What is NGMI?

NGMI is short for "Not Gonna Make It", which means"won't succeed". This term is used in the cryptocurrency community to describe people who have invested in cryptocurrencies, but have not been able to make money from it. They may lose money because of poor risk management or because they don't understand how the market works.

Why do people become NGMI?

There are several reasons why people become NGMI's:

• Lack of knowledge and experience. Many people who start investing in cryptocurrencies do not have sufficient knowledge and experience. They don't know how to analyze the market, how to manage risks, or how to choose reliable projects. This leads them to make the wrong decisions and lose money.

• Emotional decision making. Emotions can be very strong when it comes to money. People may succumb to fear, greed, or euphoria, which can lead to bad decisions. For example, a person may sell their assets when the price drops because they are afraid of losing more money. Or he can buy an asset that seems very promising to him, even if he does not have sufficient grounds for doing so.

• Improper risk management. Risk management is the process of taking measures to minimize risk losses. It includes things like portfolio diversification, setting stop-losses, and using other risk management tools. If a person does not manage risks properly, they may lose all their investment.

If you are just starting out in the world of blockchain and cryptocurrency, then you may be at risk of becoming an NGMI. Here are a few signs that may indicate that you need to learn more about how blockchain works and how to invest in cryptocurrencies:

You don't understand what a blockchain is.

• You don't know how bitcoin differs from other cryptocurrencies.

• You trust the advice of friends or acquaintances who are not experts in this field themselves.

• You are ready to invest money in projects that seem too attractive to you, but do not have a real basis.

What steps can I take to avoid NGMI status?

1. Learn the basics of. Before investing in any cryptocurrency, make sure that you understand how it works. Read books, articles, blogs, and other resources that will help you understand the basics of blockchain and cryptography.

2. Don't believe everything people say.There is a lot of information in the world of cryptocurrencies that can be unreliable or misleading. Always check your sources of information and don't trust the advice of people who don't have any experience in this field themselves.

3. Be careful with your investments. Do not invest all your money in one cryptocurrency or project. Diversify your portfolio to reduce risks.

4. Use reliable wallets and exchanges.Store your cryptocurrencies in secure wallets and use only verified exchanges for trading.

5. Stay tuned. Follow the latest news and analytics to keep up to date with developments in the world of cryptocurrencies. This will help you make better informed decisions.