Mistakes That Make You Poor Poor In Cryptocurrency

[Fappanu]

Mistakes and lack of knowledge about crypto will lead us to even greater losses. It's just like a business when you don't know how to grow it and you don't know what business you are going to stand in that you are likely to lose because you don't know enough about it.

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[gabmen]

This happened at the beginning I was actively involved with Crypto, I had a tendency to be self-taught and I didn't care about feedback from other people, several websites that I clicked on and eventually caused phishing, I experienced significant losses and I was inactive for several years. This was a very big mistake and now I try to learn from other people as much as possible. But this time I came back with a different attitude, I got more input from others and maintained behaviour for non-blunders identical to selfishness.

Well at least you learned from it. Most common mistakes are related to instinctive and emotional judgement. Urges to make quick money just because they've read or heard about other people's gains and success. I think  lot of us have gone through that stage as i've been a victim of hyips when i was starting as well.

[heidikim]

Computer security is very important. Do not enter your passwords on different computers. You can empty your wallet with Bitcoin keys. You can store the spare key by pressing on a physical sheet. These are reasonable security measures.

[death69]

I think that HODL without thinking straight is the biggest mistake I've ever made. When Bitcoin was around 15000-20000, it provided a great chance for people to take profit and exchange their bitcoin for real cash. I was too dumb to realize that bitcoin can drop at any time. And when bitcoin was dumbed to $3000, I lost everything I had. I swear to myself that I will never ever make the same mistake like that. Well, I think I've learnt a great lesson from this

[Karmakid]

I think that HODL without thinking straight is the biggest mistake I've ever made. When Bitcoin was around 15000-20000, it provided a great chance for people to take profit and exchange their bitcoin for real cash. I was too dumb to realize that bitcoin can drop at any time. And when bitcoin was dumbed to $3000, I lost everything I had. I swear to myself that I will never ever make the same mistake like that. Well, I think I've learnt a great lesson from this

You should not let other people to brainwashed you to hold forever. I done the same thing from the past and I am now more aware of the take profit target and stop losses than ever before. I used to think that the price will continue to rise over the time and luckily, I still sold some of my holdings for a decent profit. Before you buy anything, you should have a plan on when you are going to sell it.

[SaShiRaJaVu]

Exactly, trading without strategy and clear goal often leads to losses. Unfortunately, many people still see trading as a gambling so they count on pure luck instead of knowledge, experience.and strategy. Or they often listen to predictions of so called Bitcoin experts, especialy on social media thinking they can make fortune over night and at the end they lose instead of making profit.

If you are not having an idea on what you are doing with your investment now then it is better not to invest, when the market started there were a lot of people in the market who does not have any experience with traditional trading as everyone who came to market were majority techies and they necessarily does not have any experience with trading but if you are confused right now then you should make an effort to learn before investing.

[TheCoinGrabber]

If you are not having an idea on what you are doing with your investment now then it is better not to invest, when the market started there were a lot of people in the market who does not have any experience with traditional trading as everyone who came to market were majority techies and they necessarily does not have any experience with trading but if you are confused right now then you should make an effort to learn before investing.

It's possible to get lucky in investments without knowing much but that's very rare. Even those that are knowledgeable and have a plan can fail, just imagine if you just dive in not knowing much.

Personally, I just play safe and only do fiat/btc pair. I find it easier to track and, at least I believe, easier to predict.

[@prashant]

I think the major mistake new trader do is they look for shortcut to increase their fund which leads them to be victim of scammers. As for experience crypto holder i think they loose in trading area as they sometime loose patience.

[onrise]

The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.

You follow the crowd as you need to just do opposite and sell when other are buying and buy when others are selling . Never buy at high and never sell at low . This would help you to make money in short and also in long term as well .

[Wexlike]

I think the major mistake new trader do is they look for shortcut to increase their fund which leads them to be victim of scammers. As for experience crypto holder i think they loose in trading area as they sometime loose patience.

Patience is a virtue. Try to think of a direction the market is going and trade accordingly even if the market turns bloody on you. The shortcuts for many were the countless shit ICOs and new coins without any legitimacy. Just holding and trading(with a small portion of your net wealth) Bitcoin is enough to retire in the next 2 years.

So hodl strong guys.

[allthingsluxury]

Panicking and selling into the fear, when you should be dollar cost averaging in, taking advantage of the low prices. A steady accumulation and tuning out the noise is the best recipe for success in this space.

[johnwest]

The only mistake I had done in crypto world is that I trusted a guy and tried to trade without having an escrow. Obviously, I lost my ETH and the guy vanished as soon as I sent him. It was not a big amount and I was still a noob in crypto that time. Another mistake was to sell my BTC when I used to earn more and the price was less. I dont think anyone will do these mistakes now and even earning btc is hard.

[clickerz]

The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.

It happened to me too but the mistake I cannot forget when in bull run n 2017 and  I did not sell my coins. Months and years pass and still, I am Holding some until now. It is a great lesson I can't forget, an expensive one.  

[tambok]

The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.

It happened to me too but the mistake I cannot forget when in bull run n 2017 and  I did not sell my coins. Months and years pass and still, I am Holding some until now. It is a great lesson I can't forget, an expensive one.  

I think that we are all in same boat at that time, thinking we can still go beyond $20k for the year 2018 as the hype was really too much, but what happened was different.

Another thing was that I invested in a project, thinking I bought at dip, because the ICO price was too expensive, I bought it at cheap price thinking that the value of it can be worth more than $1 at end of the year as promised by the CEO but 1 month before end of the year, the CEO vanished.

[veleten]

the most common mistake is buying shitcoins that are hyped through media but have no value behind them
if you invest in something, make sure it is a solid project , not some "new bitcoin"  that is not going to live another decade , most likely
and for sure you have to be aware of hackers and scammers , if don't take care of security it doesn't matter how smart or a good trader you are
you will end up with a zero , do not take it lightly and better spend time reading how to safely store and transfer your coins
another thing is listening to the analysts , predictors , visionaries and such , always use your own brain
remember that they have an agenda and in case of a failure it is not going to be them , but you who suffer monetary losses

[judaspriest]

The only mistake I had done in crypto world is that I trusted a guy and tried to trade without having an escrow. Obviously, I lost my ETH and the guy vanished as soon as I sent him. It was not a big amount and I was still a noob in crypto that time. Another mistake was to sell my BTC when I used to earn more and the price was less. I dont think anyone will do these mistakes now and even earning btc is hard.

it's a pity you lost your ETH, I'm sorry to hear that, but from that mistake I'm sure you will be more careful in transactions, I myself have also experienced it

[Triffin]

The only mistake I had done in crypto world is that I trusted a guy and tried to trade without having an escrow. Obviously, I lost my ETH and the guy vanished as soon as I sent him. It was not a big amount and I was still a noob in crypto that time. Another mistake was to sell my BTC when I used to earn more and the price was less. I dont think anyone will do these mistakes now and even earning btc is hard.

it's a pity you lost your ETH, I'm sorry to hear that, but from that mistake I'm sure you will be more careful in transactions, I myself have also experienced it

Yeah you are right when a person or a trader are doing any mistake then they gain very good experience in his life and you are right when they do any mistake after that they will be very careful in the next transaction and I think when a person face any lose he needs to not be more worried about his loss because loss is a part of life and just we need to be more careful.

[TitanGEL]

the most common mistake is buying shitcoins that are hyped through media but have no value behind them
if you invest in something, make sure it is a solid project , not some "new bitcoin"  that is not going to live another decade , most likely
and for sure you have to be aware of hackers and scammers , if don't take care of security it doesn't matter how smart or a good trader you are
you will end up with a zero , do not take it lightly and better spend time reading how to safely store and transfer your coins
another thing is listening to the analysts , predictors , visionaries and such , always use your own brain
remember that they have an agenda and in case of a failure it is not going to be them , but you who suffer monetary losses

That's the problem with newbies, they have wrong mindset. They thought that they will get opportunities if they will buy low marketcap coins but the thing is it is wrong and they will get danger and not opportunities. The risks are too high and it is the biggest mistake that they will commit. We should also focus on our self analysis and not the analysis of the others because there are many fake information all over the internet.

[SNRHoldings]

Losing 980,000 Bitcoins.
https://youtu.be/w9BZ9EuS1Rs

[chip1994]

actually hackers only look for wallets that have a lot of money to hacked, and they don't care about small wallets like us. To protect your assets, the first thing to do is not to contact with any strangers on telegram, because 90% of all are scams and they want to usurp your assets with many games. Besides, the thing to not lose money in this crypto market is not to follow the big fomo wave. "go ahead" rules are always followed. This means that you can only be a trend maker or you will not join that fomo trend after a while, because it is very risky and you may encounter fraud. especially Lending projects, stay away from it.