5 Big mistakes for a beginner in cryptocurrencies ✌

[hoavantathan]

1. Buy Ledger Nano S or some wallet like that to save your coins. They are safe because they're out from internet.
2. Learn enough before investing. Many lessons are out there.
3. Have a strategy.
4. Have a partner. Good partner is someone who can argue with you.
5. Stay away from margin.
6. Stay away from loan project.

[Yusuf77]

The big mistake I made was a FOMO disaster.  I fomo'd during the big rise and bought in at the highs as i was afraid of missing the big moves.  A big lesson to learn as I have lost about 80-90% of my funds. 

people make mistakes that are natural because we are human, make your mistakes as a lesson so that they don't happen again and make you lose big. as a beginner it would be nice to slowly learn and understand everything in the crypto world so that when there is something we are not confused and panicked like you.

[1NV3ST0NM3]

I hope everyone is good. Today, I will present you top 5 mistakes which are usually do a beginner. I understand these topics from Youtube and like to share it with you. So that no one else will make such a mistake in future.

So let's start♥

1/ 😟 Wrong Investment Strategies 😟

👉 People invest into cryptocurrencies by borrowing money from relatives and panic sell whenever price falls to cut their losses.

👉 People invest big at a very early stage without getting a better understanding of the market.

👉 Invest on shitty coins.

2/ 😟 Improper knowledge 😟

👉 The most common mistake that people do is that they get involved into the crypto currency by a MLM trader.

👉 They invest big without knowing exactly how crypto currency works.

👉 People who get into crypto often don't do proper research before investigating into an Coin or into an ICO.They don't read the "White Paper" of the coin.They don't research about the technology and the team.

👉 People also don't keep them upto date by the latest news and because of this they often miss out the profit opportunities as well as incu huge loses.

3/ 😟 No understanding of price fluctuation 😟

👉 I have seen people getting into cryptocurrencies when it's on a rise and every coin in the market on bull run.

👉 People don't have a holding power.

👉 Fails to understand that crypto currency price also has a tendency to fall.

4/ 😟 Day trading and FUDS 😟

👉 Another common mistakes beginnings do is that they get effected by the FUD's very easily and quickly and therefore sell their coins.

👉 Another mistake what people do is that they join pump and dump groups on Facebook and whatsapp and other social media sites and follow them blindly without DYOR.

👉 Start "Day Trading" which can be very risky if you are a beginner.

5/ 😟 Security risk 😟

👉 Keep all of their long-term #HOLD coins on different exchanges instead if keeping them into digital wallets.

👉 This often pose a serious threat of losing their coin hacking or malfunctioning.

👉 Don't activate 2FA security.

👉 Instead of writing down the key phrases and passwords on a piece of paper they memorize it and often forget their passwords.

Thank you very much everyone 😉

Yes I too agree with you. I would like to add one more mistake which I think is very important. Many investors look at the price of the currency while investing in it. For example, I should buy ABC cryptocurrency because it is cheaper than XYZ cryptocurrency. But one should always look at the market capitalization of the coin instead of the price.

[bezygly]

Thanks for the article, it's a pity that often no one listens to someone else's opinion and to such advice, and they think that they are the smartest. But the market will have everyone!)

[Garmon444ik]

👉 Instead of writing down the key phrases and passwords on a piece of paper they memorize it and often forget their passwords.

Thank you very much everyone 😉

And I maked this mistake also, im downloaded my private key on different little-known exchanges and now I'm afraid that tokens will ever be stolen((

[beonline]

The biggest mistake is to believe that you are right and the market is wrong:) this one I think is the biggest disease of all newcomers.

[Garmon444ik]

The biggest mistake is to believe that you are right and the market is wrong:) this one I think is the biggest disease of all newcomers.

I support your opinion, self-confidence is the biggest mistake in the crypto industry, and not only there.

[SirLancelot]

According to me, the five most common mistakes among the beginners in crypto market are:
1.   Investing more than what they cannot afford to lose.
2.   Not diversifying the investments.
3.   Just gambling in the market and speculating, as they enter the market without any knowledge.
4.   Panic selling when the market falls.
5.   Not researching the project carefully before investing in it.

Fair enough, I respect your 5 views on the most common mistakes people do but I would also add to the list to try and think for themselves and not be just strict followers.

That is right. These are not the only mistakes that can be made. One must be conscious of the market and the challenges that can spring up in the path of business. The basic of which is the inability to invest in the right coin that results in chaos in the future and does not give you good money in return. This can be guided by researching about the top coins and deciding which fits the best in your interest.

[eaglewhite80]

The biggest mistake is to believe that you are right and the market is wrong:) this one I think is the biggest disease of all newcomers.

I support your opinion, self-confidence is the biggest mistake in the crypto industry, and not only there.

Self confidence is just an attribute that falls in when you know eat you are doing. In one word, self confidence is the result of great knowledge on something.  So, if the knowledge is not there, you will always take decisions with emotions when it comes to the market.
See it like; you going to perform a surgical operation without any medical knowledge and a specialization in surgical operations. That makes you a quack and you can find that in the trading zone as well for those who refuses to learn.

[rapsa2018]

The biggest mistake is to believe that you are right and the market is wrong:) this one I think is the biggest disease of all newcomers.

I support your opinion, self-confidence is the biggest mistake in the crypto industry, and not only there.

It is also a good help to start trading because it is also a great topic to help people who are beginning to cryptocurrency.Because I always have no idea when I start cryptocurrency but I still have a lot to read about today.

[Crypto Girl]

I guess this could help. But I was once a newbie and I knew about these, but I still made some mistakes. I think these mistakes are bound to happen to newbies. And experiencing the consequences of these mistakes makes them a wiser crypto user.

Apparently having mistakes isn't just for newbies but to everyone as mistakes is inevitable and of course no one's perfect. But what newbie had always mistaken is they're already blown away by the thought that cryptos will give them a quick and easy profit which isn't at the first place. So with that kind of thought they've become vulnerable.

Furthermore, if they already realize this they'll be waken and straighten up otherwise grow as they go along here. It's hard reaching your goal if you're sleeping.

[lunaelucemauram]

The 5 points is very much accurate specially in the second point which is the lack of knowledge that is why when I am speaking about cryptocurrencies in the people who are interested in it I say to them that they need to study the market first and learn about its basics and the price fluctuations and how to invest properly.

[SolomonSollarsNSense]

One more thing is FOMO when the price bull run and panic sell when the price on the bottom. FOMO is natural emotion and all newbies did it and finally they loss money, but learn from the pass  we can avoid FOMO and make better investment strategy.

FOMO is normal for someone who simply does not know much about how to really be trading the market and all they are always busy looking for is a moving train or a crashing plane.
This is the reason so many new traders always end up losing a lot of money just because they could not get all the knowledge they need on their own to be able to do it right and anyone who skips that part will never get anything good from trading except for them to lose all their funds in the process.

[taxmanmt5]

One more thing is FOMO when the price bull run and panic sell when the price on the bottom. FOMO is natural emotion and all newbies did it and finally they loss money, but learn from the pass  we can avoid FOMO and make better investment strategy.

FOMO is normal for someone who simply does not know much about how to really be trading the market and all they are always busy looking for is a moving train or a crashing plane.
This is the reason so many new traders always end up losing a lot of money just because they could not get all the knowledge they need on their own to be able to do it right and anyone who skips that part will never get anything good from trading except for them to lose all their funds in the process.

Always active and look the price chart. Also I am not sure about day trade. Since i myself do day trading and earning some profit. I know the profit isn't big but it is better than nothing.

[joromz1226]

Once greediness comes up in the mind of a traders for sure there are many mistakes He/She going to make where in the end they will loss a big

amount of money. Then, lack of knowledge of reading the graph like candle stick between Buyer and seller, and could also one of the

reason of doing mistakes by the others.

[DarkBullet]

This really is a nice thread, clean, presentable, easy to understand and I learned a lot for sure. Even if I am doing my business with cryptocurrency for over a year now, I still keep doing the same mistakes and what you said in this thread helps me build a new strategy on how to counter attack these common mistakes and turn it to a positive result. I better save this on the thread I created when I have time and I am really sure that those person who will read this will open their eyes and minds with their own mistakes in cryptocurrency.

[Siren]

This is one good thread mate and we are all thankful about your concerns ,all i can see in this topic is a mature account that has been in this forum for long time and observed the market and the people inside .

This really is a nice thread, clean, presentable, easy to understand and I learned a lot for sure. Even if I am doing my business with cryptocurrency for over a year now, I still keep doing the same mistakes and what you said in this thread helps me build a new strategy on how to counter attack these common mistakes and turn it to a positive result. I better save this on the thread I created when I have time and I am really sure that those person who will read this will open their eyes and minds with their own mistakes in cryptocurrency.

We have the same vision and understanding in what OPs meaning and that is to open our mind and let u realize all the mistakes we have and may have today and in future .

[gilangIDR]

Once greediness comes up in the mind of a traders for sure there are many mistakes He/She going to make where in the end they will loss a big

amount of money. Then, lack of knowledge of reading the graph like candle stick between Buyer and seller, and could also one of the

reason of doing mistakes by the others.

Greed is indeed one of the main factors when a Trader fails, this is because many Traders do not think wisely and only have money in their minds. Even though a Trader should think more wisely and calmly, they do this to be able to do a good analysis. Greed will only disturb the emotional control possessed by a Trader. So do not ever have that bad nature because it will only close the future that we will achieve.

[okala]

That you for sharing your view with us as a trader and most of this five mistakes are things that newbies commonize.  In trading you have to learn from your mistakes in other to increase in your intelligence and make more inform investments decision.  I have seeing that learn from the mistake is one of the way the professional become successful in  trading.

[richminded]

That you for sharing your view with us as a trader and most of this five mistakes are things that newbies commonize.  In trading you have to learn from your mistakes in other to increase in your intelligence and make more inform investments decision.  I have seeing that learn from the mistake is one of the way the professional become successful in  trading.

Great list, this is the thing that beginner should learn. This market is not easy, and if those newbies takes easy steps to earn money for sure they will lose it later on. Yes we learn from our mistakes but you should not depend on you, its better to prevent it than to suffer later on. Cryptomarket should  take seriously because there is money involve and don't put too much risk on yourself without studying this market.