5 mistakes to avoid when investing in Crypto

[Kahoy01]

When choosing a crypto exchange, make sure that is has a good reputation because there are a lot of crypto exchanges in the past where in turned to scam and they steal the funds of all the users. A good crypto exchange should also have legit volume where you can easily enter and exit in a trade. It is also should have good support because if it has a slow support then for me it is not good crypto exchange and it should be avoided in order for us to have convenience when doing trading.

[Rebisco]

When choosing a crypto exchange, make sure that is has a good reputation because there are a lot of crypto exchanges in the past where in turned to scam and they steal the funds of all the users. A good crypto exchange should also have legit volume where you can easily enter and exit in a trade. It is also should have good support because if it has a slow support then for me it is not good crypto exchange and it should be avoided in order for us to have convenience when doing trading.

Choosing a exchange is a skill wherein in take time for you to master that kind of skill. I experienced to use a crypto exchange that have bad service and it is the reason why I decided to always do a research before opening an account in a exchange. What I also like in an exchange is there should no verification wherein the KYC is not mandatory because I do not like uploading my verification online.

[Myleschetty]

Emotional trading should be targeted. Emotional trading is a very bad habit. When some profit comes from one trade, I open another trade. Or when I lose from trade, I open my new trade.  Repeatedly trading is a big mistake for traders. It is not right to open more than one or two trades a day.

Trading is indeed a difficult thing but it can be easy when you control your emotions,
emotions are a tough opponent for a trader, especially when the price of Altcoin or Bitcoin goes down and gives panic,
traders will find it difficult to control their emotions, and I guarantee panic will happen to ourselves.

Crypto trading is not easy task but the knowledge is what cryptocurrency traders need not emotions control cause if a trader have enormous knowledge about trading he will open his mind to the reality of every decision he makes while putting his emotions under control.

[pelumi20]

fomo is human instinct and everybody reacts in an unexpected way, which is the reason the vast majority panic when the market goes down or crashes.

truth be told this can be evaded if the people are used to the circumstance, since keeping the attitude and psyche quiet is the primary objective in controlling emotions

[Slingshot]

When I first started crypto trading, these afformened issues affected me till I heard to talk to myself. I was holding only ETH and BTC, I was always buying coins when I see hype and once I buy it will dump on me and next is to sell it out immidiately. Lot of regrets happened then but all the same I still tagged it as process. I was learning but now, I can't do such. It's a good one for learners.

[gwdf1]

There are more and more people willing to invest currency and make money on trading. I think when trading, you should pay attention to a currency that has a high growth rate. Earnings will be faster! 

[iTradeChips]

Good points to give to newbies. My friend who I have told about crypto since 2017, only participates on bounty campaigns and nothing more. He only earns average salary only enough to feed the family and rarely has the means to do investment. Anyway, he was able to get a few thousand of our currency and then he just uses the money to do buy and sell things. I mean he has been doing this for 3 years and just wants to do that. I tried to persuade him to do trading but health issues prevented him from long hours on a computer and having a sedentary lifestyle. Hopefully he will be able to earn so he can try to invest in cryptocurrencies.

[retalids]

yeah all these mistakes and rules looks relevant, as for me, i'd add a mistake not to research and analyze normally projects before investing. i choosed for myself investment into credible defi - and mostly dex projects

[Drahzar]

yeah all these mistakes and rules looks relevant, as for me, i'd add a mistake not to research and analyze normally projects before investing. i choosed for myself investment into credible defi - and mostly dex projects

also believe this) i'm researching a lot of interesting dex projects - recently  researched a new stablecoin dex with nice returns - xsigma, looks credible

[Traderbtcc]

This is some nice piece of information mate, Hats off i bet every newbie investor that comes across this thread will find it really helpful just like I did, nice one.

You missed one of the most important thing, let me add it

6. Not your keys, not your coins. Don't keep your coins on third parties (e.g. exchanges, custodial wallet), because it's not safe (your account can be frozen, hacked, or the third parties is scammer). You need to use non-custodial wallet (e.g. electrum, ledger)

An important fact to point out, cause I see so many people making this mistake and in the end its always the same their account either gets frozen  or hacked, non-custodial wallets are the best to hold funds, since only you have the seed phrase can open or access it, your funds are much safer there than in a custodial wallet.

[trauchot]

It is best for beginners to invest in top cryptocurrencies, because top cryptocurrencies constantly bring profit and you just need to wait for the right moments for investment and then wait for the right moments to sell your cryptocurrencies and you need to do this constantly and you will have an excellent profit.

[kamadazje]

These are useful tips for newbies for sure but I am not so sure if most of the newbies will listen to it knowing that most of the newbies are impatient and very greedy to earn their first profit especially if they are going to invest.

But if the newbies will just put this simple tips in their mind then I am sure that they can avoid some problems in the future like forgetting their private keys, using fake exchanges and etc. What I can add to it is that, newbie should not force their way to earn a big money in the start of their journey as this is the common reason why many newbies got scammed by the scammers.

[CryptoLogo]

More often than not, the main mistake is not a lack of experience, but a lack of knowledge. People usually try to spend as much time as possible in the trading session as quickly as possible.
They forget that without theory, their skills will be blind. Therefore, there is a rule to devote two hours of theory per hour of practice.

[Annamike]

I love the points you put out as a major to avoid mistakes but I believe my mistakes I made when I joined cryptocurrency actually made me better now but the point I will do much agree with is keeping your private key safe, many newbie actually makes that mistake

[iTradeChips]

I love the points you put out as a major to avoid mistakes but I believe my mistakes I made when I joined cryptocurrency actually made me better now but the point I will do much agree with is keeping your private key safe, many newbie actually makes that mistake

Yes, most of the time it is inevitable that one will make mistakes along the way. Whether it may be from a wrong decision, or a wrong project that one invested in. It is basically a hit or miss or trial and error thing. I don't believe in a perfect condition. Even old time bitcoin supporters have made mistakes of not being serious with the coin and they trashed their hard drives and some just tend to forget their passwords and key phrases. Some also made wrong trading moves. We all know that, and it is with these mistakes that we tend to be better.

[max6575]

different exchange as they have with frature to helps trader as managing plan on crypto finance, as each to gives with reference following customs with the trading terms of business. trader might choose one as best to suite the needs along as the plan to run on terms with the investment scheme.

[freedomgo]

all the points mentioned are very good but most beginners make mistake do are points number 2 and 5, I also want to add to point number 2
Do not easily give your identity to an unknown exchange just to get $4-$10. I say that because now I see beginners are very easy to do KYC

You don't have to go that far, the only thing you do is just to stay away from an unknown exchange. I only manage you trade in unknown exchange during the times when ICO was still popular, lots of ETH tokens as a reward that I like to sell and most of them are listed in small or unknown exchange, they are legit those times but now, I think they haven't survive anymore.

[crazy-pilot]

Also, practice shows that keeping at least half of the bank in bitcoin is a good strategy, a quarter in alts and a quarter in dollars. And periodically rebalance.

Practice shows that the strategy of storing part of the deposit in bitcoin, and the rest of the parts in assets that does not belong to the crypto market in any way, shows itself best.
The entire market follows bitcoin, and diversification should be as rational as possible. If bitcoin is down, then all your altcoins will go down with it. If it grows up, there is no guarantee that altcoins will follow.

[Alohadanc3]

Yes you are right. And I think this post is very use for those who are new to this crypto community. In this community those who are new came and think this market is full of profit they don't want to know how things work here. They just want to put their money to get rich. Butbmost of them end up in scam or in loss. So I would suggest whatever youninvest first invest your time and gather some knowledge and then gi for investment.

[navalkk]

 If you start investing your money somewhere, you need to study both the crypto industry (at least basic concepts so as not to get into a puddle at the first transaction) and the project that you are ready to add your funds to. There have been cases when people on the wave of hype did not even really delve into where they invest.