Crypto Common Cryptocurrency Mistakes to avoid

Nite

Valued Contributor
Correct, we should always invest with only what we can afford to lose. Greed is something that's coded into our human DNA, and we must learn to control it. If we couldn't control greed, it wouldn't be possible to trade the market with rational logic. Many traders have become successful by controlling their greedy emotions.
 

btaliat

VIP Contributor
You are very correct. The other thing I want to add is that we should never be greedy while trading Inc crypto. A trader that set 500% take profit and has achieved 480% in just 3 weeks should chicken out. We should always invest with what we can lose as well.
 
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Shaf

Verified member
As long as you keep trading and investing in cryptocurrencies, you will find out that there are mistakes you didn't know about or those you took less seriously.

For example, with the recent downtrend in the price action of Bitcoin and consequently that of altcoins, many traders have learnt the importance of learning about market cycles, how to use stop loss, when to buy and when to simply stay on the sidelines. This painful lessons came after loosing lots of money on the wrong trades.


Another mistake that people can't seem to avoid is FOMO. This week, LUNC and coins belonging to the Terra ecosystem have been pumping, but some people are considering buying only now after 70%+ increase. This will make them bagholders when those who had been accumulating for long start selling off their coins.

Investing in cryptocurrencies should not be taken as an overnight path to riches and all mistakes school be taken seriously and avoided in the future.
 

Sotherefore

VIP Contributor
Unfortunately when I came newly into the cryptospace , I didn't understand this and as a result I have to learn it the hard way . I am always afraid that the price of my cryptocurrency will drop further and my money will depreciate and as a result of this I will be forced to sell out my coins .

The funny thing about this action is that I would still have to come and buy it when the price is already high again and it will still fall back . That is when I came to understand that I was losing my money all the time without making a single profit.

It was just some few years ago that I came to understand that there is no need for me to be selling out my cryptocurrency when the price is low , I rather hold it until it rise back or never. .
 

Global Leaders

New member
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