Top mistakes of newbies in crypto - page 2.

batang_bitcoin

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Quote from: Cryptornd on September 22, 2022, 01:00:26 PM

4. short term view

the real wealth in crypto is made only by founders or holders , not by traders. even if you trade for rest of your life , you will never outperform the guy who bought bitcoin and Ethereum 5 years ago. analyze the data and don't be greedy. long term matters.

The newly came people in the market thinks that it's easy that they can make a lot of money from investing in a short term process.
They don't know that it's more difficult to have themselves profit in the short term because through volatility, they'll never know if that's already the peak or the bottom where they can start buying.
True to it that most of the people that makes a lot in investing are the holders and the most patient folks.

freedomgo

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Quote from: blockman on September 22, 2022, 03:38:08 PM

Quote from: Cryptornd on September 22, 2022, 01:00:26 PM

3. unrealistic expectations

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

These influencers that are flexing their profits or an individual are showing their profits. But they don't want people to know their losses, I guess a wise person would only believe that person if they're honest with everything which includes the losses.
But, for individuals, it's better not to share any details of what they do especially in profit because they won't know who's trying to catch them personally with those flexing and it could go wrong.

This becomes the trend nowadays showing huge profits not to brag but to inspire, but only newbies fall for this. Because the real fact is, no one gets instant huge profits just by a month or two, it always follow a process and will only create a good result after years of hardwork and perseverance. And to make it clear, you won’t make a very large amount of profits if you only spend just a little amount of capital.

DoublerHunter

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Quote from: Raflesia on September 24, 2022, 04:00:43 PM

Quote from: blockman on September 22, 2022, 03:38:08 PM

3. unrealistic expectations

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

This is indeed one of the most relevant now, because in fact nowadays especially for beginners sometimes always make the thought that Crypto is the most instant way to earn money and obviously in this case it is actually a mistake because with this kind of hope it indirectly encourages them on the brink because they are always on the lookout for something instant like shitcoins that expect pumps and hype. They think this is the right move but in fact they have been trapped in a false hope.

^Probably they thought that trading in crypto is easy to make money, just execute buy and sell but if fact, they did not know how to predict correctly the market. False hope would be the main problem of the newbie especially when they heard about profit, they don't know the whole mechanics of how it will work, they don't know the right process or in a technical way, and they don't have an idea of how in trading makes money.
Probably that is the reason most them becomes a victim of a pyramid scheme or any double money scheme that give sweet promise to them to double their money in just a matter of time.

lixer

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Quote from: Sterbens on September 23, 2022, 06:45:54 AM

Quote from: GreatArkansas on September 22, 2022, 08:31:35 PM

As this is the most common what I observe lately, there are a lot of reasons why newbies are behaving like this. The main reason for me is also social media or what they can see over the internet. For example on social media, their lot of popularity spreads hopium for people, especially newbies, and here the unrealistic expectation begins or it will just add up.

I see this is not an unrealistic expectation, but rather the greed they are targeting. After all, we must set a target which we will achieve some form of success. But the problem is that this is not accompanied by the targets they can achieve. This means that greed intervenes when they set targets to be achieved, which makes them look unrealistic. I don't care how many targets they set, as long as it's in line with their abilities and knowledge.

There are too many "influencers" that try to do this and that's the problem. If you keep on investing believing what those influencers told you then you are going to end up making a big loss, you should always be investing when you think that it would make you the most money, and only be able to do that if we are doing alright, not anything else.

I personally do not believe in any stories that influencers talk about, even if they talk about how much they won, because that's usually a lie, believe in what they can prove with data and papers, that way you would be able to see the reality they live in, and it's not as glorious as they claim it to be.

Raflesia

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Quote from: blockman on September 22, 2022, 03:38:08 PM

3. unrealistic expectations

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

This is indeed one of the most relevant now, because in fact nowadays especially for beginners sometimes always make the thought that Crypto is the most instant way to earn money and obviously in this case it is actually a mistake because with this kind of hope it indirectly encourages them on the brink because they are always on the lookout for something instant like shitcoins that expect pumps and hype. They think this is the right move but in fact they have been trapped in a false hope.

Esther C

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Quote from: Cryptornd on September 22, 2022, 01:00:26 PM

1. Hopium
2. Degen mode
3. unrealistic expectations
4. short term view

1. Hopium

propaganda online is huge. ridiculous price targets of a coin from fake influencers make them feel better about their investment. better not to listen to them and keep a own view of the market.

2.degen mode

don't buy a coin because someone else advised or made money. when i ask people about their investment in crypto most of them actually don't know any fundamentals of it.
do the proper research or stick to the average results everyone is halving.

3. unrealistic expectations

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

4. short term view

the real wealth in crypto is made only by founders or holders , not by traders. even if you trade for rest of your life , you will never outperform the guy who bought bitcoin and Ethereum 5 years ago. analyze the data and don't be greedy. long term matters.

Crypto orientation and education is the first and most vital step in investing in crypto.

famososMuertos

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The more experience you have, mistakes are the tendency, making mistakes when you start is part of teaching, and they are better than the ideal you want to sell, you have to go through all those stages that you name in your OP.

Check the level of skill you have, one must ask yourself "what I are really good at," and from there get experience, to intelligently weigh the path of basic errors, experience comes both ways, success and failure, mistakes are made in both.

decodx

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It's important that we look at some common mistakes that people of all experience levels (not just newbies) tend to make when investing. A lot of this advice really isn't specific to crypto investing. The principles here apply to stocks, commodities, or any other type of investment. However, since cryptocurrency is still relatively new and volatile, it's especially important to have a realistic outlook.

The first thing to remember is that there are always risks with any type of investment, and the cryptocurrency market is no exception. So it doesn't matter how experienced a trader you are, if you don't do your research, if you don't fully understand a coin and its value proposition, you will probably lose. Take the time to learn and fully understand what you are investing in. Don't just jump into a coin because of FOMO (fear of missing out). Look beyond the hype and marketing copy, and try to understand the coin's true purpose and value proposition. And once you're confident that you've found a solid investment opportunity, buy accordingly and don't look back.

Davidvictorson

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Quote from: Cryptornd on September 22, 2022, 01:00:26 PM

~snip~

Every newbie has made a mistake when they first started out in the bitcoin space. We know that this is part of the learning curve. Some have been lucky that it was something that didn't cost them their life's fortune while for other not so much. There are thread here detailing some of the mistakes that cryptocurrency users have made in the past.

wiss19

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I think some of the points in your list have a similar definition from the other but for your number 4 which is called short term view, I think I disagree on how you define it. Not all founders earn but most of them actually got bankrupt because their projects had failed. Same as to hodlers, not all of them are earning as well.

As for the traders, if they perform better, it's always possible for them to surpass the earnings made by the early hodlers because trading is a quick game while the only way to earn in hodling/investing is by waiting for the bull run to come. For your number 3, I think a 1k dollar capital is not small and it can go a long way already if used properly.

CryptoHeadlineNews

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And a few of other mistakes include the following which i will be mentioning below.

5. Having the mindset that Bitcoin is s get rich quick scheme, where they can invest $100 today and expect to get $1000 in few hours or days

6. Not doing personal research about Bitcoin or any other coin before investing in it "DYOR"

7. Investing more than they could afford to lose in Bitcoin or any other crypto currencies

Anonylz

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3. unrealistic expectations
4. short term view

These two are the most mistake made by new and sometimes none newbies too, most people are in crypto with a short term intention, hoping they can make millions in a short period with a small funds that will become x1000 and so.
It it is not that such luck does not happen but it is not always the case, few people have been lucky with their small investment within a short period but this will not be the case for all investors in crypto.
It is better to have a long term view so there won't be disappointment along the way.

Eternad

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Quote from: Bobrox on September 23, 2022, 09:34:01 AM

I stop checking with influencers profit show off because not really believing with their recommended because always give wrong or late entry to buy or sell some coin, keep confidence and search information about coin recommended for investing in cryptocurrency by your self without need waiting signal from some influencers only give late information for buying when coin have reaching higher price.

Influencers are made to make hype, it will attract new investors to buy what they show when they post some huge profit but later on we will realize or see for ourselves that it was just a showoff or probably will only benefit them. It may not bring good to us at first but maybe we can use it as inspiration that somehow someday we can slso have some post that can inspire others to join since we can show them proofs that we are able to also earn such amount. It will still depend on how we expand our skills and knowledge to be able to be successful in trading or in investing with or without the help of others but with ourselves.

kryptqnick

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The op lists true concerns, which are largely about the price and high expectations. However, I disagree about trading. While I tried trading and realized it's not for me, I do know people for whom it's basically a job, and they are fairly good at it. I believe a person can become good at trading (maybe not everyone, but some), and this can be a source of some regular income. Long-term investment doesn't require still or effort, but it also doesn't give regular profits: you can stay in the red for months and then see some positive movement going on. Also, I'd put other things into top newbie mistakes, such as keeping money on an exchange, using a non-custodial wallet, and being reckless with basic security of the passphrase.

lovesmayfamilis

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It is always important where newbies to get information about investments. There is hope that if they draw information here on the forum, reading and correct analysis will save them from mistakes. But the forum is not as popular as social networks, where very tempting offers for getting rich quickly with cryptocurrency are published. Therefore, the person who has an analytical mindset simply will not believe one source promising quick money; he will double-check everything several times. Another will definitely make several of his mistakes due to his greed or inattention, after which he will only gain experience and correct his thinking; otherwise, he will need a few more life lessons. But be that as it may, one's own analysis or own experience will help a person stay in the crypto if the acquisition of knowledge comes first.

ethereumhunter

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Newbies invest in crypto without doing much research and just the following advice from others so they don't really find the right coin to invest in. They tend to only take advice from social media that says coin 1 will fly in a short time even though the coin has not been able to upgrade or is still in the development stage.

Beginners spend big money investing in new projects that end up being scams and we've seen many stories behind this. They don't want to learn more about trading and just buy and sell based on group trading signals. There are still many mistakes from beginners who don't want to learn before investing in crypto.

Issa56

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Quote from: Cryptornd on September 22, 2022, 01:00:26 PM

2.degen mode

don't buy a coin because someone else advised or made money. when i ask people about their investment in crypto most of them actually don't know any fundamentals of it.
do the proper research or stick to the average results everyone is halving.

I think this is among the main problem newbies are always having, they are always looking for trading signals, so most of them even pay just to get trading signals which is very wrong, as a beginner you should always learn how to do research yourself, don't depend on what anybody say, most of those trading signals are fake, they just want to take your money. You don't have to buy a coin because your friends or someone you know is holding the coin, the persons analysis might be wrong, the only coin you should listen to people whenever they ask you to buy a coin is BITCOIN.

Franctoshi

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Quote from: Cryptornd on September 22, 2022, 01:00:26 PM

propaganda online is huge. ridiculous price targets of a coin from fake influencers make them feel better about their investment. better not to listen to them and keep a own view of the market.

It's good for one to know his entry and exit point in the market, There is enough liquidity in the market and investing in any crypto project aside Bitcoin and Ethereum, you need to have a target for taking out some profits or existing the market , Most expecially your initial investment capital then you can ride the remaining. This has happened to me most of the time when I invested in some projects waiting for long term and at point I see the price double, triple and even 5x in value but refused to take my initial capital out, but after those rise in the price of the coin, I saw that the price even came down below the price which I bought my coin, therefore the bottom line is if you're a newbie in the crypto space take some profits whenever you can expecially your investment capital and ride the remaining because you can't gain it all.

cloudfir3e

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Quote from: BeeIforai on September 23, 2022, 04:06:06 AM

I do not think this will help or inspire people who have little to nothing. They got introduced to the crypto world in hopes of making money. You telling them now that they'll not get rich until they hold is kind off a punch to their balls or something. Listen newbies, as long as you're consistent, determined and disciplined, you'll make it.

Your statement has some truth in it, but it is very difficult to be consistent with strong determination and discipline.
because for those who are new to and enter the crypto world, they only think about quick and short success.
even though there are many twists and turns and very large risks contained in cryptocurrencies to be able to achieve satisfactory success.

Bobrox

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Quote from: blockman on September 22, 2022, 03:38:08 PM

These influencers that are flexing their profits or an individual are showing their profits. But they don't want people to know their losses, I guess a wise person would only believe that person if they're honest with everything which includes the losses.
But, for individuals, it's better not to share any details of what they do especially in profit because they won't know who's trying to catch them personally with those flexing and it could go wrong.

Unfortunately with several influencers always show their profit not fully believing consistent earn profit every time, they hidden with how much losing before by mistake made when trading in bitcoin. Newbies have habit ask to other about which one coins recommended to buy and they ask to wrong person who recommended with wrong coins for trading.

I stop checking with influencers profit show off because not really believing with their recommended because always give wrong or late entry to buy or sell some coin, keep confidence and search information about coin recommended for investing in cryptocurrency by your self without need waiting signal from some influencers only give late information for buying when coin have reaching higher price.

Topic: Top mistakes of newbies in crypto - page 2. (Read 656 times)