Crypto investment guide for novice Part 3
We’ll add more information that you can learn and avoid so you don’t go bankrupt and get scammed.
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Investing in Only One Type of Crypto.
There is nothing wrong with starting with some type of crypto coin. Everyone has to start somewhere! However, people often make the mistake of relying on just one coin. And, despite how good the coin looks right now, putting all your eggs in one basket can be high risk, especially in the world of cryptocurrency, where a coin can go up in a minute and then crash into the next. It is better that you also invest in other crypto coins, especially those that act maliciously in cryptocurrency. For example, crypto developers leave a project and run away with investors’ funds, as well as some slightly modified replicas of other cryptocurrencies to deceive investors.
The advantage of investing in more than one crypto coin is that you can recover one, and the other can earn more than you expected. This way you can experience and experiment with how a coin’s value goes up and down in the market.
Avoid spending money you can’t afford to lose.
You should only spend as much as you can afford to lose. No one wants to lose money, however, you must remember that crypto is unpredictable, and its broad advantages come with the risk of higher losses. Remember, the lower the market cap, the higher the volatility and risk.
As with responsible gambling, you should know how much to bet and control, how much time and money you spend, and also understand your chances of winning. How much you invest and where you take this money depends on your conditions and risk tolerance, yet make sure you are fully familiar with the risks involved and think about the worst-case scenario.
Does avoiding these mistakes guarantee you’ll make money? Of course not. But it should help you reduce the risk. The more you understand cryptocurrencies and the market trend, the less stress you will have when the price changes. You’ll see better opportunities, and you’ll be happy with the result. You think this is a better time and opportunity to get involved in crypto, but the key element is to research, listen, learn, analyze, and also think for yourself instead of just following the opinions of other people.
Not thinking of a way to stop the loss.
Although controlling your emotions can be a difficult game for many financial advocates and may take some effort to master. The expertise of every dealer or financial advocate should be able to accept misfortune and move on. By setting up a stop-misfortune plan, you’ll want to decide on the amount you stand to lose before giving in to speculation.
Submitting an incorrect wallet address.
It happens more often than people want to admit. It’s easy to give the wrong wallet address and end up sending crypto to someone else without the ability to retrieve it. Understandably, selling and buying crypto is exciting; however, one mistake can lead to losing your money. Always double-check the wallet address before submitting it.
Falling for scams
Scams exist in every industry, and sometimes, they can look believable — many scams in the digital currency world prey on new investors who are new to the industry. Never open an account and invest your money in a site before researching them. They provide the information they steal from legit crypto NFT sites and social media. They usually create sites where they have almost copied all the details, and then they start sending you a private message to offer you their promotion. So be aware of any site that asks you to recruit new investors in exchange for money.
Note: Lesson: Do your best to prevent fraud by being vigilant and be aware of scams activities and be able to recognize false claims.
Always remember this:
- Always investigate, be curious and do some research before you start investing.
- Join NFT or Crypto legal groups and ask them to avoid wasted opportunities and losses.
- Watch crypto-topic podcasts and learn the latest market trend.
- Connect to the active crypto forum from Reddit, Quora, etc to gain more pieces of information. Don’t be shy to ask a question because everyone there is willing to assist the audience.
- Always observe NFTs or crypto coin endorsements by influencers. Often they show a bull market from their endorsed Nft or coin because they may have been hired by a particular Nft or coin to advertise. Or maybe they have already invested in that Nft token, and they need to attract more investors to increase the price of that particular token or coin they invested.
I hope all the tips you read here will help you invest in the crypto world.
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