Each passing day I keep seeing people complaining about how hard it is to make money in crypto. How they wish they never started because they are in loss or how their coins got stolen or how they invested their life savings and are yet to recover their capital.
So, I have taken the time to put together this article to show you the mistakes most persons make and still making and hope you can avoid them.
Knowing nothing about what they bought into
Listen guys, don’t buy into a project just because it was recommended. Find out about the project. What is it going to solve. Do you believe in such a project? The truth is you must not buy every coin recommended. Even if you want to, you might just go bankrupt.
There are so many who bought into Cardano, Tron, Stellar, Telcoin, etc. but know nothing about these projects. That’s a wrong way to go. Educate yourself.Buy high, sell low
I understand FOMO (Fear Of Missing Out) can happen to anyone. Many of those who bought bitcoin when it was $20,000 are yet to recover from that loss. You hear it on YouTube, on blogs, on twitter, Facebook, even right here to buy low and sell high. But many still do the opposite.
You know why?
Greed and Fear. Yes, that’s why and these are some of the factors traders take advantage of.
This is where Fundamental and technical analysis would help you make certain decisions. Whichever coin you buy, you always want to get into it at a discounted price.
FOMO is real. So, get yourself a shield and don’t fall a victim.Hodling when they should have sold
Stop shitting yourself. I was once a victim of this. I understand you believe so much in a project and are ready to ride it to the end. Yes, I have coins like that locked out But I have already taken out my profits.
I don’t understand why you shouldn’t take out profit when a coin is at 100% , 200% ,300% profit. Sell some of that goddamn coin and keep the profit or buy into another project you’ve always wanted to get into.Following pump and dump groups
Avoid this like a plaque or you’d risk getting burnt and shot on the foot. That’s all I can tell you.Lack of Patience
If you’re here and a member of the crypto insider, then you should follow instructions. If you’re asked to HODL, do so, HODLING is long term. It’s not 1 day, 1week, 2weeks, 2 months, most times we are looking at years.
HODLING means you’re ready to ride the waves. Highs or Lows.
Don’t sell because you see it down by 20%, 30% and go sulking like a baby who hasn’t been fed for a day.
When you say HODL, you signed up for keeping your emotions together even when the coin is at 99% loss
Learn to be patient.
If you can’t be patient, then hodling isn’t for you. Try trading.Not having cold Wallet
If you plan on staying in this crypto space for long, you need to treat your portfolio like you have your entire life in there. You don’t want to wake up one morning to find your assets stolen.
There are so many wolves out there. And they are watching you. They know when you go to bed, when you eat, when you take your bath, when you open up your computer.
I know that sounds exaggerated. But I really don’t care if that’s how I can pass the message to you. Get a f!ck!ng cold wallet. And don’t go buying your hard wallets from amazon. Don’t say I didn’t warn you.Not setting up 2FA and safely storing safety keys
Some days ago, I posted how someone tried accessing my account. I was lucky cos’ I had 2FA set up on my account.
I have 2FA set up on all my accounts. Even Gmail. Yes, you can set up 2FA on gmail using the google authenticator.
My keys, I have a vault I store those precious. Oh my precious! Have you seen Lords of the Rings? Haha
My point is, guard your keys, guard your accounts. Install an anti-virus on your computer.
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Do you have any questions? Leave them in the comment box and I will try to reply.