There are some mistakes that some traders make, especially beginners, that we do not want you to make, dear reader:
1. To start trading without having the necessary knowledge
A very common mistake is for a beginner to enter and pay money to buy cryptocurrencies without having real knowledge and knowledge of trading, and because of this terrible mistake many people lose all their money.
They are not even aware of the terms and strategies of trading, so they make decisions at random without any planning or analysis of the cryptocurrency market.
So never start making money and start trading without being aware of all the issues you will face and potential problems, and practice trading several times.
2. Believing that cryptocurrency money is easy money that does not require much effort and time
Profit from digital currencies, especially from trading them, like any method of profit from the Internet, you will need a lot of time, effort and knowledge in order to obtain dollars.
Many beginners are fascinated by the money that can be obtained from cryptocurrency trading, and they do not think about the effort they have to put in to get it.
And then when they enter the field, they are surprised by the amount of effort and time required to become professional in trading and start making a large amount of money.
3. Trade on your emotions
In order to be a professional trader you must let your feelings and emotions out before entering this fierce world.
Trading is based entirely on numbers, analysis and statistical predictions, and many traders lose their money due to feelings of greed or fear controlling them.
For example, fear may lead some people to terminate their trading process quickly as a result of reading a random warning article or listening to rumors from some individuals or others.
As for greed, it is also a form of fear, as the trader is afraid that he will lose a great opportunity to profit and find him risking a lot of his money for the sake of profit.
An example of this is emotional trading: selling hysterically when the prices of some currencies start to fall to escape from them thinking that they are losing their money.
Then they were surprised by the rise in the prices of those currencies to the sky again for a short period.
It is also the case when some buy digital currencies when their prices fall in the hope of obtaining large profits when the prices of those currencies double.
This is without doing any research or study of the market and the possibility of currency rates rising again.
4. Not to be careful and fall into the trap of fraud and deception
There are a lot of scams going on in the cryptocurrency world, from platform hacks to fake coins and impersonation attacks.
In order to survive this fraud, you must first be aware of it, protect yourself well by appropriate methods and not underestimate any risk that may threaten you or your money.
And we can dedicate an entire article on this topic if you are interested in it, just tell us in the comments box below.
5. Trading without a plan
Not having a clear and logical trading plan is one of the most common mistakes made by traders, and this mistake causes many to lose their money.
Before making any trading, no matter how simple, you must know why you are doing it, and what you will do next.
Profiting from trading is a long-term goal rather than a quick way to profit.
Even worse than trading randomly, you risk a large amount of your money, up to all the money you can afford, in the illusion of getting quick and big profits from trading.
Of course, the latter leads to disastrous results that no one can bear, such as losing most of his money or even large percentages of it.
And we will talk in an entire article about how to trade cryptocurrencies, and we will introduce you to the way professionals trade their cryptocurrencies.
6. Keep cryptocurrencies on the platform
A common mistake that beginners make is to leave their cryptocurrency on exchanges without withdrawing it to their crypto wallets.
Hackers can hack your account or platform and you will find that you have lost your digital coins and your wealth, so always make sure after every transaction that you put all your digital currencies in your wallet.
You can learn more about cryptocurrency wallets through the article we published on MarsCrypto: Best Cryptocurrency Wallets.
7. Wasting Cryptocurrency
Yes, as you have read, do not waste your cryptocurrencies, according to statistics, 1 out of every 5 bitcoins is wasted by their owners.
This is done in many ways, either by forgetting the passwords of the wallets, losing the mobile wallets for currencies, or entering the wrong keys while transferring digital currencies and sending them to other people.
This error, despite its simplicity, is quite common, so be careful.
8. Not learning from your mistakes
It's normal to make mistakes, we all do this, we are humans in the end, but the bad thing here is that you don't learn from your mistakes and keep repeating your mistakes over and over.
In the end, I hope that you liked the article, my dear future trader reader, and that it encouraged you to start trading cryptocurrencies.
If you have any question of any kind about trading, you can ask it in the comments box below, and we will get back to you as soon as possible.
Comments
Post a Comment