5 mistakes to avoid when investing in Crypto

[Darktongue]

With this five point, new people who join to crypto space will be able make their losses at minimum but doesn't mean that will make your investment safe and guaranteed profit. Always use your money that you can afford to lose to prevent stress when losing your money on your investment.  

Actually, I think new users can't minimize losses because experience must be mandatory there. We all know how to minimize our losses. Still, I can remember when I made very bad projects. You will never learn something where you don't put your time. I'm sure we all know these mistakes, but we couldn't avoid them.

[Jocuserious]

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)

Yes another best point because if we can't safe our key then our assets will gone to hacker hand. Most important don't hold a coin in exchange wallet then you can lose money because many top exchanges are almost victims of hacking. So always use the best wallet and keep the key of your personal wallet confidential.

[jacafbiz]

I think the most important thing on the list, is betting all your money on one project, if you bet big on one horse and your horse end up losing that is game over for you, there is nothing like risk free investment in the space and anything can go to Zero

[itachi gunasekara]

A newbie can have a good experience with this.

[southerngentuk]

And the one important thing that people will find is absolutely true if you've learned everything from this market. You will have to say that if I buy bitcoin and not alt, I think these will continue to repeat with newcomers to this market.

[fahmimajannat]

Its very helpful for newbies. But all you need is patience. First inspect the market carefully than Make a well calculated decision and keep
patience. You can hope for a great outcome by the grace of allah.
Patience is everything in the market. First learn to keep patience in risky moments than you are good to go..

[wxxyrqa]

Keep in mind that everyone is a newbie and their experience is different in every way, so in general you have to keep learning to produce so your experience can be enjoyable.

I believe that everyone will agree that each of us was once a beginner and started our activities in the cryptocurrency market from scratch, and the main thing is to define real goals for ourselves in order to move in the right direction and study the information you need, while using experience authoritative people. This is how you can accumulate your personal experience and practice getting real results.

[imstillthebest]

Keep in mind that everyone is a newbie and their experience is different in every way, so in general you have to keep learning to produce so your experience can be enjoyable.

I believe that everyone will agree that each of us was once a beginner and started our activities in the cryptocurrency market from scratch, and the main thing is to define real goals for ourselves in order to move in the right direction

he didnt wrote "once" and i feel that what he typed isnt a typo .

being a newbie do come once and it wasnt permanent but thats true that we need to strive learning to stretch our brain and filled it with more knowledge that can benefit us in the long run

defining real goals for our selve is like finding the true meaning or true purpose of life and this indeed can make us motivated that we can forget the bad habits that we did and we can get back on track  again

[odukoyaewatomi27]

You have a point, the vital thing to know when investing in crypto is teach ourselves first to know more about the thing you are investing. Since some they simply invest without doing some investigation or research on a project and furthermore depending on analysis from others. There's an errors particularly to amateurs in crypto but these misstep will gives you an exercise to learn.

[RobbyDama01]

thanks for the guidance with this I can understand what investing in crypto is and how to use it. I understand that I am a new player

[Kena Banned]

Also dont forget the basic of trading. Set your Stop Loss if you wont suffer it more.
Because its possible for your assets to be far decreased if you hold too tight.

[Plinteng]

yes that's good advice, i observe that Most of the newcomers come to this market and they just think that investing in crypto can make overnight rich. and it's also the worst mistake people make when investing in crypto is not considering risk management. No matter how great the coin is, risk management is very important when investing. So this is why observing the market is so important and studying it.

[Stanlo]

FOMO isn't entirely bad like you are saying OP, it depends on what you FOMOing on honestly, when btc spiked to 30,000 FOMO got over me and I invested a thousand dollar, it ends up favouring me, FOMO is not something you can throw away it's part of you, just know when to use it

[Zeehaxan]

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

What i have experienced over time in this market is that diversification does not matter much especially if you are staying top coins for example bitcoin and ethereum as they have proven to be less risky and returns have been good enough to not leave them especially if you are in for long.

[Fredomago]

FOMO isn't entirely bad like you are saying OP, it depends on what you FOMOing on honestly, when btc spiked to 30,000 FOMO got over me and I invested a thousand dollar, it ends up favouring me, FOMO is not something you can throw away it's part of you, just know when to use it

If you have that knowledge and you do understand the risk of riding with fomos the chance to earn out from this trend gives decent compensations, it's part of the market that you need to take advantage.

Those who knows how to ride and quit in the right timing are surely gaining from thier investment, there are different strategy that
traders are following and part of it is riding with whales.

High risk but if you completely follow the pattern then it also can bring great benefits
to your invested money.

[HerbertMarcel]

If you are a newbie in crypto world you should more research about it first. And you should avoid some mistakes. Some investors, mostly beginners, want to make early trades a day. This is dangerous. Don’t chase cheap coins with dreams of Lambos and private jets. Lots of investors are impatient and ‘cut their losses’ early because of emotions. The cryptocurrency market is made of cycles, where prices rise and fall drastically.

[salty]

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

Your advice is certainly important, but nevertheless, even old people who are fond of cryptocurrency for more than one year neglect such simple rules. I think the forum should have more topics related to the safe purchase of cryptocurrency and security support in general.

[Untomabur]

Thank you! This can be a good thing for me even though I have known crypto for a long time. This may not be easy, what we already know to avoid the bad things in investing or trading can sometimes be defeated by greed. Controlling emotions is also important in Crypto.

Sometimes it's not a guarantee that someone who has known cryptocurrency for a long time, they are much smarter in investing and trading,
it is true that controlling emotions is very important, just imagine if when we are investing or trading our emotions are unstable, of course it is detrimental to ourselves,
so from now on we have to learn to control our emotions to be more stable

[MUG1WARA]

FOMO isn't entirely bad like you are saying OP, it depends on what you FOMOing on honestly, when btc spiked to 30,000 FOMO got over me and I invested a thousand dollar, it ends up favouring me, FOMO is not something you can throw away it's part of you, just know when to use it

Yes, not all FOMO is bad sometimes it's profitable but the OP here is talking about "beginners in crypto" because don't have the experience yet. So it's natural for him to say that.
you are not beginner here and of course you have a lot of experience with FOMO that's why you dare to invest

[Danslip]

No one's perfect. Even if you know all the traps and pitfalls, carefully studied the entire info, used well-protected digital wallet and invested only in reliable projects, you can lose your possessions. So the most important rule among of all is not to invest your last money but to invest the amount you are ready to lose.

Of course, better safe than sorry. Investing is a responsibility but not all investors can handle the same level of responsibility. Digitalization will create a mass adoption and we are early in this industry, so I prefer to keep investing in the market no matter I make mistakes or the right decisions. Losing is part of the game, we should accept it. Reliable projects are not more than 100 or 200 but everyone keeps shilling the bought bags for getting more and more from their investment.