Cryptocurrency — Avoiding the 4 Worst Mistakes a Beginner Can Make
Yo peeps, it’s ya boi Shill Nye. Today, I’m going to share the 4worst mistakes a beginner trader can make when first entering the cryptocurrency space and how you can (hopefully) avoid these mistakes. Enjoy.
FOMO
Acting up fear of missing out, aka FOMO, is one of the worst mistakes you can make as a beginning traders.
When you get trapped in fear, you can not make rational decisions from a place of clarity. This is true for every aspect of your life.
To avoid FOMO, you have to train yourself. This involves improving your self-awareness. Although there isn’t an exact formula for this, it’s something you have to practice via your own personal discipline.
When you are able to move through the FOMO and be patient in your buys/sells, you can be very successful in crypto (and with a lot less stress). You can watch my YouTube video on FOMO here.
Going All In
Going all in on a coin is just plain stupid. Don’t do it.
Although I know many of you won’t listen, this is why. Yes, you may be able to make gains quicker if you hit good buy, but more than 90% of the time you are asking to get rekt. And if you have one major fall when you are all in, it hurts your portfolio more than having diversification.
If you can learn to build a strategy that includes long term holds vs. short term holds, you can have a much more structured approach to investing.
Not Having a Strategy
As a beginner (or any level), you must learn to build a strategy with your funds.
When you have a clear strategy, you can implement you will be able to be good decisions with your investments and eventually reach your goals.
If you can build a solid strategy and you learn to be patient, you can be very successful in the cryptocurrency space. You can learn my structure around building your own strategy here.
Not Taking Profit
Investors that do not learn to take profits are doomed (eventually).
Lots of beginners believe that their cryptocurrency will just keep going up and up forever. It’s a certain adrenaline rush that you can get and results in the “moon forever” high.
You want to learn to take profits as the coins is on the way up, not the way down. This is key. You will never be able to sell the exact top and you will never be able to buy the exact bottom, but you can get close and that’s good enough.
You can read my article about taking profits here.
Finally,
Don’t rush into this. Trade with a VERY small amount of money to start. Once you have the hang of things, you can put more money in. Until then, take it slow and learn the space. Don’t worry, you’re not missing out on anything. The industry will be here for a while. Good luck!
Bio:
I’m ya boi, Shill Nye. I trade/investigate cryptocurrency full time. Follow me on Twitter.
Join my free Telegram group here: https://t.me/netflixandshillann
Subscribe to my YouTube here: https://www.youtube.com/channel/UCspcykxjIbHo0C9ZOCM9YnA
Watch my livestreams here: https://www.pscp.tv/cryptoshillnye/
Watch the Netflix and Shill Podcast I co-host here: https://www.youtube.com/channel/UCqgVDmWx5gHi7Cc273QMJuQ
Disclaimer:
I do not give financial advice. I am not a financial advisor. If you are looking for financial advice, then you should go to google and look for a financial advisor in your area. The shit I write is simply for entertainment purposes. You should never blindly trust anyone on the internet who tells you where or how to invest your money.