5 Big mistakes for a beginner in cryptocurrencies ✌

[CodyAlfaridzi]

All of those five mistakes come from greed. All these people reading about get rich quick from Bitcoin and jumped right in without searching for proper knowledge. People should realize that Bitcoin and cryptocurrency isn't a get rich quick scheme. If people want to get rich then invest in yourself, gain knowledge and skill, make a healthy financial plan.

Investing into Bitcoin and crypto hoping to get rich is just the same as dice gambling.

[Albert211994]

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.

[Saimabutterfly]

I think improper knowledge and panic selling is the worst thing being a noob in crypto currencies.

[Question123]

Doing a mistake if you are beginner in cryptocurrency or trading is normal if you are beginner but if you are trader like few months ago and years. Doing a mistake is not a nomal but sometimes we can make mistake but not all the time because your knowledge is enough.

[robertsu]

This are real problems faces by a beginner in the industry and it only takes experience or good mentorship for a beginner not to fall into such mistake. This article was helpful and I also learned new things with it

In my own opinion, the biggest problem in this industry are the new traders in the market who tends to invest a huge amount just because of the hype in the market.

It depends on how you look at it. Market is seriously growing and gaining popularity at the moment when to beginner come to market. Professionals can to use of the resulting fluctuations.

[reynald70]

You missed the most important part which is Pump and Dump. Most of the beginner traders want to get rich quick.
This is the first mistake they do thinking that Crypto is a get rich quick scheme. They indulge with a few pump and dump people/groups and then invest their money blindly into some coins which they don't even know or have read their project. The newbies face big losses when the coins price gets dumped instantly. Beginners should avoid pump and dumps as they most of the time results in losses.

Yes, I agree with you, for beginners always want Pump and do not think about dumps which at that time came with the disposal of prices. this is obviously very wrong in trading for beginners. so many beginners must improve that perspective so they don't make mistakes in trading. Long learning is needed to avoid loss.

[rickadone]

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

Nothing wrong with day trading. I started day trading when I am a beginner and until now I still day trade. I love day trading. I easily shows you how much profits did you take in a day and prepare for another trade next day. It's more like a day job to me. day trading may not work for anyone but it doesnt mean its a bad strategy.

Pretty much. The beginner mistake in this case is not that beginners go straight to day trading. It's just that they usually sort of go all in on their funds immediately, not taking management. People in general just underestimate day trading, thinking that they can easily time the markets.

Most beginners have always been making this terrible mistake thinking all they just need is to just hit an exchange and start trading immediately as long as they are buying the market at a low price and selling at higher price and they cared less to know a lot about the basics of trading, all the things they need to understand to be able to make solid decisions when it comes to trading until they flop so badly losing all their funds.

If they can understand trading is not just some simple arithmetic and a real profession, I guess they will see the huge need to learn first.

[hannahboy]

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 😉

Improper knowledge is actually the main problem for most traders and this is why they find it hard to make quality decisions when they are not informed. What has led so many people into borrowing money, or not understanding price fluctuations is because they never bothered about learning where they want to put their money and I wonder why any smart investor would ever be doing that, but of course I remember almost everyone in this category are usually looking for ways to get rich quick and that affects their judgment a lot.

[1NV3ST0NM3]

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.

[OMGyasuo]

This is not simply a bug that only beginners commit, I suppose anyone who participates in crypto investments may be able to make some mistakes. Also, investing day is not a mistake, with both newbies and acquaintances. Mistakes are subjective and uninformed which leads to the loss of investment. In fact, most traders have a steady income thanks to daily investment.

[josephdd1]

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.

[Fantastickarl]

The listed points are issues faced by a beginner. This is why every beginner needs to equip himself or herself with knowledge and try to have the qualities of a good trader. Once a beginner have all those qualities and all knowledge needed, he can be a veteran himself

[Aion2n]

As in my opinion, you have well described the mistakes that novices and not only them allow.
Separately, I would like to write about the most important mistakes that people make in the market are in my opinion:
1. Lack of necessary knowledge. People start to trade without knowing the necessary information. Or sometimes a little reading about crypto currencies, they think that they are sufficiently educated to make money.
2. Invest the money that they are not ready to lose. And this leads to huge problems in their lives. Unfortunately, sometimes people do suicide  because of such losses.

[TheReverend]

actually those who are new in the crypto world are tempted to see the money generated by people who have been crypto for a long time, they just don't know the business / way they do it.
and consider it easy then, follow it without knowing about crypto.
so your advice is correct, we must increase our knowledge before investing in anything.

[Finestream]

actually those who are new in the crypto world are tempted to see the money generated by people who have been crypto for a long time, they just don't know the business / way they do it.
and consider it easy then, follow it without knowing about crypto.
so your advice is correct, we must increase our knowledge before investing in anything.

Right.Gather first more relevant information until you will come up with a deep understanding on the nature of crypto and that's the right time to start investing with a minimal amount but with a full knowledge on it.Cryptos are not always on top,their prices will also fall so much better to expect not only profit taking but also losses sometimes.

[KS03]

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. 

[Edsemen]

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. 

Yes, from that lessons more traders who happen to trade as a beginner failed, to benefit from their desires to earn profit during those days that price was still on going to rise. They learned a lot that by holding during high price hype, selling can be very profitable instead of holding. Because if we hold more we tend to experience quick crashes.

[Premooooo]

It is also a great help to know how to change the crypto coins as I think it is also a great help to many people in the early hours of cryptocurrency.

[jrrsparkles]

The beginning will be always harder in all the fields so in crypto too there will be much confusion about making strategies to make money but you will get much lessons from your mistake and need to get adjusted with that to be more successful trader.The biggest mistake is lending the money to start crypto trading.

[SirLancelot]

This are real problems faces by a beginner in the industry and it only takes experience or good mentorship for a beginner not to fall into such mistake. This article was helpful and I also learned new things with it

Even if the mentorship is not there, there are so many articles and resources online that can be used to understand all that is necessary before even deciding to put anything serious into any investment and by investment, I am not even talking about cryptocurrency alone.

For instance, you cannot be investing into real estate without at least even understanding all you need to know about real estate and how things are done. People are always too in a haste to make money that they forget what is needful and that is bad.