Post
Topic
Board Altcoin Discussion
Re: 5 mistakes to avoid when investing in Crypto
by
ven7net
on 23/11/2020, 14:16:06 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

You are right, you should always remember the principles and rules and try to stick to them. However, all this is good when you have already tried all these areas and have experience, this gives you the opportunity to see the big picture and do the right actions. But as for beginners or those who just play, they basically go the other way, namely the way of the crowd. If they say to go there and buy exactly that cryptocurrency, then the person does what they tell him. This is a great desire to make quick profits and many want it. But the rules you have given above say that you need to act deliberately and according to the rules. This is the right choice and I also follow it.