crypto bros love bragging about how easy it is to
make money But what often gets overlooked is how easily you can lose it too One careless mistake
can quickly turn a 100x gain into a 100% loss That’s why today we’re breaking down the 10 most
common mistakes that every crypto investor has made And yes that includes many of us here at
the Coin Bureau More importantly though we’ll show you how to avoid them so you can protect
those life-changing gains My name is Guy and if you currently hold crypto or plan to in the
future this is a video you don’t want to miss Now I’ll start by saying that I’m not a financial
adviser and nothing in this video should be taken as financial or investment advice This video
is purely for entertainment and educational purposes only And with that out of the way let’s
begin So the first mistake that every crypto investor makes is using the wrong exchange That’s
because using the wrong exchange could result in you wasting time and money And this is for two
reasons First not every exchange will have the crypto that you’re interested in Some altcoins
especially those with smaller market caps will have very limited exchange support That said you
can easily check a crypto’s exchange support on coin tracking sites like Coin Market Cap
or Coin Gecko Second exchanges will charge different fees for things like deposits
trades and withdrawals These fees are often ignored by investors but they can quickly add up
Broadly speaking larger exchanges with more coin support will charge the highest fees while smaller
exchanges with less coin support will usually be cheaper to use As such you’ll want to find an
exchange that works for you one that supports the crypto that you’re interested in and that also
won’t rip you off for buying that crypto This can be easier said than done but luckily there is a
way to get the best of both worlds and that’s by old as time The crypto you’ve been holding for
months has been lagging You then see another crypto that’s pumping and decide to sell your
lagging crypto for the one that’s going parabolic You then wait for your portfolio to balloon
in size only to see it shrink instead Then to make matters worse the crypto you originally
held just went vertical and you’ve missed out So you sell your now lagging crypto and try
to catch the pump on the first and the cycle continues This is a fast track to getting wrecked
but it’s hard to avoid That’s because wherever you turn trading as much as possible is often actively
encouraged There are countless articles and videos and tweet threads about people making millions
and the trending sections of coin tracking sites often resemble casinos Now while it is entirely
possible to make some mad gains by trading crypto realistically only a handful of traders possess
the skills and the discipline to actually pull this off What’s more is that these traders make
losing trades more often than you might think The win rate of the best traders in the world is
only around 60% but consistency is what makes them profitable Luckily there are three things you can
do to become a better crypto trader The first is uh not to trade at all For many of us a simple buy
and hold strategy will be the most profitable and that’s simply because it removes all the emotion
making us less likely to overtrade The second thing you can do is to learn how to trade properly
Fair warning though this is much easier said than done You’ll likely need to spend thousands of
hours researching and practicing before you find a strategy that works for you So the third
thing you can do is follow the Coinbureau trading channel That’s where you’ll find daily videos
with unique trading insights from Aaron aka Mu and Papa and Dan our very own head of research
So be sure to subscribe to the channel if you your crypto on an exchange This opens the door
to unnecessary risk and arguably goes against the very ethos of cryptocurrency That’s because when
your crypto sits on an exchange that exchange has full custody of your assets Put differently what
you hold is essentially an IOU You technically do not own that crypto Whether the market is soaring
to new all-time highs or crashing after a black swan event you might find yourself unable to
access your funds when it matters the most It’s remarkable how often exchanges encounter technical
difficulties during these critical moments That’s why there’s a saying in crypto not your
keys not your coins And yet despite this many investors still keep their entire crypto holdings
on exchanges for the sake of convenience valuing instant trading ability over true ownership Many
investors shy away from setting up their own crypto wallet assuming that it’s too complicated
But in reality folks it’s easier than it’s ever been Modern wallets are remarkably userfriendly
making the process virtually effortless Plus there’s no better feeling than having full
control over your own funds That is the true definition of financial freedom after all
That’s why ideally you should choose a wallet that supports the cryptos you hold and transfer
those cryptos into it Keep in mind though that smaller cryptos may have limited wallet support
Pro tip you can usually find compatible wallets listed in a project’s documentation Now there are
lots of wallet options available ranging from hot to cold storage solutions For those unfamiliar hot
wallets are internet connected usually mobile apps making them more convenient but also vulnerable
to hacks Conversely cold wallets store your crypto offline This makes your crypto less accessible
but also keeps it far away from online threats Now we’ve written several articles comparing
the best crypto wallets over on the Coin Bureau website which we’ll link to in the description
Then once you found the right one for you you’ll find exclusive discounts for the best crypto
hardware wallets on our deals page So be sure to take advantage by of course using the link
below Okay The fourth mistake that every crypto investor has made is investing into a coin or
token without first doing your own research Of all the mistakes on today’s list this has to be
the most common and is also the one that usually results in the most losses The severity of this
mistake varies from doing incorrect research to not doing any research at all Now an example of
doing incorrect research is watching a YouTube video about a crypto from a crypto influencer
Ironic I know That’s because crypto influencers are often paid to shill crypto projects And
of course the result is that their research is biased Indeed they often do the bare minimum of
research focusing instead on hype and speculation That’s why you should never blindly judge a crypto
based on what an influencer has said about it even us Ask yourself this how many influencers
have you seen just reading straight from a project’s website That is not really insightful
You could easily do that yourself We like to do things differently here at the Coin Bureau and
we reckon these core values are exactly what has made us the biggest crypto YouTube channel
in the world We don’t do paid chills and we always disclose whenever we hold whatever crypto
we’re talking about And on that note if you want fourth and that’s aping into whatever crypto is
pumping This ape mentality is part of our nature We see others making insane profits and we want
a piece of the action So we blindly ape in hoping to catch our ticket to the moon This almost never
works What’s more is that this pumps the crypto’s price attracting more retail apes who believe
that this crypto will keep pumping In reality though this price action is often the result of
whale manipulation and isn’t sustainable in the long term The worst part though is the way we try
to rationalize this ape mentality by convincing ourselves that we’re investing because of whatever
narrative is behind the pump We even believe that this narrative is why the crypto will continue
to pump Now I’m not sure who needs to hear this but the narrative usually comes after the pump It
rarely comes beforehand So instead of looking at which crypto is pumping right now you should
instead ask yourself which crypto could pump next To do this simply look at the narrative of
the crypto that’s rallying and then look around to find a crypto in that narrative that hasn’t
taken off yet Alternatively you can explore other narratives related to the one that’s currently
pumping A recent example of this was the memecoin surge at the start of this year Many anticipated
that DeFi would be next given that memecoins are primarily traded on dexes a core part of DeFi Sure
enough it wasn’t long before capital flowed out of memecoins and into DeFi projects Now if you want
to avoid getting caught up in all the FOMO your best strategy is to stay informed about the crypto
market and connect with like-minded investors who are looking to play this game the right way And
fortunately you can do all of this by joining our social media channels the links to which are
in the description below So the sixth mistake many crypto investors make is allocating too much
capital into crypto You sometimes hear stories of investors selling their house or car or even
borrowing heavily just to go allin While the commitment is admirable it’s almost never a wise
move especially if it sacrifices your quality of life It’s easy to forget that crypto is a highly
volatile and risky asset class which is why you should never invest more than you’re prepared
to lose If you’re checking your portfolio every 5 minutes and panicking over a 5% drop it’s a
clear sign that you may have overextended and it might be time to scale back your positions There’s
also the mistake of not diversifying your crypto investments in the correct way On the one extreme
you could go allin on one particular crypto which significantly increases the amount of risk If that
crypto crashes or worse goes to zero then your entire portfolio will take a beating Meanwhile
at the other extreme is allocating towards too many cryptos While this is perhaps safer it also
significantly reduces the gains that you could make Not only will you struggle to keep up with
every single project but the rewards will be much smaller since there was less capital invested
into each one Ultimately how you diversify your portfolio depends on your own risk tolerance But
a strategy used by many investors is to allocate across different crypto niches especially into
those that haven’t pumped yet but could do so in the near future since that’s where the biggest
gains will often be found Okay Now the seventh mistake every crypto investor makes is setting
unrealistic expectations We’ve all heard of that one DGEN who bought some shitcoin and became a
millionaire overnight While this can happen the reality is that it almost definitely won’t More
often than not you’re going to be playing the long game The real danger though of setting unrealistic
expectations is convincing yourself that you’re too experienced to make common mistakes as if
you’re somehow exempt from them The truth is even the most seasoned and well-informed crypto
investors slip up So none of us should be banking on life-changing gains in a single day week or
even month On top of that many investors assume that if an influencer promises 100x gains those
returns are practically guaranteed The reality though is that discovering a crypto gem with that
kind of moonshot potential is far more challenging than it used to be With so many coins and tokens
on the market today the competition for capital is stronger than ever So rather than waiting for
your portfolio to gain some extra zeros focus instead on creating clear goals and then stick
to the plan For example you could decide to sell half of your crypto in the future once that half
can buy you say a new house This approach will bring discipline to your investment strategy and
make those dreams a reality much much sooner Next up the eighth mistake relates to the seventh and
that’s refusing to believe that your crypto may not be as successful as you first thought or even
that the crypto market as a whole could struggle This mentality is known as marrying your bags
and can quickly become an abusive relationship Marrying your bag often begins when you first
fall in love with a project whether it’s for its groundbreaking tech stellar development team
compelling narrative or something else entirely If the project really is legit but the price is
lagging then you’re probably best to keep hodling But if you catch yourself ignoring red flags then
it may be time to consider a divorce Now the worst part of marrying your bags is watching the price
plummet for whatever reason and seeing this as an opportunity to buy the dip This is known as
trying to catch a falling knife And this is where the marriage gets truly bloody Trying to buy the
dip when the price is crashing will only increase your exposure to loss So just don’t do it Before
you find yourself holding the bag approach these riskier trades with a clear take profit strategy
More importantly if the price is crashing wait for it to bottom out before making any moves If you
still believe in the project’s long-term potential then you can consider this a way to increase your
allocation at a discount Now this relates to the ninth mistake that every crypto investor makes
and that’s not taking profits aka roundtpping your bags This refers to when you buy a crypto at a low
price ride it all the way up not take any profit and then ride it all the way back down again
Roundtpping your bags is one of the most painful mistakes an investor can make And the worst part
is you probably won’t realize you’re doing it until it’s too late It’s a tough trap to avoid
though because as crypto investors we naturally want our tokens to go vertical But the truth
is nothing goes up forever News flash when you start feeling like nothing can stop your crypto’s
mission to the moon that’s probably exactly when you should consider selling or at least taking
some profits Sure it could continue to rally but are you willing to risk losing those gains if
the price goes to zero Wouldn’t you feel better knowing you’ve locked in some profits even if
the price keeps climbing Obviously the answers to these questions will depend on your own individual
risk tolerances and circumstances That is how much you initially invested how much that crypto is
worth now and how much that money means to you Ultimately this is down to you to determine for
yourself For what it’s worth though you’ll know you’ve made the right call when you find yourself
breathing a sigh of relief rather than being overwhelmed by FUD or FOMO Managing your emotions
is one of the most important skills to master if you want to be successful in crypto after all All
right folks This brings us to the 10th mistake that many crypto investors make Forgetting
about crypto’s long-term price potential It’s easy to believe that the only way to profit is
by constantly trading the most speculative coins and tokens But even if you miss the chance to
take profits holding for the long term can still give you some mad gains If your crypto research
uncovers an undervalued coin or token with strong fundamentals and a clear long-term vision then
missing out on short-term profit taking becomes far less significant In fact even if you make
several of the mistakes mentioned in this video a long-term perspective can help you cut through the
noise and stay focused on growing your portfolio over time What’s more is that even if you
completely miss the boat and find yourself holding your crypto into a bare market then chances are
that you’ll be in profit again in just a few years time or whenever the next bull market comes around
Now this is important because it can be tempting to cut your losses during a bare market but really
you should be focusing on accumulating more crypto That’s the prime opportunity to position yourself
ahead of the bull market and the insane rallies that will likely follow But you don’t have to
wait for a bare market to start stacking the most promising cryptos And if you need some help
on how to do your own research into a specific cryptocurrency then good news We have a video
right over here that will teach you how to do just that Okay and that is all from me for today
So thank you all for watching Like and subscribe if you got something from this video and I will
see you again very soon This is Guy signing off
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