Topic: 5 mistakes to avoid when investing in Crypto - page 14. (Read 2923 times)
And most importantly only invest what you can to lose, this is one very important point that most new investors don't think about thoroughly before making any investment, you have to be prepared for whatever the outcome and put the amount that won't hurt you too much if for any reason things don't go as expected, investors should know and understand the risk involved.
I agree with these points and it is well arranged that I think it is also suitable for everyone in this space because there are still people using wrong or rather bad exchanges, fomo etc. Also, about your number 3, I think one need to have a limit to diversification of cryptocurrencies because many of them are not good in any way, hence having a limit is a good idea so that they can be properly monitored. Lastly, the number 5 point is very important, in fact before anyone starts anything within the crypto space, learning how to safeguard the private key should come first, so that all efforts won't be in vain.
If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
Your fourth point isn't confusing enough, FOMO is only bad for new coins and tokens, if Bitcoin is surging it's not that risky as new coins to jump in and invest, FOMO is good if Bitcoin and Ethereum or top 5 coins are surging 1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
Im only talking about new projects even before you invest in bitcoin you want to enter at the right price and not jump in
nobody will give you free money.
This is important. Important more as to advise against investing into a ponzi platform. This is good to be added to the list , for newbies to watch against such sweet promising platform, money doublers etc. It is important to stay away from things that look too imaginable to be true in ROI.
One more point to be added, especially for you that doing futures trading, which is "don't be greedy". If you already getting a decent profit, it is better for you to take some of your profit little by little, since there will always be a peak for the profit and it will not keep increasing. Putting a Stop-Loss is also important, so you will not gonna lose too much.
Most importantly for beginners, crypto price movements are very volatile. Crypto is not a rich way in one night, for that invest little by little and do not place your investment money in one type of coin
if you say this then not all new traders realize this mistake, there are some old traders who still think like this, because they only seek profits and take advantage of the situation and conditions at the exchange place, so that with very much capital they can take advantage of fast movements to make a lot of money just overnight. If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
Do not forget, also should be available backup, very dangerous if all money is entered in only 1 coin. I very agree on the 4th point.
nobody will give you free money.
This is important. Important more as to advise against investing into a ponzi platform. This is good to be added to the list , for newbies to watch against such sweet promising platform, money doublers etc. It is important to stay away from things that look too imaginable to be true in ROI.
If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
Your fourth point isn't confusing enough, FOMO is only bad for new coins and tokens, if Bitcoin is surging it's not that risky as new coins to jump in and invest, FOMO is good if Bitcoin and Ethereum or top 5 coins are surging 1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
Most importantly for beginners, crypto price movements are very volatile. Crypto is not a rich way in one night, for that invest little by little and do not place your investment money in one type of coin
If I were to enumerate the ones that I have done, I guess it's about 3 of them.
I hope no one gets victimized by their private keys knowing that there would be no resolution to that but to create a new one, though. It's one of the key things one should learn when coming into the cryptocurrency space. Newbies should do the first one and NEVER skip the learning part. Almost everything is in here in this forum, and you just have to have the energy to read and digest most of it.
- I registered in a wrong exchange and lost some of my funds in the exchange
- I rely on a single coin, Bitcoin. (I don't regret this btw). Maybe diversification on exchanges is better, IMO.
- FOMO time, I did a lot of times, with different coins, and as I grow mature in the crypto space, I relied on Bitcoin and not any other coin out there. Maybe coins for trading only.
I hope no one gets victimized by their private keys knowing that there would be no resolution to that but to create a new one, though. It's one of the key things one should learn when coming into the cryptocurrency space. Newbies should do the first one and NEVER skip the learning part. Almost everything is in here in this forum, and you just have to have the energy to read and digest most of it.
very helpful, but I think it's mostly for newbies to think about, in my opinion there are only 2 things, the first is not to store assets in exchange, and the second is to do an analysis of altcoin before you invest, that alone is enough
Yes, basically there are only two basic points that really work, but it will feel more mature if a newbie investor wants to consider the five points, because all of that will obviously really help him in terms of investment. 
very helpful, but I think it's mostly for newbies to think about, in my opinion there are only 2 things, the first is not to store assets in exchange, and the second is to do an analysis of altcoin before you invest, that alone is enough
fomo is human nature and everyone responds differently, which is why most people panic when the market goes down or crashes.
in fact this can be avoided if the person is used to the situation, because keeping the attitude and mind calm is the main goal in controlling emotions.
in fact this can be avoided if the person is used to the situation, because keeping the attitude and mind calm is the main goal in controlling emotions.
nice try. But how do a new investor/trader know whether the exchange is fake or not? No one use any faulty exchange. Scam exchange only can deceive until people findout the truth. May be you are talking about ignorant people who doesn’t even google the exchange.
I like your 1st point, the learning part. Knowledge is the only key to Success
Maybe this can help you out:I like your 1st point, the learning part. Knowledge is the only key to Success
https://www.bti.live/
Education is really very important in crypto sphere, and you just don't get your hands dirty here if you don't know how the market works. And as far as crypto exchanges, first sign if it is faking volumes of going to scam is that it is fairly new and you can't find any single review and obviously not well known in this community. And then the coins that are listed are all shitcoins. So it's better not to put your money in these kind of exchanges and just trade on top tier, like Binance, Coinbase, Kraken.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
I am both disagree/agree a little bit with this, bitcoin alone is already enough and safe investment if you are holding for long term. But I doubt it will work on altcoins, because some altcoins is not really trusted we are not sure if it will recover after a crashed, so diversification is good option if you prefer to invest on altcoins.Just a little tip for investors/traders: Always set stop loss
nice try. But how do a new investor/trader know whether the exchange is fake or not? No one use any faulty exchange. Scam exchange only can deceive until people findout the truth. May be you are talking about ignorant people who doesn’t even google the exchange.
I like your 1st point, the learning part. Knowledge is the only key to Success
I like your 1st point, the learning part. Knowledge is the only key to Success
And you forgot about the most important thing, invest only what you can afford to lose. Cryptocurrencies are a new form of digital assets and we still do not know, if they have a future or not.
This is the most used tagline on every investment. There is a future for some coins but majority of release cryptocurrency are only made to earn profits and gain some money from investors. So better to focus on the suggestion on the learning part cause a detailed analysis would help you gain confidence which one should invest with.You can edit the list. There are some good suggestion OP that needed to remember when going to pursue trading and investing on cryptocurrency.
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
True. Don't invest if you don't understand what you are investing at. DYOR.2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
And as much as possible, you have the option to trade even without KYC like Binance with a limit.3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
It is ok to invest to a single coin but this is the most special case and that coin is Bitcoin.4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
Have a concrete plan when you will buy and sell.5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
This is important. Also they have an option to buy hardware wallets which will also help them have a peace of mind keeping their crypto assets. If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.
2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.
3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.
4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true
5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges
You have listed core mistakes that a newbie must avoid when investing in crypto currency, and you focused more on exchange and learning. For some reasons, i feel investing in a token requires research, not just the read whitepaper type of research, but core deep insightful research that gives you quick answers about what type of project or developers you are dealing with.
Also, when you say fake or low volumes; believe me those are not enough reasons to call a project bad o inadequate; it merely could just be a bad phase in the developmental stage of the said project; which is why i stated earlier that insightful researching is important. Imagine investing in a coin when it is so cheap and low on volume; then selling in profit when it gets listed on another exchange and builds up volume? Example would be kardiachain and pixby token.
My recommendation though is that, it is your investment, your funds, dyor and invest accordingly. Also, stay in line and always pick up your profits when they appear.
I talked about exchanges having a low volume not the project itself and i didnt say its enough reasons to call the exchange a scam. Many reason put together before you come to conclusion. You also want to work with known and popular exchanges
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