Mistakes That Make You Poor Poor In Cryptocurrency

[Wipeout2097]

Learning factor is also matter,If you stop learning new skills and ignore to adopt latest technology will also take you down. Diversification will help t recover funds if lost in trade or any platform.

Cruyptocurrency is a medium where can you survive if have patience and upgrade the skills,Learn to control the emotions and must diversify the investment,never put all amount in one place.

[Captain Corporate]

 The biggest mistake I have ever done was to get out early, I had a lot of bitcoins back in the day, I even made a lot of bitcoins on top of the ones I had, but at the time it looked like price was really high compared to what it used to be (around 2-3 thousand levels but when it went up there and not when it went down there) and I just sold them and used them, whatever I have now really doesn't worth all that much, I like the fact that I am still involved and still have a bit but none of them really worths anything anymore, hopefully one day I can save up enough to have a passive income from stuff like staking or masternode or any other way so that I could get more profits without really having to work too much for it

[EdvinZ]

Buying junk alternative cryptocurrencies at price peaks and storing all assets on dubious, not time-tested, and unlicensed centralized exchanges can lead to loss of funds. The ideal solution is to store cryptocurrencies in your own wallets and trade on decentralized exchanges. But these exchanges can't provide the functionality and liquidity that centralized exchanges provide.

[Webetcoins]

Yes there are a lot of common mistakes that traders usually do that make them lose their money. One should keep in mind few basic things before entering into this market. The very first thing is the basic and prior knowledge of what cryptocurrency is and how it works, secondly If you have not set a strong password that would lead you to trouble, thirdly if you have not check whether the news is authentic or not before buying the coins, lastly, not setting a backup key for yourself.

[Clairvoyance]

Most common mistakes that will make your decision making poor and result to loss are the following:

1. Greed
If you already secured a good gain or a substantial profit, then better call it a day and rest. The notion that "I can make more by risking it" is partially true since knowing the risks in trading but always remember that having calculated and well studied chart will result to a gain rather than a loss. Don't be greedy to have it all in one go, set a daily amount profit and maintain in daily, weekly, monthly and yearly.


2. Information Overload
Having information doesn't necessarily mean you can apply it instantly. A shallow information about trades will definitely leave you in the red zone. Read, apply and make mistakes as you progress for in that practice you learn the ins and outs of trading. Knowledge is key but moreover a well practiced routine generates wisdom. Study and practice. 

[pikkie]

There's a common mistake that makes you lose profit just like investing without information on it. There are tonnes of ICO projects rising nowadays so common form of investor mistake is they easily jump into that project without guarantee. Greediness also leads you to lose money. Carelessness also leads to trouble such as hacking your accounts or easily scamming yourself.

it can be one of the most fatal mistakes but you also have to know when you trade cryptocurrency and you can't control your patience it can also be a mistake that will make you lose because when you are impatient and easily affected by bad news that can make cryptocurrency prices falling can also make you lose.

[hahay]

There's a common mistake that makes you lose profit just like investing without information on it. There are tonnes of ICO projects rising nowadays so common form of investor mistake is they easily jump into that project without guarantee. Greediness also leads you to lose money. Carelessness also leads to trouble such as hacking your accounts or easily scamming yourself.

it can be one of the most fatal mistakes but you also have to know when you trade cryptocurrency and you can't control your patience it can also be a mistake that will make you lose because when you are impatient and easily affected by bad news that can make cryptocurrency prices falling can also make you lose.

We must realize all the risks here, because here when we are losing, no one will help you other than yourself and we should do it with careful consideration before we invest or anything that basically risks will always be in this industry. No one expects bad things to happen, but when we make investments based only on rumors it is an initial carelessness that makes our greed unmanageable.

[rekinthis]

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.

[julius caesar]

The common mistake of people in cryptocurrency is their attitude of being impatient. They cannot wait for a perfect moment to sell their coin that is why they do not have any income or worst they lost most of their money. Also, GREED is the most dangerous thing that you should avoid because it might lead you to failure since you are not contented on what you are earning right now.

[takingthis4]

Besides the mistakes you mentioned, there are some other mistakes that we often make in cryptocurrency that make us weak. First, there's no potential to buy some of the coins as they literally have no real usecase. Moreover, purchasing at a high price and selling at low which makes use rake in massive losses. Also, by listening to false news about a coin or by seeing a small drop in the price, people also start selling coins that make them lose and contribute to the overall drop in that coin's price

[n0ne]

Turning poor out of cryptocurrency won't happen that easy. This happens when one doesn't have basic learning about cryptocurrencies and does not learn anything out of the mistakes causing loss. We can't get assured profit on trades, it is a win/fail scenario doesn't matter. The success or the credit on every trade is the learning

[zeingrind777]

Also, by listening to false news about a coin or by seeing a small drop in the price, people also start selling coins that make them lose and contribute to the overall drop in that coin's price

I have also suffered losses due to false news. When BTC hard fork occurs, many news and rumours say that BTC holders will lose some amount of BTC held. so I decided to sell all the BTC I had. and in my opinion, it happened not only to me. and from there I also got an important lesson that doesn't always listen to any rumours.

[shoreno]

mistakes  ? no, dont need other mistakes but only one mistake can always lead to poorness when it comes to crypto business  .

 picture out a trader that made a wrong move while selling his coins , instead he sell at a dump because he was too scared  .  imagine  if he invest almost his life savings and once he mistakenly sell at a wrong time , he becomes poor for sure    .  

[ontrackk]

Before entering this business, believing that it is an easy access to be lucky not to do their own work, and expecting or relying solely on someone who is much older than them to enter the market should be taking into account and checking the things that needed to be learned. Because of lack of knowledge before investing, I burned my fingers with my investment. I also purchased coin on rumors and hype, which turns out to be a fake hype.

[Hilsgort_T]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

Equally important is the use of proven reliable crypto services. Most well-known services have a good reputation. But sometimes you can find such wallets or exchanges that it is better not to use if you don't want to lose your money.

[criza]

Because of lack of knowledge before investing, I burned my fingers with my investment.

Knowledge is the key here in the crypto world. Before investing or tradin, taking risk requires a lot of effort to make a good choice, also with enought experience and diligence to earn profit from you investment. Learning anything about crypto currency even if a small concept about it would help you to value your choices and make your every move less risky.

[zeingrind777]

Equally important is the use of proven reliable crypto services. Most well-known services have a good reputation. But sometimes you can find such wallets or exchanges that it is better not to use if you don't want to lose your money.

You're right, fake crypto wallets have been circulating a lot, especially in the android play store. Many have fallen victim to scam wallets and lost a lot of money. We should be careful in choosing a wallet for our money security.

[crisanto01]

Because of lack of knowledge before investing, I burned my fingers with my investment.

Knowledge is the key here in the crypto world. Before investing or tradin, taking risk requires a lot of effort to make a good choice, also with enought experience and diligence to earn profit from you investment. Learning anything about crypto currency even if a small concept about it would help you to value your choices and make your every move less risky.

We are already in the world wherein we do have in the internet, so there's no excuse and no reason for us to do mistakes as we can always stay safe by doing a research in the project we want to invest at. Becoming poor are those who are lazy persons, who doesn't want change in their life, for those who are already contented.

[desticy]

Equally important is the use of proven reliable crypto services. Most well-known services have a good reputation. But sometimes you can find such wallets or exchanges that it is better not to use if you don't want to lose your money.

You're right, fake crypto wallets have been circulating a lot, especially in the android play store. Many have fallen victim to scam wallets and lost a lot of money. We should be careful in choosing a wallet for our money security.

It is rather strange that the play market so easily misses fake and scam applications, but it is even more strange that such a huge number of people continues to fall into the same trick of scammers.
After all, it is obvious that any application can steal your funds, even the most trusted. What is the point of trusting little-known and new wallets?

[ScamViruS]

Most of the time people lose their money at altcoin. Most altcoin in this crypto market has virtually no use. These coins are made for pump dump and take people's hard earned money. Those who are just holding bitcoin are still winning. And they didn't lose money. When you combine the charts of Bitcoin and altcoin, you will understand what altcoin is intended for. So it goes without saying that altcoin has made people poor.