one mistake that crypto beginners should be aware of ? - page 2.

DoublerHunter

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Quote from: Yamifoud on April 08, 2023, 05:41:16 PM

Quote from: tygeade on April 08, 2023, 03:28:28 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.

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Quote from: tygeade on April 08, 2023, 03:28:28 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.

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Quote from: coinremitter on March 29, 2023, 06:18:07 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.

and they're many more mistakes that'll still be made, it can't be totally avoided, life is in stages and so is everything not excluding trading, just as we can't skip standing as a lad to walk, so we can't also skip stages in trading, treat each stage with the amount of attention and time it requires.

tygeade

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Quote from: crwth on April 07, 2023, 11:17:19 AM

Everything is going to go through beginners' stage. That's the best way to learn, but having a mentor is better. If not, then you will have to go through it. I want to expand on what you have already said, OP.

Imagine joining exchanges just because it has gotten popular in a short while and may be too good to be true
Only goes with the crowd and follows what they see online without research.
Keeps everything easily accessible to anyone

.

Those things are quickly learned if the person exerts effort towards it, and if non, then you know what will happen. That someone will not be involved anymore with the crypto space because of a "bad experience."

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.

Altryist

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Quote from: coinremitter on March 29, 2023, 06:18:07 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.

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Quote from: cabron on April 07, 2023, 01:11:23 PM

It would be too much of a risk-taker that a beginner put all his faith in a trading signal but yep it's not like it didn't happen before.

One mistake that I can think of which I have also tried and regret back in the day was trading an altcoin where I should be on BTC/USDT.
Some beginners begin to like one altcoin thinking it will become like BTC so they keep trading on such a pair.

Actually trading altcoins is okay as long as the altcoins are moving well so you can buy low and sell high. I have experienced this before and when the price seemed unable to continue its upward movement and tended to move downward following the bitcoin movement, I decided to exit the market and wait for the next opportunity.

But if there are no altcoins with such good movements, we don't need to try it and choose to return to bitcoin because maybe bitcoin's movements are already good. And if it's not great moves from bitcoin and altcoins, maybe we can get out of the market first and take a break.

Quote from: nara1892 on April 07, 2023, 02:26:59 PM

Those who are like that are people who want to profit without doing business. Maybe it's the same as people who think that investing or trading in crypto is a get-rich-quick road. lol
Indeed, we should have our own skills regarding this space, only relying on that signal is tantamount to burying dadari's potential within ourselves. Indeed learning will take a long time, but if we are serious then it will pay off with the effort we put in. But what I see now is that most people easily give up with one failure, that's what keeps them from growing and moving forward. They buried their own dreams.

So by having expertise in trading, we can analyze based on our knowledge and develop our abilities to be better. And by having better skills, we will have even greater opportunities to make more profits. And if we haven't been able to profit from trading, we should not despair but keep learning more and understanding trading and remain confident that one day we will be able to make more profits. And we also won't depend on signals from other people because we already have expertise in analyzing the market.

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Quote from: coinremitter on March 29, 2023, 06:18:07 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

If am not mistaking there's a lot of threads here and "beginner and help" board that have handle such topic as this and more, so it would be good op you do a deep search about certain topics on the forum if they have been discussed maybe in times past or just recently so it doesn't look like you're spamming, although I chose to believe that you didn't know about it. Examples: https://bitcointalksearch.org/topic/m.62035733

Quote

planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.

There's a lot needed for every newbie to bitcoin needs to learn and this can only be achieved if they can have the patience to key into learning the very basics before pushing themselves to upper level else such newbie would always be a victim of scams, a hard way to learn.
Anything related to security https://cryptosec.info/

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Quote from: coinremitter on March 29, 2023, 06:18:07 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 agree with the OP. Although it has been said that we shouldn't keep our bitcoin in an exchange on the other side of it for beginners especially in trading is choosing the appropriate crypto exchange platform. Some platforms are safe to use while other are not. I use binance because it has street cred.

Just like the OP said, there's just so much more to bitcoin trading than just price. The more, include, market cap, and for me the most important is the real life applications of it. These and many more constitute the ROI which should be the actual focus of the newbie trader.

Supreemo

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Quote from: RockBell on March 29, 2023, 01:48:44 PM

One thing I've noticed about cryptocurrency beginners is that they always want to make money quickly and don't even know what currency to invest in. All they want is for their money to start doubling as soon as they start investing, but they are unaware that this is not how cryptocurrency works, instead, it relies on certain principles, which is why the majority of people fell victim to the FTX collapse and lost a lot of money, and lots of individuals lost their money, and beginners are always interested in altcoins that will go 100x at the end of the day they ending up losing their money after a failed project. the best thing to do your research before investing in cryptocurrency involves risk.

this is like a FOMO mentality in which new traders want to invest to something they are hopeful to skyrocket immediately in a short amount of time, not knowing what they bought is somebody's exit plan. in the recent trend in which people are interested in play to earn games axie excluded since the price that time was already too high for ordinary investors to buy, what I have initially noticed is that they are scrambling to buy even if the project is unsure just for them not to miss the train/rocket like what they regretted on axie. during those times, this is what I commonly see in social platforms like twitter but the thing is, they are too dependent on someone's recommendation for example social media influencers or youtubers. in the end like i've said, what they thought is pumping in the next couple of days ends up them being scammed since those devs are already exiting (rug pull) or much better term for that is "they are dumping on those investor's faces".

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Quote from: coinremitter on March 29, 2023, 06:18:07 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.

There is no doubt that trading beginners made very some very known mistakes at the start. This all happen because of no proper guidelines and own knowledge. One should learn every method before entering into trading. choosing low volume exchanges becomes very common. I remembered my friends who send fund to Hotbit because price of token was much higher than other exchange. when he recieved fund and he place bid for selling , the buying volume was so low and hus fund stucked there.

Quote from: Rockstarguy on April 08, 2023, 03:07:19 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,

obviously this is another one beginners faced in great numbers. The main reason of this is because most of Crypto beginners enters by watching Youtube video or following Celebrities. These Youtubers claims that Crypto made him rich in very less time. These Youtubers has been paid by Fex exchanges for promoting future trading, grid and copy trading and unfortunately simple people follow it to become rich in short time.

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Quote from: coinremitter on March 29, 2023, 06:18:07 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.

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.

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Quote from: MiF on April 08, 2023, 01:52:18 AM

Quote from: coinremitter on March 29, 2023, 06:18:07 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.

Yeah that was the beginners mistake, they are full of excitement and they are always do things quickly and wanted to earn quickly and they will loss at the end, people that was new in crypto has a big chance of lossing it is not easy to earn in crypto that is why it needs a lot of research specially on using exchange.

besides that beginners usually like to dramatize situations, where every loss or win is overly responded to, so that this actually backfires for themselves, considering that they have not been able to control themselves. but indeed this is part of the learning process where almost everyone experiences it, but we must immediately get up so we can quickly adapt to the market

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Quote from: goinmerry on April 07, 2023, 07:59:54 PM

Quote from: Bushdark on April 07, 2023, 06:22:35 PM

If you are trading in the market and you are using big fund when we can't even control small funds then that is a big mistake thah needs to be prevented because if when enter the market with a big fund and price goes against us then we might end up losing in a manner we would never want to experience. Trading is hard to achieve but some persons still does not understand the effort pro traders are going through to make sure that theykeep making profits from the market. We need to make sure that we acquired the necessary skills so that we can be able to beat the market.

Regardless if the trading fund is small or not, it's our own money therefore a serious approach should always take place.

Once we decide to put money on something, we have to make sure that all things and preparations are in 100%.

It's ok to make mistakes along the way but as long as we learned from it, that what matters.

Others are too confident, like they already have money, and they also thought they could learn trading overnight. That is why they mostly take trades because they think they are confident. If you are serious about your plans, such as trading, and not just for profit, you should always be prepared if you do not want bad things to happen to your money. Others, on the other hand, believe that it is simply a simple buy low, sell high.Â

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Quote from: coinremitter on March 29, 2023, 06:18:07 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.

Yeah that was the beginners mistake, they are full of excitement and they are always do things quickly and wanted to earn quickly and they will loss at the end, people that was new in crypto has a big chance of lossing it is not easy to earn in crypto that is why it needs a lot of research specially on using exchange.

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Yes, you're absolutely right. Beginners in the crypto world tend to make several mistakes that can result in significant losses.

Some common mistakes include:

1: Choosing an inappropriate crypto exchange platform: Newcomers often select an exchange based on the lowest fees or by following the advice of friends, instead of doing proper research to find the most suitable exchange platform that offers secure and reliable services.

2: Focusing only on pricing instead of ROI: Many beginners make the mistake of only looking at the current price of a cryptocurrency, without considering other factors such as the coin's potential ROI and long-term value.

3: Lack of research and planning: Newcomers often make the mistake of investing in cryptocurrencies without doing thorough research and planning. It's important to understand the fundamentals of a cryptocurrency, its underlying technology, its potential future applications, and the market conditions that may impact its price.

4: Underestimating cyber security: Security is a crucial aspect of cryptocurrency investment, but many beginners often underestimate its importance. They may store their coins on insecure wallets, use weak passwords, or fall victim to phishing scams, leading to the loss of their investments.

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Quote from: Bushdark on April 07, 2023, 06:22:35 PM

If you are trading in the market and you are using big fund when we can't even control small funds then that is a big mistake thah needs to be prevented because if when enter the market with a big fund and price goes against us then we might end up losing in a manner we would never want to experience. Trading is hard to achieve but some persons still does not understand the effort pro traders are going through to make sure that theykeep making profits from the market. We need to make sure that we acquired the necessary skills so that we can be able to beat the market.

Regardless if the trading fund is small or not, it's our own money therefore a serious approach should always take place.

Once we decide to put money on something, we have to make sure that all things and preparations are in 100%.

It's ok to make mistakes along the way but as long as we learned from it, that what matters.

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Quote from: coinremitter on March 29, 2023, 06:18:07 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.

There are loads of mistakes someone who is new to crypto can make when investing in crypto currencies for the first time. But one of the mistake that almost everyone does is that not doing enough research and investing thinking that they will make profit overnight. Also, when you're new to crypto, it's so important to learn as much as you can about the projects you're interested in, the technology behind it, the exchanges you'll be using, and the overall market trends. Without a good understanding of what's going on, it's easy to make bad decisions, lose all your money or fall for those stupid scams. One shouldn't rush into anything. They should be curious and ask hundreds of questions and think twice before taking any decisions.

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

Quote from: coinremitter on March 29, 2023, 06:18:07 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.

If you are trading in the market and you are using big fund when we can't even control small funds then that is a big mistake thah needs to be prevented because if when enter the market with a big fund and price goes against us then we might end up losing in a manner we would never want to experience. Trading is hard to achieve but some persons still does not understand the effort pro traders are going through to make sure that theykeep making profits from the market. We need to make sure that we acquired the necessary skills so that we can be able to beat the market.

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Quote from: Viscore on April 07, 2023, 06:06:23 PM

Quote from: Coin_trader on March 29, 2023, 07:44:22 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.

That is the reality to most of the beginners out there, they tend to invest and trade quickly because of their greed to make instant profits, and when they start to fail and losing their money, that’s the only time they will learn. When in fact, they should be learning at first before they consider to invest or trade. Furthermore, I believe not just newbies but certainly all crypto investors and traders should take them with caution. Otherwise, they will never learn from it and continue to commit mistakes the same way as before.

Greed can really take us into a wrong path because we tend to feel more excited to gain profit without being mindful of the risks. Some newbies think that they could have the same fate as successful traders even when they have just started not knowing the risks that they will be facing. They have the wrong mindset because of their emotions and excitement to earn from it.
We can actually take one step at a time with cautiousness because risk will always accompany us in our journey so we better not rush things out.

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Quote from: Coin_trader on March 29, 2023, 07:44:22 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.

That is the reality to most of the beginners out there, they tend to invest and trade quickly because of their greed to make instant profits, and when they start to fail and losing their money, that’s the only time they will learn. When in fact, they should be learning at first before they consider to invest or trade. Furthermore, I believe not just newbies but certainly all crypto investors and traders should take them with caution. Otherwise, they will never learn from it and continue to commit mistakes the same way as before.

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