Topic: Mistakes That Make You Poor Poor In Cryptocurrency - page 5. (Read 6931 times)
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.
If you are not having an idea on what you are doing with your investment now then it is better not to invest, when the market started there were a lot of people in the market who does not have any experience with traditional trading as everyone who came to market were majority techies and they necessarily does not have any experience with trading but if you are confused right now then you should make an effort to learn before investing.
It's possible to get lucky in investments without knowing much but that's very rare. Even those that are knowledgeable and have a plan can fail, just imagine if you just dive in not knowing much.
Personally, I just play safe and only do fiat/btc pair. I find it easier to track and, at least I believe, easier to predict.
Exactly, trading without strategy and clear goal often leads to losses. Unfortunately, many people still see trading as a gambling so they count on pure luck instead of knowledge, experience.and strategy. Or they often listen to predictions of so called Bitcoin experts, especialy on social media thinking they can make fortune over night and at the end they lose instead of making profit.
If you are not having an idea on what you are doing with your investment now then it is better not to invest, when the market started there were a lot of people in the market who does not have any experience with traditional trading as everyone who came to market were majority techies and they necessarily does not have any experience with trading but if you are confused right now then you should make an effort to learn before investing. I think that HODL without thinking straight is the biggest mistake I've ever made. When Bitcoin was around 15000-20000, it provided a great chance for people to take profit and exchange their bitcoin for real cash. I was too dumb to realize that bitcoin can drop at any time. And when bitcoin was dumbed to $3000, I lost everything I had. I swear to myself that I will never ever make the same mistake like that. Well, I think I've learnt a great lesson from this
You should not let other people to brainwashed you to hold forever. I done the same thing from the past and I am now more aware of the take profit target and stop losses than ever before. I used to think that the price will continue to rise over the time and luckily, I still sold some of my holdings for a decent profit. Before you buy anything, you should have a plan on when you are going to sell it.
Besides the mistakes you mentioned, there are some other mistakes that we often make in cryptocurrency that make us weak. First, there's no potential to buy some of the coins as they literally have no real usecase. Moreover, purchasing at a high price and selling at low which makes use rake in massive losses. Also, by listening to false news about a coin or by seeing a small drop in the price, people also start selling coins that make them lose and contribute to the overall drop in that coin's price
This happened at the beginning I was actively involved with Crypto, I had a tendency to be self-taught and I didn't care about feedback from other people, several websites that I clicked on and eventually caused phishing, I experienced significant losses and I was inactive for several years. This was a very big mistake and now I try to learn from other people as much as possible. But this time I came back with a different attitude, I got more input from others and maintained behaviour for non-blunders identical to selfishness.
I think that HODL without thinking straight is the biggest mistake I've ever made. When Bitcoin was around 15000-20000, it provided a great chance for people to take profit and exchange their bitcoin for real cash. I was too dumb to realize that bitcoin can drop at any time. And when bitcoin was dumbed to $3000, I lost everything I had. I swear to myself that I will never ever make the same mistake like that. Well, I think I've learnt a great lesson from this
I'm complaining about this. They always want our credentials. Bitcoin is already preferred by people who want to get away from this situation. There is a scheme where we can trade without revealing our credentials. I think this will spread.
Computer security is very important. Do not enter your passwords on different computers. You can empty your wallet with Bitcoin keys. You can store the spare key by pressing on a physical sheet. These are reasonable security measures.
This happened at the beginning I was actively involved with Crypto, I had a tendency to be self-taught and I didn't care about feedback from other people, several websites that I clicked on and eventually caused phishing, I experienced significant losses and I was inactive for several years. This was a very big mistake and now I try to learn from other people as much as possible. But this time I came back with a different attitude, I got more input from others and maintained behaviour for non-blunders identical to selfishness.
Well at least you learned from it. Most common mistakes are related to instinctive and emotional judgement. Urges to make quick money just because they've read or heard about other people's gains and success. I think lot of us have gone through that stage as i've been a victim of hyips when i was starting as well.
Mistakes and lack of knowledge about crypto will lead us to even greater losses. It's just like a business when you don't know how to grow it and you don't know what business you are going to stand in that you are likely to lose because you don't know enough about it.
Thank you very much I agree with you because these reasons for working in crypto have made us poor due to crypto. That's why we need to be more careful about working in crypto We should all be wary of this because I once hacked my ID and the hacker stole my money because my password was weak.
For me one of the biggest mistakes people make when they're on the cryptocurrencies market is trading without a strategy, many people are trying to become traders without any experience. The success rate, as you may expect, is very small, not only because they have almost no knowledge of how to trade, but because they have no strategy. they let their emotions take control of them and that is the fastest way to become poor in cryptocurrencies
For me one of the biggest mistakes people make when they're on the cryptocurrencies market is trading without a strategy, many people are trying to become traders without any experience. The success rate, as you may expect, is very small, not only because they have almost no knowledge of how to trade, but because they have no strategy. they let their emotions take control of them and that is the fastest way to become poor in cryptocurrencies
Exactly, trading without strategy and clear goal often leads to losses. Unfortunately, many people still see trading as a gambling so they count on pure luck instead of knowledge, experience.and strategy. Or they often listen to predictions of so called Bitcoin experts, especialy on social media thinking they can make fortune over night and at the end they lose instead of making profit.
With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO
With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO
With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.
"Buy Coin With Rumors", I stopped this a long time ago after purchasing few coin "ventures, excudo, Goldguard etc".
Then I had no personal understanding of cryptocurrency, out of my old portfolio, it was only Goldguard that wasn't a waste of investment, though I didn't know that it was a stable coin linked with gold price. Excudo made millions of USD in their ICO but till today, the price is almost worthless.
Purchasing coin due to rumour in most cases doesn't turn out profitable.
losses about electricity mining i don't think it's a common problem because not everyone has a lot of money to make mining, because the common problem is cloud mining which in reality most of them are just scams, so be careful about mining or investing that says you can get fast returns and there are even scam projects that offer rewards after making a deposit
People who invested their coins in HYIP or Ponzi scheme, just don't get it why these people could trust strangers or some random website on the internet to manage and multiply their coins. Besides that, people who do trading, most of them don't have an emergency fund (including myself) so when something bad happens to them in real life they will sell their investment in order to get cash. I remember the time when I needed cash so bad, I had to sell my bitcoins even though I lost, so reminder for myself and for those who do trading, make sure you have an emergency fund.
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.
A lot of altcoins are launching everyday. I think maximum are fake because after raising funds they didn't work according to their roadmap. That's why I am investing assets back altcoins. I am talking about STO.
basic knowledge is more important. you can get all of those if you have no knowledge.
buying worse coin without know about that coin is suck. my friend try to buy it after receive reward from bounty, and he get nothing after 5 month
indeed, from very much experience and knowledge can help you to become a very skilled trader and you must not make that mistake as the end of your journey, make a mistake as a very valuable experience so that in the future you will not repeat it again.buying worse coin without know about that coin is suck. my friend try to buy it after receive reward from bounty, and he get nothing after 5 month
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