Most common mistakes that will make your decision making poor and result to loss are the following:
1. Greed
If you already secured a good gain or a substantial profit, then better call it a day and rest. The notion that "I can make more by risking it" is partially true since knowing the risks in trading but always remember that having calculated and well studied chart will result to a gain rather than a loss. Don't be greedy to have it all in one go, set a daily amount profit and maintain in daily, weekly, monthly and yearly.
2. Information Overload
Having information doesn't necessarily mean you can apply it instantly. A shallow information about trades will definitely leave you in the red zone. Read, apply and make mistakes as you progress for in that practice you learn the ins and outs of trading. Knowledge is key but moreover a well practiced routine generates wisdom. Study and practice.
Topic: Mistakes That Make You Poor Poor In Cryptocurrency - page 4. (Read 6931 times)
Before entering this business, believing that it is an easy access to be lucky not to do their own work, and expecting or relying solely on someone who is much older than them to enter the market should be taking into account and checking the things that needed to be learned. Because of lack of knowledge before investing, I burned my fingers with my investment. I also purchased coin on rumors and hype, which turns out to be a fake hype.
Becoming an expert in any field does not take longer than six months, and the same is true for cryptocurrency space. So one should be ready to learn a lot of stuff and be ready for long term investment and the way to deal with the market for a successful business life and free of loss crypto time. These three things can make you rich, otherwise you are prone to lose a lot of money in cryptocurrency
Yes there are a lot of common mistakes that traders usually do that make them lose their money. One should keep in mind few basic things before entering into this market. The very first thing is the basic and prior knowledge of what cryptocurrency is and how it works, secondly If you have not set a strong password that would lead you to trouble, thirdly if you have not check whether the news is authentic or not before buying the coins, lastly, not setting a backup key for yourself.
Buying junk alternative cryptocurrencies at price peaks and storing all assets on dubious, not time-tested, and unlicensed centralized exchanges can lead to loss of funds. The ideal solution is to store cryptocurrencies in your own wallets and trade on decentralized exchanges. But these exchanges can't provide the functionality and liquidity that centralized exchanges provide.
The biggest mistake I have ever done was to get out early, I had a lot of bitcoins back in the day, I even made a lot of bitcoins on top of the ones I had, but at the time it looked like price was really high compared to what it used to be (around 2-3 thousand levels but when it went up there and not when it went down there) and I just sold them and used them, whatever I have now really doesn't worth all that much, I like the fact that I am still involved and still have a bit but none of them really worths anything anymore, hopefully one day I can save up enough to have a passive income from stuff like staking or masternode or any other way so that I could get more profits without really having to work too much for it
There are also people in the hype and people in the market prices who are emotional. The whale or pump and dump community can easily manipulate this kind of people and in return they will simply lose their money. It's the same for new bounty hunters as we see them getting scammed by dishonest bounty managers or ICOs where they're only going to waste their time and energy.
Learning factor is also matter,If you stop learning new skills and ignore to adopt latest technology will also take you down. Diversification will help t recover funds if lost in trade or any platform.
Cruyptocurrency is a medium where can you survive if have patience and upgrade the skills,Learn to control the emotions and must diversify the investment,never put all amount in one place.
Cruyptocurrency is a medium where can you survive if have patience and upgrade the skills,Learn to control the emotions and must diversify the investment,never put all amount in one place.
actually hackers only look for wallets that have a lot of money to hacked, and they don't care about small wallets like us. To protect your assets, the first thing to do is not to contact with any strangers on telegram, because 90% of all are scams and they want to usurp your assets with many games. Besides, the thing to not lose money in this crypto market is not to follow the big fomo wave. "go ahead" rules are always followed. This means that you can only be a trend maker or you will not join that fomo trend after a while, because it is very risky and you may encounter fraud. especially Lending projects, stay away from it.
Losing 980,000 Bitcoins.
https://youtu.be/w9BZ9EuS1Rs
https://youtu.be/w9BZ9EuS1Rs
the most common mistake is buying shitcoins that are hyped through media but have no value behind them
if you invest in something, make sure it is a solid project , not some "new bitcoin" that is not going to live another decade , most likely
and for sure you have to be aware of hackers and scammers , if don't take care of security it doesn't matter how smart or a good trader you are
you will end up with a zero , do not take it lightly and better spend time reading how to safely store and transfer your coins
another thing is listening to the analysts , predictors , visionaries and such , always use your own brain
remember that they have an agenda and in case of a failure it is not going to be them , but you who suffer monetary losses
That's the problem with newbies, they have wrong mindset. They thought that they will get opportunities if they will buy low marketcap coins but the thing is it is wrong and they will get danger and not opportunities. The risks are too high and it is the biggest mistake that they will commit. We should also focus on our self analysis and not the analysis of the others because there are many fake information all over the internet. if you invest in something, make sure it is a solid project , not some "new bitcoin" that is not going to live another decade , most likely
and for sure you have to be aware of hackers and scammers , if don't take care of security it doesn't matter how smart or a good trader you are
you will end up with a zero , do not take it lightly and better spend time reading how to safely store and transfer your coins
another thing is listening to the analysts , predictors , visionaries and such , always use your own brain
remember that they have an agenda and in case of a failure it is not going to be them , but you who suffer monetary losses
The only mistake I had done in crypto world is that I trusted a guy and tried to trade without having an escrow. Obviously, I lost my ETH and the guy vanished as soon as I sent him. It was not a big amount and I was still a noob in crypto that time. Another mistake was to sell my BTC when I used to earn more and the price was less. I dont think anyone will do these mistakes now and even earning btc is hard.
it's a pity you lost your ETH, I'm sorry to hear that, but from that mistake I'm sure you will be more careful in transactions, I myself have also experienced it
The only mistake I had done in crypto world is that I trusted a guy and tried to trade without having an escrow. Obviously, I lost my ETH and the guy vanished as soon as I sent him. It was not a big amount and I was still a noob in crypto that time. Another mistake was to sell my BTC when I used to earn more and the price was less. I dont think anyone will do these mistakes now and even earning btc is hard.
it's a pity you lost your ETH, I'm sorry to hear that, but from that mistake I'm sure you will be more careful in transactions, I myself have also experienced it 
the most common mistake is buying shitcoins that are hyped through media but have no value behind them
if you invest in something, make sure it is a solid project , not some "new bitcoin" that is not going to live another decade , most likely
and for sure you have to be aware of hackers and scammers , if don't take care of security it doesn't matter how smart or a good trader you are
you will end up with a zero , do not take it lightly and better spend time reading how to safely store and transfer your coins
another thing is listening to the analysts , predictors , visionaries and such , always use your own brain
remember that they have an agenda and in case of a failure it is not going to be them , but you who suffer monetary losses
if you invest in something, make sure it is a solid project , not some "new bitcoin" that is not going to live another decade , most likely
and for sure you have to be aware of hackers and scammers , if don't take care of security it doesn't matter how smart or a good trader you are
you will end up with a zero , do not take it lightly and better spend time reading how to safely store and transfer your coins
another thing is listening to the analysts , predictors , visionaries and such , always use your own brain
remember that they have an agenda and in case of a failure it is not going to be them , but you who suffer monetary losses
The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.
It happened to me too but the mistake I cannot forget when in bull run n 2017 and I did not sell my coins. Months and years pass and still, I am Holding some until now. It is a great lesson I can't forget, an expensive one.
I think that we are all in same boat at that time, thinking we can still go beyond $20k for the year 2018 as the hype was really too much, but what happened was different.
Another thing was that I invested in a project, thinking I bought at dip, because the ICO price was too expensive, I bought it at cheap price thinking that the value of it can be worth more than $1 at end of the year as promised by the CEO but 1 month before end of the year, the CEO vanished.
The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.
It happened to me too but the mistake I cannot forget when in bull run n 2017 and I did not sell my coins. Months and years pass and still, I am Holding some until now. It is a great lesson I can't forget, an expensive one.
The only mistake I had done in crypto world is that I trusted a guy and tried to trade without having an escrow. Obviously, I lost my ETH and the guy vanished as soon as I sent him. It was not a big amount and I was still a noob in crypto that time. Another mistake was to sell my BTC when I used to earn more and the price was less. I dont think anyone will do these mistakes now and even earning btc is hard.
Panicking and selling into the fear, when you should be dollar cost averaging in, taking advantage of the low prices. A steady accumulation and tuning out the noise is the best recipe for success in this space.
I think the major mistake new trader do is they look for shortcut to increase their fund which leads them to be victim of scammers. As for experience crypto holder i think they loose in trading area as they sometime loose patience.
Patience is a virtue. Try to think of a direction the market is going and trade accordingly even if the market turns bloody on you. The shortcuts for many were the countless shit ICOs and new coins without any legitimacy. Just holding and trading(with a small portion of your net wealth) Bitcoin is enough to retire in the next 2 years.
So hodl strong guys.
The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.
You follow the crowd as you need to just do opposite and sell when other are buying and buy when others are selling . Never buy at high and never sell at low . This would help you to make money in short and also in long term as well .
Jump to: