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Any investment market cannot escape the 80/20 rule, and the same is true for the cryptocurrency circle. After all, only a few people make money from cryptocurrency trading, and most investors are the ones who are harvested. There are many factors that lead to losing money in cryptocurrency trading, such as: chasing ups and downs, not having a complete investment plan, and insufficient knowledge. In summary, it is nothing more than the following six points;

1. Serious short-term thinking

Many people have serious short-term thinking. In fact, we should take a long-term view, allocate positions reasonably, focus on the long term and supplement with the medium and short term, and follow the short-term trend changes that we can see clearly.

2. Buy high and sell low

Chasing the rise and selling the fall is a mistake that almost every cryptocurrency investor will make. When they see a coin soaring and the whole world is discussing it, they buy it and are reluctant to sell it when they lose 10% or 20% after buying it. They hold on to it and wait for the day when they can get out of the trap. When it continues to fall and loses 50% or even 60% or 70%, they think the coin is not good and sell it directly to the floor; and then repeat this step again and again.

3. Lack of awareness

Many people do not think before investing. If a big V says this coin is good today, they will buy it immediately. If a rumor says that the coin will rise tomorrow, they will buy it too. As for what is good about this coin and why it will rise, they have no idea. Others speculate on coins based on their own cognition, but you speculate on coins based on their cognition. It is impossible to invest without losing money in this way. We can use other people's cognition as a reference when investing, but we must establish our own cognition before that.

4. Too impetuous

Impatience seems to have become the norm in the cryptocurrency circle. Many people enter this market with the mentality of getting rich overnight, but they are not prepared to return to zero in one day, let alone the ability to get rich overnight. After buying a coin, they hope that it will go up after the purchase, double in three days, and increase tenfold in half a month. If the coin does not go up in half a month, or even suffers a loss, they will start to find all kinds of excuses for themselves, scolding the project party for not managing the market value, scolding the dog market for dumping the market, and blaming the big V for inaccurate predictions.

5. Not learning

Previously, a media outlet conducted a survey on investors’ understanding of digital currencies. Among the 778 digital asset investors randomly selected, less than 10% could quickly and accurately describe “what is Bitcoin?” and only 17 people could accurately explain “what is blockchain technology?” Although the statistical data is small, it is enough to illustrate the current situation of investors in the cryptocurrency circle. How can you have faith if you don’t even know what you are investing in? Without faith, how can you hold on to the lowest-priced chips or the best currencies? Learning is an eternal wealth, and only by continuous learning can you avoid being harvested.

6. Lack of sound investment philosophy

Most people do not have a complete investment plan before investing, and they just follow their feelings. This kind of investment method that relies entirely on intuition will definitely lead to a high probability of losing money if you encounter unexpected situations. Only by making a corresponding investment plan before investing, such as: how many currencies to buy? When to buy? How to allocate positions? Should you stop loss or cover the position after buying? Should you reduce the profit in batches or continue to hold after making a profit? Only by summarizing a set of investment strategies that suit you can we deal with various situations, whether it is rising or falling, we can treat it calmly, so that at least we can make our mentality invincible and avoid the influence of mentality on making wrong choices.

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