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If you’ve just entered the crypto market, you might find yourself lost in the crypto world for some reasons.
You’ve heard about the hype regarding Bitcoin, Litecoin or another very popular coin and you want to be one of the first adopters of a potentially world-changing piece of technology. Or you see the profits that people can make from cryptocurrencies and hear stories of folks that it can start from from a $100 investment to sitting in a mansion with two Lamborghinis outside.
In this article, iholding is going to show you the pitfalls of cryptocurrency investing, and there are a considerable number of them if you are not vigilant and careful.
Be Careful With Advices From 'Experts' On Twitter Or Social Media
One of the first things you may have noticed after deciding to invest in cryptocurrency is that there are many individuals in the space that claim to be ‘experts’ on all things related to cryptocurrency. Few of them are identifiable by name and usually, have some animated character or figure as a profile picture rather than any identifiable account. A few are at least smart enough to give the disclaimer that they are not ‘financial advisors.’
Unfortunately, a great many of these individuals have absolutely no clue what they are talking about and following them will lead to substantial losses if you are not careful.
Is there a possibility that the price of Bitcoin will eventually continue to rise at some point? Sure. However, there is no reason to take losses in an unnecessary situation.
Never Join A Pump And Dump Group
It includes any and all ‘signal’ groups, ‘whale’ groups, ‘dolphin’ groups, etc. You would not choose to get rich there. If you attempt to follow these groups, the high chance is that you will end up losing a substantial sum of money in the long-term. Following such groups will lead to your ultimate demise as an investor sooner rather than later because you would not even be solvent enough to continue following some of the ‘signals’ that are getting posted.
Research Intensively
There is no denying the fact that a huge sum of money can be made from crypto. However, the vast majority of that money is made by people who know what they are doing. Even if they happen to be delivering the same information to you, they most likely have already made their moves and taken their positions in something before they have got around to writing about it or informing you. So, even if you are lucky enough to meet someone that knows what he or she is talking about, it is more than likely that you have been ‘behind’ the curb anyway.
Research allows you to know everything about what is going on and not have to rely on individuals. Then, you will be able to use these ‘experts’ for what they are really good for, a supplement to your research. Another reason why research is crucial is that it gives you a perspective on cryptocurrency that most people do not have and it assists significantly with your fundamental analysis of various coins.
To succeed in trading, you need intensively research
You should be searching for fundamental aspect of everything. You also need to understand and read as much as you can about technical analysis too.
It will take long time to do but if you are not willing to do all of this research, then you are adviced to leave the market as soon as possible. Otherwise, what your loss will become a donation on the market or money that you senselessly gave over to others running groups.
Stick To Your Guns
If you have done your research, looked at the charts and the coin itself and you are determined that you have made the right choice, then stick to that choice.
