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 😉
