Post
Topic
Board Altcoin Discussion
Re: 5 mistakes to avoid when investing in Crypto
by
Chuky92
on 20/11/2020, 17:18:47 UTC
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

The learning part or aspect is very important, because you can't venture into a business or investment without first knowing and learning what it is all about, else you will end up making massive mistakes. Also, you don't Invest just because of what people says, you need to understand what it takes, the risks and what it involves, so that you can make proper planning and so on. I also, I believe that after the learning process, the second most important is investing what you can afford to lose, so that you don't blame anyone for any reason because the crypto space is very volatile just as it is very attractive. All the other points are very articulated and apt, hence I believe this will serve as a good guide to a lot of people.