Cryptocurrency holders often repeat certain mistakes and can sometimes see huge losses as a result of these mistakes. As a large number of new investors have recently joined the cryptocurrency community, the number of issues that cryptocurrency owners should pay attention to is increasing rapidly. The faster the industry grows, the faster the problems increase and more people get their share of these problems.
While certain mistakes stand out among the common mistakes made by crypto money investors, the golden rules that investors should pay attention to are often forgotten. As a result, from time to time, the chance to make more money is pushed back, and from time to time, investors may experience crisis periods as a result of great losses.
Golden Rule: Be fast but don’t panic
The price of cryptocurrencies can rise quickly or fall rapidly. Making a quick sale, especially after a record is seen in a row, can increase your earnings to a very high level, especially in the short term. However, panic selling often occurs during downturns and can cause huge and irreparable damage.
We need to pay attention to panic buying as much as we say panic selling. Especially when the record was broken in 2017, many old investors remember that many investors bought close to $20,000. Investors who bought at that time could not make their losses for many years and they started to make their losses towards the end of 2020. In 2021, they made a profit of more than 200%, but in the process, most of them either sold their crypto money at a great loss or even forgot the passwords of their crypto wallets. Among these unfortunate investors were investors from every country.
It is necessary not to make panic purchases, especially in the period when cryptocurrencies such as Bitcoin are rising at a record level, “however, I will buy it immediately, at least I will buy it low”. Purchases to be made during the record-breaking period may harm you in the short-medium term. It should be remembered as an important issue not to panic when there is a drop of thousands of dollars at a time.
Caution: Estimates won’t keep 99%
The number of cryptocurrency analysts is increasing. Every day, dozens of accounts are opened on Twitter and social media sites with the name of ‘cryptocurrency analyst, the best cryptocurrency analyst’. Some of the cryptocurrency analysts come to the fore with accurate predictions and may have accounts followed by hundreds of thousands of people. In these accounts, most of the followers are bought with money, and the content of these people can be included on crypto money sites for money.
All of these can cause us to see analysts as a ‘seer’ by causing investors to say, ‘what a famous analyst, the exact amount they say’. However, it is important to know that the predictions of even the best economists may not come true, and that the best economists usually do not make targeted predictions. As not everything analysts say is true, it is necessary to invest knowing that most of their predictions will not be 99% accurate.
Trust yourself: The money is yours
Investing in cryptocurrencies by relying on others can cause you constant losses. Your friends who know more about cryptocurrencies than you can help you for a certain period of time and tell your own predictions. Maybe you can win a few times with the prediction given by others, but you can only progress half the way with the prediction given by others, the rest you have to act alone and decide alone.
Otherwise, it is not possible for you to be successful in the crypto money markets by being dependent on the words and words of others. When you lose your money, the money that will be lost will be yours, not your friend’s or analyst’s.
Learn the concepts: Knowledge is essential
Learn the crypto currency concepts-words that are widely used in the ATH, SMA and other cryptocurrency markets. In particular, read the analysis of cryptocurrencies and compare how different these analyzes are when compared to your own prediction, even if it is not 100% correct. If there is not a big difference between your own predictions and the analysis, you are closer to the truth, but if there are huge differences between your predictions and the analysis, it may become a necessity to think for a while and find the middle way.
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