Crypto Trading Mistakes every beginner makes
There is a huge surge in the prices of the cryptocurrencies and everyone is keen on buying the magic coin!! Well, its worth buying, but at the same time, there are few mistake points that most of the newbie traders make and lose all that they earned.
Crypto trading is getting more and more impressive with huge returns and high-security policies. Here you can find how better is the trading platform, that is completely automated and giving you exorbitant returns. But, all you need to do is, exercise caution and stay close to observing the movements than just trading at the moment.
Here are a few mistakes (just like FAQ’s) most newbies or even the intermediate make:
Basic charts misinterpretations:
Many new traders think that the charts are actually too deep in technical part and they don’t need to be a pro at it, to make profits initially. While part of it is right, you can make profits if you have lady luck just beside you blessing every second; else most of what you think is wrong!!
Yes, though you needn’t be a technical pro, you need to understand what the numbers say, what the charts depict about the coins and the platform as a whole. You should understand basics like the fall zones, support and resistance points and identify will give you an understanding of the price that the weather will move upwards or downwards.
Well, if you enter a market, you must have a plan. It’s just like any other market, be it crypto or stock or even the regular grocery market. If you don’t have a plan, you will end up losing money on unwanted things.
In the crypto market, you need to have a plan, what you need to do; earn bucks and move on or invest and hold on!! If you are investing and holding then you are not a trader. If you are a trader, then you need to have exit plans.
Entering is at your wish, but the exit is a must; else you will be forced to exit at the end of the session without profits or even at loses, so if you don’t make a plan, the external factors will have!! So, better keep a plan handy, if you want a percent of profit, earn it and move on!!
Parking funds all at one place:
Yes, this is the worst mistake you can make!! Never park all your funds in the same basket! Diversify your money, use a little for bitcoins, then alternate the funds to different coins and keep your money safe.