10 Silly Mistakes Cryptocurrency Investors can Make
Lots of investors, often beginners, made significant profits from investing in Bitcoin and other cryptocurrencies. Most of the time, these profits didn't require much knowledge - investors just bought the right coins, at the right time. For example, in December 2017, prices rose so dramatically that it was merely impossible not to make lots of profits.
However, buying cryptocurrencies at the right time requires a significant amount of luck. Moreover, maintaining these profits over time (and increasing them) involves decent knowledge in the crypto world. Why? This is because the more time passes, the more decisions you have to make (whether to buy or sell, which coin to invest in, balancing your portfolio, etc.).
Time is what truly differentiates the winners and the losers.
Here's why most of these lucky 'successful' investors lost all their profits over the 2018's bear market: they didn't know what they were doing. Only those who improve their cryptocurrency investment strategy regularly, one mistake after another, profit from the volatility of crypto assets over time.
Only the most knowledgeable and motivated crypto enthusiasts keep profiting over time, while others keep dreaming of the next bull market.
For this reason, I have compiled a shortlist of some of the biggest mistakes cryptocurrency investors make. Although there are lots of mistakes crypto investors can make, and many ways to improve your cryptocurrency investment strategy, these are some of the silliest ones.
If you pay attention to these ten mistakes, you'll have a robust foundational skill set that will both save you money over time, as well as a lot of stress.
Read through them and learn. Remember that strategies are all about habits - good and evil. The mistakes you make represent the bad habits you have adopted and changing them requires some time. So be patient and persistent!
The Ten Mistakes:
This infographic was made by our friends at CryptoManiaks, a cryptocurrency education platform.
Want to learn how to begin understanding crypto price charts? Check out this article: Crypto Technical Analysis: A simple beginner's guide.
Disclaimer: The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.
Last updated: 25/05/2019