Image Courtsey of Freerange Stock Photos

Top 5 Mistakes New Crypto Investors Make (AKA I Made)

By christyrn | My Crypto Addiction | 12 May 2021


Well hello and good evening!

It's 11:25 PM and I'm at my desk at the nurses' station. Things seem to have settled down for the night (I hope), and I'm taking a break from obsessively checking Robinhood to share some thoughts. (Still obsessively checking my patients' vital signs on the cardiac monitor, don't worry.) I'm pretty new to the crypto world, having invested in Dogecoin a few weeks ago, right before prices hit 38 cents. I don't have a lot of wisdom to share - but I have my own mistakes that I've learned from. Here it goes: 

1) What I call the "Rising Star" effect. Everyone wants to be special, and believe that they'll be the rare success story and their all-or-nothing risks will pay off big time. Now, I'm aware that you should never invest money you can't afford to lose, and I kept that in mind when investing, but did I put in a littllleeee more than I should have? Sure. I wanted to believe so hard that my investment was the lucky timing and I would wake up to massive gains in the following days. Did that happen? Nope. Hint: I'm talking about Dogecoin. 

2) Panic Buying and Selling. I know how emotional investing can be. We're humans, after all, and there's a psychology to everything. Still, it's easy as a new investor to panic buy and sell. I can see where I should have looked at the trends and made more rational, calculated moves instead of following the hype. 

3) Not doing my own research first. No explanation needed. 

4) Waiting too long to invest. When I first started my career in my early twenties, I didn't think I had enough money to invest. I was worried about getting started on my own, buying a new car, updating my technology, and everything else I couldn't afford when I was in college. I put off enrolling in a 401K, much less investing on my own. I have regrets. 

5) And finally, checking Robinhood way too often. It's an addiction, and can cause unnecessary anxiety and preoccupation. 

What do you think? Do you have any lessons you learned the hard way of your own to share? Let me know in the comments below! Thanks for reading! 

How do you rate this article?


13

0

christyrn
christyrn

Hello! I'm Christy. I call myself a lot of things - writer, graphic designer, nurse, night owl, and student among a few. Follow me on twitter @coffeedrn


My Crypto Addiction
My Crypto Addiction

Just a hard working ER nurse writing and self-educating my way to financial freedom. Come for the crypto, stay for the content.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.