Common Mistakes Investors Make While Trading Bitcoin and Crypto

Everyone makes mistakes, especially when trading Bitcoin and other cryptocurrencies. Whenever you combine lots of money, volatility and FOMO, there’s bound to be some mistakes. That’s ok, we’ve all been there.

The great thing about mistakes is that each one is an opportunity to learn – and become an even better investor and trader. Every mistake is a future success!

If you want to get a head start on learning from mistakes, consider this list of the most common mistakes we see people make (or not make) while buying Bitcoin, Ethereum, LiteCoin and the other most popular cryptocurrencies.

  1. They wait too long to buy their first shares of Bitcoin or crypto
  2. They don’t learn technical analysis skills
  3. They panic when the price drops and “sell the bottom”
  4. They don’t buy the dips when the price is low
  5. They have bad position sizing
  6. They buy  based on hype or what people say on Facebook and Twitter
  7. They don’t have enough patience
  8. They don’t use 2-factor authentication on their exchange accounts
  9. They buy the top when FOMO hits the hardest
  10. They don’t take profits along the way
  11. They make unreal expectations for how much they’ll make and how quickly they’ll make it
  12. They don’t get mentoring or education on the fundamentals of trading
  13. They trade too many coins (especially altcoins)
  14. They don’t do research for ICO’s or altcoins
  15. They wait to buy until the “big” crash before buying, which doesn’t comes
  16. They don’t understand the underlying technology that is powering the cryptocurrency boom
  17. They over-trade – driving up fees and cannibalizing your profits by losing value in the spreads
  18. They go YOLO (you only live once) on one coin and blow their entire investment fund
  19. They try to win back their losses by over-extending on bad trades
  20. They invest more that they can afford to lose
  21. They don’t stick with their investment strategy and guidelines
  22. They don’t have an investment strategy in the first place
  23. They wait on the sidelines because they hear Bitcoin is a bubble
  24. They don’t read the news and staying current
  25. They don’t know what they’re buying before they buy it