Mistakes That Make You Poor Poor In Cryptocurrency

[calya]

Those are things that are good to now when you enter crypto society. I'd just added to this learning more and more about crypto because people make huge mistakes if they aren't educated enough in it.

we could take lesson from other people's experience.doing better and improve our knowledge and skills in cryptocurrency market could make us be rich people.

[zero9119]

Lack of knowledge and greed is the main reason many people fail in the cryptocurrency market. I think investors should have a long-term perspective on this market instead of seeing it as a speculative opportunity to make a profit.

[muddy waters]

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:

4. Buy Coin With Rumors

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

Couldn't quite understand this very mistake. Did you mean buying weak coins that are not supported by good team and product? Then yes, this also can be called "lack of analysis before investing". I know many people who bought coins in their dip hoping to sell them during pump, but they are still unable to do that.

[sinkfish]

normal investment, centralise financial institution - you got trust, protection and safe. but everything is regulated, under control.

cryptocurrency - you got freedom to invest, spend or trade. but come with price of no protection. all risk on your own.

[yusupjatigumilar]

after I read some of the poor causes in crypto currency, it was caused by our own mistakes and lack of knowledge about crypto currencies, preferably before we plunge into the world of crypto currency, understand first the risks that might arise and how to handle them.

[chokomenia]

I think another mistake panic and investing all your money into cryptos, investing money that when you lose it will affect you, will always make you to panic, when you panic, you are likely going to take a wrong decision out of panic, so always invest what you are willing to lose and stop panic and believe in your decision.

[arin_muah]

after I read some of the poor causes in crypto currency, it was caused by our own mistakes and lack of knowledge about crypto currencies, preferably before we plunge into the world of crypto currency, understand first the risks that might arise and how to handle them.

understanding the risk and skill to manage risk is important think for us before decided to make some investing in cryptocurrency.if we have this skill this accident would not happen to us.

[Renaldi blackspadeteam]

yes you are right, there are no guarantees from banks and institutions of losses in investing in Cryptocurrency, the advice you say is also useful,  the Cryptocurrency business has advantages and disadvantages, but for me the most important thing is not doing reckless actions

[atliens99]

The main reason is the unreasonable expectation from the cryptocurrencies.
People think that they are going to get the same returns as many got 1-2 years back. But they fail to understand that at these prices, such returns are near to impossible. In those unreasonable expectations they keep on holding and invest in shit coins in expectation of another BTC like return.

There will still be coins that go and do 100x or higher.  The problem is finding them because there are so many to choose from.  you have to study a lot of low marketcap coins to find the right ones.

[reality18]

Impatience is one of the trending factors that lead to losses in crypto. Due to impatience, many crypto investors sell their valuable coins at cheap prices and regret later when the market rises. It is always good to stay calm and wait patiently especially when the market goes down.

[Pattart]

One more mistake that is really easy to see is that people buy cryptocurrency follow trend, without any knowledge about it. i think whenever you invest in something, you must understand it and know about it

absolutely right, Fomo (fear of missing out) and FUD (fear, uncertainty, doubt) are poision in this game. INvest and wait it out. And liek you said, research is very important or else you can lose a lot of money which is no fun.

The market and investors are very sensitive to issues, speculation, news, fud, trends and so on, many of them are affected by it and
they swallow the raw news without any knowledge and analysis before making a choice and that makes them trapped and loses

[Helpme_please]

One more mistake that is really easy to see is that people buy cryptocurrency follow trend, without any knowledge about it. i think whenever you invest in something, you must understand it and know about it

absolutely right, Fomo (fear of missing out) and FUD (fear, uncertainty, doubt) are poision in this game. INvest and wait it out. And liek you said, research is very important or else you can lose a lot of money which is no fun.

The market and investors are very sensitive to issues, speculation, news, fud, trends and so on, many of them are affected by it and
they swallow the raw news without any knowledge and analysis before making a choice and that makes them trapped and loses

this factor that always make investor being panic and sell their asset.they make big mistake while take news without any filtering and separate which fakes news and which is right news.

[aeternus]

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.

i subscribe to your thoughts, another thing to look out for is to avoid sharing ideas with people outside the crypto space, who do share your view s and believe in cryptocurrency, they have a way to influence you negatively thereby rendering you indecisive.

This is important, many people do not even think about the psychology needed to become a successful investor or trader and most of the people that become successful in this market do so because they are completely convinced that the market of cryptocurrencies is going to change the world, but at the moment most people do not think like that so if you share your ideas with them it's likely that they may convince you that you are mistaken and that could shake your confidence and your ability to make money.

[krishnaverma]

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.

The last point should be first in my opinion.

Most of the people are loosing money only because they are not able to recognize good coins and invest in coins that show tempting offers but have no real life usage or value. As a result, the investors have to face loss on such investments.

[Dadaro]

the simple solution to phishing scam is to bookmark the page to avoid typo error when searching for that site that will led to the fake site.
one more mistake is trading without basic knowledge about it.

[Sama517]

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.

This mistakes to me are not straight forward. For instance, how does electricity billing actually make you poor in crypto? You don't bill yourself. Besides, if you are not a full time miner, electricity is not an issue to you. Your phone or laptop even consumes less power than your TV and home theatre.

[KorakPawon]

Well, beside those factors, I think being impatient is the basic of mistakes above all. Why? For example, feeling plays its role, you won't buy coin because of the rumor if you keep patient to wait and learn, enrich yourself with knowledge about what, how and why you make mistake, take the lesson and be brave to take another step with its risks.

[Harositypi]

Thanks for this thread, I'm struggling right now as I have lost a lot of what I did invest by this recent dump and am confused on what to do. But I guess I just have to wait for another bullrun.

[Agniya]

I made a mistake when I believed in the predictions. Now market forecasts do not work at all. No one knows anything.

[ongkok87]

I made a mistake when I believed in the predictions. Now market forecasts do not work at all. No one knows anything.

not poor but with mistakes we can correct mistakes so that in the future it can work well, because with no errors or failures there is no success if I think