cryptocurrency trading mistakes for beginners: Dear viewers Cryptocurrency is a very volatile and huge potential industry for the future. But most beginners make mistakes in their initiation. And they suffer great loss. They always invest for profit, not for loss.
While we should take care of our loss, not for profit. This is the actual game of success.
Here is the complete list of cryptocurrency trading mistakes for beginners.
Cryptocurrency Trading Mistakes For Beginners
- Trade Multiple Pairs
- Follow Social Media Masters
- Buy on Pump & Sell on Dump
- Don’t Use Stop Loss
- Don’t Set Profit
- Anger Trading Expert
- Not Do Analysis
Let’s see all in detail:
Trade Multiple Pairs
As beginners, traders should focus only on one cryptocurrency pair. They should avoid investing in multi-pairs like IND/USDT, BTC/INR, ETH/INR, ETH/BNB, BTC/USDT, etc.
Just focus on a single cryptocurrency. Analyze the complete background and market movement. After a successful experience, try to invest in more than one cryptocurrency.
Follow Social Media Masters
Many people on Youtube and Telegram, called themselves Crypto King. Avoid listening to such kinds of people. Because most f them are just focusing on market flow to gain more views and earning more revenue from advertising.
No crypto expert is there explaining things for free for the public. Because Crypto is a multi-trillion industry and a simple YouTuber can’t reveal their secrets.
Buy on Pump & Sell on Dump
Most of the beginners see that Ethereum is going up, so I should invest in this coin. And they buy it at a high price. This is very bad practice. We always buy at a low price and follow the expert tricks to trade on pumping coins.
We should not sell our tokens on the dump and we should not buy coins on pumping time.
Daily Cryptocurrency Trading Tips.
Don’t Use Stop Loss
Stoploss is a process, where we sell our tokens when the market starts crashing. Suppose you place a 10% down stop loss. Then all your assets will be sold out when this downfall will come.
It can save you from huge loss when market price dumps to 98%.
Don’t Set Profit
Sometimes when the price surge new traders think, this price will not come down. And they don’t book profit on their investment. Suddenly, prices start dumping. Now beginners think, it will go up again and it never comes.
This is the common mistake made by almost all new beginners. Be prepare for it. And set your profit limit. Suppose you invest $100, then make sure you will sell your coin on $200 or $300 or whatever return you want to take on it.
Anger Trading Expert
When beginners lose their hard-earned money. They get angry and start buying to overcome the loss without analyzing the market situation. Just focus on your emotions and play well with proper knowledge.
Not Do Analysis
Beginners don’t do an analysis of the past behavior of coins. They just find the low price coin and buy large numbers in quantity. They think one day it will reach this particular price and I will become rich.
This is the wrong habit. Just change it as soon as possible to avoid further loss.