Sirwin
Sirwin

5 MISTAKES TO AVOID IN A BULL MARKET

By tripplea1 | Web3 ecosystem | 5 Apr 2022


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After the recent downtrend in the crypto market with the price of BTC falling from $69,000 to around $30,000, and a 50/70/80 percentage decrease in many altcoins, the crypto market resumes an uptrend with the price of BTC reclaiming the $45,000 zone. The crypto bubble is back and in the past week, we have seen a rally and surge in the price of altcoins like $GMT with over 500% move and $SOL with over 50% move. However, as the price continues to an uptrend and the bulls market remains dominant, there are a few mistakes that newbie and crypto traders made that can make them s profitable and even lose their money. Here are some mistakes to avoid in the bull market to be profitable.

  • EUPHORIA
    The bull market comes with a lot of excitement and noise as the majority of the crypto influencers begin to shout “UP ONLY” and newbies will have the mindset of making it big by answering “TO THE MOON”. The bull market creates a lot of hype while the trend might have changed many people will enter the market with the view that the market is still in an uptrend. While it is important to enjoy the big gains attached to a bull market, it is also necessary to be resilient to the trend.
  • OVER-POSITIONING
    Another mistake is over-positioning and this can be due to the euphoria in the market that everything is going up and this is the best time to make that fucking $$$$$. While it is right to enter the market when the market is in an uptrend, there is a need to manage your position size because at any time, the market trends can change and when it happens without effective management there will be many stories of I invested in DOGE COINS or any other coins and I got rekt. Getting rekt is because of the euphoria and lack of proper positioning. Manage your position effectively, don’t get too excited.
  • NOT TAKING PROFIT
    There is a crypto adage that says “NO ONE GET POOR BY TAKING PROFIT”, but you can get rekt by allowing your profit to turn to loss. One of the skills of successful traders is knowing how and when to take profit. While many people might consider not taking profit because the coin can continue to go up after taking profit, it is not unwise to ask if the asset can also continue to go down without taking profit. Know when to take profit and never blame yourself for selling too early and trying to enter again, you might be buying the TOP.
  • JUMPING IN AND OUT
    in the bull market, if not all, most altcoins will pump. The crypto market follows capital rotation from large-cap to mid-cap and low-cap. Money flows to each coin at different times that is why the crypto market is a waiting game. To remain patient is to ignore a coin that has been pumping massively with the assurance that your own will pump too. To make a mistake catching every pump is to get burnt. Wait for your time, if you are holding a good coin, liquidity will flow into it soon.
  • NEGLECTING THE TREND.You might have heard another common crypto adage which says “THE TREND IS YOUR FRIEND”. A trend cannot continue forever either a bull market or a bear market there is always a change in trend. People always get caught with the excitement that the “ONLY WAY TO GO IS UP” and will not be aware when the trend changes and will take back the whole profit they have made in the bull season. Filter the noise and react with the market trend without sentiment.
  • You can drop any mistakes to avoid which are not mentioned in this article. You can also check out my Twitter account where I share crypto updates including charts of altcoins that can perform well. “TRADE WHAT YOU SEE”  WAGMI

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tripplea1
tripplea1

My name is Damilare Alabi, a Web3 content writer, community manager, and marketing manager. I help web3 projects and brands market and tell their product story in a way that is unique and appeals to users' interest.


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