I already mentioned some mistakes in the crypto wallets section, most notable would be not securing keys and seed phrases for your wallet and not double checking the addresses, now lets talk about some others.
Easy gains, fast gains, big gains promises- one of most common traps, often pump-and-dump schemes. Do not believe in hype, 100X claims, to-the-moon calls. Think in terms of market cap – if the particular crypto have total supply 100 billion tokens and price of $0.01, the total market cap is 1 billion. Can it go to 10 dollars? That would make it 1 trillion market cap. Is it realistic? The entire crypto market cap is around 2.5 trillion at the time of writing, March 2026. You decide.
Failing to research the crypto, falling for hype instead. That should be self explanatory but it is actually quite common. So is FOMO (fear of missing out) trading
Another common mistake (as with investing in general) is investing more than you can afford to lose. What you gonna do if the market makes downturn a day before your rent is due?
And last, but not least, is lack of exit plan or strategy. This is familiar to stock trader, you should know what you want to achieve with the trade, have plan to execute, or at least know your exit price. How much you can afford to lose, when to take profit. This is especially important, crucial even, when you leverage your trade (leveraging crypto trading is especially dangerous given crypto markets volatility, and in my mind for beginner it is a mistake by itself)
Write down your exit plan before you buy, not after.
📖 Continue reading: How to Buy Your First Crypto Safely
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