Typical mistakes of newcomers in the crypto currency world
Before doing any actions, think through your actions, write down your actions step by step, then take your list and do it step by step without thinking.
Do not try to revise your goals too often. This is one of the most common and biggest mistakes of all newcomers to crypto currency investing – to change their targets before some goal achieved, with a speed like 10 goals per day.
Instead, you should do the following:
– you must set a certain goal (say a month in advance)
– develop a strategy for which you will go to your goal
– during the term that was set (in this example it’s a month), you do not change your strategy, even if you start to think that you have not planned everything correctly
– after the expiration of the term, you evaluate the result (whether or not the goal was achieved as a result, whether the goal was adequately provided, whether the strategy was correct)
– based on the knowledge and experience that you already have (obtained with the achievement of the first goal), you set the next goal and prescribe a strategy with which you do not turn halfway
– and so step by step, the goal behind the goal is you come to a global result
You will be very surprised, but this approach will give a much better and more reliable result than if you react to all the changes in the crypto market and every day, depending on the situation, you will reconsider your strategy.
To all who are just beginning to deal with crypto currency all the time it seems that he has missed something, that he did not have time to “jump into the right wagon”. And these torments and throwings do not let you focus on the main thing, on your goal.
A beginner at a crypto currency exchange wants to earn his money as quickly as possible. This desire is often fueled by a variety of stories about how people become rich on one day. But if you “play long” if you are not interested in one-time random earnings (and most likely it will be not a big profit, but one-off big losses, after which you might want to quit the game), then you have to accept that the crypto currency market requires a thoughtful and a leisurely approach.
Human psychology is designed in such a way that many people prefer to grab for the suddenly appeared opportunity, turning out of plans and ideas that were built in advance. So there are stories about the super player who snatched the X (but no one usually says what colossal risks were there and that the probability to snatch this X was 1 per million).
Stories about the losers who lost everything at one point after chasing a momentary super-profitable idea, appear much less often, no one likes to talk about their failures and mistakes.
If a new player successfully conducts such a risky deal, he is unlikely to understand until the end which was a great chance to lose EVERYTHING.
And as a result, next time he will act the same way – without thinking, not calculating the strategy in advance, but guided by a momentary impulse. Sooner or later such a game will lead to a collapse.
When a newcomer starts PLAYING, rather than INVESTING – it always ends badly!
What is the difference between an investor and a speculator?
Speculator – always trying to predict what will happen to the market and adjust their actions to the situation in the market.
The investor does not try to predict what will happen to the market. The investor simply buys what is fundamentally likely to grow in value in the future.
On the part of the investor’s actions may look insecure, but trust the experience of people who have already passed it all, in the long run, the tactics of a competent investor leads to a good and stable profit, and the tactic of the speculator often leads to bankruptcy.