliminate this approach specially in crypto world which is more volatile then other investment opportunities.
In my own opinion, the biggest mistake of every cryptocurrency investors are investing when there is a hype in the market which makes the price of bitcoins to increase so much and then obviously they will not earn profit because the price will dump since it was very high when they bought the token.
Good article I do not think thread needed in this section. Since op want to help the newbies with his thread. He or she should have create the thread on the beginners and help section buddy. If there is any use experienced candidates then may be okay to here.
Then mistakes is common what tips or idea being shared at anywhere finally they will get into a victim of any scam.
Then mistakes is common what tips or idea being shared at anywhere finally they will get into a victim of any scam.
Thanks for share this good article. It's can help for newbie. Many newbie coming here in trading they invest lot of money for quick rich. This is main problem for newbie
You can also add a problem like loodomania. A novice investor quickly loses the first and second investments, and without studying the problem by which he lost money, he continues to invest new money in order to return the previous losses. Thus begins the game as a casino.
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 main problem is the mentality that has not been formed, then the knowledge of the market situation is very minimal and too ambitious to get instant benefits. This is why many traders experience huge losses, then directly blame the market or coins they trade. Even though we know that forming price patterns in the market is our own trading activity. Because it is too easily influenced by the FUD news then panic occurs. 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 😉
I don't know about the 5 big mistakes but I know one huge insanely big mistake that all beginners do. I have been in crypto for over 6 years now and I have seen all kinds of people do this mistake when they first get in. Join right at the top.
Now when bitcoin goes up like 100% and the bull run is here and everything is going up people who do not hold bitcoin joins in the market so they won't miss the ride however they join already after the big increase and they make a bit first and when it starts to drop they lose more money than they are comfortable with losing and they leave thinking bitcoin is a "scam" or something.
You do not get in to a financial instrument when its already at 100% increase, basic concept, common sense, yet everyone keeps doing it.
Now when bitcoin goes up like 100% and the bull run is here and everything is going up people who do not hold bitcoin joins in the market so they won't miss the ride however they join already after the big increase and they make a bit first and when it starts to drop they lose more money than they are comfortable with losing and they leave thinking bitcoin is a "scam" or something.
You do not get in to a financial instrument when its already at 100% increase, basic concept, common sense, yet everyone keeps doing it.
You missed the most important part which is Pump and Dump. Most of the beginner traders want to get rich quick.
This is the first mistake they do thinking that Crypto is a get rich quick scheme. They indulge with a few pump and dump people/groups and then invest their money blindly into some coins which they don't even know or have read their project. The newbies face big losses when the coins price gets dumped instantly. Beginners should avoid pump and dumps as they most of the time results in losses.
This is the first mistake they do thinking that Crypto is a get rich quick scheme. They indulge with a few pump and dump people/groups and then invest their money blindly into some coins which they don't even know or have read their project. The newbies face big losses when the coins price gets dumped instantly. Beginners should avoid pump and dumps as they most of the time results in losses.
I think that all of the mentioned mistakes are common among beginners and sometimes even those who trade for long. To my mind, to avoid the mistakes in the list you need to have a more responsible attitude to crypto market
Also add:
- usage of high level leverage/margins
- trading many pairs simultaneously instead of focusing one 1-2 pairs.
- usage of high level leverage/margins
- trading many pairs simultaneously instead of focusing one 1-2 pairs.
As a newbie I started holding Bitcoins first, and then slowly got a few Altcoins. I think most people don’t know how crypto works, I don’t know how my phone works but I know who to use it. And the same are important with crypto, you need to know how to use it. If you invest into a coin you want to keep more than a few days or weeks, you don’t need to know how they coded that blockchain, but it will be good see what experts says about the blockchain, and also try to see how the blockchain works, by sending some coins from a wallet.
Those mistakes enumerated by the OP are some real mistakes made by a beginner but all of them fall into one biggest mistake and that one biggest mistake is the LACK OF KNOWLEDGE. So it is advised to study everything before going into trading, read and ask questions, kindly ask an advice from an experienced trader and be reasonable enough for everything, be ready to take the risks.
When I first invested in early 2017 I didn't look at the price graphs almost at all. I was only guided by what my friend said about certain projects. Now I understand how crucial it was to understand the market situation although I got in early enough to earn some decent profits.
This are real problems faces by a beginner in the industry and it only takes experience or good mentorship for a beginner not to fall into such mistake. This article was helpful and I also learned new things with it
In my own opinion, the biggest problem in this industry are the new traders in the market who tends to invest a huge amount just because of the hype in the market.
Thank you for the article, the article is quite adequate in the case and the mistakes that new investors encounter. This can be a lesson for people to learn more about the future cryptocrurrency market. As for those who have experienced my biggest problem is their lust. Before entering this market, controlling greed is a difficult thing in every case. I believe even newbies and experienced people will stumble on their own greed once in a lifetime, and that can cost you quite a lot.
The beginners don't have their own trading strategy,and this has made them loose more money reason is for one to make it ,he needs to have a strategy that will help him to know the limit he will set,to know the coins to hold and to know when to sell.
A beginner sometimes makes a mistake of clicking phishing websites of which this leads to loosing ones login details to hackers.
A beginner sometimes send tokens to wrong wallet address in exchange instead of the right wallet address .
A beginner buys tokens at high instead of buying low,and this happened as a result of information he gets from one telegram channel and you tubers.
A beginner invest wrongly as a result of not having basic knowledge of fundamental behind the coin he invested on.
A beginner sometimes makes a mistake of not having the private keys or mnemonic phrase of which many beginners have lost fund through this.
The beginners are easily get frustrated when a coin/token they invested on drop in value even when the developers are working on the product development ,the begginers will just sell at low.
A beginner sometimes makes a mistake of clicking phishing websites of which this leads to loosing ones login details to hackers.
A beginner sometimes send tokens to wrong wallet address in exchange instead of the right wallet address .
A beginner buys tokens at high instead of buying low,and this happened as a result of information he gets from one telegram channel and you tubers.
A beginner invest wrongly as a result of not having basic knowledge of fundamental behind the coin he invested on.
A beginner sometimes makes a mistake of not having the private keys or mnemonic phrase of which many beginners have lost fund through this.
The beginners are easily get frustrated when a coin/token they invested on drop in value even when the developers are working on the product development ,the begginers will just sell at low.
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