Introduction
Investing in crypto could be a good opportunity to make passive income. Most new investors in the cryptocurrency market have heard numerous stories about how profitable it can be. The bitcoin has an impressive story path, from a couple of cents to thousands of dollars. With huge excitement, they invest in it, and right after the first market drop in price, with disappointed faces and calling everything related to crypto "scam", they give up and quit the crypto market.
Lack of Research and Understanding
I remember when I first invested in altcoins and meme coins, and I was not aware of how the crypto market works. That's why I lost like $3000 just because of a lack of research. I was falling on FOMO (fear of missing out) and went all-in after reading good news, hoping it's going x10 as many crypto experts predicted. But on the next week, I opened my wallet with $1800 on it.
Cryptocurrency is not correlated only with news or events like halving. Chart movement also has an impact on its price. It is also important to understand the project behind the cryptocurrency, follow the group for this project, check for updates, and especially for bad news like "we were hacked". It's a red flag for a solid crypto investor, take your money and run out of this project.
Not having an idea when to sell
Another huge mistake I made: no selling plan. It’s easy to get greedy when prices are going up. I did this with ApeCoin. I saw it hit $6.20, but I was like, “Nah, it’s going higher.” I ignored the signs—like, the double top pattern was staring me in the face, but I just hoped for more. Guess what? The price dropped, and now I’ve lost over 80%. If only I had a target, you know? I should have sold some when I had the chance. Set a plan, people—auto-sell is a lifesaver.
Lack of Patience and Long-Term Perspective
Patience—this one’s tough, but it’s key. When I started, I was looking for fast gains. But the reality is, crypto is a long game. Don’t invest money you’ll need next month, ‘cause no one knows when the market will give you the profit. I’ve learned this the hard way. I’m still holding my ApeCoin, even though it’s dropped to $1.27. Am I selling? Nope. I’m waiting until it hits $6.20 again. Sometimes, you just gotta wait. The market will reward the ones who can hold on the longest.
Emotional Investing
Okay, let’s talk emotions. Emotions have ruined my investments more than once. When prices go up, it’s easy to get caught up in the excitement and buy more. When prices drop, the fear kicks in, and you think, “I need to sell before it gets worse.” I’ve been there so many times. But crypto isn’t gambling. If you wanna succeed, you gotta stay calm, think clearly, and not let emotions decide for you. Now, when I feel like my emotions are taking over, I take a break, breathe, and come back with a clearer head.
Chasing Quick Riches
I was one of those people chasing the next big thing. I thought I could get rich overnight with crypto. I was scrolling through Twitter and Reddit, hoping to find that one coin that would change everything. Spoiler: it doesn’t work like that. Most of the time, I was just throwing money at random projects without even knowing what they were about. It took a few losses for me to realize that there’s no shortcut to making money in crypto. You need to research and invest in projects that have real value, not just hype.
Conclusion
I’ve made a ton of mistakes in crypto—no research, no selling plan, letting emotions control me, and chasing quick riches. But you learn from it. Now, I take a step back, do my research, have a plan, and most importantly, I stay patient. Crypto isn’t some get-rich-quick scheme. If you wanna succeed, avoid these mistakes, and stay focused.
My advice is don’t rush in. Do your homework, make a plan, and for the love of all things crypto, don’t let emotions make your decisions for you. Be patient, and eventually, it’ll pay off.