5 errors when buying crypto currency

[Mahanton]

my error was not selling on top even though I have known that the prices would go down but waited and hodl in the wrong time period, must learn when to sell and control your emotions .

When you are aiming for long term then holding it up for long period of time will really be challenging and it will surely be a test of patience because you will see on how prices would move along the way.There are really times that temptations is strong when you do see price had pumped and selling out for profits is on your mind and there are times when you see dump you will sell to avoid further loses.These scenarios is very common and actions is really depending on your self control.

[goodGuyGreg]

Great article, very informative! have done some of those mistakes myself :/
Where were you when i just entered cryptos XD

[AlexZHankok]

Great article, very informative! have done some of those mistakes myself :/
Where were you when i just entered cryptos XD

I think when you just came into the crypto, you did not really think that you can make these mistakes. You simply invested and waited for profits, and when you suffered losses, then began to evaluate the market in more detail.

[AlexZHankok]

Guys, at your request, wrote a new topic about the basics of trading on the cryptomarkets https://bitcointalk.org/index.php?topic=3140089.msg32463692#msg32463692. Comments in new topic are welcome 

[Direwolve735]

1. Putting into the trade money that you can not afford to lose. For example, making deposits of all your savings at once or of credit.
2. Purchase of weakly capitalized, unstable crypto-currencies for most of the deposit.
3. Following excitement, emotions and unconfirmed information in decision-making. Develop in yourself a coolness and the ability to soberly analyze the situation.
4. Neglect of security issues. Always use two-factor account protection and a reliable computer with good antivirus to work on the exchange.
5. Lack of habit to follow the news and lack of attention to other important reasons for changing courses.

[BestSSS]

Excellent topic and the most important is very relevant! 95% of people act exactly as it is written in the first post. And only time and experience can make a trader from an ordinary person!

[hitrawal91]

There are many things which becomes Error while buying cryptocurrency if you do not take care of it personally.


1) Buy what goes up, and sell whats going down- Follow the Trend and don't bug the trend is the first trading mantra you should follow before buying the cryptocurrency.
2) Buy near the Support or Demand zone and sell near the Resistance or Supply Zone.
3) Plan your trades and Trade the plan is the third mantra which tells us that we should plan each and every trade with Discipline.
4) Follow the Strict Stop loss no matter how much big trader and capital you have for your support. Even a single loss can wipe you out of the game
    forever if you did not follow the strict stop loss.
5) Control Your Emotions of Fear and Greed and do proper analysis before you take the trade and don't change the trade until you make profit or loss.Changing or exiting from your trades in between shows that you lack confidence and you are highly emotional trader which is not a good sign.



All these 5 points are the major points to be noted by every trader before buying any cryptocurrency for trading or investing. Have a good luck.

[AlexZHankok]

Great additions. All the tips are relevant at the moment. In more detail I will try to describe them in a new topic.

[AlexZHankok]

I hope cryptocurrency market in a near future show dynamics grow and this picture will be only caricature.

[bering]

those things indeed were true but in my view buying on the top and sell to the bottom price i think these two mistakes were dominate most of traders because they thought positive trend hasn't stopped and buy at high price is still good idea although risky but people looks don't care and still buying

[AlexZHankok]

those things indeed were true but in my view buying on the top and sell to the bottom price i think these two mistakes were dominate most of traders because they thought positive trend hasn't stopped and buy at high price is still good idea although risky but people looks don't care and still buying

There is such a section as the analytics. People must be able to use it. Many experts predicted a correction, many said that it would be deep. Therefore it is absolutely not clear why people buy coins at the top of the chart.

[cryptolet]

Failling to find a good community to learn from, not holding private keys, lack of patience, sending to the wrong crypto-wallet in an exchange, fear of missing out.

[wooiuy]

Sir, the essence of finance is the definition of risk. It depends on everyone's thinking. Errors are inevitable. The price increase is also difficult to control. We need rational judgment and search for a lot of information.

[rebrik7]

Nice article, thanks for author for his time.
All these rules will be useful for beginners in cryptocurrency trading and not just for them.
Obvious rules, but much people neglect it.

[aardvark15]

I also think that a common error is not doing research when investing in a cryptocurrency. I believe it is important to get information about the development team, the purpose for the project or the need it satisfies, and the plan for rolling it out to real use cases. All these things need to be clear before putting your money into this kind of high risk investment.

[Jombrangs]

There is no any erros in buying cryptocurrency because all coins are in the compliance of the law and gives a great income which helps them to because successful and financially stable.

[boy130]

Another big mistake is believing the hype. There's a lot of ICOs that have generated significant hype, simply because they paid for it. It is quite easy to buy advertising, buy reviews, buy telegram users, by opinions, buy advisors, but anything! Just because something appears to be hyped on the surface, doesn't necessarily mean it's the next big thing. There's a few trading exchanges that fall under this category, they claim trading will be better, with higher volume etc, and then they half-ass their launch and only trade coins nobody cares about.

[IrinaKaizer]

Very good and useful tips, who has not yet got into such a situation-I strongly recommend to read again and get to the bottom of it.
Very often, unfortunately, it turns out so that we are given very sensible recommendations, but we do not adhere to them and try to do it on our own, and only then - having lost money we understand that we were wrong.
This is a market, and here probably most people go through it. Until you feel

[dadanpradana]

send a token to Exchange that requires a minimum deposit, because if the force does not enter token drink then your token will depend on the middle of the road.

RAcoin I send it to IDCM Exchange, IDCM has 5000 RAcoin rules for deposit, I force 1750 on send and the results of my coin is not in IDCM and not in my wallet before it.  VERY  SAD !

[karim30]

Thank you for the article. It's really helpful. When investing in cryptocurrency I often make mistakes FOMO psychology or impatient to buy a coin for the best price.