You are making Seven Deadly Trading Mistakes in crypto World?

Losing Money In Cryptocurrency?
A few tips on how you can minimize the loss caused by cryptocurrency market collapse.
Are you the one who just invested in Bitcoin because someone you know made a vast amount of profit? Or maybe you are the one who invested in Bitcoin or other cryptocurrencies because you saw that their worth was suddenly skyrocketing. In these cases, most of the investors don’t have the proper knowledge of how cryptocurrency works. They are just eying on the profit that their close one made or the price increase of different cryptocurrencies. Eventually, the lack of knowledge about cryptocurrencies and the pros & cons of investing in it leads to a vast amount of loss.

Seven Deadly Trading Mistakes

1.Not knowing where you failed –Not knowing where the mistake was made is a common thing when it comes to new traders. Always have the presence ofin mind when you place to buy/sell orders and try to use exchange website features like order history to be able to track down your mistakes. In addition, to test your “theories” never go live and try to use test trading accounts to have better control.

2.Buying cheap coins – One of the common mistakes that new traders experience is having the urge to buy cheap alt coins that “promise” to be better at what they do; thus increasing the cheap coins’ value within the next few months. It’s okay to invest in ICO’s if you know what you’re getting yourself in, but if you are just new to the game, stay away from it. Invest in crypto that has already proven their worth and work with that.

3.Emotions – Never let your emotions get the best of you. This is something that most of the guides today always include when it comes to trading. The best traders know how to turn off their emotions and choose logical ways to earn.

4.Price Bias – Do not ever assume. It doesn’t mean that it has gone up and down the level, it would do that for eternity, always use stop loss order to actively provide yourself with a safety net in case something goes wrong.

5.Not letting go – Did you make an eternal vow with the coin you just bought? You do need to cut your losses when the time comes, better early than later.

6.Random Buy/Sell – No use of historical analysis; always use data to your advantage. You also need to keep in mind that things that go down does not necessarily go up again.

7.Putting all eggs in one basket – Never put your life savings into one coin that you “think” will skyrocket within the next couple of months because chances are that you are wrong! Never listen to marketing strategies that easily lure new traders into investing money in ICOs that do not have a solid backbone. If you’re new to trading, stay away from ICOs and never put all your eggs in one basket because if you lose that bet you lose it all.