Common ways Newbie Crypto Traders lose their money
Pumped and excited to start trading , most newbie traders when starting their crypto journey encounter a lot of losses. Due to the happiness and desire to make quick profits, newbies easily make the following mistakes , that usually leads to lose of assets.90% of them are likely to engage in scam projects and also interact with websites that would steal their assets. Entering the world of cryptocurrency can be exciting, but it's important to be aware of potential risks and scams that newbies might face. Let's explore some ways newcomers can encounter losses or get caught up in scams in the crypto realm. FOMO stands for "Fear of Missing Out." It's a term used to describe the feeling of anxiety or apprehension that someone might miss out on a rewarding opportunity or an exciting event. FOMO often arises when people see others making significant gains or profits from a particular investment, causing them to feel pressured to join in quickly to avoid missing out on potential profits. This fear can lead individuals to make impulsive or rushed investment decisions without conducting proper research or analysis. As a result, they might invest in assets solely based on the fear of missing out on quick gains, disregarding the risks and potential downsides.They may feel compelled to buy into the asset at a higher price, fearing that if they don't act immediately, they will miss the chance for substantial profits.In summary, FOMO in the context of cryptocurrency investing is the fear of missing out on a lucrative investment opportunity, often leading individuals to make rushed or impulsive decisions based on the fear of not being part of a potentially profitable trend.🔥1. Lack of Knowledge:Newcomers might dive into cryptocurrency without understanding how it works. They could fall for misleading information or invest in projects they don't fully grasp. It's crucial to learn the basics and research before investing to avoid potential losses.🔥2. Pump-and-Dump Schemes:Some scammers try to inflate the price of a cryptocurrency by spreading false information, creating hype, and then selling their coins once the price rises. Newbies might get caught up in these schemes, buying at high prices and experiencing losses when the value drops suddenly.🔥3. Phishing and Fake Websites:Scammers create fake websites or emails that look like legitimate cryptocurrency platforms. Newcomers might unknowingly share their private keys or login details, leading to hackers stealing their funds. It's essential to double-check website URLs and avoid sharing sensitive information.🔥4. Ponzi Schemes:Scammers might promise high returns or guaranteed profits through investment schemes. Newcomers could be lured into these schemes, investing their money only to find out it was a scam, leading to financial losses.🔥5. Unregulated Exchanges and Tokens:Using unregulated exchanges or investing in new, unknown tokens can be risky. Some exchanges might not have proper security measures, and new tokens could be fraudulent or lack value, causing losses for newcomers.Staying Safe in the Crypto Jungle:To avoid falling victim to scams or encountering losses in cryptocurrency:- Educate yourself: Learn about cryptocurrencies and how they work before investing.- Verify information: Double-check sources and websites to ensure legitimacy.- Use reputable platforms: Stick to well-known and regulated exchanges for transactions.- Avoid FOMO (Fear of Missing Out): Don’t invest hastily due to hype or pressure.- Secure your assets: Use strong passwords, enable two-factor authentication, and store your funds in secure wallets.If you find this educative, please like ,share and follow. You can support us with Tips as this would help us earn money and create more content #xmucan #BTC
Today December 8, 2023, I am writing this to you, from my desk.
🔥$200 into Dogecoin at the rate of $0.097 would get you - 2041 $Doge
🔥$200 into Fantom at the rate of $0.35 would get you - 557 $FTM
🔥$200 into Solana at the rate of $70 would get you - 2.85 SOL
🔥$200 into MATIC at the rate of $0.87 would get you - 227.5 $MATIC
🔥$200 into BLUR at the rate of $0.49 would get you - 400.8 BLUR
🔥$200 into Cardano at the rate of $0.52 would get you - 382.6 ADA
🔥$200 into BLUR at the rate of $0.49 would get you - 400.8 BLUR
🔥$200 into SHIBA INU at the rate of $0.00001000 would get you - 20,000,000 $SHIB
🔥$200 into DYDX at the rate of $3.04 would get you - 65.74 DYDX
🔥$200 into Memecoin at the rate of $0.040 would get you - 4968 $MEME
🔥$200 into XRP at the rate of $0.64 would get you - 308 XRP
The total amount if invested according to the above is $2,200, to be honest, this is exactly how I would invest $2,200 if I had it.
in the next 24 - 48 Hours we @X mucaN would pin this post to our profile, and it will remain there, till we get to the bull market.
I Have one request, over here at Binance square, we @X mucaN create one of the best and most entertaining, educational, inspiring, and informative content (Articles, Post and Videos), we do wish we can hit 30,000 followers on or before the last day of the month and year.
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You are here and you did not make at least $100 from $NOT airdrop that we started begging people to get involved since January
You and here and you need free $50
Why not work for it, we have shared Informations that can earn you at least $500 in the next 2-3 months and this is no cap, we have proof of work, we are actively working and providing value
A lot of people are in need of this $100 but they would rather look for giveaways and most times they will end up being scammed
Whatsoever you are missing out on this year, do not miss out on BLUM, especially if you already missed out on $NOT
Use this link to get started, tap and hold your screen for 2-3 seconds to copy it and paste on your browser
https://tinyurl.com/3mn9hf69
It will open with the required app
Go and start accumulating Blum points
For more details, just check the post attached below, tap on it
You don’t have to jump on random Crypto Airdrops, the one we drop here is enough to give you something good
Do you know that 90% of this crypto traders you see on the internet posting pictures of lambo and huge crypto wallet balance are involved in pump and dump
we came across a crypto community and for the past 3 days they have been dropping meme coins on Solana blockchain that will go from $110,000 Market Cap to $300 market cap in Seconds
When this happens they will come out and tell their members not to give up, that all they need is one big win that will cover up for there losses
keep trying they will say, keep doing this until you find the next $PEPE that will take your $100 to $150,000
keep trying until you find the next $WIF that will flip your $40 into $50,000
With this mindset, people will keep buying their scam tokens and keep pumping their bags
Right now 80% of the meme coins on Dex screener are pure scams
This pump and dump business seems to be the new oil well in crypto
To you reading this, please get smart and stop giving away your hard earned money to scammers ,instead, support us with Tips, at least we are providing value to you in one way or another
Share this with a friend and hit the follow button to get notified when we post
⚠️ Be Cautious with Derivatives ⚠️ Crypto derivatives can be very risky; understand them before trading.
We don’t even know where to start from on this topic
Please if you are a newbie, please stay far away from derivatives
If you check the first image below you will see a trader running on over $59,000 loss on a trade( the trader hasn’t lost the money until he closes the trade or hits stop loss or get liquidated)
Look at the second image below, you will see that same trader making $42,000 profit on $WIF and also making about $900 on $SOL
When Newbies see this, they get pumped and forget about the other side of it and then start trading with the little $100 they have and in a week time the whole money is gone
A lot of people lost their life savings while going Short on $NOT a few days ago while some still lost a lot of money while going long
Please,stay away from Derivatives if you don’t have the capital, the capital is really important here
Do you have an account that can go on -$50,000 and still remain on a trade ??
Crypto investments can take time to grow. Don’t expect quick profits
$SOL didn’t just go from $1 to $200 over night, it took time
Know the Market Goes Up and Down
Remember that markets have cycles of rising and falling,people are usually happy when they see the market pumping and their portfolio on greens but they forget that the market can’t remain at the top forever, what goes up must come down, this is where you learn how to take profit,so you can buy back cheaper
Imagine, buying $NOT at $0.018 and selling at $0.028 then you buy back again at $0.016
Know Your Limits
Only invest what you’re okay with losing and understand your risk tolerance.
Track Your Money Keep a record of your trades and investments to see how they’re doing,don’t treat trading like gambling, keep records beautiful people
Be skeptical of hype and look for solid reasons to invest and Don’t Believe All the Hype Question the excitement around a coin and look for real evidence of its potentials
Don’t be mislead by people saying
“Buy $NOT it is going to $12”
“Buy $PEPE it is going to $25”
“Buy $IO it is going to $17”
In as much as this can actually happen, always look for solid reasons to invest