Thought I'd repost some common mistakes in trading/investing in crypto's. The great thing about mistakes is that each one is an opportunity to learn – and become an even better investor and trader.
They wait too long to buy their first shares of Bitcoin or crypto
They don’t learn technical analysis skills
They panic when the price drops and “sell the bottom”
They don’t buy the dips when the price is low
They have bad position sizing
They buy based on hype or what people say on Facebook and Twitter
They don’t have enough patience
They don’t use 2-factor authentication on their exchange accounts
They buy the top when FOMO hits the hardest
They don’t take profits along the way
They make unreal expectations for how much they’ll make and how quickly they’ll make it
They don’t get mentoring or education on the fundamentals of trading
They trade too many coins (especially altcoins)
They don’t do research for ICO’s or altcoins
They wait to buy until the “big” crash before buying, which doesn’t comes
They don’t understand the underlying technology that is powering the cryptocurrency boom
They over-trade – driving up fees and cannibalizing your profits by losing value in the spreads
They go YOLO (you only live once) on one coin and blow their entire investment fund
They try to win back their losses by over-extending on bad trades
They invest more that they can afford to lose
They don’t stick with their investment strategy and guidelines
They don’t have an investment strategy in the first place
They wait on the sidelines because they hear Bitcoin is a bubble
They don’t read the news and staying current
They don’t know what they’re buying before they buy it
The key is learning from your mistakes..happy holidays all!
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