Not looking at the risk but looking at the profit possibility is the number one mistake any rookie could make. You have to realize that you are not going to end up making that type of profit, there is no need for that and you should be careful with what you are doing. If you are careful about it then we are going to end up with something much better in the end as well.

However, this isn't really anything that would be profitable neither, and I believe that we need to be considering the situation that would be profitable if you are taking a bigger risk than you should. Take as little risk as you possibly could on the biggest profit you could make with that little risk. Take a look at risk first, then take a look at profit possibility.

People see bitcoin as a get rich quick tool especially if they have witnessed some friends who are into bitcoin and are now living their lives in luxury. Because of envy and greed, they start to accumulate bitcoin the wrong way believing that if they’ll just invest a small amount, their progress will take a lot of years. Eventually, by putting all their hard-earned money into bitcoin without prior research and studies, they end up losing all their money instead. That only proves that investing in bitcoin will never be profitable if you put pressure into it. Bitcoin investment can never guarantee profitability at all times, but if you follow the rules with knowledge and patience, and invest in it for no definite time or target, most likely you will reap positive results in the end.

Basically almost every bitcoiner is in for accumulation committing  certain amount of investment with a timeline to it. It could be for short term or long term plan.

Some investors starts with a short term in mind then later progresses to a long term arising from a reassessment on how they were unable to meet  up their planned portfolio target with the initial short term frame.
For it's healthy when people set an accumulation target in accordance to their financial strength, as doing otherwise by acting like you're in a competition with other investors you may end up uncontrollably investing all you  have got (what I term hyper-investment) with nothing left in hand to solve other pressing financial needs/demands putting yourself under pressure where you may have to alter the total amount you have invested, jeopardizing your plans.

You also risk investing beyond what you can afford to lose which is not what any wise bitcoin investor would do. Bitcoin accumulation is not supposed to be a stressing and self-pressured process but some persons doing it in that way thinking they had arrived late to bitcoin and have to meet up, but that's all a fallacy. With bitcoin you're never late, you only arrived at your right time.

What are your own thoughts on wrong ways you think people follow in  bitcoin accumulation.

The wrongest(I know there is no word like this) way I know people accumulate bitcoins is by robbing other people and ripping them off the bitcoins that they have kept, or making them buy bitcoins and send to them by deceiving these people. Scammers can get a huge amount of bitcoins in their keep from a successful scam they carry out on someone.

In a day, they can have more bitcoins than someone who has been gathering bitcoin for a long time. This is a really wrong way to get and accumulate bitcoins, people who do this deserve to face the law.