Mistakes that make people poor in crypto

[Jimmygym]

I think most of the people lose their money in the crypto market due to their unrealistic expectations from their coins. They want to become millionaire in a single day. When they see a steady advancement in the market, they get out of the market at a wrong time. Am I right?

[Prime]

I think most of the people lose their money in the crypto market due to their unrealistic expectations from their coins. They want to become millionaire in a single day.

Not only about too high expectation, most people just join without sufficient knowledge. But when they lose, they will blame the crypto world.

[juelz63]

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[mimikri]

I think most of the people lose their money in the crypto market due to their unrealistic expectations from their coins. They want to become millionaire in a single day. When they see a steady advancement in the market, they get out of the market at a wrong time. Am I right?

I think that it does not make them poor. It makes them depressed and frustrated. Mistakes when choosing tokens to invest lead to the greatest losses. You need to learn more about alt before investing in it.

[Bobcrypto]

The fear of loosing all valuable coins because prices are dropping continueously had made some people to sell off their coins, at least to cut a total loss when prices goes beyond their abity to bear a further fall. Crypto prices are volitile, and many are unable to be courageous in keeping their coins for fear of loosing all.

[Dprincebh]

One mainly factor making people poor in crypto is lack of interest as well as fear. Some one will invest into a project immediately he started seeing the project decreasing in value he start to panick. Crypto require  a lot of patience if you don't have that then you are actually missing the way round

[PurpleImp]

Dumping right after being paid bounty!! Don't do this!! (Unless you getting an offer that is above the ICO price) If a company/project stays around and you dump everything then you no longer have stakes in that company/project.

People trying to get rich overnight and get rich quick that are not there for the right reasons. These people lose a lot of their money and to be frank they deserve to. Seems like when greed takes over people's brains stop working.

[dewod_]

I think that people lose money because they invest in things which aren't safe or they are impatient. Another thing is that it's good to invest what you can afford to lose.

[PurpleImp]

Not backing up your wallets and make sure there are several copies can make you poor. You also dont want to sell tokens too early you need to be patient. Sell some of your holdings off sometimes so you get some return incase the value drops so much the coin/token becomes valueless. So dont hold on too long either.

[Elaina]

I think most of the people lose their money in the crypto market due to their unrealistic expectations from their coins. They want to become millionaire in a single day.

Not only about too high expectation, most people just join without sufficient knowledge. But when they lose, they will blame the crypto world.

true! most of the people jump in the market just like that

[Octave4]

The most common and basic mistakes are lack of adequate knowledge and hasty decision. People think that investing in crypto is simple way to become rich, nothing could be further from the truth. Ignorance of market's operating principle, price movements and desire to gain some passive brought together make people poor. Crypto are so difficult stuff, not everyone should get into it

[Fionn]

 i think, not only for crypto but for trading overall, the mistakes that traders make are: not following a strict stop loss, letting emotions in while trading, not testing back to back before applying them on live account. 

[TonGlor]

i think, not only for crypto but for trading overall, the mistakes that traders make are: not following a strict stop loss, letting emotions in while trading, not testing back to back before applying them on live account.

You not only consider traders, but also ordinary people who bought a crypto.

[TonGlor]

Greed also makes people poor. I lost a lot of money in 2018 due to cryptocurrency greed

[bits98]

Yes i agree, prices of cryptos are very volatile and hence its super important that people should have patience to hold their cryptos for a good time to let it reach  a good price. Since its so volatile and affected by various factors, you just never know that tomorrow when you wake up bitcoin’s price is double than it was the previous day. So patience is necessary here.