Crypto Currency is not for everyone plain and simple. There are 5 reasons as to why it might not be for you, and why people end up failing.
1. F.O.M.O or Fear of Missing Out
- The biggest problem people get into is FOMO. They see the coin they want to get into and watch it shoot up. Being that they don't want to get left out, they buy in at the top price for that coin. The coin then drops and they're left with a big many end up selling at a loss.
2. Not Doing Their Own Research
- Research is key especially dealing with money. Many people tend to follow the words of others when doing their investing and question why their investments aren't performing or are performing poorly. There are plenty of different sites that will help break down what the point of a crypto truly is. All of which I'll introduce at a later time. DO NOT TAKE THE WORDS OF OTHERS AS TRUE. DO YOUR OWN RESEARCH.
3. Following the "Fad" coins.
- All these points are of equal importance and tend to tie into each other. Following the public in anything tends to come with an awful end result. The public tends to hype a coin that has no point of being a crypto currency, an example is ripple which I'll get into later. Fad coins have a high probability of hurting you if you do not do your own research.
4. Crypto Currency is not a Get Rich Scheme.
- Crypto will not make you rich quickly. Its an investment that one must treat it as such. It took Bitcoin a number of years to reach its current price of $11,000. If you can't wait 5-10 years minimum, crypto is not for you.
5. Not HODLING.
- If you don't HODL, you're missing out on future gains of your cryptocurrency. You have to hold on to your crypto to get any kind of large investment. This is why it's important to invest in coins you have faith in. If you don't have faith in a coin, don't get into it. You will end up not hodling when the first FUD, (fear, uncertainty and doubt) comes up. You must be able to get pass the FUD to be successful in crypto.
I AM NOT A FINANCIAL ADVISER - NOTHING WITHIN THIS VIDEO OR ON MY SITES SHOULD BE CONSIDERED FINANCIAL ADVICE AS ITS ALL A MATTER OF PERSONAL OPINION ONLY.