Crypto Common Cryptocurrency Mistakes to avoid

Good-Guy

VIP Contributor
Many people make the mistake of selling coins too early whenever the price of the coin fluctuates in the market. I also made the same mistake and lost money. Never sell the dip because you just need to wait and the price of the coin will eventually rise by the passage of time and give you profits.
 

lamia5765

VIP Contributor
I think it depends on where you've bought. If you've bought BTC at 60k and then you watched it drop to 30k, that would not have felt good.
It is in most cases if you have a dropshipping website and you accept crypto payments and you pay commissions on crypto then add to PayPal sometimes (depending on your country) then in most cases drop or increase will affect your dropshipping site.
 

minenovo

Verified member
Plenty of someones were hurt by it, I have no doubt about it. There are always people who buy at the peak, unfortunately.
 
OP
OP
Nite

Nite

Valued Contributor
Yes, you have to set a target and stick with it. You should also not be greedy, lots of people let the market highs get to their heads. Once those people's portfolio hits an all time high, then they only want to go higher. And always invest with your extra cash. A good cryptocurrency investor will invest a certain portion of his capital, and keep the rest with himself.
 
It’s a wonderful post. I agree with each point. It’s really important to have a plan before entering any financial market so that you can enter and exit the market in a very calculated way. Without any prior planning, traders often fall trap to their emotions and sell when they should’ve held and keep holding when they should’ve sold. One reason for being panicky is investing a big amount which you are not willing to lose at any cost. It's a good idea to invest only as much as you can afford to lose.
 
OP
OP
Nite

Nite

Valued Contributor
What do you think about investing in some new crypto? That's like worth 0.0001$ at the time? Do you do that or you just invest in most popular ones?
There can be a significant risk involved in investing your money into something that has not been around for a very long. But if you still want to purchase a new cryptocurrency, a good rule of thumb would be to invest money only that you are willing to lose, so that it does not become financially devastating for yourself, if the investment does not pan out.
 

Sicami

New member
Yes, I know that it is possible to trade coins with other coins by selecting the right pair in the exchanger and as far as I know, I think I have already done that. However, when it comes to trading crypto with other crypto, things can become really complicated and this is why I prefer USD and cryptocurrency trading pairs.
Where do you do trading?
 

Good-Guy

VIP Contributor
Yes, I know that it is possible to trade coins with other coins by selecting the right pair in the exchanger and as far as I know, I think I have already done that. However, when it comes to trading crypto with other crypto, things can become really complicated and this is why I prefer USD and cryptocurrency trading pairs.
 

lamia5765

VIP Contributor
Many people make the mistake of selling coins too early whenever the price of the coin fluctuates in the market. I also made the same mistake and lost money. Never sell the dip because you just need to wait and the price of the coin will eventually rise by the passage of time and give you profits.
You can trade to another coin as simple as that means if this coin is fluctuating you exchange to another one after studying the chart of each coin because this information is available and most of the wallets provide this service except Coinpayments which you cannot trade between coins but you can pay by dogecoin while being debited per dash (depend on merchant choices).
 

Nite

Valued Contributor
Avoiding Scams Fraudsters are everywhere, they might email or text you with an investment opportunity, promising to give double or triple returns. And be aware of not investing in Fake coins, criminals can persuade you to click on emails links that installs spyware on your devices.

Always invest with limit You should always be investing with the extra cash in your hand. A good crypto investment would be to only use a certain portion of your capital, and keep the other for emergency only.

No long term goals Having a long term goal can help you be more selective about the various opportunities that comes your way. When prices are low, novice traders are often duped into panic selling.

Don't just buy any cryptocurrency Not all cryptocurrencies are made equal, some can be bad bets or simply worthless.
 

lamia5765

VIP Contributor
The long-term investment is better than short-term investment because in the first case you have a vision for the future even results aren't the same as your prediction you may recover part of the investment or learn from previous errors despite the short-term investment one how is riskier on crypto investments.
 

Sicami

New member
What do you think about investing in some new crypto? That's like worth 0.0001$ at the time? Do you do that or you just invest in most popular ones?
 

minenovo

Verified member
I agree. That is why I prefer them, I know they have a lasting power unlike meme coins that get pumped and then dumped. :(
 
OP
OP
Nite

Nite

Valued Contributor
I actively avoid investing in any meme coins for this reason alone, there are so many scams going on, I don't trust such projects one bit, so I mostly stick to Bitcoin and Ethereum.
Meme coins have taken over the world by storm, most of them were created to make quick buck. But Bitcoin and Ethereum on the other hand are the two largest cryptocurrencies, they were created for solving real world problems. Their goal is to create a new form of decentralized currency and revolutionising variety of industries.
 

Good-Guy

VIP Contributor
I would also like to tell people and warn them to never invest what you cannot afford to lose. Many people have been making the same mistake and losing money. Cryptocurrencies are not a get rich quick scheme until or unless you invest a good amount of money and risk your capital.
 

minenovo

Verified member
I actively avoid investing in any meme coins for this reason alone, there are so many scams going on, I don't trust such projects one bit, so I mostly stick to Bitcoin and Ethereum.
 

Kingstone

Verified member
Cryptocurrency is very risky and dangerous especially for the novice who are just getting into the world of crypto. But trading and investment can put one and losses if one does not do it right. Greed, trading with emotions, lack of concentration and using the amount of money that one cannot afford to lose are the common mistakes
 
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