"I lost 70% of my investment in the first two months!" admitted a young engineer in his thirties who began his journey into the world of crypto with enthusiasm and drive. His story is not unique; it is a shared experience among thousands of beginners who enter this world without a clear roadmap.
Imagine driving a car on a bumpy mountain road with no prior experience or GPS. This is exactly what many people do when they enter the world of crypto. Let me reveal the most common mistakes to avoid on your journey.
+Investing with amounts you can't afford to lose: Akif, a bank employee, invested his entire wedding savings in a promising cryptocurrency. When its price collapsed, he lost not only his money but also his fiancée. The golden rule: Never invest more than you can afford to lose.
+Buying based on hype: When a coin becomes the talk of the media and influencers, it has often already reached its peak price. As Warren Buffett says, "Be fearful when others are greedy."
+ Not doing enough research: Lama, a pharmacist, invested in a project simply by reading a tweet from a famous influencer. She later discovered the project was a scam. "If I had just spent 30 minutes researching, I would have spotted the red flags," she says lamentingly.
+Trying to time the market: "I'll buy when the price drops a little" is a phrase that has cost many golden opportunities. The truth is, timing the market accurately is nearly impossible, even for professionals.
+ Excessive trading: The more trades you make, the greater the chance of making mistakes and incurring fees. Fadi, a software engineer, traded dozens of times a day. "I would win some trades and lose others, but in the end, the fees ate up most of my profits," he admits.
+Getting carried away by emotions: Fear and greed are a trader's biggest enemies. When prices rise, people buy for fear of missing out (FOMO). When prices fall, they sell in panic.
+Ignoring security: Hoda lost her coins after saving her recovery phrase to a file on her hacked computer. Security isn't an option in the crypto world, it's a necessity.
+No plan: Entering the crypto world without a clear entry, exit, and risk management plan is a recipe for disaster.
Robert Kiyosaki says, "It's not how much you earn, it's how much you keep." In the world of crypto, keeping your profits starts with avoiding basic mistakes.
If you want to become a successful crypto investor, you must have a strategy: For example, allocate only 10% of your portfolio to speculation, and 90% to long-term investments in projects you understand well. Always place stop-loss orders and follow a plan rather than emotions.
Remember, every successful trader has gone through a beginner's stage. The difference between those who succeed and those who fail is the ability to learn from mistakes—both your own and others'.
In the next post, we'll discuss how to define your investment goals in the crypto world. Are you ready to create a clear roadmap for your financial journey?