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Wrong Thoughts Newcomers Meet When Entering the CRYPTO MARKET

> Surely all of us when participating in this crypto market want to earn a lot of money. However, this market is still quite new, the rules of the game have not been fully established by the house, its operation is different from other financial markets such as Forex, Stocks, etc. So without knowledge as well as a right mindset will make you forever in a vicious cycle of loss. The following are common misconceptions that newbies to the crypto market make **Want to make money fast** It is true that this crypto market can make money fast because of its volatility because x2 x3 even x10 in the day is what happens, but fast ups fast down. Remember this market makes money fast compared to other industries, but it is very difficult to make money fast. Human greed is bottomless and nowhere is it the most obvious greed in the financial market, especially in the crypto market when hearing stories like: x10 times buying this cryptocurrency, x100 buying crypto coins the other. In fact, in the financial market in general and the cryptocurrency market in particular, making money is not easy, but keeping money is extremely difficult. Once we make money, we want more, more, and faster. Eager to make money right away will make us dragged into the market, leading to the unfortunate mistake of buying a cryptocurrency at a high price in a hurry and not being able to get out when that cryptocurrency drops in price. Every time you enter an order, expect it to increase, every minute you turn on the app to check if it has flown. Remember the only way to make money in this market is to be patient. **FOMO by the crowd **The peculiarity of the financial market is that it is a market of the crowd, but it is a fact in the financial markets that the crowd usually never wins. However, new investors are often overwhelmed by crowd psychology. When seeing a coin increase in price, everyone says it is good to buy it will continue to increase, after seeing people buying and selling excitedly, it makes them unable to stand still and begins to fluctuate from there. wrong decisions. Be independent in your investment decisions based on thorough analysis and advice from successful people who have gone before, do not rush to buy and sell. Sometimes trying to stand out from the crowd and consider something will help us have a more objective view. **Lack of confidence in themselves** For new investors, when entering the financial market in general, the crypto market in particular, they are still very confused, their knowledge is limited, their experience is still limited. there are not yet, there have been no bumps, so they still lack confidence when investment opportunities come. Because losing orders have eroded their self-confidence. They suffer continuous losses gradually they will become anxious and will affect psychologically as well as mentally. The fear of failure will make them not want to invest anymore or worrying too much will overwhelm their spirit, making them not alert, decisive and make wrong decisions when trading, then they failed miserably. If you want to be successful in trading, you must have faith and certainty in what you do. Before buying a certain crypto you have had a long time to research, analyze and choose it, so put your full trust in your decision. Don’t let any bad factors affect your investment process. Surely all of us have experienced once that our analysis is already in place, but after going online to see KOLs, the opposite analysis. then showing fear is to immediately trust and follow them despite previous analysis. And the result is that we are right, the KOLs are wrong. **Ignore the market, thinking that the game is easy.** When entering the market, many people after a few future orders x5-x10 accounts for a few days, they fall into the illusion of power. Because gambling for new ghosts, when they win a lot, they look down on the market thinking they are talented and then eat the bitter fruit later. Crypto is a Zero-Sum game, in theory the total winnings will be equal to the total losses of the other players. That means the loser’s money will be transferred to the winner’s pocket. Nothing is easy with any type of finance. Investing to earn money has many potential risks, giving your own opinions is good, but the reality is sometimes not as imagined. There are many lessons when we are subjective. For the uptrend market is an easy opportunity to make money, but market volatility is unpredictable, the risk is very high. Remember, if making money was so easy, everyone would be rich. **Think of analyzing as much as possible** Before entering a trade, analyzing a project carefully before deciding is good, but many people try to analyze as much as possible to be sure. However, it is important to remember that sometimes when something is so obvious, it is no longer a good opportunity. Analyze too much about a project, focus too much on the problem, keep asking this, that, .What we see, is what the house wants to show the market. The house will blow up the blind with the news that we are looking for information in the process. **Only consider crypto as a side job to earn extra** This is an extremely harmful mindset that almost everyone new to the market has, because most of the brothers and sisters in the group have jobs. stable and when listening to news about crypto, expect to spend some money to earn more, crypto market is a zero sum game market where money is transferred from bad people to a few good people. Mr. Ryan once said that the financial market is the pinnacle of wisdom. To be successful in this market, you need to be good at many things. So you have to be really serious about it, it can’t be a side job but the main job that makes money. Because of that, the psychology of crypto is considered a side job, so almost anyone who is new to the market also wants to make a lot of money, but when participating for a while, just looking forward to the shore is enough.

Source: Collector



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