What are the common mistakes to avoid when trading on the Bybit app?

1 answers

• Jan 11, 2022 · 3 years ago
  One common mistake to avoid when trading on the Bybit app is not setting stop-loss orders. Stop-loss orders help limit potential losses by automatically selling a cryptocurrency when its price reaches a certain level. Without setting stop-loss orders, traders risk losing more than they can afford. It is important to set stop-loss orders to protect your investment. Another mistake to avoid is not doing proper research before trading. It is crucial to understand the market trends, analyze charts, and stay updated with the latest news and events that can impact cryptocurrency prices. Without proper research, traders may make uninformed decisions and suffer losses. Additionally, it is important to avoid emotional trading. Making impulsive decisions based on fear or greed can lead to poor trading outcomes. It is essential to have a trading plan and stick to it, regardless of market fluctuations. Emotion-driven trading often results in losses. Lastly, traders should avoid overtrading. Overtrading can lead to exhaustion, increased transaction costs, and poor decision-making. It is important to set realistic trading goals and avoid excessive trading activities that can negatively impact performance.
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