Top mistakes of newbies in crypto | Bitcointalksearch.org

xSkylarx

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Quote from: ChiBitCTy on September 26, 2022, 07:24:43 PM

The biggest mistake I see people make with bitcoin, other cryptocurrencies, and or investing just what so ever is the absolute lack of reading and self education I see. The simple fact of the matter is most people refuse to take the time to actually sit down and educate themselves. I always hear people say they just don’t have the time to sit down and learn but that’s just excuse.

Tbh I don't feel bad when I see those kind of newbies lose money in bitcoin and other crypto. Their idea of cryptocurrencies is it's just going up that it doesn't matter to them whatever price they will buy. People like them are always doomed to fail when diving into different investments.

Oilacris

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3. unrealistic expectations

Newbies should really be avoiding this kind of behavior on which they are really that hoping into something which is unrealistic.Its never been good on having these kind of expectations
which would really be resulting into that kind of desperation which would really be resulting into rushed actions without having those proper analysis and thinking.
Once you do able to realize that dealing up with crypto volatility isnt something that easy to handle out, then you would really be saying that
it is really hard to make money which is totally opposite on what you had think or feel initially.

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Quote from: AakZaki on September 27, 2022, 10:42:50 AM

Quote from: qwertyup23 on September 26, 2022, 11:23:39 AM

While flexing on a given profit may seem unrealistic, it is indeed possible to reach those numbers BUT it requires tons of experience, luck, and capital in order to achieve this. I agree with you- people who brag about earning $100k+ profits can be very deceiving especially if you consider the overall factors. Unfortunately, those people aim for clickbait titles in order to garner views which they may capitalize on.

Again, cryptocurrencies are "investments" which means that there is no easy way to profit. If there exists such a way, then everyone would have been rich by now.

Investing in crypto is indeed not an easy way to get rich, there will be many processes that will be passed as well as some risks that will get in the way. Those who want to make a profit of $100k with a capital of $1000 are just bragging. It's not impossible, but it takes time and in-depth knowledge of trading and investing. Not as easy as turning the palm of the hand. Must be more realistic

The only safe investment that has to do with Crypto is in bitcoin, I remember that when I started bitcoin it reached $20k, many investors made a lot of money because they invested in altcoins, but the situation in those years was different from the one we lived in, and depending on how things are going in the world, oil, gold, all kinds of assets that are very relevant and are highly sought after, can fall, but bitcoin will always have the opportunity to gain more price when there are whales that buy bitcoin and They lead to historical highs, and that is something that not even gold has been able to do, gold is stable, but digital gold is a denomination that some experts have cataloged as bitcoin.

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Quote from: qwertyup23 on September 26, 2022, 11:23:39 AM

While flexing on a given profit may seem unrealistic, it is indeed possible to reach those numbers BUT it requires tons of experience, luck, and capital in order to achieve this. I agree with you- people who brag about earning $100k+ profits can be very deceiving especially if you consider the overall factors. Unfortunately, those people aim for clickbait titles in order to garner views which they may capitalize on.

Again, cryptocurrencies are "investments" which means that there is no easy way to profit. If there exists such a way, then everyone would have been rich by now.

Investing in crypto is indeed not an easy way to get rich, there will be many processes that will be passed as well as some risks that will get in the way. Those who want to make a profit of $100k with a capital of $1000 are just bragging. It's not impossible, but it takes time and in-depth knowledge of trading and investing. Not as easy as turning the palm of the hand. Must be more realistic

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Quote from: xSkylarx on September 27, 2022, 07:37:34 AM

Quote from: ChiBitCTy on September 26, 2022, 07:24:43 PM

The biggest mistake I see people make with bitcoin, other cryptocurrencies, and or investing just what so ever is the absolute lack of reading and self education I see. The simple fact of the matter is most people refuse to take the time to actually sit down and educate themselves. I always hear people say they just don’t have the time to sit down and learn but that’s just excuse.

Tbh I don't feel bad when I see those kind of newbies lose money in bitcoin and other crypto. Their idea of cryptocurrencies is it's just going up that it doesn't matter to them whatever price they will buy. People like them are always doomed to fail when diving into different investments.

Most of the newbies are not the researcher type who studies the crypto first before making their move and start to invest some coins that they'd see profitable in the future, most of them have just invested blindly without knowing the coin/project first and it's either they know someone who got rich by specific that coin/project or it's just pure trend that's why along the way they lose money because they didn't understand it.

ChiBitCTy

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The biggest mistake I see people make with bitcoin, other cryptocurrencies, and or investing just what so ever is the absolute lack of reading and self education I see. The simple fact of the matter is most people refuse to take the time to actually sit down and educate themselves. I always hear people say they just don’t have the time to sit down and learn but that’s just excuse.

GeorgeJohn

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Some times it's good if you make a caution and it go contrary to the body of the sentence, what i believe is that, what causes the mistake of newbies in cryptocurrency investment is determined by the ability or inability of the the newbies to study every possibility that will lead to comprehend the risks behind bitcoin. Because some of the newbies is not interested to learn. I was supposed to react to this through the body composition of your texts, but i picked your caution to respond and it's best know to me.

Slow death

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

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.

man this is not for newbies, I'm sorry but I see this happen to people who have been in this market for years, and the reason is greed, just look at those doge cois and XRP investors and so many altcoins that the price is very low as they think, I get scared just by reading or listening to the guy from youtube when he makes such optimistic analyzes and recommends buying these altcoins, at that time even my head hurts

Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

since I joined this crypto market, I have always seen people buy coins because other people have told them that it would be a good choice to buy coin X, until a few years ago people went to youtube to follow recommendations from youtube guys, but today there are so many channels of telegram that do this

Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

again, this is the part that most makes people enter this market, who doesn't remember that in 2019 there were many price predictions of 50,000$ and 100,000$ and 500,000$? I even thought that $50,000 was an unrealistic prediction, but we got to $68,000 Cheesy

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Quote from: Sanitough on September 26, 2022, 04:55:39 PM

Quote from: ethereumhunter on September 23, 2022, 09:34:59 AM

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.

These newbies are prone to create mistakes because they always think that crypto creates instant huge profits and that crypto is a quick rich scheme. That is why they never take crypto seriously and never learn the hard way. Instead, they just trust other people’s advices who claimed they are good and profitable in crypto, which the truth is they just keep losing in crypto.

that's the usual misconception of newcomers in this market. they thought that this is the path for their get-rich-quick scheme, however, once they understood this market, they will discover that there's more than meets the eyes to finally get those profits. it would take time for them to grasp such reality. but if they won't give up, they will also get the profits, but that is, if they learn something on how to generate those sources of income in crypto.

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Quote from: ethereumhunter on September 23, 2022, 09:34:59 AM

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.

These newbies are prone to create mistakes because they always think that crypto creates instant huge profits and that crypto is a quick rich scheme. That is why they never take crypto seriously and never learn the hard way. Instead, they just trust other people’s advices who claimed they are good and profitable in crypto, which the truth is they just keep losing in crypto.

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Quote from: bakasabo on September 26, 2022, 09:53:13 AM

Imo the biggest mistakes newbies can me in crypto is believing in everything or straightforward believing someone else opinion without checking different sources or options

These are the categories of newbies that eventually left everything to be handled by the ones that introduced them to bitcoin not even minding on taking their time in learning and making some personal discoveries about bitcoin, they will later come to the forum after being scammed and cheated to report how they can recover their stolen funds from their bitcoin wallet.

Quote from: bakasabo on September 26, 2022, 09:53:13 AM

Many believe that cryptocurrency is easy and any action they do is correct and in future will bring money. I've seen many times those "I know it better and there is no way I am gonna get scammed" kind of people in crypto.

These are another category set of people that overconfidence is dealing with, they won't calm to learn but believed they've already know it all, the funny aspect is when they got scammed, they won't come out to say it, but they will still be in doubt if it could actually be a scam or not Grin

qwertyup23

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Quote from: blockman on September 22, 2022, 02:38:08 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

While flexing on a given profit may seem unrealistic, it is indeed possible to reach those numbers BUT it requires tons of experience, luck, and capital in order to achieve this. I agree with you- people who brag about earning $100k+ profits can be very deceiving especially if you consider the overall factors. Unfortunately, those people aim for clickbait titles in order to garner views which they may capitalize on.

Again, cryptocurrencies are "investments" which means that there is no easy way to profit. If there exists such a way, then everyone would have been rich by now.

erep

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Quote from: bakasabo on September 26, 2022, 09:53:13 AM

Imo the biggest mistakes newbies can me in crypto is believing in everything or straightforward believing someone else opinion without checking different sources or options. Many believe that cryptocurrency is easy and any action they do is correct and in future will bring money. I've seen many times those "I know it better and there is no way I am gonna get scammed" kind of people in crypto.

We know the crypto space is very wide of each different characteristics, many typical beginners and greedy want to profit from invalid sources without considering the high risk of loss, I have a newbie friend who has joined the fake crypto signal group and he has bought most of the tokens from his money following the signal group, some of the signals lead to buying scam tokens that have not been listed on the top exchange and he follows them until they experience high losses. So anyone new to crypto must be guided by experienced and trustworthy seniors, even though beginners must have fundamentals about investing to protect themselves from investing mistakes in shitcoins.

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Imo the biggest mistakes newbies can me in crypto is believing in everything or straightforward believing someone else opinion without checking different sources or options. Many believe that cryptocurrency is easy and any action they do is correct and in future will bring money. I've seen many times those "I know it better and there is no way I am gonna get scammed" kind of people in crypto.

Jawhead999

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The 4 mistakes you mentioned above aren't the top mistakes of newbies in crypto space. The biggest mistake of most newbies in crypto is bought a shitcoins (altcoins)! that's why they're often face many problem, if they only invest on Bitcoin, they wouldn't face many problem about technical thing.

Invest on shitcoins increase many risk, such as:
1. Rekt, LUNA and UST
2. Scammed by the CEO
3. Security breach and hacker can hack the smart contract
4. Frozen coin, even on your own non custodial wallet
5. Bought a fake coin and many more

If you invest on Bitcoin, you can skip the whole risk I mentioned above.

traderethereum

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Quote from: TelolettOm on September 24, 2022, 06:33:30 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

As long as newbies don't want to learn and enrich themselves with up-to-date and reliable information about crypto, they will easily fall into this mode. And unfortunately, this is not only happening to newbies but to people who have been in the crypto world for a long time but are too ambitious to get rich suddenly.

And it has happened to many people; unfortunately, they don't learn from previous experiences.
If they can get into the crypto world in time, they can get rich quickly, like a few years ago.
But sadly, few people can get in on time and most of them get into crypto during a bull run so many of them fall into the trap of buying at high prices.
We should avoid that as best we can so that we don't face any problems later and always do analysis before buying a particular coin.

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Quote from: DoublerHunter on September 24, 2022, 04:12:53 PM

Quote from: Raflesia on September 24, 2022, 03:00:43 PM

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.

This is one of the interests that learning from the beginning is important because there are indeed many who feel cheated by crypto even though this is one of their own who did not study it first and focused on the profits received so that indeed when they practice, especially trade, they will be surprised by expectations. those who turned out to be incompatible with the existing reality.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

As long as newbies don't want to learn and enrich themselves with up-to-date and reliable information about crypto, they will easily fall into this mode. And unfortunately, this is not only happening to newbies but to people who have been in the crypto world for a long time but are too ambitious to get rich suddenly.

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

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.

Many newbies only see form the successful traders or investors when they say that they become rich because of cyrpto. ANd newbies expect to be like them so much that is why they will do many things to realize. The worse thing is that they will do it even instantly and although the ways actually scam. That is why many newbies are trapped in becoming victims of scam projects because they expect too much instantly. But they don't see the long process by the successful traer or investors in crypto.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

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.

I totally disagree with your assumptions. Try to think more realistically and learn more. One thing, You can't really be sure long term holders are richer than traders, that's very subjective as short term investors may own more bitcoin than just long term holders. This only depends on your financial strength, so there is no certainty.

Long term investment is more profitable than trading, maybe I can justify this assumption. But going back to the old point, it just depends on who is doing it and how strong you are financially.

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Quote from: lixer on September 24, 2022, 03:59:54 PM

~

Considering their followers are worshipping them, I am not surprised that many of them fall for this. Remember when Elon Musk was really popular in crypto? Yeah, he was like a news in this forum a lot. Many investors went crazy and went all in to whatever coin he was mentioning into his tweets.
Just because someone rich and made a tweet of him investing into something makes his followers think that they are going to end up like him.

Following these rich dudes won't make you rich. Surely they have that dirty secret of being successful which is "by luck".

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

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Quote from: blockman on September 22, 2022, 02:38:08 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 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, 03:00:43 PM

Quote from: blockman on September 22, 2022, 02:38:08 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, 05:45:54 AM

Quote from: GreatArkansas on September 22, 2022, 07:31:35 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.

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Quote from: blockman on September 22, 2022, 02:38:08 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.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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, 08:34:01 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, 12:00:26 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, 12:00:26 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.

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Quote from: BeeIforai on September 23, 2022, 03:06:06 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, 02:38:08 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.

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Quote from: GreatArkansas on September 22, 2022, 07:31:35 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

3. unrealistic expectations
(....)

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.

BeeIforai

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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.

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Quote from: GreatArkansas on September 22, 2022, 07:31:35 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

3. unrealistic expectations
(....)

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 have the same thoughts, someone that has unrealistic expectations is setting himself up to failure, after all no matter how successful they are on their bitcoin investments they are always going to come up short if their expectations are out of place.

So it is important that before we make any kind of investment we have a realistic idea of how much money we can actually make, so when we get it we can recognize this fact and be grateful about the profits that we are getting instead of letting our greed take control of ourselves and then take a bad decision because of it

landheer

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yes, that's how it is for beginners in crypto, and bitcoin. and I have also experienced that, but all of them will surely learn from their respective experiences, and indeed it is their right, for any purpose. so I always have a positive view of those who are beginners, because later if for example they fail, of course they will also learn from that experience, and learning from experience is a good lesson.

GreatArkansas

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

3. unrealistic expectations
(....)

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.

Kemarit

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1,2,3 could be summarized as DYOR (Do your Own Research), for newbies this is really important. You just don't listen to Youtube influencer or someone you follow on Twitter or Insta and advise you to invest on certain coins because it's going to the moon. You really have to do a lot of leg work in crypto to be a millionaire. Others trade, take the risk, while majority of us who doesn't want to complicate things, invest, DCA and HODL as long as they can and then sell when they needed some funds for emergency and then keep on buying.

Dave1

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Maybe just 'invest what you can afford to lose' in the market?

I think everything boils down to this adage. If we know that the money that we invested in the first place is at big risk. So we don't put too much expectations on it. And the worst is that it can put a tool not just on your wallet, but on you mental healthy if you think you can get your money right away with huge profits in crypto.

n0ne

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Very basic mistakes by newbies

Falling for false promises without analysing.
Lack of patience to experience the growth.
Lack of understanding about the market.
Expecting overnight growth all the time.
Finds it a way to make easy Money.

TimeTeller

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Quote from: Wiwo on September 22, 2022, 05:58:03 PM

Quote from: Welsh on September 22, 2022, 05:31:29 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

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.

I do agree with your other point, that you need a certain amount of starting capital to make trading work, but ultimately to benefit from holding in the medium to long term, you'll also need a decent starting capital. Obviously, this entirely depends on your goals, and what return you're expecting on your investment in the first place.

In both cases it requires some good capital to survive and enter the market with a good position, let's say even if you are a long-term Bitcoin holder and do not enter the market with good capital even if you wait for a decade your return on investment will not exceed the amount of your capital no matter what Bitcoin price may be, same goes with trading the only thing is that trading have higher risk but can also give higher returns but holding have limited risk compared to trading but your profits will only come as a result of market uptrend condition when you hold.

In my opinion, if you don't want to get depressed comparing yourself to other holders.
Better take care of your own crypto holdings and look for ways how to take advantage of the market.
Just keep in mind that buy low, sell high. Hard to practice in real trading.
But it just means, sell above your buying price.If you do believe on this market, you will not sell at a loss.

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Newbie mostly easily courage to make an investment even though they don't have enough knowledge how does the crypto works and most of them just buy easily base on the opinion of other people which is they are tired to research and understand the coins roadmap and it is a red flag.

Best thing recommend to newbies acquires some knowledge first before investing and seek help without having a money involve and focus on knowledge and helping.

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Quote from: Welsh on September 22, 2022, 05:31:29 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

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.

I do agree with your other point, that you need a certain amount of starting capital to make trading work, but ultimately to benefit from holding in the medium to long term, you'll also need a decent starting capital. Obviously, this entirely depends on your goals, and what return you're expecting on your investment in the first place.

In both cases it requires some good capital to survive and enter the market with a good position, let's say even if you are a long-term Bitcoin holder and do not enter the market with good capital even if you wait for a decade your return on investment will not exceed the amount of your capital no matter what Bitcoin price may be, same goes with trading the only thing is that trading have higher risk but can also give higher returns but holding have limited risk compared to trading but your profits will only come as a result of market uptrend condition when you hold.

Finestream

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Quote from: blockman on September 22, 2022, 02:38:08 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

Trading could really result into huge profits but it won’t happen instantly, as it could mean a lot of losses at first before you can hit jackpot in trading. However, I understand those people who are bragging their profits from trading, it’s only their own techniques to attract newbies into trading. But if you are wise enough, you will never believe in quick easy profits as trading with huge profits will only be achieved through hardwork and patience all throughout the years.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

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.

This just isn't true. Especially when some traders might trade at the beginning to build enough of a portfolio up, and then start holding when they've got to a certain amount. Although, if you're a good trader you can make some serious money, and users have. Much more than I'll ever be able to get holding Bitcoin. Unless, you're talking about the very long term, but I don't think I'm going to be alive to even seen that.

I do agree with your other point, that you need a certain amount of starting capital to make trading work, but ultimately to benefit from holding in the medium to long term, you'll also need a decent starting capital. Obviously, this entirely depends on your goals, and what return you're expecting on your investment in the first place.

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3. unrealistic expectations

I should be saying this to be the most common which if we are still that a newbie then we do really have those kind of expectations and even thinking that we would really be making
ourselves rich in no time but once you do step your foot into this market then realizations do begins.Those hopes and expectations would vanish into thin air
because once you do experience the real thing then you would definitely be able to realize on whats the real deal.

As the time progresses then you would really eventually learn and deal up on whats the behavior of the market and realize that making money is never been easy in the first place.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

This term, many newbies are taped on these unrealistic expectations. Why? Because they want instant profits that make them rich quickly. And moreover, there are influencers who are influencing them through hype projects, promising them that the project is very promising and will be to the moon very soon. This is exactly a damn shit influencer. We have seen that numerous projects with that kind of promise will finally fall down and die because they will be actually failed after the pump. Many smart investors will directly sell their coins when the price is pumped, and the newbies will still keep the coins because they believe in the influencers. The result? Of course, they will lose their money due to the dead projects.

rendravolt

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I often see newbies who are excited when they find out about bitcoin or cryptocurrencies in various places, they even don't hesitate to brag to many people that they are the best in understanding crypto. But in reality they are just ordinary people who also often fail and expect high expectations in the crypto market.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

All the points mentioned makes sense, but I want to specifically throw my weight on this number 4 which I totally agree with.

Indeed, holders always win at the end, it doesn't matter how much a trader is making as profit everyday, I have practically experienced this, I was ones a committed and consistent day trader before the 2017 bull run, before the bull run started, I was able to buy as much as 0.08 bitcoin as a go and sell in the next minutes for profit, but then, when the bull started, I missed out because I wasn't holding any bitcoin and also, I could no longer afford my normal 0.08 bitcoin at a go anymore.

To add, I will advice you @op, next time you make a post in this board, make sure to focus on Bitcoin and bitcoin related matters only, else a post like this will end up being moved to off topic.

blockman

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Quote from: Cryptornd on September 22, 2022, 12:00:26 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.

xzy887

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5. Cheated by greed.
Beginners may not understand where and how to invest in Bitcoin at first. Scam fraudsters are then greedy for their profits, and that's when they unknowingly invest in scam sites and fall prey to fraudsters.

But they should remember that they are new here. First get good knowledge about bitcoin and then invest in bitcoin. And when you gain good knowledge about Bitcoin, don't fall for a scammer.

6. Patience
Newbies tend to lose their natural patience. They think they can get rich quick by investing in Bitcoin. And so they invest in Bitcoin but when the price of Bitcoin goes down they lose patience and they think that Bitcoin will never come back.

Just as it is important for beginners to acquire knowledge about Bitcoin, patience is very important when investing in Bitcoin.If you can hold on to investing in Bitcoin for the future, you can profit. Those who invested in Bitcoin in 2014 know 'anything is possible with patience'

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There are people who abuse the excitement of such people. Especially in social media, there are people who use inexperienced people to get their own invested coins. You shouldn't trust such people, folks.

Doan9269

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OP your advice sounds weird and can make one loose hope on investment, also you're more focused on crypto and here is bitcoin discussion that has to be precise with anything dealing with bitcoin while excluding other crypto, most of your advice are not strictly on bitcoin, moreso how can you say those making it in crypto are the founders, well i may admit that partially but that's not how things work with bitcoin here, if your center of focus is about crypto in general then altcoins discussion will be a better board for this.

Cryptornd

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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.

Topic: Top mistakes of newbies in crypto (Read 726 times)