Today, I would like to share with you the top 10 “classic” mistakes that no traders can avoid, it is so-called “ diseases” that cause most of us can’t become rich in cryptocurrency market, let look through these tips to find out the best methods for yourself:
1. Trade coin on your emotions:
You are prone to buy whatever you like, you sell immediately while you just get the loss. You absolutely don’t have both knowledge and analysis skills in exchange command, hence that will lead you to be in loss evidently. Both investing and exchange coin are not as easy as you think, you’d better to be more rational, don’t let emotions control your decision!
2. Don’t have measure for trading command division efficiently
One of the most lessons trade coin that you must remember is dividing command for investing appropriately. If you invest all your asset on such an exchange, that make you be a failure obviously. Thus, let learn how to manage your capital and invest before entering this market
3. Don’t care about coins news
The next mistake in trading coin is when disregard the news. In market those news have huge influence on value of a coin. Let seek for it carefully before investing or waving cryptocurrency
4. Improper greed
You don’t put the deadline for capital , all have its peak. After reaching a peak, probably coins have a return, no coins would grow incessantly, let have a capital deadlines in time
5. Set command as “irrational” information.
These days fake news or irrational news are going viral, if you don’t take a research, you will turn the news on its heads.You must be particular about looking for information before investing or waving cryptocurrency.
6. Analyzing the technique but don’t look out for coin news
This is one of the most valuable experiences for trading coin in general. Contrary to the sentences above , you are too reliable in analyzing technique. Let remind yourself that technique analysis is attached to exact information, that may help you put off the deal at this market.!
7. The psychology of fear
You can't evaluate accurately the value of the coin that you invest in, afterwards you get the sign of downing price ( even though this’s just a temporary downing price to reach a peak) you are in hurry in setting command for selling when it doesn’t really reach to its value.
8. Don’t know how to manage capital for investing coin
You don’t know the way to manage capital, what the short-term, intermediate or even long-term capital. Earning money from trading is never considered as an easy job, but you should know that “ keeping money is much more difficult than earning ”, you therefore should learn how to manage it efficiently.
9. View the chart is too many times in a day
It’s probably paradoxical. However, in fact it’s right to say like this. With some who identified investing mainstream for intermediate term or long term, should restrict to have a check or analyze the technique and valuable chart constantly, you’d better to keep your eyes on once or twice a day. Paying too much attention on it will lead you to unstable psychology in front of incessant fluctuation of chart.
10. Not set up stoploss when trading:
Truly nobody wants to do this sort of thing but it’s your mission that you accuse yourself when your coin value was on the verge of downward trend. For some who waves cryptocurrency, let set up an stop loss that permit you to get investing capital again for a better contract . Don’t be too stubborn or you will pay through the nose with all of your asset.
Control emotion is very important in trading even the most important.
Thanks for your post.
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Hey very informative post!!
Also check out same info here 10 Crypto Trading Mistakes