Topic: Bad beginning for crypto beginners. (Read 787 times)

Yeah, I think that is the most logical thing to do in the beginning right? just buy assets like bitcoin and hold. And when you understand what risks are involved later, specially if you wanted to target crypto trading, then it's really up to you.

You can just start and trade right away without any knowledge and think that you can make money, big profits and easy in just like a snap. That's not how the world works. We all need to work our ass off learn slowly and then maybe that knowledge will propel us in the future, but it will take some time.

Regardless of the market situation that we are in right now, buying and holding BTC is likely the best for beginners when it comes to long term acknowledging the risks and uncertainties on when will it be picking up. Trading is also another thing, but much more riskier because you can expect to lose most of the time even if you are that skilled.

Ain’t saying that this is the bad beginning for crypto beginners though. They should learn risk management. When things are going quiet like what we have in the bear market, it’s the best opportunity to accumulate.

If from the start the trading base is used solely based on luck, of course, no progress can be achieved and you will still be a beginner who cannot learn from past mistakes. I often find beginners who are optimistic at first, but when they fail at the start they give up and don't try to correct those mistakes. it also depends on their determination. Crypto investment is not as easy as imagined, we have to adapt well and not give up just because of one failure.

They will continue to do the same mistake since they are just aiming for a quick gain, more on luck base trades rather than equipping their investment with good knowledge and understanding.

Yes, you are right that most of the time they will just lose their money and with the same
pattern of investment/trading the chance of making more mistake is very possible, nothing
will change not unless they will learn and they will try to re-assess the system that they are
using, from that, they will be able to adjust and change the way they invest.

Beginners with agenda to get rich:  these beginners are just so desperate to make money from crypto that will make them become rich, they have no idea about risks involve in cryptocurrency . Beginners with the mindset of becoming only understands crypto be an investment that has a big return as quick as possible.  Crypto investments is always interesting when it is long-term.

Beginners with mindset of taking crypto as job opportunity:  some beginners thinks crypto can cover up the space of getting  a job. It is wrong to plan of making cryptocurrency a source of income as a beginner.  It is important to have emergency fund while Investing in crypto.

Beginners certainly hope to get a big profit when they invest in cryptocurrencies, when they invest and turn out to be different then it will be easy to panic, I also have an investment worth $ 150 then the drop price is more than 15% in 4 days and makes me panic and then sell all asset.

...Beginners who starts their crypto journey in a wrong  way normally have funny reasons to trade/invest in crypto.

Those who ignore past mistakes never learn how to avoid making the same mistakes. Such people will never succeed anywhere. including in crypto. they are so focused on profit that they ignore the important things so they don't get stuck in the same hole.

Most crypto beginners starts their journey in a wrong way by not considering crypto education as the first investment to go after. The worst decision anyone can make is investing in something you know nothing about,  not just in cryptocurrency but anything else. In cryptocurrency their is a chance of making good gains and also a chance of making huge loss. It is easy for beginners to loss big, expecially beginners who don't have better knowledge about cryptocurrency.  Beginners who starts their crypto journey in a wrong  way normally have funny reasons to trade/invest in crypto.


Beginners with agenda to get rich:  these beginners are just so desperate to make money from crypto that will make them become rich, they have no idea about risks involve in cryptocurrency . Beginners with the mindset of becoming only understands crypto be an investment that has a big return as quick as possible.  Crypto investments is always interesting when it is long-term.

Beginners starting the journey with wrong projects:  these beginners have no direction,  they feel all cryptocurrency is about making  profits not knowing investment in crypto it is important to consider reliability and safe it is. Beginners who don't know good projects to start with can easily fall into the trap of scammers in investing in the wrong project.

Beginners with mindset of taking crypto as job opportunity:  some beginners thinks crypto can cover up the space of getting  a job. It is wrong to plan of making cryptocurrency a source of income as a beginner.  It is important to have emergency fund while Investing in crypto.

 Bad beginning never end up in good result ,rather  it ends in regret, waste of fund. The problem why some beginners starts investment in a wrong way is because they are too busy and think knowledge is time consuming.

Bad beginning never end up in good result ,rather  it ends in regret, waste of fund. The problem why some beginners starts investment in a wrong way is because they are too busy and think knowledge is time consuming.

But that only happens if that person corrects his mistake and finds a way not to happen again. Because what I see is that many people still don't do it, they just ignore their mistakes and do it repeatedly, and no wonder why they keep on losing. And much more not to expect success from them.
If we wanted to reach our goal, therefore, we also have to change our approach toward our mistakes and consider this as a helping tool to improve our status rather than just ignore them.

Like trading for example, many people starts crypto trading and earn few hundred dollars in a week with very small capital and make a decision like quit their job or considering about taking loans so they can get huge returns those all are wrong decisions and trading is not something gives consistent results so no one should ever go for full time crypto trading unless they have other sources of passive income.

I don't understand the context of this paragraph. Normally, crypto provides jobs for people, if a beginner have got skills like; data analysis, programming, content creation etc, that fits in a cryptocurrency firm looking for his potentials, then its not a wrong move if he applies and gets employed. And he/she doesn't need cash to get employed. The only investment required here is time which matters in every field.

It would be better if you specified what part of cryptocurrency a beginner shouldn't take as a job opportunity. Like I did above.

  - I think it is right that you listened to your friend who did not sell your house because it is true that the risk of doing so is high. Now, if you still want to continue what you didn't do before, the risk has not changed.

Maybe the risk is even higher now compared to then. Also, it is still not a guarantee that you will get rich from mining because if you only buy one mining rig, I don't think you will get rich from that quantity alone. But you, what's the state of your life now mate? I just want to ask.

Most beginners who invest in cryptocurrencies hear success stories from other people, in 2014 I was also tempted to mine but I had no capital and was planning to sell my house, unfortunately I was given advice that this was risky, but if I continued mining at that time then I can be rich because mining at that time was very profitable.