5 mistakes to avoid when investing in Crypto

[marilynmanson21]

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.

Of course not all of them, but I believe what the OP meant was mostly FOMO. I also believe that FOMO is a bad trend and should not be followed, as most FOMO ends in a loss. FOMO is the biggest enemy of traders and investors alike, because FOMO can be easily played by whales, so be careful if you trade/nvest based on FOMO trends.

[cafee_orange]

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

Some of your statements are very helpful for them to make an investment, but there are some points that you may forget to add, including beginners who make investments that should avoid panic and don't have a big appetite. In my opinion, this is also a fatal mistake in investing in digital currencies.

[bitzizzix]

Of all the OPs mentioned, the most basic thing that must be done is to have sufficient knowledge and understand well everything related to crypto investing.
because if you have the best knowledge of how crypto works and learn everything crypto related, all the risks and problems that will arise in investing will be considered for starting when is the right time to start.
And the knowledge base will take the next step to learn what you need and other things related to working crypto to be able to study well to understand everything perfectly.

[billyd7]

As a new investor in altcoins I found this thread very useful.

In Jan I invested around 1k in 5 coins. So.far they are seem to be doing well and i am decent amount up


The only question I have is about storage and saftey. I use Coinbase. Is that safe? Do I need to use extra security? Is coinbase reliable?

Thanks

[kak uli]

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

I agree with your statement, from some of the descriptions that I read are all true what you said and those are some mistakes made by new traders, I have also experienced bad things as you mentioned in point 4.

[distr@yopmail.com]

thank you for the information and warning that you have described above because this is very useful for beginners in investing. because many beginners lost all their assets because they made a mistake which you have conveyed in this thread. and in my opinion and this is very important for beginners to know is "never trust anyone before you learn and research about something that other people tell you"

you are wrong, new people can get to the forum or the first investment because of information from people. of course, learning and direction from others are very important. the consideration is who will be trusted. whether they are people who can really help or people who will just take advantage. even though we know and are close to them it is not a guarantee that we will really avoid the risk.

[Imran232]

Thank you soo much for creating this topic. Because of you we are getting lots of information though you missed some information too like about using exchange or physical wallet to hold coin. But other member told this plus lots of member share their thought what we definitely Avoid to do in crypto. If we want to get a safest journey on crypto then we sould follow rules and you mentione some needy rules thank you for shareing your knowledge with us. And also the other experts member who also share information  thanks to all of you. Have a safest journey on crypto.

[adekogbe]

The best activity as an amateurs to see on the specialists while learning by doing and applying those exercises and methods they have seen from the specialists to acquire a great deal like for instance when I was a novice here, from the outset I don't post or remark on the threads yet rather I read a ton of threads and points to acquire thoughts regarding crypto monetary standards and so forth since when I entered the crypto world I dont know about the thing I will do.

[BaeSuzy]

Agree especially for those peoples who invested in something without knowledge and know nothing about the project it looks very stupid. Most of them just following trend and don't even know about what coin he invested in and when he's investment drop or far away from the buying price they crying and looking someone to be blame.

[JohnBitCo]

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.

Of course not all of them, but I believe what the OP meant was mostly FOMO. I also believe that FOMO is a bad trend and should not be followed, as most FOMO ends in a loss. FOMO is the biggest enemy of traders and investors alike, because FOMO can be easily played by whales, so be careful if you trade/nvest based on FOMO trends.

Very few people understand fomo. The experienced traders always buy when the coin is in the dip and do not follow the coin which have already raised to 40-50%. If you miss the gain in one coin, its better to wait for the coin to retrace back or perhaps we could look for opportunity in other coins.

[nimogsm]

Agree especially for those peoples who invested in something without knowledge and know nothing about the project it looks very stupid. Most of them just following trend and don't even know about what coin he invested in and when he's investment drop or far away from the buying price they crying and looking someone to be blame.

and there are a lot of such people, those who did not understand and decided that he was an expert.And then we often read sad stories about how everything is bad and the capital is lost.Forums for this and there is that would consult and get advice.

[Theones]

No matter how much advice we give to new comers they still made same mistakes. It seems that making mistake is also part of learning strategy. You learn trading after you make your first loss because of wrong investment.

[Sak Karepe]

when we are ready to do it means we also have to be prepared for what risks we will get. enrah is beneficial for us or bad for us.

[Wahyuihib]

Because the world of digital commerce is closely related to the equipment we use every day, like ponsell anda laptop,of course we are required to manually copy whatever is related to the assets we have [ keys, passwords ] in to the book ..
what is the meaning of assets that you have if you can't have it because lost of private key

[illnino]

Haste and thirst for quick profits are the main mistakes when investing in cryptocurrency. The desire to save money sometimes triumphs over common sense.

There is no need to take risks and it is better to make your first attempts on reputable platforms with many trading pairs. Only then you can explore other trading platforms, carrying out small transactions first, and then, having gained initial experience, you can move on to larger ones.

Unfortunately, it is impossible not to make mistakes, so you should try with all your might to minimize number of faults.

[Jaered]

Number 6 and the most important part. Try as much as possible to avoid greed. Its a life saver and can make you lose all your assets in a rush of blood to the brain

[blockman]

No matter how much advice we give to new comers they still made same mistakes.

Right, even for the people who have been in the market for a longer time, we still do make mistakes.

It seems that making mistake is also part of learning strategy. You learn trading after you make your first loss because of wrong investment.

It really is part of learning new things and formulating a strategy that might work for you. Losing and mistakes are where the strategies and learning comes from.

[dotcoin.info]

I think the biggest problem is the first point, learning. After all, all the points below come from this first point. People are sometimes too lazy to learn even basic information about what is happening.
If they spent more time learning, they would be surprised at how quickly they would understand the cryptocurrency world. But unfortunately we are big fans of relying on someone else's opinion and thereby shifting responsibility.

[Fredomago]

I think the biggest problem is the first point, learning. After all, all the points below come from this first point. People are sometimes too lazy to learn even basic information about what is happening.

Without any knowledge you are risking everything that's the point, it's highly recommendable to start if you already have good knowledge
about the business that you are going to work with.

If they spent more time learning, they would be surprised at how quickly they would understand the cryptocurrency world.

Invest with time and take note all those important factors that drive this market, you'll enjoy your trading activities if you fully understand everything.

But unfortunately we are big fans of relying on someone else's opinion and thereby shifting responsibility.

Sad truth! listening blindly without doing your DYOR.

[btc-facebook]

The most important point is FOMO and storing the Private Key properly, these two things are often mistakes for every crypto enthusiast, but the most dangerous is FOMO, many investors are not aware of themselves when following FOMO,
To avoid FOMO requires good management, such as making plans and doing in-depth research, without it it will be difficult to avoid the FOMO that is happening.