When I started investing in crypto I almost end up loosing half of my investment within couple of days but learned few important lesson out of those mistake. By implementing these lesson i recovered my loss and started making good profit.
Mistake i have been making in Crypto Trading -
I was trading with emotions i.e. buying and selling in panic. So whenever there is a huge spike in price of coin i end up purchasing those and once the bears starts pushing the bull i will end up selling those coins at a much lesser price.
I never researched about coin before making an investment.
I thought investing in crypto is like a quick rich scheme.
I was investing my whole money in a single crypto at a time.
I never had a strategy for my investment.
How to overcome these problem :
Never buy and sell when there is FOMO or FUD about the coin . FOMO and FUD won't let you to make good decision. Never run behind a coin which is already on bulls. Always wait patiently for an entry opportunity i.e. buy at a dip.
Before making an investment always looks at the monthly,weekly and daily chart for knowing past trend of the coin. Check their website and other article about the coin before investing.
Always invest at different price point i.e. laddering of your investment . Don't put all your money at the same time. Place your bids at various dip. This will help reducing your loss in case if the price of crypto falls.
Don't invest your money in a single crypto coin. It is advisable always invest in different crypto. However you can put different investment percentage depending on the preference.
At last Patience and research is the only key to make big profit in crypto. The moment you realize that your decision are not backed by fear and greed you will start making profit sooner or later
Diversification is good but only invest in however much you can keep track of.
Sorry forgot to add that point. Thanks for reminding :)
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