Topic: 5 mistakes to avoid when investing in Crypto - page 5. (Read 2923 times)
Good points to give to newbies. My friend who I have told about crypto since 2017, only participates on bounty campaigns and nothing more. He only earns average salary only enough to feed the family and rarely has the means to do investment. Anyway, he was able to get a few thousand of our currency and then he just uses the money to do buy and sell things. I mean he has been doing this for 3 years and just wants to do that. I tried to persuade him to do trading but health issues prevented him from long hours on a computer and having a sedentary lifestyle. Hopefully he will be able to earn so he can try to invest in cryptocurrencies.
There are more and more people willing to invest currency and make money on trading. I think when trading, you should pay attention to a currency that has a high growth rate. Earnings will be faster! 
When I first started crypto trading, these afformened issues affected me till I heard to talk to myself. I was holding only ETH and BTC, I was always buying coins when I see hype and once I buy it will dump on me and next is to sell it out immidiately. Lot of regrets happened then but all the same I still tagged it as process. I was learning but now, I can't do such. It's a good one for learners.
fomo is human instinct and everybody reacts in an unexpected way, which is the reason the vast majority panic when the market goes down or crashes.
truth be told this can be evaded if the people are used to the circumstance, since keeping the attitude and psyche quiet is the primary objective in controlling emotions
truth be told this can be evaded if the people are used to the circumstance, since keeping the attitude and psyche quiet is the primary objective in controlling emotions
Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
Trading is indeed a difficult thing but it can be easy when you control your emotions,
emotions are a tough opponent for a trader, especially when the price of Altcoin or Bitcoin goes down and gives panic,
traders will find it difficult to control their emotions, and I guarantee panic will happen to ourselves.
When choosing a crypto exchange, make sure that is has a good reputation because there are a lot of crypto exchanges in the past where in turned to scam and they steal the funds of all the users. A good crypto exchange should also have legit volume where you can easily enter and exit in a trade. It is also should have good support because if it has a slow support then for me it is not good crypto exchange and it should be avoided in order for us to have convenience when doing trading.
Choosing a exchange is a skill wherein in take time for you to master that kind of skill. I experienced to use a crypto exchange that have bad service and it is the reason why I decided to always do a research before opening an account in a exchange. What I also like in an exchange is there should no verification wherein the KYC is not mandatory because I do not like uploading my verification online. 
When choosing a crypto exchange, make sure that is has a good reputation because there are a lot of crypto exchanges in the past where in turned to scam and they steal the funds of all the users. A good crypto exchange should also have legit volume where you can easily enter and exit in a trade. It is also should have good support because if it has a slow support then for me it is not good crypto exchange and it should be avoided in order for us to have convenience when doing trading.
Of these 5 things, I am more focused on securing assets, where sometimes assets that have been stored with secure asset security are still compromised by hackers. This is what causes a lot of investors to lose their assets because their assets are hacked into. this should be a serious concern
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 are right, you should always remember the principles and rules and try to stick to them. However, all this is good when you have already tried all these areas and have experience, this gives you the opportunity to see the big picture and do the right actions. But as for beginners or those who just play, they basically go the other way, namely the way of the crowd. If they say to go there and buy exactly that cryptocurrency, then the person does what they tell him. This is a great desire to make quick profits and many want it. But the rules you have given above say that you need to act deliberately and according to the rules. This is the right choice and I also follow it.
I'd like to focus on diversification and in FOMO, a lot of traders are having mistakes wherein they keep putting their capital in just one token. There is a popular saying that do not put all of your eggs in one basket because if you accidently let go it then all of it will crack and it will be waste, there is similarities in cryptocurrency world where if you put your money in shitcoins and it suddenly dumped then you will also lose all of your money.
some other mistakes might be like Panic sell when you see the portfolio drop dramatically then immediately sell at a loss, besides that it also keeps coins on the exchange, for me this is not safe, my advice is to make withdrawals after you trade on the exchange and never leave coins in any exchange.
Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
Trading is indeed a difficult thing but it can be easy when you control your emotions,
emotions are a tough opponent for a trader, especially when the price of Altcoin or Bitcoin goes down and gives panic,
traders will find it difficult to control their emotions, and I guarantee panic will happen to ourselves.
Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
Trading is indeed a difficult thing but it can be easy when you control your emotions,
emotions are a tough opponent for a trader, especially when the price of Altcoin or Bitcoin goes down and gives panic,
traders will find it difficult to control their emotions, and I guarantee panic will happen to ourselves.
At first it will be difficult but as time passing by it will become easy as long as you are improving your knowledge wherein you keep investing to learn different information. A lot are losing in trading but it is normal as long as you will learn from all of the mistakes that you did. If you did not learn or did not journal the mistakes that you did, most likely you will repeat that over and over again.
I also suggest that you should be a trader with strong hands wherein you have a confidence and patience, a lot of traders are getting scared when they just saw a red candle and they will immediately sell it even though there is no sell signal.
Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
Trading is indeed a difficult thing but it can be easy when you control your emotions,
emotions are a tough opponent for a trader, especially when the price of Altcoin or Bitcoin goes down and gives panic,
traders will find it difficult to control their emotions, and I guarantee panic will happen to ourselves.
Practice will allow you to overcome your emotions.
This how most pro traders are doing and gaining advantages from this venue of investment, they are aware on how to act when
certain market movements are seems not favoring their positions, they simply let it go anf try to adjust in order not to fall in any
undesire mistakes that will cause them to lose their money.
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
First thing is first learn what is crypto currency and then you can choose which crypto currency is growing up and giving profit daily some time giving to learn and understand what is market and abserv all coins price and see what happens and avoid fear somay members haave more fear to investment in crypto currencys and find good projects and don't panic token price is up and down similarly then you don't panic such things investment in Monday in crypto currency you have good pesions in very important then you don't doing mistakes
Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
Trading is indeed a difficult thing but it can be easy when you control your emotions,
emotions are a tough opponent for a trader, especially when the price of Altcoin or Bitcoin goes down and gives panic,
traders will find it difficult to control their emotions, and I guarantee panic will happen to ourselves.
numbers 2 and 4 are my weaknesses, I am a trader and I tend to be all in to one coin, and it has a big risk but if you are lucky you will also get big profits too, and again I always panic if there is FOMO and immediately believe it. can be removed from myself that's how I trade ..
so you have to try to improve your weakness, every trader have their own weakness and it common happen to us. but successfull trader could controll it so they rare to make mistake due of this. Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
if you open multiple transaction and didnt calculate your margin it could be very dangerous while market againts your position. we must have good money management in our trades.
Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade. Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.
numbers 2 and 4 are my weaknesses, I am a trader and I tend to be all in to one coin, and it has a big risk but if you are lucky you will also get big profits too, and again I always panic if there is FOMO and immediately believe it. can be removed from myself that's how I trade ..
This is helpful for the newbie who doesn't enough information of crypto or when they start investing and trade.
There is a lot of newbies who do a mistake because they do a things if they did not know how it works or it is safe or they did not guide by someone who knows what is possible to do. The only for them to avoid losing money is by helping them or guiding them.
There is a lot of newbies who do a mistake because they do a things if they did not know how it works or it is safe or they did not guide by someone who knows what is possible to do. The only for them to avoid losing money is by helping them or guiding them.
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