Crypto investing tips for beginners

Many investors are starting to gamble in the cryptoworld, while others are shifting from playing the stock exchange to cryptocurrency. Some beginners are also starting to invest in cryptocurrency due to the influence of a friend or they have watched on various social media. Others have personal reasons, so they invest here rather than on the stock exchange. Since they are just beginners, they can go bankrupt because they don’t know much and try to close their eyes to hope for luck.

Most mistakes in crypto cost you a great deal of money, mistakes that shed you a lot of money as much as losing your whole assets.

But the bright side is — it’s preventable if you know what to avoid.

Here’s the common mistakes that newbie investing in crypto.

Must have a goal and a plan

This is the most important to do in getting in crypto is have plan or setting a goal, A goal being why you are investing in crypto in the first place.

Just ask yourself, is your goal to accumulate lots of money for personal reasons like spending for travel and vacation, health care maintenance, or have enough money to start a business that hopefully gain returned your capital in long term?

Every people have different goal for different situation. Whatever your goal, you must establish in advance which you can then use to create a plan, so once you have a goal, you have a plan.

For example, you invest in crypto worth of $150 and then next week you added $50, then you lose $75, but you need to stick to your goal, even if the assets are reduced you still need to put any amount because you can recover the next day or two. But you need to be careful with the next actions you take. When you learn from your mistakes, you will be wiser in your next decision.

When it comes in planning, always remember this: no plan is perfect because we don’t know what the future will hold, although, the what’s most important is simply set your self-guidelines. So set yourself a goal and guideline and stick to it until you decide to change that goal later, and then stick to the new goal and guideline. It’s simple but you must do it with a little discipline.

So here’s the issue: people buy crypto without plan o guideline and they hoping for infinite returns and relying on luck or imitating what the influencer saw or said. Guess what? That doesn’t match the result you want.

It’s a good idea to do research, study hard, watch legitimate articles and influencers, or join a group of crypto investors. That way you will get tips and advice that you can apply and practice since you are a beginner.

Poor Research

As I mentioned earlier, do your own research. Given that cryptocurrency is a fairly new technology, research comes to be much more essential when investing.

Rather than being influenced by family or videos on YouTube, make the effort to search for the token or coin you are thinking about purchasing yourself. You may discover a lot of information concealed simply by doing your homework. Doing your own research will not just educate you more regarding the tokens but will also increase your self-confidence. As you study, you can simulate and monitor the token trends like Binance and other crypto trading websites.

It is very important to be cautious not to be taken in by the hype train that arises around various alt coins or tokens every now and then.

FOMO

The main objective of crypto trading is to “buy low, sell high”, however, lots of people are doing it the wrong way, commonly after being provoked by “Fear of missing out” or FOMO .

Now, this is how this situation can play out. Let’s claim you saw the price of a coin is increasing on a daily chart and you set foot in to buy it because of FOMO.

Regrettably, the coin’s value went down shortly after you bought it, and since you won’t intend to lose any more money to the dip, you ended up selling off the coin right afterwards or a couple of days later on throughout the dip.

To prevent this, study the market and also graphs to see when the rate drops — normally, a drop will indicate a great time to purchase. Make sure check the legit websites and social media for market update and what is the reason of its price collapse in the market.

Stay tuned because we have more tips to share with you

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