Yesterday I posted an article on good habits that can make you a crypto millionaire In 10 years
Today we will be looking at 12 bad habits that will make you poor in crypto in 10 years
- 1 1. Stop learning about crypto:
- 2 2. Not doing your own research
- 3 3. Focusing on 100x shitcoin and high APY
- 4 4. Not having other sources of income
- 5 5. Putting all capital in a single coin
- 6 6. Not HODLing or panic selling
- 7 7. Not taking profit
- 8 8. Leaving all your coins in the crypto exchange
- 9 9. Not being security conscious
- 10 10. Not diversifying your portfolio
- 11 11. Listening to everybody (Buying high, selling low)
- 12 12. Trading crypto with high leverage
1. Stop learning about crypto:
If you stop learning and keeping up to date about crypto, you soon get outdated and miss a lot of opportunities.
I will suggest you take at least every weekend to catch up with crypto.
2. Not doing your own research
Do Your Own Research(DYOR) is a popular crypto terminology that we all need to abide by if we want to survive in this market.
Don’t just take things at face value, or believe everything people tell you.
Dig further and do your due diligence.
3. Focusing on 100x shitcoin and high APY
If your focus in the crypto space is to find the next 100x shitcoin that’s going to go to the moon, you may be disappointed if all your investment goes south and you end up getting broke.
Also, invest in well-established coins that won’t go to zero.
4. Not having other sources of income
Not having a job or a business and solely depending on crypto to survive is the fastest way to get rekt in crypto.
Crypto is highly manipulated so don’t bank your daily living expenses on it.
5. Putting all capital in a single coin
Investing all your capital in a single coin is the easiest way to give yourself unnecessary stress and panic, especially when you don’t plan to hold it for the long term.
Nothing is guaranteed in crypto, so act accordingly.
6. Not HODLing or panic selling
If you bought a coin to hold for a long time but eventually sold it the instant you read a piece of negative news, you may end up never getting rich in crypto.
After doing your due diligence and you bought a coin, hold it for the stipulated time that you planned to hold the investment.
Don’t be a paper hand (someone who sold due to fear and a fall in price).
7. Not taking profit
My advice is to take some profit or at least remove your initial capital whenever you see some profit on the table.
Don’t wait for people to tell you to take a profit.
8. Leaving all your coins in the crypto exchange
If you leave all your coins in the crypto exchange and it got hacked or went bankrupt, that can be a horrible situation.
Always spread your crypto around. Don’t put them in a single basket.
9. Not being security conscious
Bragging about your crypto or purposefully showing off can lead you into trouble with robbers, kidnappers, and law enforcement agencies.
Invest and keep quiet. Don’t create trouble for yourself.
10. Not diversifying your portfolio
If you make huge money with crypto and you fail to diversify to other markets, and just left it, you can also lose most of it.
11. Listening to everybody (Buying high, selling low)
If you listen to what everybody says you should buy and what they say you should sell, you may end up losing a lot of money.
Most times everybody is too late.
12. Trading crypto with high leverage
One of the fastest ways to lose your crypto is to trade with high leverage.
It’s much better to stick to trading the spot market where you can avoid total liquidation.
So that’s all about the 12 habits that will make you poor in crypto in the next 10 years.
I hope you have gained some value.
Do leave some comments below.
You can read 12 good habits that will make you a crypto millionaire In 10 years here.