FX.co ★ 7 typical mistakes made by crypto newcomers

Analyzing the current situation in the cryptocurrency environment, experts noted a number of frequent problems that face newcomers. They highlighted seven common mistakes.

Misunderstanding of what is happening and lack of adequate information

Experts say a thorough analysis of the situation is crucial. They recommend that you do not to rush either into buying or selling digital assets without proper market research. According to analysts, it is necessary to gather as much information as possible and take a close look at the heart of the matter.

Expecting mega profits

According to experts, you should not expect big profits at first, even having invested a solid amount in cryptocurrencies. Success will not come immediately, especially in digital currency mining, where all profits can go to pay for high electricity bills.

Impatience is your enemy

Many major investors stick to this position so this recommendation should be listened to. It is difficult for newcomers to the crypto market to avoid the temptation to start making profits here and now, not having calculated all the risks. However, patience will sooner or later be rewarded, experts believe.

Selling at a peak price

It is sometimes difficult for novice traders to predict how much a digital asset will grow or fall in price. As a result, they often sell it at the peak price. Experienced crypto investors recommend that you postpone your trading decision, waiting for even greater price increases.

Losing your private keys

This may be the largest mistake in the crypto community to date because no support service will be able to restore your private keys. Write down all the codes and passwords on a paper sheet, or print and store in a safe place. Do not trust such important information with Word documents and do not leave them on the desktop.

Sending to the wrong crypto wallet in an exchange

This is a technical mistake that a lot of people do pretty often. Most traders do not check whether the exchange wallet they are sending funds to matches the token they are sending. When sending, you should also check which standard is supported by a particular wallet.

Lack of support and fear of failure

Experts recommend that newcomers find a crypto community. This will help to keep track of the relevant information. If necessary, you can also consult with more experienced participants. This will also encourage you and help you to get rid of the fear of failure.