1.- Stubbornly holding onto yours losses when they are very small and reasonable.

Most investors could get out cheaply, but because they are human, their emotions take over. You don't want to take a loss, so you wait and you hope, until your loss gets so large it costs you dearly. This is by far the greatest mistake nearly all investors make; they don't understand that all markets are speculative and involve large risks. Without exception you should cut every single loss short, immediately when a cryptocurrency falls 8% below your purchase price. For your knowledge, usually a coin price goes down an 8% after a normal run up, and a 20% if it comes after an aggressive bull run, this is commonly know as price correction. Following this 8% stop loss rule will ensure you will survive another day to invest and capitalise on many other excellent opportunities.

Always remember that a good investor is someone that maximise profit by decreasing losses.

2.-Buying on the way down in price, thus ensuring miserable results.

A declining price seems like a real bargain because it is cheaper than a few hours/days earlier, this way of thinking will make you lose most of your capital. On December 2017, for instance, BTC reached a historical peak of nearly USD$20.000, many bought on the way down from USD$20.000 to USD$16.000 and although it went up to USD$16.000 a few times, after two months the price plummeted to USD$7.000. BTC was used merely as an example to avoid using other altcoins

3.- Not recognising the difference between a bull and a bear market.

Bear and bull markets are named after how each animal attacks its opponent. A bull usually drives its horns up into the air, while a bear swipes its claws downward. This analogy makes relation to the global market direction when prices are rising or falling. You should learn to determine the overall market direction by accurately interpreting the daily market capitalisation, prices and volume movements and the action of individual market leader coins, such as BTC or ETH. Being aware of the market behaviour will determine whether you win or lose. Remember the Wall Street saying that warns against excessive greed.

“Bulls make money and bears make money, but pigs get slaughtered”

4.- Being afraid to buy coins going up into new highs.

The public generally thinks a coin making a new high price (ATH) seems too high, but personal feelings and opinions are emotional and far less accurate than the market. The best time to buy a cryptocurrency during a bull market is when the currency initially emerges from a price consolidation or “flag” area of at least seven or eight days. Get over the normal human desire of wanting to buy something cheap on the way down. What seems too high in price and risky to the majority usually goes higher eventually, and what seems low and cheap usually goes lower, that is the market’s great paradox.

5.- Buying on tips, rumours, fork announcements, news, or opinions you hear from other people or from supposed market experts on different social media.

Many people are too willing to risk their hard-earned money one the basis of what someone else says, rather than taking the time to study to study, learn, and know for sure what they are doing. As a result, they risk losing a lot of money. Most rumours and tips you hear simply are not true and they are just used to create FOMO or FUD. Even if they are true, in many cases the currency concerned will ironically go down, not up as you assume. Be careful because most of this information is used by P&D groups and you should stay away of them!.

6.-Buying on connections with old names you are familiar with.

Just because a currency has suddenly a new agreement with an already established enterprise does not necessarily make it a good buy. Many of the best investments will be newer entrepreneurial names you will not know, but just with a little research you could discover and profit from before they become household names. Remember that many old corporations are in a comfort zone were innovation stop being a priority.

7.- Not being able to make up your mind when a decision needs to be made.

Many investors don’t know whether they should buy, sell, or HODL, and the uncertainty shows they have no guidelines, causing you to make an increased number of mistakes. Most people don’t follow a proven plan, a set of strict principles or buy and sell rules, to correctly guide them. The soundest rules you create are of no help if you don’t develop the strict discipline to make decisions and act according to your historically proven rules and game plan.

8.- Not learning to use charts because they seem difficult

Learn to read charts and recognise proper bases and exact pivot points. Use hourly, daily and weekly charts to materially improve your investment selection and timing. Long therm-monthly charts can help too. Buy coins when they initially break out of sound and proper bases with volume for the day 50% or more above normal trading volume. Familiarise yourself with technical patterns such as Elliot waves, Cup with handle, Saucer with handle, Double-bottom, Flat base, Flags, among others. Tradingview is a nice tool for start learning and creating your first predictions.

Bonus: Terminology used on this post

Figure extracted from https://cryptojh.com for demonstrative purposes.