Mistakes to avoid while investing in cryptocurrency

Many come to the crypto exchange, hoping to earn on a difference in the exchange rate quickly with minimal effort. However, reality makes its adjustments, and a novice trader may soon be disappointed in this kind of activity.

Why is this happening? What mistakes must be avoided? Here are some of them:

1. If you do not understand the product and its value, but only listen to "experts" from Medium, Twitter or Slack, who tell everyone when to buy and sell currency, you will get into big trouble and lose a lot of money. So, explore the market in which you work.

2. Don’t put the money into trade that you cannot afford to lose like savings, deposits especially loan funds.

3. Following excitement, emotions, and unconfirmed information in decision-making on social media. Rely primarily on your experience and recheck the incoming data. And, if you have a plan of action, thought out in advance, it can be fatal to depart from it by shifting moods.

4. Selling at peak prices following other’s advice. For selling cryptocurrency, you need a strategy. Set a goal and strive for it, no matter what. Yes, with the fall of the market it will be incredibly difficult to look at how money flows. But is it worth to panic and sell everything at once? The answer is one: no.

5. You cannot invest money in currency, just because it is cheap. Many inexperienced users are used to thinking that most of the altcoins with a small price are merely underestimated. This is because there are already many stories of sudden growth in value. But this is not so - not all of the cryptocurrencies are profitable.

6. Hundreds of millions of dollars were lost because people entrusted all their data to a stock exchange that was hacked, or to a service that stopped working. Even if you have a little money now, and even if you did not plan to stay in the trade for a long time, you should carefully approach the security of your data: two-factor authentication, use of individual computers, data encryption - are mandatory.

7. Fear Of Missing Out. It manifests itself in situations such as the early sale of an asset due to fear of losing profits, buying at the maximum because of the feeling that you are missing something important, or the fear of missing a promising ICO, which is why you are investing in dubious projects. It is the fear of losing the profit most often and leads to the fact that we lose profit. To get rid of FOMO, create a set of rules for trading on the stock exchange or choosing a project, as well as limits on the possible allowable losses and profits.

Patience is the key to trading in cryptocurrency. Do not be afraid to miss any deal - the market is so big and developing that there will be enough money for everyone. However, remember that it is easy to make money on the market, but it's hard to keep what you have earned.

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