Mistakes that cause us to lose money in crypto!

We are all involved in cryptocurrency here. Sometimes we lose money in crypto for various reasons. Whether we know it or forget it, we are losing money for various reasons. Many times we see many people getting rich in crypto and we try to adopt that strategy. But the sad thing is that we cannot benefit like others. Rather lose money. So now we should be aware and profit instead of losing money in crypto. Below are some of the reasons we should be aware of.

The first mistake is making when losing money in crypto. Our financial goals are not fixed. Rather when we get get-rich-quick schemes from Facebook or Twitter or YouTube or other tempting sources, we invest there too without considering any judgement. Without knowing it well we try to get rich quick in two days which is our fatal mistake. And as a result we lose our investment money.

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Another mistake we make is that we often think of people we know as crypto experts. When that guy said that investing in this coin will increase 100% tomorrow and the next day it will increase 200% or more. Then we believe that word and invest there. Because we fear that if we don't invest in this coin we will miss a big opportunity. This is known as FOMO (Fear of Missing Out). In the same way, this kind of fear works for us in selling as we tend to buy and sell based on other people's information without considering any judgment which is a fatal mistake for us in a bear market. And for such mistakes we lose money in crypto.

We mostly follow various celebrities in the field of cryptocurrency. And then we invest in celebrity-backed projects! Because it is promoted by them and they invest in those coins even if it is small amount or act as a sponsor. Most of these crypto celebrities promote many projects instead of just one. These celebrities themselves are definitely benefiting from this. Whether their efforts succeed or fail, they are getting rich. If their project fails, they move on to the next. So we should not invest in their shilling projects but study them and invest with our own wisdom.

Here are the founders who started trading in cryptocurrency for the first time. But due to their pursuit or understanding or various reasons, they gradually fall out of the bear market. But when we invest in those coins without considering any judgment, we try to make them profit but we ourselves lose our own money. Because there are many crypto traders who scam people and give away their previous ventures, but we don't choose to label their ventures as the best of its kind. Then we spend our hard-earned money on it and lose money as a result of our investment in it.

So if we want to get success we have to keep these things in mind as well as other things and also the most important thing is practice. When we make any investment we should do good research about that coin. Otherwise we will never see the face of success. Of course we should invest in those coins and not be greedy by knowing well about the current and past condition and make of the coins.