The major problem lots of us have before coming to the crypto space is we see crypto as a quick money opportunity, I am glad I never saw crypto this way because I always dwell on the mindset of If it comes so easy it can go so easy. Mind you, this doesn’t mean that life should always be tough and things should always be difficult to achieve. But then, crypto is not a place where you just come and make money without putting the work or showing up or doing something.
Just that crypto pays you more compared to other industries where you add more effort and you get less pay. For instance, airdrop, airdrop is just performing some few task or meeting requirements to get free money in the crypto space. Yesterday I got 15 $GAL token ($77) for staking my CAKE in pancakeswap lock period within 24 hours of the lock launch and got a Pancakeswap X Project Galaxy NFT which made me eligible for the GAL airdrop. If you are telling a non-crypto investor this, they will see it as quick money and want to invest in crypto because they want to make quick free money.
Trading crypto is one aspect of crypto that will test your patience, if you are spot trading, you need to be patient with the market, because, the market always seems to go automatically bearish the moment you start spot trading.
Unrealistic Expectations Helps Lose Money
Learning your way through the crypto industry is one way to survive in crypto without getting burnt out and quitting or losing lots of money. Having unrealistic expectations gives you a Narnia feeling before investing. Imagine having unrealistic expectations of the market on making $100 daily, like it’s that easy or like you can predict the market. Most times it takes weeks before you start making profit in crypto.
You don’t own the market, so you can tell when the market is going to be bullish or bearish, you can only try your best to predict it and wait. What happens when you trade the market expecting to making $100 daily and get disappointed? Do you give up and call crypto scam? This is the reality of some newbies.
Learning Your Environment
Lots of people join the crypto world without the mindset of learning, there are people that just want to throw in money and wait for the money to grow, they don’t care to learn about what they are throwing their money into. This might be due to laziness, but this has caused a lot of people into making mistakes. For instance, the crypto exchange interface is something they haven’t familiarized theirselves with.
Some crypto exchanges automatically leave the market option on Limit Order. Limit order is the price you are telling the exchange to buy or sell your coin when it gets to a certain price inputted. This way, you can set a limit order at any price, and leave your screen. As a Newbie, who didn’t bother to learn the crypto terms and lingos, they see words they are familiar with like Buy and Sell they click it and get confused when their order don’t get executed.
But the market transaction has several options like:
Some crypto exchanges have the Limit Order as the default order. So when you buy or sell on Limit order, the market won’t be executed instantly because the price haven’t gotten to the price placed on Limit Order. Changing the order to Market Order is the right thing to do. This means that you are buying or selling at the instant market price.
This is just one aspect of crypto trading that lots of newbies don’t know because they fail to learn and study their environment before investing.
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