Biggest MISTAKE trading cryptocurrency!

To start off, I began buying crytocurrency late last month. I have learned quite a lot in this short period of time. I read a lot about investing into cryptocurrency before actually taking the plunge. I read about the things not to do and thought to myself " Duh, why would people even do that?" Well I learned the hard way! I want to write this post so maybe you can save yourself the headaches I've dealt with thus far and hopefully made me a smarter in this crazy world.

Psychology! If you're new to the investing world please read about human psychology when investing. We all heard it before, buy low and sell high. However, that just doesn't happen. In fact, 90% of people do the exact opposite. I, unfortunately, am part of that 90%. See, I got caught up in what we call FOMO (Fear of missed opportunity). I bought both Chaincoin and syndicate very high. I saw how well Chaincoin did so I speculated that Syndicate would do just as well. I also took advice from a very high rated YouTube channel to buy syndicate without doing my own research. Now I'm not blaming anyone for my losses besides myself. I choose to buy those coins. I just broke my own rules. I told myself I would never get caught up in FOMO and I would do my due diligence to research a coin before I bought. I was doing pretty well until I lost track of my thoughts because I wanted to make easy and quick money and I saw these two coins being hyped up I fell for the bait. Just know, in order for people to make a lot of money quickly in this world, someone has to lose a lot of money.

The poeple who loses a lot of money are just average traders who just got caught up in the hype and were hoping to make a quick few bucks. There were a lot of people in the group I follow who lost a lot of money because they fell into the same hype as I did. I want this post to teach newcomers to not fall for hype and hopefully save people money. In my opinion, you should only invest in a coin once these criteria's are met:

1. You understand what the coin is by reading the whitepaper and reviewing their website.
2. Determine whether the coin actually solves a legitimate problem.
3. Committed to hold the coin for a long period of time.

These three simple tasks will help you from getting burned.
Always remember, if it looks to good to be true, it is. Never take anyone's advice.
Hope this will save you some trouble.