Some biggest mistakes new crypto traders make and how to avoid them

Chit Chat
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New crypto traders often fall into several common traps when navigating the volatile and complex world of cryptocurrencies. Here are some of the biggest mistakes and tips on how to avoid them:

  1. Lack of basic crypto knowledge.
  2. Ignoring fees.
  3. Short-term thinking.
  4. Keeping crypto in online wallets.
  5. Forgetting crypto passwords.
  6. Using the wrong wallet address.
  7. Falling victim to scams.
  8. Using leverage.
  9. Overcomplicating trading strategies.
  10. Making order errors.

  • Lack of basic crypto knowledge: Lack of basic crypto knowledge can be a common mistake for new crypto investors. It’s essential to educate oneself on different crypto , blockchain technology, wallets, exchanges, and security practices before investing in the crypto market. Understanding the fundamentals of the asset class and how it works can help investors make informed decisions.

  • Ignoring fees in crypto: When buying crypto , it’s important to understand the various fees involved, such as blockchain fees, exchange fees, and transaction fees. Ignoring these fees can result in unexpected costs that may impact your overall investment returns.

  • Keeping crypto in online wallets: Keeping crypto in online wallets, also known as hot wallets, can be convenient for quick access and transactions. However, it poses a higher security risk compared to cold wallets because hot wallets are always connected to the internet. It’s important to prioritize security when choosing where to store your crypto assets.

  • Forgetting crypto passwords: If you have forgotten your password, you may need to follow the specific recovery process provided by the platform or wallet you are using. If you’re unable to recover your password, it’s crucial to contact customer support for assistance.

  • Falling victim for scams: New traders in crypto often fall victim to scams due to lack of basic crypto knowledge, ignoring fees, short-term thinking, keeping crypto in online wallets, forgetting crypto passwords, using wrong wallet addresses, getting scammed, using leverage, having an overcomplicated trading strategy, and making order errors.

How to Avoid the mistakes made by new crypto traders

  1. Have a clear trading strategy: Define your goals, risk tolerance, and entry/exit points before making any trades.

  2. Avoid impulsive decisions: Don’t let emotions like fear of missing out (FOMO) or greed drive your trading decisions.

  3. Educate yourself: Learn about the cryptocurrency market, different coins, and trading strategies to make informed decisions.

  4. Use secure wallets: Make sure to use secure wallets to store your cryptocurrencies safely.

  5. Start with small investments: Don’t invest more money than you can afford to lose when starting out in crypto trading.

By being aware of these common mistakes and implementing best practices, new traders can significantly increase their chances of success in the crypto market.

This is actually my own point of view from my experience in the crypto space. Please feel free to add your tips and your experiences as it would be helpful for all us. @Andreaxino @Prince-Onscolo @Relate101 @Nweke-nature1.com @Youngyuppie @fabsltsa @manfred_jr @Okorie @HODL

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Yo bro, well-done for this post and the message in it.
Lols, some mistakes can be lesson or regrets. Good you specified for new crypto trader, BUT I CAN ALSO SAY THAT
THIS TOO CAN APPLY TO EVEN EXPERIENCE TRADER.

For the part of ignoring fees, I learnt something recently.
There are times where one will not bother about the fees
When the ROI or profit is sure.

But, them no born you well to ignore fees as newbies or new trader. Because the small profit you trying to gather will be ending as fees settlement.

Fees varies across BLOCKCHAIN. On Tron you can either pay with TRX, or you can learn about the Tron energy market, so that you avoid paying much fees in TRX.

I can easily recommend TRONENERGIZE.COM at X.

Lols.

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thanks for the education :pray:

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Thanks for sharing your insights on common mistakes new crypto traders make, It’s really important to educate ourselves to understand the basic in crypto ecosystem.

To add, I think we should stay up to date with market trends, diversify investments, and avoid impulsive decisions before tears roll Lols and again by doing research.

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Thank you for the tips, let me add that Newbies should also be aware that risk :warning: is involved as well, recently a newbie is after my life :joy: because I gave him a signal that is going sideways in the sense that we both are in the mud it’s still hard for him to understand

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You are absolutely right. Personally am very scared of the Ethereum blockchain due to high gas fees. So I do track the gas to know when it’s low before I transact.

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I appreciate you sir. It’s for the benefit of everyone.

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Yes you are right as most traders especially newbies are always impatient. They don’t carry out their research properly and end up falling for scams.

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:joy::joy::joy::joy:That moment the alpha goes sideways. I understand this feeling. They think it’s always a win win game.

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Thanks for sharing, this particular topic can’t be overemphasized enough, keep up with sharing valuable content.

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Thank you for this nice lesson to all crypto traders

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Am in hot seat right but it will be hard for him to understand that we both ape in at the same time :joy:

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Thank you for encouragement and support. I appreciate it mentor.

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The pleasure is mine. I will always do my best to help the community foster.

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:joy::joy::joy:Sorry about that friend. One of the most difficult things right now is trying to onboard a newbie especially in this era of tap to earn. They are just after what they will earn. They fail to understand what trading is a different stuff entirely.

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Thank you for bringing this very good topic to us

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Lols
You scared. Me … Worried.
But for some Degen traders paying those fees on Eth
They just don’t care o. As far as it printing. Original payment Sharp.

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This tapping … More harm than good
Imagine the stress you will understand and explanation you have to do o.

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Yes degen players do that but it’s for those with large portfolios and whales. A newbie is not meant to do same. If things goes sideways, the degen players with huge portfolios can try to recover. What happens to those who don’t understand the game?

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:joy::joy::joy::joy:I can imagine what tapswap players are going through. After Notcoin, I don’t think there have been any better tap to earn project because Pixelverse also failed.
Blum remains the last hope.

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