Here is a list of mistakes I have made over the years trading cryptocurrencies and listening to other people that I am hopfully going to learn from going forward into 2020 and beyond.
Currently I trade cryptocurrencies from various exchanges as a hobby.
1. Try to avoid dodgey exchanges
One of the wost things I have done over the years is signing up to exchanges, put my tokens/coins/money in and then it closing down without making any profit. Thankfully most of the exchanges I have made at least a little something before they close down. At the very least I have a different password for each exchange so in the case that they do go down or get hacked all my other accounts are somewhat safe. I signed up to cryptopia, and that went after a couple of years.
I also made quite a lot off coinexchange.io before it closed down and would say this was one of the best exchanges in terms of customer support, they alerted they users they were closing down well before time so people could get everything out.
Some exhanges I have put somthing but not bieng able to get it back out because of the KYC restrictions, these are the ones I lost most to as most of them are high volume and thought were safe like bitterex.
2. Diversify the portfolio
Currently I only have a few coins in doge and litecoin which I need to expand into other coins like steem, EOS, bitcoin and Ethereum. I have also had my fair share of putting effort into coins that went nowhere, mining cagecoin for example back when GPU mining was the craze.
3. Signing up to get "Free" coins
As the saying goes "Free is never really free", someone somwhere has to pay for it, and most times these sites give out such small amounts that it's not worth siging up or playing the gampling games where you always lose more than you make.
4. Listening to the Youtube "Experts"
Listening to any of the people that have a "perfect stragedy" or a 100% was to make $100 a week can be ignored infact the whole community of those kind of people can be ignored, it is much easier to just learn from your own mistakes rather than listening that anything that gurus can teach or advise. All of what I have lost in this is just time that I should of spent learning.
These are the mistakes I will carry into 2020 and beyond hofully learning more from my own and other peoples mistakes.
- crypto-34