It true crypto has created many millionaires and billionaires, but to be honest not everyone has been fortunate. There are numerous individuals who never made it. Some lost their life saving, others still make it and lose it again,
Some made millions with meme coins but never sold until the market collapsed.
I will list points on how people lost their money, and the mistakes they made so that you won’t repeat history.
1.
Not Having a Goal or Crypto Plan:
Many people found themselves in crypto, and made money, but lost it all because they lacked a goal or plan for the money. They didn’t know what to do with it. I, to be honest, have lost a certain amount of money due to various businesses, new crypto projects, and more.
I will advise you to maintain this few goals so that you won't make Same mistake:
1️⃣ Set aside a specific cash savings amount. 2️⃣ Invest in stable cryptocurrencies.
3️⃣ Allocate funds for family and charity.
4️⃣ Determine your business investment budget.
5️⃣ Budget for personal expenses.
Note: Don't forget to create a monthly budget and regularly review your goals to stay on track! 💼💸🚀
2. Not Thinking Long Term:
Don't sell all your crypto at once! 📉 When I joined Crypto newly, I sold my Ethereum and Bitcoin at the lowest point and regretted it. Remember, it's about staying in the market, not timing it perfectly. If you believe in your investments, hold onto them and think long-term! 🚀🧠
3. Investment Strategy Insight:
In recent years, few investments have outperformed crypto. Wise investors profit in bull markets and keep cash in stable assets during bear markets for the next crypto cycle. Avoid starting new ventures; unforeseen challenges can lead to capital loss. Partner with existing businesses or only invest what you can afford to lose. 💰💼
4. Shiny Object Syndrome:
Always remember, chasing the next big crypto isn't always the best strategy. 🔄 It's often wiser to hold onto top-ranking cryptocurrencies for the long haul.
🐢 ⚠️ Don't pour all your capital into the latest 'big thing' - only risk what you're prepared to lose to prevent major setbacks.
💰 And when new trends like NFTs, Web3, and DeFi come calling, it's tempting, but be cautious and only invest a small part of your funds. 🤑💸 Stay smart and invest wisely! 🧠💼
5. Not doing your own research:
🚨 Don't skip your homework! Before investing in crypto, use tools like Coinmarketcap, Dapp Radar & Block Explorer. Avoid: - Losing money on bad projects - 🍯 Honeypot traps with no exit - 🕵️♂️ Falling for scams - 🐑 FOMO buys that go south Always check the charts!
I hope this article helps!!!
For all of you who's eager to know what coin I am presently buying, I am presently investing on $ISLM, I am holding onto it so tight because $ISLM will be a global currency soon, a good project, with good Team with great Community.
Check $ISLM and buy and HOLD.
