How to avoid huge cryptocurrency disappointment

[Mpamaegbu]

1. DON'T TAKE ALL YOUR LIFE INVESTMENT INTO CRYPTOCURRENCY

This one is often associated with greed. No genuine or astute investor will want to indulge in something like that. It's a mere hyip (high yield investment programme). Hyips often end in premium tears so to say but ignorant people like the risk in it in finding a shortcut to quick riches. A few years ago I talked to a lady about investment in Bitcoin and she asked me if she could draw profit from it within a month of her investment. I told her that would depend on the market and had nothing to do with me finding a ROI for her. She said she wanted something that would guarantee her a certain ROI. I bluntly told her she was preparing herself for scam. This set of people see anyone taking it slowly as stupid until they're scammed or burnt. They learn the hard way.

3. HAVE SEPARATE SOURCE OF LIVELIHOOD FOR EMERGENCY

Well, this isn't holistic. There are crypto/forex traders who survive only on trading. Some would later diversify into other businesses from their gains in trading while others will keep it only on trading. There's no greater joy than making a living from the comfort of one's home. That's what trading affords. The bottom line is to have a handle on trading and every other thing falls into place.

[maydna]

Number 1 and 2 are something that we must avoid before investing in cryptocurrency because number 1 will be your way out of the financial problem if you don't have money to survive. While number 2 is another thing, you must avoid as borrowing money can be your problem to repay the money, especially if you don't have an income to give back the money.

Number 3 explains you need to have money for your daily life and buy your daily needs so you don't use all of your money to invest in crypto. The other important thing is you need to have a plan for investing in crypto and determine how much money you want to use to invest in crypto.

[Lida93]

Cryptocurrency trading just like every other businesses just prepare your mind for any circumstance that may be. In all my involvement in cryto trading I don't joke with number 1 and 2 listed and am sure that what any wise business man shouldn't overlook.

[AakZaki]

Unfortunately not everyone is new to understand what you wrote. Maybe even many people who have not read it outside this forum. They only focus on quick profits without paying attention and doing risk management to avoid losses. The best thing is to forget and immediately get up fighting. Struggle to restore what has been lost with improvements in asset management. In addition you also have to be patient, you need to train mentally and emotionally because it is an important step and the most difficult to do.

[2stout]

Do not be too greedy, impatient, or overleveraged as this could have you wiped out like Mortimer and Randolph from Trading Places.  Gain as much knowledge as you can and DYOR- don't just solely rely on the words and input of others.  Be on heighten alert for scams/rug pulls- mainly but not only watch for unrealistics, unsustainability, too good to be true, and questionable coin distributions.

[Vaculin]

The most important thing for your journey in cryptocurrency market is

• Never spend more money than what you can't afford to lose.

Prepare for bad and worst things because your journey in cryptocurrency might not be smoothly and rosy. Lots of ups and downs, challenges, success and failure.

As a basic rule, never invest what you can't afford to lose. Even if there are huge potentials for cryptocurrency to give you the best profits, the fact that the market is so unpredictable and you can't expect the price to stay always on top, so always anticipate that losses are still very possible. Separate your hard earned money from your investment funds, and you will never be totally affected and get disappointed once the market becomes unstable and leave your investments not making profits.

[Ziskinberg]

Unfortunately not everyone is new to understand what you wrote. Maybe even many people who have not read it outside this forum. They only focus on quick profits without paying attention and doing risk management to avoid losses.

That is very common and these newcomers never think about the risk of losing but rather go straight about earning more. It was the fact that we need to inject into their mind and to going to believe easily what it spread online, on Youtube (especially trading), etc. We can't say it was a lying statement but we have to say that "there is no easy money in crypto", "quick profit", as even old-timers will even say it was hard, how much more for beginners that have no experience and market knowledge? This is the reason why many people got fooled and scam easily, and that was because the influence of these social media platforms.

[xSkylarx]

Looking forward to some advice from senior members of the forum on this thread

Don't expect also a huge profit if your investment is only small. There are some people that I know who invest on crypto that have plenty of 0 then dream to reach a certain price that will make them millionaire. They don't realize it has a very huge supply making their dreams impossible. I know that dogecoin has a lot of supply and pumped a lot but that is because of Elon Musk's hype. Not all coins will be like that so we should not put our expectation high when investing into cryptocurrencies.

[Alisha-k]

I will add this treat crypto as an adventure or investment not a daily business. Learn to invest on long term goal and avoid short term projects if possible or know when to pull out from short term projects. Little profit should mean so much so as to cut off greed and anxiety. Don't invest because others are investing always invest because your own research gave you the go ahead.

[348Judah]

As it stands now we do not know when the market will come up again or maybe it is longtime down fall. But investors/traders need to find means of diversification to avoid disappointments that could be unbearable.

All the points highlighted by you were good and helpful especially in times like this when lots of people began to say wrong things about bitcoin itself, you understand the real idea behind bitcoin as an investment asset and as currency for exchange, you as well got the understanding of the possible risk that could be associated when doing it wrong way by investing on other cryptocurrencies or by trading or investing on a wrong timing, many have fall a victim of those points mentioned by you but could have made them avoidable if they had known it all before time.

[AakZaki]

That is very common and these newcomers never think about the risk of losing but rather go straight about earning more. It was the fact that we need to inject into their mind and to going to believe easily what it spread online, on Youtube (especially trading), etc. We can't say it was a lying statement but we have to say that "there is no easy money in crypto", "quick profit", as even old-timers will even say it was hard, how much more for beginners that have no experience and market knowledge? This is the reason why many people got fooled and scam easily, and that was because the influence of these social media platforms.

The influence of social media is indeed very large, currently the information on social media will quickly spread. Like some ads how to invest easily and get a lot of profit. Even though these types of investments are fake investments, binary options and the like which will make them lose more. Quick gains can be made in crypto, but there will also be quick losses. Nothing is easy, all require effort and effort, make good investments or trades, use management that is suitable for your finances and must remain disciplined.

[tvplus006]

Disappointment comes only if your expectations have been greatly exaggerated. If a beginner comes to the cryptocurrency market with the sole purpose of quickly increasing his money without spending special efforts, then it is safe to say that he will lose his money and leave this market completely disappointed.

[Rockstarguy]

Unfortunately not everyone is new to understand what you wrote. Maybe even many people who have not read it outside this forum. They only focus on quick profits without paying attention and doing risk management to avoid losses.

That is very common and these newcomers never think about the risk of losing but rather go straight about earning more. It was the fact that we need to inject into their mind and to going to believe easily what it spread online, on Youtube (especially trading), etc. We can't say it was a lying statement but we have to say that "there is no easy money in crypto", "quick profit", as even old-timers will even say it was hard, how much more for beginners that have no experience and market knowledge? This is the reason why many people got fooled and scam easily, and that was because the influence of these social media platforms.

Most beginners are brain washed by the kind of cryptocurrency video they watch on social media,  most cryptocurrency advisers don't tell beginners the other side of cryptocurrency,  they only emphasize on only one aspect of cryptocurrency which is the aspect of making profit.

The talk more about gaining profits for their own personal interest, words that are more profit attracts beginners to subscribe to their channels. Beginners going through video like that gets the mentality of seeing cryptocurrency as making profit while they have no idea about volatility and risk that is in cryptocurrency.

[ms-bit]

kind of hard to avoid huge cryptocurrency disappointment with this Bitcoin price

[AakZaki]

~snip~

The talk more about gaining profits for their own personal interest, words that are more profit attracts beginners to subscribe to their channels. Beginners going through video like that gets the mentality of seeing cryptocurrency as making profit while they have no idea about volatility and risk that is in cryptocurrency.

It's just bad guys, I never even took advantage of newbies joining crypto. I try to answer what he needs and give advice to the best of my ability. I never suggest or direct a beginner's opinion. I know in the end if I give a lead to my profit it will make crypto worse. It had a huge impact on developments in my country. It could be that it has an effect on the government so that crypto regulation is even more difficult. I'm sure a lot of people do that, but they don't think about the future of crypto.

[Victorik]

Reading and hearing of some cryptocurrency traders and investors wailing about the recent crash in the crypto market, some even leading to suicide. Here are my precautionary measures on how to avoid cryptocurrency disappointment.

As we all know cryptocurrency market is  very volatile as such crashes is common. So one has to be prepared for anything.

1. DON'T TAKE ALL YOUR LIFE INVESTMENT INTO CRYPTOCURRENCY; this would have been said numerous times but new crypto enthusiasts like myself can be gullible or naive to how some might invest $87k in cryptocurrency and generate $1M in space of just say 72 hours. As this looks promising so is the risk associated to it. Some of this big traders have risk assessment, they don't just throw all their money into cryptocurrency.

2. Do NOT BORROW/LEND MONEY TO INVEST OR TRADE; if you borrow money to buy a coin, once the market falls it might lead to you willing to sell at a lower price and end up not recovering your invested money which might lead to been in debt. Which is one serious issue crypto enthusiasts need to stay away from.

3. HAVE SEPARATE SOURCE OF LIVELIHOOD FOR EMERGENCY; some newbies actually take crypto Trading as the only means of survival, and when there is a market crash there is a lot of panic which might lead to suicide or people being homeless. As a cryptocurrency trader/investor one should have another means of making ends meet even if it small income. Atleast that could sustain any market crash which can also take some stress out of you.
You can start today by putting some funds out (can be monthly) to start up new business, if there's none currently.

4. KNOW THE TYPE OF COINS TO INVEST/TRADE IN; personally i don't encourage huge investment in unstable coins. Coins with long term potential are advisable. Smaller cryptocurrency actually bring huge gains in a short time frame but it's risk are huge than the stable coins. Although it is quite hard to dictate which coins can stay up for a very long time, the most common long term coin is the Bitcoin, which has the potential to recover after market crash. Some of the tips on how to identify a long term coin are;

A) the first thing is looking at the coin's management team and how reliable it is. Some experience traders suggest that any management team that is anonymous is a big no trading/investing coin.

B) what is the project purpose; one has to read through the project and see if the purpose of the project is worth investigating in and aslo check the road map as to how they are moving towards the ascribed purpose.

C) How active is the project community; any project that doesn't have a strong/active development community is a big red flag.

As it stands now we do not know when the market will come up again or maybe it is longtime down fall. But investors/traders need to find means of diversification to avoid disappointments that could be unbearable.

Looking forward to some advice from senior members of the forum on this thread

I find this write up very useful and informative.

I think most people venture into cryptocurrency without anticipating that there's always a bear season. They get carried away with the bull run that they fail to save for the raining days, investing all their profits without saving some in stable coins.
I am speaking from personal experience.
It is important that while you are trading, always take out profit, because you never know what might happen the next second.

[Japinat]

The most important thing for your journey in cryptocurrency market is

• Never spend more money than what you can't afford to lose.

Prepare for bad and worst things because your journey in cryptocurrency might not be smoothly and rosy. Lots of ups and downs, challenges, success and failure.

After all, money is the biggest factor in crypto that everyone gets depressed. So just invest only a portion of your life's savings so that if everything ends negatively, you will never be too much affected. And also, don't set high expectations in crypto. Yes, a lot of people have been reaping good profits here, but not everyone are given the chances to do great in crypto. Some are just brave enough not to give up even if they have endure a lot of losses already.