Learn Cryptocurrency Trading – Start With Mistakes To Avoid
Learn What Trading is NOT Meant To Be!
There is this one general loser strategy which we find again and again among new traders – and this behavior has nothing to do with trading.
Often newbies have just recently heard about crypto trading from someone who has had great profits and who is talking with enthusiasm about those exciting cryptocurrencies.
Taken up by that enthusiasm, the new trader is prone to jump randomly into trades, when they see a rising price on a chart. Like, oh, this coin has jumped 38% overnight – it will for sure go further – the chart looks promising! My friend also made 300% profit with it..„
It often happens that they buy around the top before a price dumps again with no further pump soon. Unfortunately, those traders don‘t even get out early again when the price falls.
They watch the price descending more and more over days, or even weeks, till they can’t stand it anymore and sell low, because they are afraid that the coin will die or they can’t wait to take what is left of their reduced capital and try to get their money back with another trade.
This unprofessional behavior of chasing the price is also called “FOMO” in trader circles – fear of missing out.
Randomly buying coins and expecting them to pump soon, backed by no in-depth technical analysis or by no knowledge about forthcoming fundamental news about the altcoin, is rather gambling than trading.
All Big Beginners Mistakes:
If you haven’t read it yet – download our crypto trading e-book about the most common beginners mistakes to know what professional traders never do. Knowing those mistakes and avoiding them is the very first step to trading success.
Here they are in short again:
- Chasing the Price – Wrong Entry
- Not Using a Stop Loss in Every Trade
- No Concrete Idea About Risk to Reward Ratio In Each Trade
- Trading with Too Large Capital Amounts in Single Trades
- Becoming Cocky After A Few Successful Trades
- Not having a Plan for the Trade
- “Believing” or even “Feeling” that Price will go up
- Confusing Investing with Trading
- Listening to The Crowd’s Trade Alerts
- Trading when in a Bad Mood
Make sure you never do those mistakes. Read our Amazon ebook to understand the details of those mistakes.