The majority of the investors and traders have misconception on investments because they think that they will easily become successful by putting their hard earned money in bitcoin and other assets without understanding that it is just the foundation and they need to work really hard and follow the other steps to beat the market and able to have gains in their portfolio. Don't get me wrong guys because I really promote investing but majority do not understand how it works, they think that there will be a guaranteed profits oncethey put their hard earned money but in reality, it is very harsh because outcome is not guarantee which means that there are thousands of outcome that can happen and what we need to do is to be prepared on what ever situation will be. So what are the outcome? they incur losses. They do not understand the risks associated with the asset and if the rewards are worth it or not. I read a past research and they conclude that only few percentage of investor are consistently making money and majority of the investors keep losing their money because of lack of knowledge. It is the number 1 reason why investing doesn't guarantee you to be rich.
This frequently occurs to new investors because they are frequently misled by how others profit from trading and therefore want to invest and profit as well, forgetting that this type of investment is governed by a number of laws and that without proper knowledge of them you will only end up losing money. Profit is still not guaranteed even with sufficient knowledge, thus it is always preferable to invest only money that you can afford to lose.
1. DESIRE: You should have a desire to be rich! Most of people wants to be rich by they do not have desire to become one. They simple say it but they do not put work for it. There is a big different on saying you want to become rich and you will become rich. Be sure that you are one of the people who have desire and consistently saying that you will become rich because desire is energy. And if you do not have energy, you cannot put work and effort for you to become one.
Everyone wants to be wealthy, but not everyone has the drive to work hard to achieve that goal. This is a very solid statement. More than just words are required for success, you must put in the necessary effort, demonstrate tenacity, and give it your all. God will not allow your efforts go to waste. Similar to in school, reading is required to pass an exam, and reading increases your odds of passing the exam.
4. ACCEPTING THE RISK: You cannot be profitable if you do not know how to accept the risk, majority of people ignoring it and that is why they are keep losing. Be aware on how much money you can incur before the trade and in that way you can have an idea if the investment is worth it or not.
Lack of understanding makes it difficult to recognize the substantial risk involved in the investment, leading you to believe that return is certain. To be a good trader, you must be aware of the risk involved, keep in mind that you could lose your money at any time, and be prepared at all times for the worst. With this perspective, you can accomplish a lot because you've managed to get rid of fear.
5. PLANNING : Do not just put your hard earned money on some investments or buy bitcoin immediately without having a solid plan, organized planning is what successful investors doing. They have steps that they are following because they trust that it is the best way to achieve their goals.
You have actually come up with a good post that will be helpful to newbies and new crypto investors or traders. This is easily applicable to life, failure to plan is planning to fail. Without plan it will be difficult to accomplish anything.