If you're looking for cryptocurrency to invest, you may make the same mistakes others are making and lose your money.
A lot of people are looking for the next best token out there and the majority search around on Youtube and the internet to make money.
They do not seek guidance, instead they chase with their money and eventually lose to big whales.
Common Mistakes of New Investors
- Following the same marketing websites
- Buying out of Fear and Selling from Panic
- Not Having a Real Understanding of their investment
Marketing Website Flaws
You are not the only one that knows about that site that offers you nudges when something's about to take off! In fact, the developers of a token that are about to pump and dump are the ones feeding the writers their information.
Protect yourself when you invest by knowing everything you can about the token to secure your money. Those websites are protected by small clauses and disclaimers, so think twice.
Trading Out of Panic Problems
Your sweaty hands and pumping heart thinks it knows best. While you bite your nails and click through transactions, the chances are you are making an unwise decision.
When you buy or sell, make a plan of what you will do next. Have strong justification for your moves and stick to it. Don't just step in blindly.
Advice Is Usually to the Advisor's Gain
You will be able to find anything online that you want to read. People will always tell you about a dip, or a pullback, or some other fancy term. You will drive yourself mad trying to find information from others.
Do your own research and get a deep fundamental understanding of what you trade. Otherwise you are better off just giving your money away, and it will make you feel better.
If you want to feel better, I'd love to be the receiver of your charity money. I am struggling to make a living and will not say no to kindness :-)
*On (another) serious note, if you want to learn more about investing in the cryptocurrency space, I would strongly suggest watching some of Ryan Lye's YouTube videos. This guy knows his stuff!