5 mistakes to avoid when investing in Crypto - page 2.

alex_andr25

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Quote from: hassancisse on August 02, 2020, 08:41:07 AM

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

It's more like a parting word than rules or mistakes. The main thing I would note first of all:
- Control your own emotions
- Never enter the market for the entire trading deposit
- Always put a protective stop order to minimize losses

dotcoin.info

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Quote from: Fredomago on April 07, 2021, 03:40:11 PM

~
Sad truth! listening blindly without doing your DYOR.

These are our realities. From my own experience, I can say that only those who spend enough time doing their own research earn the most.
Those who are not lazy and do not shift responsibility for their choice to others always fall into big ideas, getting the maximum profit. However, this requires learning and relentless practice.

Luffygroove

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great insights for newbies, thank you for this. I would like to add some popular advice too if I may.
1. Don't spend your daily living money, make sure it's cold money, money that you afford to lose. When you trade with sanity, you won't take a bad and rush decision because of a panic state. That's why this is important.
2. Don't easily trust or sympathized with anyone in this crypto sphere, you have to count on yourself and do your own research since this is a harsh world.
I hope it will add the insights

lienfaye

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Quote from: Amejoaquim on April 07, 2021, 08:37:15 PM

Most of my friend who loss in this crypto crying because they don't know what they invested in.

Thats the usual mistakes of newbies or those greedy to earn. They dont bother knowing the details of what they're getting into because gaining profit (like others) are their main concern. Then they will regret their decision once they experience to lose their money, regrets are always in the end indeed.

Quote from: Amejoaquim on April 07, 2021, 08:37:15 PM

But the important thing is, just spend money in crypto when you afford to lose it because crypto is totally diferrent with any other investment (Stock or etc).

Every investment has risk and no assurance of money back. Hence its really a must to only invest the money that is not meant for important things otherwise you'll get rekt.

MCobian

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I totally agree with all the mistakes mentioned by the opening post which are very many made by investors or traders. Because most people
underestimate when they first jump into the world of crypto. They think that making profit on cryptocurrency is enough to buy it at a low price
and sell it at a high price. Even though the reality is not like that, investing or trading in the crypto world is very complicated in my opinion.
Learning is required before deciding to use the money we have to buy the coins we want. There are many rules that must be understood by traders
or investors in order to avoid losses, and can generate large profits. Never be lazy to learn all things about the crypto world.

AWMM24

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Quote from: ampere on August 02, 2020, 09:03:54 AM

Quote from: hassancisse on August 02, 2020, 08:41:07 AM

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

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.

that's a pretty good info to know.

Amejoaquim

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Most of my friend who loss in this crypto crying because they don't know what they invested in.

They just joining the hype without knowing the project he invested in and when the price falling they just talking shit about their own decision.

But the important thing is, just spend money in crypto when you afford to lose it because crypto is totally diferrent with any other investment (Stock or etc).

btc-facebook

legendary

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The most important point is FOMO and storing the Private Key properly, these two things are often mistakes for every crypto enthusiast, but the most dangerous is FOMO, many investors are not aware of themselves when following FOMO,
To avoid FOMO requires good management, such as making plans and doing in-depth research, without it it will be difficult to avoid the FOMO that is happening.

Fredomago

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Quote from: dotcoin.info on April 07, 2021, 02:54:23 PM

I think the biggest problem is the first point, learning. After all, all the points below come from this first point. People are sometimes too lazy to learn even basic information about what is happening.

Without any knowledge you are risking everything that's the point, it's highly recommendable to start if you already have good knowledge
about the business that you are going to work with.

Quote

If they spent more time learning, they would be surprised at how quickly they would understand the cryptocurrency world.

Invest with time and take note all those important factors that drive this market, you'll enjoy your trading activities if you fully understand everything.

Quote

But unfortunately we are big fans of relying on someone else's opinion and thereby shifting responsibility.

Sad truth! listening blindly without doing your DYOR.

dotcoin.info

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I think the biggest problem is the first point, learning. After all, all the points below come from this first point. People are sometimes too lazy to learn even basic information about what is happening.
If they spent more time learning, they would be surprised at how quickly they would understand the cryptocurrency world. But unfortunately we are big fans of relying on someone else's opinion and thereby shifting responsibility.

blockman

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Quote from: Theones on March 20, 2021, 01:31:38 PM

No matter how much advice we give to new comers they still made same mistakes.

Right, even for the people who have been in the market for a longer time, we still do make mistakes.

Quote from: Theones on March 20, 2021, 01:31:38 PM

It seems that making mistake is also part of learning strategy. You learn trading after you make your first loss because of wrong investment.

It really is part of learning new things and formulating a strategy that might work for you. Losing and mistakes are where the strategies and learning comes from.

Jaered

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Number 6 and the most important part. Try as much as possible to avoid greed. Its a life saver and can make you lose all your assets in a rush of blood to the brain

illnino

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Haste and thirst for quick profits are the main mistakes when investing in cryptocurrency. The desire to save money sometimes triumphs over common sense.

There is no need to take risks and it is better to make your first attempts on reputable platforms with many trading pairs. Only then you can explore other trading platforms, carrying out small transactions first, and then, having gained initial experience, you can move on to larger ones.

Unfortunately, it is impossible not to make mistakes, so you should try with all your might to minimize number of faults.

Wahyuihib

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Artemis

Because the world of digital commerce is closely related to the equipment we use every day, like ponsell anda laptop,of course we are required to manually copy whatever is related to the assets we have [ keys, passwords ] in to the book ..
what is the meaning of assets that you have if you can't have it because lost of private key

Sak Karepe

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when we are ready to do it means we also have to be prepared for what risks we will get. enrah is beneficial for us or bad for us.

Theones

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No matter how much advice we give to new comers they still made same mistakes. It seems that making mistake is also part of learning strategy. You learn trading after you make your first loss because of wrong investment.

nimogsm

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Quote from: BaeSuzy on March 18, 2021, 09:32:48 PM

Agree especially for those peoples who invested in something without knowledge and know nothing about the project it looks very stupid. Most of them just following trend and don't even know about what coin he invested in and when he's investment drop or far away from the buying price they crying and looking someone to be blame.

and there are a lot of such people, those who did not understand and decided that he was an expert.And then we often read sad stories about how everything is bad and the capital is lost.Forums for this and there is that would consult and get advice.

JohnBitCo

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Quote from: marilynmanson21 on February 15, 2021, 09:46:42 PM

Quote from: MUG1WARA on February 15, 2021, 04:38:38 PM

Yes, not all FOMO is bad sometimes it's profitable but the OP here is talking about "beginners in crypto" because don't have the experience yet.

Of course not all of them, but I believe what the OP meant was mostly FOMO. I also believe that FOMO is a bad trend and should not be followed, as most FOMO ends in a loss. FOMO is the biggest enemy of traders and investors alike, because FOMO can be easily played by whales, so be careful if you trade/nvest based on FOMO trends.

Very few people understand fomo. The experienced traders always buy when the coin is in the dip and do not follow the coin which have already raised to 40-50%. If you miss the gain in one coin, its better to wait for the coin to retrace back or perhaps we could look for opportunity in other coins.

BaeSuzy

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Agree especially for those peoples who invested in something without knowledge and know nothing about the project it looks very stupid. Most of them just following trend and don't even know about what coin he invested in and when he's investment drop or far away from the buying price they crying and looking someone to be blame.

adekogbe

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