Keep in mind that everyone is a newbie and their experience is different in every way, so in general you have to keep learning to produce so your experience can be enjoyable.
Topic: 5 mistakes to avoid when investing in Crypto - page 4. (Read 2966 times)
Keep in mind that everyone is a newbie and their experience is different in every way, so in general you have to keep learning to produce so your experience can be enjoyable.
Its very helpful for newbies. But all you need is patience. First inspect the market carefully than Make a well calculated decision and keep
patience. You can hope for a great outcome by the grace of allah.
Patience is everything in the market. First learn to keep patience in risky moments than you are good to go..
patience. You can hope for a great outcome by the grace of allah.
Patience is everything in the market. First learn to keep patience in risky moments than you are good to go..
And the one important thing that people will find is absolutely true if you've learned everything from this market. You will have to say that if I buy bitcoin and not alt, I think these will continue to repeat with newcomers to this market.
A newbie can have a good experience with this.
I think the most important thing on the list, is betting all your money on one project, if you bet big on one horse and your horse end up losing that is game over for you, there is nothing like risk free investment in the space and anything can go to Zero
You missed one of the most important thing, let me add it
6. Not your keys, not your coins. Don't keep your coins on third parties (e.g. exchanges, custodial wallet), because it's not safe (your account can be frozen, hacked, or the third parties is scammer). You need to use non-custodial wallet (e.g. electrum, ledger)
Yes another best point because if we can't safe our key then our assets will gone to hacker hand. Most important don't hold a coin in exchange wallet then you can lose money because many top exchanges are almost victims of hacking. So always use the best wallet and keep the key of your personal wallet confidential. 6. Not your keys, not your coins. Don't keep your coins on third parties (e.g. exchanges, custodial wallet), because it's not safe (your account can be frozen, hacked, or the third parties is scammer). You need to use non-custodial wallet (e.g. electrum, ledger)
With this five point, new people who join to crypto space will be able make their losses at minimum but doesn't mean that will make your investment safe and guaranteed profit. Always use your money that you can afford to lose to prevent stress when losing your money on your investment.
Actually, I think new users can't minimize losses because experience must be mandatory there. We all know how to minimize our losses. Still, I can remember when I made very bad projects. You will never learn something where you don't put your time. I'm sure we all know these mistakes, but we couldn't avoid them.
If you start investing your money somewhere, you need to study both the crypto industry (at least basic concepts so as not to get into a puddle at the first transaction) and the project that you are ready to add your funds to. There have been cases when people on the wave of hype did not even really delve into where they invest.
Yes you are right. And I think this post is very use for those who are new to this crypto community. In this community those who are new came and think this market is full of profit they don't want to know how things work here. They just want to put their money to get rich. Butbmost of them end up in scam or in loss. So I would suggest whatever youninvest first invest your time and gather some knowledge and then gi for investment.
Also, practice shows that keeping at least half of the bank in bitcoin is a good strategy, a quarter in alts and a quarter in dollars. And periodically rebalance.
Practice shows that the strategy of storing part of the deposit in bitcoin, and the rest of the parts in assets that does not belong to the crypto market in any way, shows itself best.
The entire market follows bitcoin, and diversification should be as rational as possible. If bitcoin is down, then all your altcoins will go down with it. If it grows up, there is no guarantee that altcoins will follow.
all the points mentioned are very good but most beginners make mistake do are points number 2 and 5, I also want to add to point number 2
Do not easily give your identity to an unknown exchange just to get $4-$10. I say that because now I see beginners are very easy to do KYC
You don't have to go that far, the only thing you do is just to stay away from an unknown exchange. I only manage you trade in unknown exchange during the times when ICO was still popular, lots of ETH tokens as a reward that I like to sell and most of them are listed in small or unknown exchange, they are legit those times but now, I think they haven't survive anymore. Do not easily give your identity to an unknown exchange just to get $4-$10. I say that because now I see beginners are very easy to do KYC
different exchange as they have with frature to helps trader as managing plan on crypto finance, as each to gives with reference following customs with the trading terms of business. trader might choose one as best to suite the needs along as the plan to run on terms with the investment scheme.
I love the points you put out as a major to avoid mistakes but I believe my mistakes I made when I joined cryptocurrency actually made me better now but the point I will do much agree with is keeping your private key safe, many newbie actually makes that mistake
Yes, most of the time it is inevitable that one will make mistakes along the way. Whether it may be from a wrong decision, or a wrong project that one invested in. It is basically a hit or miss or trial and error thing. I don't believe in a perfect condition. Even old time bitcoin supporters have made mistakes of not being serious with the coin and they trashed their hard drives and some just tend to forget their passwords and key phrases. Some also made wrong trading moves. We all know that, and it is with these mistakes that we tend to be better.
I love the points you put out as a major to avoid mistakes but I believe my mistakes I made when I joined cryptocurrency actually made me better now but the point I will do much agree with is keeping your private key safe, many newbie actually makes that mistake
More often than not, the main mistake is not a lack of experience, but a lack of knowledge. People usually try to spend as much time as possible in the trading session as quickly as possible.
They forget that without theory, their skills will be blind. Therefore, there is a rule to devote two hours of theory per hour of practice.
They forget that without theory, their skills will be blind. Therefore, there is a rule to devote two hours of theory per hour of practice.
These are useful tips for newbies for sure but I am not so sure if most of the newbies will listen to it knowing that most of the newbies are impatient and very greedy to earn their first profit especially if they are going to invest.
But if the newbies will just put this simple tips in their mind then I am sure that they can avoid some problems in the future like forgetting their private keys, using fake exchanges and etc. What I can add to it is that, newbie should not force their way to earn a big money in the start of their journey as this is the common reason why many newbies got scammed by the scammers.
But if the newbies will just put this simple tips in their mind then I am sure that they can avoid some problems in the future like forgetting their private keys, using fake exchanges and etc. What I can add to it is that, newbie should not force their way to earn a big money in the start of their journey as this is the common reason why many newbies got scammed by the scammers.
It is best for beginners to invest in top cryptocurrencies, because top cryptocurrencies constantly bring profit and you just need to wait for the right moments for investment and then wait for the right moments to sell your cryptocurrencies and you need to do this constantly and you will have an excellent profit.
This is some nice piece of information mate, Hats off i bet every newbie investor that comes across this thread will find it really helpful just like I did, nice one.
You missed one of the most important thing, let me add it
6. Not your keys, not your coins. Don't keep your coins on third parties (e.g. exchanges, custodial wallet), because it's not safe (your account can be frozen, hacked, or the third parties is scammer). You need to use non-custodial wallet (e.g. electrum, ledger)
An important fact to point out, cause I see so many people making this mistake and in the end its always the same their account either gets frozen or hacked, non-custodial wallets are the best to hold funds, since only you have the seed phrase can open or access it, your funds are much safer there than in a custodial wallet. 6. Not your keys, not your coins. Don't keep your coins on third parties (e.g. exchanges, custodial wallet), because it's not safe (your account can be frozen, hacked, or the third parties is scammer). You need to use non-custodial wallet (e.g. electrum, ledger)
yeah all these mistakes and rules looks relevant, as for me, i'd add a mistake not to research and analyze normally projects before investing. i choosed for myself investment into credible defi - and mostly dex projects
also believe this) i'm researching a lot of interesting dex projects - recently researched a new stablecoin dex with nice returns - xsigma, looks credible
yeah all these mistakes and rules looks relevant, as for me, i'd add a mistake not to research and analyze normally projects before investing. i choosed for myself investment into credible defi - and mostly dex projects
Jump to: