Hi Shatterlean, very relevant topic here.
And I would also add: never do trading with real money unless you have been trained before. I have friends who lost money while trading this year, thinking it was too easy with Bitcoin, big mistake, they got burnt and learned their lessons.
Cannot deny I lost money too when I started, now becoming wiser and it works.
A principle that does not always work but it does a lot of times: buy when everyone is panicking, sell when everyone is hyping. Not a 100% guaranteed success but these few rules will help you make money in the long term.
Topic: Four Big Mistakes Newbies still do in cryptocurrency world - page 2. (Read 432 times)
I'm here to share my own point of view that's really affecting crypto newbies ,with the time and energy wasted ,in the end its has been an achievement for me because I don't have anyone to guide me except doing my own researches ,I learn everything myself .
1) LACK OF PATIENCE
Stop listening to other without doing your own research ,when you heard people saying ,OMG huge PUMP 'BUY BUY BUY or Its Time to SELL ALL YOUR HOLDINGS ' ,don't listen because you might be a victim of PUMP and DUMP coins easily And you might just end up Dropping your GOLDS for STONEs
2) DONT START MINING COINS EXPECTING BIGGER PROFITS
My own experience building mining rigs to mine has been tough because on the long run the profits isn't just enough,I still have to hold my coins for better returns ,I'd say if you want huge profits the better way is POS proof of stakes like DASH & NEM unless you are rich and ready to build huge mining farm
3) FEAR OF MISSING OUT (FOMO)
Its no use to be a FOMO victim ,cryptocurrency world is huge in general, you don't have to invest in bitcoin to earn good profits ,I've seen people who makes huge gains with not so popular coins ,all you have to do is start realizing that there is always newer opportunities in crypto world every single day.
4)YOUR WALLET IS YOUR BANK
Stop taking wallets for granted ,learn how your wallets works either its ethereum erc20 wallets or others ,you lose your private keys you lose your holdings ,I was in a group on telegram when someone posted his private key claiming he did not receive a airdrop ,I wonder what might have happened to him already ,its like some still don't know how serious there wallets backups are ,don't toy with it.
Thanks for dropping by ,any questions I'm ready to reply ......
1) LACK OF PATIENCE
Stop listening to other without doing your own research ,when you heard people saying ,OMG huge PUMP 'BUY BUY BUY or Its Time to SELL ALL YOUR HOLDINGS ' ,don't listen because you might be a victim of PUMP and DUMP coins easily And you might just end up Dropping your GOLDS for STONEs
2) DONT START MINING COINS EXPECTING BIGGER PROFITS
My own experience building mining rigs to mine has been tough because on the long run the profits isn't just enough,I still have to hold my coins for better returns ,I'd say if you want huge profits the better way is POS proof of stakes like DASH & NEM unless you are rich and ready to build huge mining farm
3) FEAR OF MISSING OUT (FOMO)
Its no use to be a FOMO victim ,cryptocurrency world is huge in general, you don't have to invest in bitcoin to earn good profits ,I've seen people who makes huge gains with not so popular coins ,all you have to do is start realizing that there is always newer opportunities in crypto world every single day.
4)YOUR WALLET IS YOUR BANK
Stop taking wallets for granted ,learn how your wallets works either its ethereum erc20 wallets or others ,you lose your private keys you lose your holdings ,I was in a group on telegram when someone posted his private key claiming he did not receive a airdrop ,I wonder what might have happened to him already ,its like some still don't know how serious there wallets backups are ,don't toy with it.
Thanks for dropping by ,any questions I'm ready to reply ......
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