Top 3 mistake you will make when trading cryptocurrencies

By Cryptonomist | Cryptoknight | 14 Sep 2019

So after being in crypto trading scene for more than a year, I have complied top 3 mistakes that I have made and mostly likely many beginners will make as well. Hopefully after reading this article, you can prevent the mistakes that many make.

  1. No Plan: If your goal is to make money then trading crypto’s is the same as any other business opportunity. You need to have knowledge about currency or token you are trading. That takes some basic research; what markets are you going to play in, what currencies are best suited to trade, etc. Basic knowledge. To have trading plan, you need a “tool set” which you will for analyzing and making decisions about when to buy and sell.
  2. Patience: In the crypto markets volatility is your FRIEND. What that means is there are ample opportunities to make money. BUT, the most frequent mistake is jumping in at a price point which is not a favorable trading point; getting in 5 minutes early can cost hundreds of dollars. There will always be “another” buy or sell point. BE. PATIENT.
  3. Think: See what you SEE, not what you FEEL. The markets will almost always SHOW you what they are doing. YOU will almost always imagine you have made big mistake. Take risk sometimes!

Think before you act. See what the market is telling you. Have patience and have a plan. These are three simple rules to live by in the cryto trading game.

Have a profitable trading day!

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