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Investing in cryptocurrencies requires attention and a certain taste for investigation. This market is full of good opportunities, but there are also some scams.
If you, as a new cryptocurrency investor, want to be part of the group of people who are doing well with cryptocurrencies, pay attention to this text to avoid making common mistakes that can cost you dearly.
Let’s get to know the main mistakes that block every new investor in cryptocurrencies?
Learn everything you can about the cryptocurrency market
The arrogance of self-proclaiming as an expert in the cryptocurrency market without actually being can cost you dearly in your investments. Be humble and recognize that you have a lot to learn.
If there is a term or technology that you don’t understand, seek to research, learn and really understand it. Every time you learn a little more about the market, the more chances you have of making good investments (and not falling into scams)!
Develop your sixth sense to identify scams
You know that feeling that “there’s something weird about it”, but you don’t know what it is? This is nothing more than your sixth sense warning you of a possible scam.
Unfortunately, scams using the name of the cryptocurrency market are increasingly common and we need to be aware of this reality. Many people who fall for these scams still believe in the promise of becoming overnight millionaires.
Here on our blog we have already written several articles on how to identify these scams and this can be a good start for you. Stay tuned and when in doubt don’t invest your money!
Leave the adrenaline for physical exercise and keep a cool head when investing
Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
This phrase is often attributed to Paul Samuelson, an economist widely recognized as one of the most important formulators of modern economics.
Many new investors end up falling into this trap, believing that it is normal to feel anxious and become real adrenaline junkies.
Therefore, they tend to act without thinking and make many mistakes with their money. This kind of attitude becomes harmful because you assume you “know everything” about the market and make yourself an easy target for cryptocriminals.
And, that’s not what you want, is it? So, be humble and develop your discernment before you start investing in the world of cryptocurrencies.
For this, the best you can do is to know your investor profile and set a long-term goal. Thus, you will use cryptocurrencies to your advantage and not the other way around.
Even as a new cryptocurrency investor, have a long-term goal
After all, what do you want money for? More than just funding your lifestyle, there must be something you desire. Currently, the greatest desire of people is financial freedom. Is this your dream too?
It is important that you have a long-term goal for your investments, otherwise you will just be investing in a random way and wasting your resources.
Let’s say you also dream of financial freedom. What’s your number? How long do you want to conquer? What are the cryptometers that can help you shorten this path?
Do you realize that when you have a direction it becomes easier to invest? So you don’t waste your energy on opportunities and projects that have nothing to do with what you want. Goal is not pressure, it’s direction!
Don’t believe everything you see online
Bitcoin is considered the first cryptocurrency and appeared in 2008. Over the course of the project, it has been considered dead at least 432 times.
Because it is a “new” market, cryptocurrencies still scare many people and cause doubts in many others. Cryptocurrencies are always developing and every day there are news about them.
The disruption and innovation that cryptocurrencies have brought to the financial market is undeniable and this causes a lot of discomfort in business models that profit from being intermediaries between people and money.
This market is still gaining steam and consolidating its structures in the world and that is why there is a lot of news about ups and downs involving cryptocurrencies. So, if you are a new cryptocurrency investor, you need to be aware of this aspect and shield yourself from negative news.
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