When you have difficulty using exchanges or understand bitcoin fundamentally, you should immediately join the closest community. Besides that, with the community, you can get consistent updates about the world of cryptocurrency.
Sometimes not every product promoted by influencers is the right product. Because there must be influencers, who are paid to promote a product even though the product is ugly, if you believe without doing research directly, you will pay for your mistakes in a sizable amount.
Believe in the ongoing hype
Once again, don’t just believe in the ongoing hype. Keep doing your research. If the coin looks too promising, it can be ascertained that the coin is fraudulent. But if you think that there is nothing new in the market, then you should not take any steps. Examples of things that happen to a cryptocurrency called coin. Coin is often the subject of discussion on social media and forums, and of course, many people buy the coins. But 12 months after being discussed, the COIN dropped 98% sharply. If people around you often talk about cryptocurrency, then it’s a good time to sell it.
The absence of people who want to buy your coins in the market alias illiquid / Not Liquid
Liquidity itself is a market condition where the market will take (there are buy orders) every asset offered for sale or purchase. To find out how liquid the tokens/coins that you buy can be checked on CoinMarketCap. If your coins have low liquidity, then you should sell the coins as soon as possible. But if you are a beginner and find yourself trapped in an illicit condition, then you should give up your money.
Fear of Missing Out
FOMO itself is a standard behavior found in the world of cryptocurrency. FOMO is a situation where investors feel they will lose something big and directly enter the market without careful consideration. FOMO will certainly be felt when the CEO of your coin project announces that shortly there will be partnerships and the like. Also, many influencers will benefit from explaining the cryptocurrency to followers. Make sure you make investment decisions not based on emotions but based on logic and emotions. If you are interested in bitcoin trading, you can make fortune with cryptocurrencies
Inedible FUD (Fear, Uncertainty, Doubt)
FUD is the opposite of FOMO. FUD is a situation where investors feel scared, panicked, and full of uncertainty. The purpose of the FUD itself is for investors to sell their investments as quickly as possible at a low rate.
In addition to FUD, another thing that causes investors to sell their coins quickly is a drastic fall in coins’ price. But the drastic decline in the price of coins does not mean that the price of coins will fall even more in-depth. Make sure you don’t rush and discuss your decision with fellow cryptocurrency investors. Control your emotions and think about your decision many times. Remember that the cryptocurrency industry is volatile, and you must also be prepared to bear significant losses.
Believe in media propaganda
Most media sometimes release negative news and often threaten the cryptocurrency industry. The news could be about a country that bans cryptocurrency or about how Wall Street is not interested in entering the industry. And of course, the story aims to get clicks, create controversy and sometimes FUD. One of the most effective ways to increase your cryptocurrency investment is to read the article in detail and not just the headline. Always use logic and facts when investing.
Stay patient because this is what successful investors often do. You might feel desperate to look for further opportunities in cryptocurrency investments. In other words, successful investors can handle losses within a few years with HODL coins because they know the market’s direction. If you are impatient and lack knowledge, you will always buy coins at the wrong time
Don’t think clearly
Make sure to stay calm and relaxed. It’s a good idea to invest funds that you can volunteer to lose. If you are affected by bad news in the media, you will most likely make bad decisions.