5 mistakes to avoid when investing in Crypto

[10BTCaDay]

Always go slow. You dont' want to spend too much in crypto and then end up losing your asset. Invest what you can afford to lose and don't make it too much. Diversify your investments and don't put all your eggs in one basket. Keep yourself informed and control your emotions when investing.

you can only act quickly if you already have extensive experience in this market. very often it happens that the fast person earns a lot. but if you are a beginner then it is better to be very slow

[k@suy]

Always go slow. You dont' want to spend too much in crypto and then end up losing your asset. Invest what you can afford to lose and don't make it too much. Diversify your investments and don't put all your eggs in one basket. Keep yourself informed and control your emotions when investing.

you can only act quickly if you already have extensive experience in this market. very often it happens that the fast person earns a lot. but if you are a beginner then it is better to be very slow

It is indeed advisable for the beginners to observe on the experts while learning by doing and applying those lessons and techniques they have observed from the experts in order to earn a lot like for example when I was a newbie here, at first I don't post or comment on the threads but instead I read a lot of threads and topics in order to gain ideas about crypto currencies and etc because when I entered the crypto world I dont have any idea about what I am going to do.

[Ayiranorea]

• Before making an investment or getting into trading, have basic understanding about cryptocurrencies.
• Spend time learning how to keep your funds safe, whether it is on exchange wallets being or your own.
• At the beginning don't invest on new cryptocurrencies, always go for the top coins on the coinmarketcap.
• There is a common mentality among beginners to make a big earning out of cryptocurrency investment.
  This at times end up getting caught on the hands of scammers and Ponzi schemes.
• Spend/invest what you can afford to loss. At the beginning don't go with big capital.

[jerrison]

If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes

1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.

2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true

5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges

Most times people also invest into tokens just because they exist in some exchangers that are seen as top standard and over time, they get delisted also because they lack transparency and maybe their team encountered a challenge in-house and they decided to compromise the project. Always ensure to follow up on  projects even after investing.

[perfect999]

Using a bad exchange or any of these fake exchanges owned by scammers is the worst mistake you’re ever going to make. I know someone who sent up to $7,000 to a fake cryptocurrency exchange.

By the time he wanted to withdraw that money, it wasn’t working and he then started asking question in a forum, that’s when people looked into it and realized that the exchange was just another fake exchange. I never made that kind of mistake and I don’t understand why some newbies are making that mistake, is it that they don’t do research to know which exchanges they are supposed to make use of or what? 

[k@suy]

Using a bad exchange or any of these fake exchanges owned by scammers is the worst mistake you’re ever going to make. I know someone who sent up to $7,000 to a fake cryptocurrency exchange.

By the time he wanted to withdraw that money, it wasn’t working and he then started asking question in a forum, that’s when people looked into it and realized that the exchange was just another fake exchange. I never made that kind of mistake and I don’t understand why some newbies are making that mistake, is it that they don’t do research to know which exchanges they are supposed to make use of or what? 

If you are a newbie you should observe first, seek help and ask to the professionals if what tips, advices or techniques they can suggest to you in order for you to understand what's with the crypto world and how are you able to earn here. When it comes to the exchangers you should do a research before using a particular exchanger in order to avoid involving in scams.

[terizla]

Add more point and i think this is very important.

6. Don't easily to take KYC when invest in new project/exchange.
This is very dangerous because your identity is more inportant than your investing.

[Akoldi_ibk]

And you forgot about the most important thing, invest only what you can afford to lose. Cryptocurrencies are a new form of digital assets and we still do not know, if they have a future or not.

Thanks for adding this. This particular point is very important; "invest only what you can afford to lose." While I get tempted to take loan from bank to invest in crypto, I do remember the risk involved and how things can easily go wrong.

[yurim37]

And again, never hesitate to use stop-limit orders.

[erikoy]

We that could be right but I think all of these can be done using our common sense. There are many things that could be consider as NO NO when doing an investmeny in cryptocurrency. In my opinion first of it is all about no to invest on ICO projects, no to get attracted on free token like airdrops, not to believe team promising to double your money fast and easy and never ever attracted when someone has a good offer and you should only imvest a little. It is a scam project that your even the minimum funds they will get from you.

[josgandosbro]

I have a bad experience like point number three that you mentioned, since then I also never invested money in just one basket. and what everyone needs to pay attention to is never to trust a new platform

[oscarftw]

Without apps development, we can't control all of this problem. Here I want to share some problems with "two factor authenticator". I sent several emails to Google that we need an option to change all authenticator code from Android to iOS. We can't send them all from Android to iOS, but we can from Android to Android without any security!

[Banulit]

If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes

1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.

2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true

5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges

This thread is very informative especiallly to those who are new in the crypto society and wanting to try investing to it because they can have knowledge on how avoid a wrongly investment.

[ubay]

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

I agree with you, put all your eggs in one basket is very risky, and the worst choice to investing in crypto. Better to invest on the best 10 high volume coins, and trade it daily. A small profit is good for a newbie, and then you will become an expert day by day.

[@baoli]

They should also know anything can happen any time. Despite the security and assurance in any coin or exchange. So, staying on their toe that money can be lost is also important.

[jennerpower]

Just to add some tip. Before you invest to a particular ICO you need to check their progress. Does it seems like they're on their way as they promise in their plans? Also if the coins in market are not active don't invest on it. Sometimes you can see them at high price but low quantity.

[FaucetKING]

Thanks for those instructions, we as crypto investors and traders, we got used to secure our funds and our coins. We trade wisely and i got used to swing trade sometimes, diversification isn't my type of investment as it might bring some serious losses too if you get the wrong coins in your pockets. It's always recommended to research and to analyse each step before doing any movements, luck may be a factor too in this field but in most of the cases there's a loss risk, our mission is to lower that risk and to try to make the biggest gain possible without any greed. Newbies must learn, that's a fact, coming with a million dollars without a plan might make you close the account having 0 as a balance. BE WISE.

[BITCOIN4X]

Thanks for those instructions, we as crypto investors and traders, we got used to secure our funds and our coins. We trade wisely and i got used to swing trade sometimes, diversification isn't my type of investment as it might bring some serious losses too if you get the wrong coins in your pockets. It's always recommended to research and to analyse each step before doing any movements, luck may be a factor too in this field but in most of the cases there's a loss risk, our mission is to lower that risk and to try to make the biggest gain possible without any greed. Newbies must learn, that's a fact, coming with a million dollars without a plan might make you close the account having 0 as a balance. BE WISE.

Very understandable, and it sound perfect. Maybe the practice can still be different from what is said. Big risk for big profit, and small risk for small profit.
Experience will lead us in the right direction, its just that the luck factor is sometimes not on our side. For thing that are hard to predict like crypto price, I think the luck factor is the hope of all trader because crypto price fluctuate all the time.

[Kezacky]

yes, some pretty good suggestions, especially for beginners, at least the suggestions above can minimize investment losses. Besides that, you also need to pay attention to financial management, my advice is not to invest in one coin, if you have a lot of money, prioritize investing in BTC and set aside some for top altcoin investments.

[abuya55]

yes, some pretty good suggestions, especially for beginners, at least the suggestions above can minimize investment losses. Besides that, you also need to pay attention to financial management, my advice is not to invest in one coin, if you have a lot of money, prioritize investing in BTC and set aside some for top altcoin investments.

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

You've read the topic inattentively. It was the third advice.
P.S. I want to add something. Protect a crypto wallet with two-factor authentication or buy a cold wallet to maximize your security.