Ah the world of crypto. I've personally been in it since 2011 when I first started to mine bitcoin and honestly didn't understand what I was doing lol. I honestly thought I was exchanging my computer hardware to help render videos, science etc not that I was just helping secure the blockchain.
Fast forward to today and I'm honestly back to mining it again. Nothing crazy but a bit I got a few TH/s behind me lol which is like nothing these days but it's fun and I'm doing my little part for the network plus earning.
Round Robin
The round robin is that classic time when you buy a crypto asset you hold on to it watching it rally to some stupid high amount and then get blinded by greed or fomo/hype and never sell it only to see it return to where you bought it or worse lower!
Now of course there's simply the hodln gang in which you just accumulate the asset for pretty much forever because you expect that one day it will replace FIAT. But if you're in it for the short to mid term gains then this is a very common mistake people make.
Instead you can try only selling off some of the assets of what you gained. For example if you bought a token at $100 and it's now $250 consider selling $100 - $150 for some gains or break even. you'll still have some tokens to hold on to to mess around with if you want.
The Pumps
This is something many people fall for every crypto bull market. That's when a token starts to pump like crazy because everyone is talking about it. I'd class this under FOMO as well where you see it pumping and fear your going to miss out on it and that it's just going to keep pumping only to be rugged or buying at the top.
The time to get into tokens is when you do your own research and a project in your opinion feels like it's under valued and hasn't yet seen it's pump or day.
Not Using Your Wallets
Lucky for me I started in crypto when it was a serious challenge to move assets around. There really were no exchanges and your hardware wallet ended up being about the only place to move assets. This forced you to own your own wallets either paper, cold storage etc. Even if it's on a hot wallet I would say that's better than holding it on an exchange.
Not your keys, not your crypto is a classic line and it holds very true. If you're planning on keeping your crypto and building stacks of it then you need to be managing your own wallet and taking responsibility for it. Otherwise one day it could all just disappear, be seized or worse.
DYOR
DYOR or Do Your Own Research is something so many people don't do. Why? Well because it takes effort to research through thousands of projects and try and find the next big one you feel good about supporting.
Instead what happens is people often just buy into everything and often times get rugged. Take for example the most recent rug pull from the HAWK token crypto launch. What a freakin mess!
There's a lot when your investing time, money and other assets into cryptocurrency and looking to build your future. I've been doing it for years and it messes with you at times. Be sure to take care of yourself, learn from mistakes, understand things happen and be as smart as you can with always have backup FIAT just in case.
Are you guilt of any of these? Let me know in the comments