Post
Topic
Board Altcoin Discussion
Re: 5 mistakes to avoid when investing in Crypto
by
reallester
on 16/02/2021, 07:33:06 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

Great points. I chime with number three and four specifically. Diversification is very important when making these investments. You don't have to buy and hold onto 1 single coin. You can invest in several of these solid coins. When one fails, the others will make up for loss. FOMO is yet another thing to avoid while making crypto investments. You don't have to chase pumps or chase trades. Buy coins on dips and buy and nurture them grow.