one mistake that crypto beginners should be aware of ?

mvdheuvel1983

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Quote from: coinremitter on March 29, 2023, 05:18:07 AM

I think they made mistakes like choosing an inappropriate crypto exchange platform,

This is the biggest mistake that beginners can ever make because they won't even be able to tell that these exchanges have higher fees or that the transaction times are slower than a snail. In addition, the exchange rates that are terrible. Inappropriate crypto exchange platforms are a cesspool for all sorts of security breaches - hacks, identity theft, etc.

Dear beginners, ask your friends to recommend top exchange platforms and follow up with other questions too. It is better you learn from the experience or mistakes of others than your as it will save you time.

Ziskinberg

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Quote from: irhact on April 23, 2023, 12:54:59 AM

Quote from: Aikidoka on April 13, 2023, 09:41:47 AM

It's important to pick the right trading platform and comprehend how the cryptocurrency market operates. Consequently, before making an online investment or putting your cryptocurrency in risk, it is advisable to do extensive research on any new cryptocurrency you are unfamiliar with.

The risk of picking the wrong platform has been reduced since the popular exchange platform are now easily accessible to everyone wanting to begin trading. Those that still fall victims to those scam exchange are those would don't do their research properly. With just few click away you'll get recommendations like Binance, Coinbase etc which are good exchanges.

As a newbie you should avoid unpopular exchanges as this newly launched ones has no reputation yet and can disappear with your trading capital but the popular and old ones won't risk their reputation for just few dollars that they'll be stealing from you if they were to run away with your money.

Then it has to say that newbies are listening after all. Because why we should have to let ourselves fall into scam exchanges when there is a way not to happen in the first place? Too sad, but usually we learn after committing mistakes and experiencing losses. But I never blame such things because we are not perfect but good to see that there is a decrease in individuals who fall into scam sites and have now been more cautious with their actions and decision-making. Well, at least we know that we started not to give room for these scammers in the crypto space.

irhact

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Quote from: Aikidoka on April 13, 2023, 09:41:47 AM

It's important to pick the right trading platform and comprehend how the cryptocurrency market operates. Consequently, before making an online investment or putting your cryptocurrency in risk, it is advisable to do extensive research on any new cryptocurrency you are unfamiliar with.

The risk of picking the wrong platform has been reduced since the popular exchange platform are now easily accessible to everyone wanting to begin trading. Those that still fall victims to those scam exchange are those would don't do their research properly. With just few click away you'll get recommendations like Binance, Coinbase etc which are good exchanges.

As a newbie you should avoid unpopular exchanges as this newly launched ones has no reputation yet and can disappear with your trading capital but the popular and old ones won't risk their reputation for just few dollars that they'll be stealing from you if they were to run away with your money.

LUCKMCFLY

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Quote from: rhodelmabanal on April 04, 2023, 03:32:11 PM

Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

This is common many newbie loss in trading because of thier mistake it is normal they are still in a stage of learning all i can see is that they need to use small amount to avoid anger and disappointment when they loss maybe not all beginner loss but most of them because they still didn't have any experience yet.

The biggest mistakes that can be made with newbies is indecision, that is, they place an order and see that they are losing and lose, then they stop it and lose, change to the opposite direction and what they do is make it go better Even worse, this is something that newbies always do, they also tend to lose patience very quickly, so when they see these results is when they begin to lose and lose, when they see it is that they have already lost a large part of their capital and cannot Recover,that They are the big mistakes that occur in a novice.

Aikidoka

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Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

I think it's so common for beginners/newbies to make mistakes when starting crypto trading, they may pick the wrong trading platform, which probably it could be a scam or invest in trash coins. However, as the saying people learn from their own mistakes. I believe that no one is perfect, and everyone makes mistakes. The important thing is to learn from them and avoid making the same mistakes in the future for your own benefit.

It's important to pick the right trading platform and comprehend how the cryptocurrency market operates. Consequently, before making an online investment or putting your cryptocurrency in risk, it is advisable to do extensive research on any new cryptocurrency you are unfamiliar with.

dunfida

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Quote from: rahulzx on April 11, 2023, 02:59:17 AM

Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

I think using high leverage for future trading is risky if trader don't have experience about crypto trading ,and also following paid and free signals using without proper idea about market causes to lost their funds. Practicing paper trading will be good for beginners get an idea about future trading before they enter the market.

No matter how good trader you are, there's no such thing on making yourself that get exempted when we do speak about risks specially on dealing with futures using up high leverage.We arent that dumb not to know

on what are the imposed risks on your capital on using up high leverage.This is where some newbies do really fall on, on the time that they do consider out future trading without going along or familiarizing with spot
trading. Newbies should be aware on what are those common risks that they would be dealing along the way, be sensible and be aware on what are the things which are realistic
and dont rush up yourself on making huge profits because it would really just simply lead to huge problem later on.

Baoo

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Well, before mentioning the mistakes to avoid, I would like to give some tips to new traders.
To begin with, some crypto books are definitely useful but they are enough to guarantee a profit and success in this field. In my opinion, the keys to succeed in trading field are knowledge , it could by learning technical analyses, reading crypto charts and understanding the candlesticks signals and chart patterns. Furthermore,being disciplined and having a high self-control are extremely necessary. Plus, it is important to practice preferably with a low budget in case you are a newbie to avert the risk of loss.

In addition to that, let me write you down the most mistakes you should avoid :
⁃ Don’t purchase or invest more you can afford to lose
⁃ Never start with large budget and lack of knowledge
⁃ Pick a secure exchange to trade in, preferably a decentralized one and if you're into long term investement, put your money in hardware wallet.
⁃ Create a strong password and save the private key in a safe place
⁃ Beware of shit or scam coins and don't get manipulated by influencers who support and promote them.
⁃ Never over complicate your trading strategy.

DevilSlayer

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I can only think of one thing and it is the wrong conception about trading which is you can become successful and profitable tradeer if you master technical analysis, that kind of idea is wrong because professional traders understand that the key for trading success and good performance in trading is not about doing good technical analysis but actually about how you think as a trader or in simplest form, It is the trading psychology. The trading psychology is really broad and newbies should understand the nature of the trading wherein there is no sure win because there is always uncertainty in the market wherein there are unknown factors that can invalidate all of your prediction, analysis and bias.

Risk management is also important, I saw a lot of newbies who are putting their money with allocation of 100% without having a entry point, cut loss, target profit, trail stop or even compute about how much margin that they should put. It is the reason why many new traders easily lose their money because they do not have a proper risk management that they should use to maximize their gains and also to protect their capital.

rahulzx

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Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

I think using high leverage for future trading is risky if trader don't have experience about crypto trading ,and also following paid and free signals using without proper idea about market causes to lost their funds. Practicing paper trading will be good for beginners get an idea about future trading before they enter the market.

crwth

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Quote from: Kasabus on April 09, 2023, 05:18:19 PM

Quote from: crwth on March 29, 2023, 10:21:35 AM

I think it shouldn't necessarily be a "specific" mistake but something considered a "learning" mistake. Like something "too good to be true" posts and offers, ending up as a scam. I believe that anyone of us has probably experienced a scam one way or fraud possibly like:,

Investing in coins believing it's going to be a life-changer
Trading with someone here and not verifying the amount that they have control of the wallet.
Believing in paying like signals but it's really within your control on how you are going to proceed with trading

There are a lot of things beginners should learn, just make sure they understand what they are doing in the first place.

I think what’s more important here is that they will not be consistent in repeating the same mistakes again as those mistakes are only good at the beginning and should only serve as a motivation to learn more and discover more. And remember OP, we should not only focus to a single mistake but all mistakes in general and correct them so we won’t be losing our money again because we fail to avoid them.

That is definitely understood already. Not repeating the same mistakes. It just means that they didn't understand what they did wrong and they just keep repeating the mistake over and over again. That's not going to be healthy for them and would probably lead them to lose money like you said. Corrective actions should be done.

Kasabus

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Quote from: crwth on March 29, 2023, 10:21:35 AM

I think it shouldn't necessarily be a "specific" mistake but something considered a "learning" mistake. Like something "too good to be true" posts and offers, ending up as a scam. I believe that anyone of us has probably experienced a scam one way or fraud possibly like:,

Investing in coins believing it's going to be a life-changer
Trading with someone here and not verifying the amount that they have control of the wallet.
Believing in paying like signals but it's really within your control on how you are going to proceed with trading

There are a lot of things beginners should learn, just make sure they understand what they are doing in the first place.

I think what’s more important here is that they will not be consistent in repeating the same mistakes again as those mistakes are only good at the beginning and should only serve as a motivation to learn more and discover more. And remember OP, we should not only focus to a single mistake but all mistakes in general and correct them so we won’t be losing our money again because we fail to avoid them.

Distinctin

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Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

To be precise, it’s not just one mistake that beginners should avoid, but certainly all the mistakes should be at least be avoided as that will still lead to a loss in the future. And as long as you know the purpose of why you’re into crypto trading or investing, you should have set your goals first to learn more about your investment before you decide to enter on it so you can at least maximize your profits and reduce the amount of your losses.

ShowOff

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Quote from: Russlenat on April 09, 2023, 02:33:34 PM

Mistakes will always be mistakes, so we should learn to avoid them as they become unnecessary in the long run, though they can motivate us to be careful the next time and never do the same mistake again. But how can we avoid them? It’s hard to avoid mistakes but by being more knowledgeable and having more experience in the market, it will lessen the risk from committing mistakes. And by being extra cautious in all that we do, even not trusting others to do it for us, we will learn to get rid from committing mistakes.

It's hard to avoid mistakes when they don't realize what mistakes shouldn't be made.
The initial concept was that they should know that these crypto investments come with a high risk of losing money by several factors. Of course not only because of price volatility, but there are many other things that can result in financial losses.

Investment risks must be realized and should not be ignored, there can be many because they are all interrelated, including wallet security, poor web browsing habits and other things that are overlooked.

Russlenat

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Quote from: Coin_trader on March 29, 2023, 06:44:22 AM

Mistakes shouldn’t be overlooked and there’s no one mistake only that newbie should be aware of because all of them should be considered. Focusing on limiting yourself to prevent a single mistake will just just give a terrible result in the future because you are allowing other mistake to come at you.

In general, Being cautious by not trusting everyone here in crypto space is the best thing to do. Use a service as if they will scam you so that you will not be comfortable leaving your asset unsecured with them. As a newbie, They are the one that needs extra caution on what they are dealing in crypto but sadly most of the newbie are careless and just learning from mistakes after losing their funds.

Mistakes will always be mistakes, so we should learn to avoid them as they become unnecessary in the long run, though they can motivate us to be careful the next time and never do the same mistake again. But how can we avoid them? It’s hard to avoid mistakes but by being more knowledgeable and having more experience in the market, it will lessen the risk from committing mistakes. And by being extra cautious in all that we do, even not trusting others to do it for us, we will learn to get rid from committing mistakes.

SOKO-DEKE

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Quote from: irhact on April 09, 2023, 02:23:20 AM

[quote
Another common mistake beginners often make is having the mindset that crypto can make them to become rich immediately they start investing or trading, some even think when they start trading they can always make profit so quick and all the time from trading. This are mistakes some beginners come in with in trading maybe because they are misinformed and no research was done. Beginners needs to be aware of this common mistake and try to avoid it.

The tendency of beginners to expect to become wealthy overnight has been a significant factor that has a negative impact on them, and as a result, many of them are more likely than to lose all of their money in the cryptocurrency industry because they rarely acquire knowledge before they begin trading. In fact, many of them simply trade tokens that are advertised online by others without taking the time to do their own research and acquire enough
knowledge.Many beginners are impatient to succeed and neglect to gain good skill first. They believe that the cryptocurrency sector is a place where they can make money rapidly and so they don't think twice about doing so. Once really need knowledge in order to succeed in crypto industry.

gunhell16

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Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

As a newbie in the world of cryptocurrency, you should really have knowledge of the business you are going to enter and allocate money to grow it in the future. And this industry is not just that when you think of investing it will grow immediately.

You need to have enough knowledge here, don't ever invest without knowing anything here because if you do this, you are called a gambler hoping to make money with luck, this world of crypto needs skills because there really is this risk when you enter it.

irhact

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Quote from: Rockstarguy on April 08, 2023, 02:07:19 AM

Another common mistake beginners often make is having the mindset that crypto can make them to become rich immediately they start investing or trading, some even think when they start trading they can always make profit so quick and all the time from trading. This are mistakes some beginners come in with in trading maybe because they are misinformed and no research was done. Beginners needs to be aware of this common mistake and try to avoid it.

This is a very common misconceptions by newbies because of the things they see with this social media influencer that uses cryptocurency as a disguise for the illegal businesses they're mostly involved in. Most of this guys we see with lavishing lifestyle didn't get that from investing in cryptocurrency instead they're into drug trafficking and other illegal business then present themselves as influencers so they won't be suspected.

Also we have those selling course to newbie that believe they got their riches from investing in cryptocurrency and make a living of those courses. We also have those that made the money from cryptocurency but they're a minority because majority of the investors here aren't making money or losing it to shitcoins and bear market because of greediness.

Unbunplease

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The main mistake a beginner should avoid when trading is, in my opinion, trying to trade cryptocurrencies, focusing only on charts, and not studying the cryptocurrency itself. It is mandatory to study roadmap, whitepaper, gather all available information about developers, know what circulating supply and other information

Myleschetty

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Quote from: Altryist on April 08, 2023, 12:21:16 PM

Quote from: coinremitter on March 29, 2023, 05:18:07 AM

There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

Elementary monitoring of exchanges will help you choose the best option, which is not the biggest mistake that a beginner should be worried about. A bigger mistake would be to store coins on the exchange after purchase, as well as choose an exchange that requires verification. Every mistake we make is an experience, as many of us learned from the very beginning.

Elementary monitoring of exchange is still never a good idea for the beginner that's going to invest in the altcoin market that's known for being high manipulated market. The altcoin use case its market capitalization, historical data, the team, and the community supporting the project still need to be put into concern.

TimeTeller

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Quote from: DoublerHunter on April 08, 2023, 04:47:54 PM

Quote from: Yamifoud on April 08, 2023, 04:41:16 PM

Quote from: tygeade on April 08, 2023, 02:28:28 PM

I think getting a mentor and being influenced by someone are different things and people should be careful about them for sure. I know that being influenced by people like on twitter and buying something because they suggested is a terrible move that should be avoided as much as possible.

There are tons of people who follow influencers on twitter and most of the time they end up making a loss and that's not a good idea. However, finding a mentor, someone who you can chat and have discussions with, could be beneficial for you and you can learn more about it when the time comes, I know many people are worried about it but that's not going to be a trouble for anyone at all. It should be as easy as it gets and should be fine.

Finding a reliable mentor - That is the thing that newbies are supposed to do. But unfortunately, the situation is getting difficult as it was hard to trust someone online, most of them are greedy and yes, scammers. Well, the last option I see is to carry ourselves and study the market alone. In fact, there are a lot of trading resources that we can find online and I think it was enough to learn to trade, we just need not be afraid of trying and experience actual trading as this will teach us more lessons than reading and watching tutorials.

^ As I can say, standing by yourself if you cannot find a mentor and doing your own research is the best way to avoid different mistakes as a new trader. Because new traders should have a trading plan, failing to develop a trading plan and there are many new traders who start trading without a well-defined plan. They may not have clear goals, risk management strategies, or a defined approach to analyzing the markets. Because for me, becoming a successful trader requires a combination of education, experience, discipline, and a willingness to continuously learn and adapt to changing market conditions.

If you are a beginner and you have no mentor, why not use small funds to begin with?
This is your learning phase to see how the market performs and grasp possible techniques along the way.
If you are in a hurry, high likely that you will lose a lot as you have no weapon yet in this battle.
A lot of us learned the hard way. Even the so-called experts can still commit mistakes.
As we don't know where each project will head to, we are only speculating where they are going to.

Topic: one mistake that crypto beginners should be aware of ? (Read 775 times)