Topic: 5 errors when buying crypto currency - page 7. (Read 1304 times)
Thank you so so much for such an in depth analysis.I have always searched for simple rules like yours to use during trading and thankfully i found this post.Thank you once again.I have really lost a lot trading badly of late especially in the last one month of turbulence.
The crypto market is extremely volatile, which means price swings are normal, and if you get spooked easily, you will lose money. Panic selling is a common mistake beginners make, where they first get into a market without much research and then, when faced with a sudden drop, sell to ‘cut their losses’. The problem with this approach is that once you sell, you’ve actually lost money (you don’t lose until you sell), and while in some cases, cutting your losses does make sense, most coins will bounce back in days, if not hours, and then the same people, seeing a surge, buy back at higher prices, only to repeat the cycle. Buying high and selling low is a one-way ticket to going broke.
Also - don't forget risk management. Don't go all in. Instead only stake 1/10th of your stash on a trade. That way, if you get it wrong and you get stopped out, you still have money to place another trade.
Most noobs think that going all in will help them make profits quicker - but it also gets you wiped out quicker.
Most noobs think that going all in will help them make profits quicker - but it also gets you wiped out quicker.
Im guilty with number 2 and 5 because of greed when I was just starting as a trader. I thought selling when the price is in dips can save you from losing your money and buying any coins will do just go with the flow like other traders (stupid thinking indeed).
Newbies can learn in this thread of yours so thank you for the effort making these because it can be helpful for new traders to consider before starting to buy.
Newbies can learn in this thread of yours so thank you for the effort making these because it can be helpful for new traders to consider before starting to buy.
The error you are presenting here is what I experienced and stumbled upon when I first invested in the cryptocurrency market. These are fundamental errors but it can cause investors to lose a lot of assets when entering the market. Good and stable psychology is a necessary factor for investors in this market due to fluctuations. I have good advice for new investors to prepare themselves a good knowledge of the market before deciding to invest.
i just wanted to add that the root of all of these mistakes comes from people not knowing what they are doing. i have seen a lot of people, mostly new to cryptocurrency market who call what they are doing "trading" but in fact they are gambling.
every single one of their actions are based on pure guesswork and random choices. you can even call it a "gut feeling" and most of the times the feeling comes from the things they read online from pumpers.
every single one of their actions are based on pure guesswork and random choices. you can even call it a "gut feeling" and most of the times the feeling comes from the things they read online from pumpers.
Among your 5 errors, the second one is the most common for me of them all. Many people are like this(including me lol), and I bet that it is not healthy for us to be like that. But because of the psychological effect of getting into trades in which you're losing is somewhat lethal to many people.
Well thought out post it is a shame that most people won't take the time to read it. However, it will only benefit those who do more, I knew most things on there but still helpful to the community and newbies. Thanks OP! 
Thank you. Let's hope that this article will help someone not to make these mistakes 
This tutorial couldn't be better than this one and you made it elaborative. I read it and will come here again and agin if needed to see if I'm missing any point or not. Just in case you know!
The noobs actually fall for the Mistake No 5, buying from the scam project. There are many projects which come into effect and announce their presence in the forum itself. Their white papers are pretty cool, available in all the languages so they make great impression in all the region and later on their popularity grows on the basis of buzz that goes into the ANN discussion. When a noob hits such ANN they feel that this is just amazing project and there can never be such good project. So they go and put big money at stake thus making thing worse. Later on such project may become scam in no time once scammers wallets are filled.
Its good that you have mentioned it here. This is all for those who are willing to invest money on new projects.
The noobs actually fall for the Mistake No 5, buying from the scam project. There are many projects which come into effect and announce their presence in the forum itself. Their white papers are pretty cool, available in all the languages so they make great impression in all the region and later on their popularity grows on the basis of buzz that goes into the ANN discussion. When a noob hits such ANN they feel that this is just amazing project and there can never be such good project. So they go and put big money at stake thus making thing worse. Later on such project may become scam in no time once scammers wallets are filled.
Its good that you have mentioned it here. This is all for those who are willing to invest money on new projects.
Well thought out post it is a shame that most people won't take the time to read it. However, it will only benefit those who do more, I knew most things on there but still helpful to the community and newbies. Thanks OP!
Thank you. Let's hope that this article will help someone not to make these mistakes It’s would be better if you can post your daily buy/sell suggestion so that people here can follow and confirm if you are really a good trader.
Unfortunately, I know English very badly and I can not write messages qualitatively 
Your proposal I take note, I'll try to translate my articles for the main thread of the forum more often.
So I will appear more often on the main branch. On point. Though I have learned some of this from my past trading experiences which was hard. If only this post comes before I've jumped into trading 
. Well done sir. Though this one deserves merit, I got nothing to share. Again thank you and would follow you for more of your posts like this one.
I'm very glad that the article was useful for you. I hope that with the introduction of merit on the forum will become more quality posts. A new article soon. . Well done sir. Though this one deserves merit, I got nothing to share. Again thank you and would follow you for more of your posts like this one.
It’s would be better if you can post your daily buy/sell suggestion so that people here can follow and confirm if you are really a good trader.
Unfortunately, I know English very badly and I can not write messages qualitatively Your proposal I take note, I'll try to translate my articles for the main thread of the forum more often.
1- DON’T USE THE WRONG EXCHANGE
2- BUYING INTO SCAMS
3- PANIC-BASED DECISIONS
Totally agree with you. Very valuable additions. The most important rule in trading: you need to think against the crowd. 2- BUYING INTO SCAMS
3- PANIC-BASED DECISIONS
It’s would be better if you can post your daily buy/sell suggestion so that people here can follow and confirm if you are really a good trader.
Unfortunately, I know English very badly and I can not write messages qualitatively Your proposal I take note, I'll try to translate my articles for the main thread of the forum more often.
Very in depth study buddy! Thats a good analysis and representation of the whole thing. Yup, your description with the conclusion part is the most beautifully put here and hope that it help many traders that are new on the forum.
I liked this one. It relates to one of the project in which I invested heavily recently and I expected a lot form the same. The project was complete success in the beginning but later on it dropped like crazy. However, I did not bother to buy it on mass level because I was expecting that it will renounce surely. But it was really really foolish to over trust it and now I'm completely in the loss.
Yes, you have made good point really and wish I would have read it earlier. I mean at least it would have given me some spark not to buy.
This guide will surely help others. Keep it updated.
Thank you. I consider the 4th point to be the most important at the moment. Many beginners come across on scam projects. I'm also very sorry that you suffered a loss. But we all know that mistakes make us harder and stronger, so you will return your investments more than once! Quote
Mistake № 4. Buying leaders who have recently sank to the bottom.
I liked this one. It relates to one of the project in which I invested heavily recently and I expected a lot form the same. The project was complete success in the beginning but later on it dropped like crazy. However, I did not bother to buy it on mass level because I was expecting that it will renounce surely. But it was really really foolish to over trust it and now I'm completely in the loss.
Yes, you have made good point really and wish I would have read it earlier. I mean at least it would have given me some spark not to buy.
This guide will surely help others. Keep it updated.
Well thought out post it is a shame that most people won't take the time to read it. However, it will only benefit those who do more, I knew most things on there but still helpful to the community and newbies. Thanks OP!
Thanks for taking your time, crypto is very complicated and one needs to be careful
On point. Though I have learned some of this from my past trading experiences which was hard. If only this post comes before I've jumped into trading . Well done sir. Though this one deserves merit, I got nothing to share. Again thank you and would follow you for more of your posts like this one.
. Well done sir. Though this one deserves merit, I got nothing to share. Again thank you and would follow you for more of your posts like this one.Jump to: