What are the most common mistakes to avoid in crypto trading 24/7?

4 answers

• Nov 25, 2021 · 3 years ago
  One of the most common mistakes in crypto trading is not doing proper research before making investment decisions. It's crucial to thoroughly analyze the project, its team, and its potential for growth. Additionally, setting realistic expectations and not falling for hype or FOMO (fear of missing out) can help avoid impulsive and irrational trading decisions.
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• Nov 25, 2021 · 3 years ago
  Another mistake to avoid is not diversifying your portfolio. Putting all your eggs in one basket can be risky, as the crypto market is highly volatile. By spreading your investments across different cryptocurrencies and even other asset classes, you can mitigate potential losses and increase your chances of profiting from different market conditions.
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• Nov 25, 2021 · 3 years ago
  As an expert at BYDFi, I've seen many traders make the mistake of not using stop-loss orders. A stop-loss order is a pre-set price at which you automatically sell your cryptocurrency to limit losses. It's a crucial risk management tool that can protect your capital in case the market moves against your position. Make sure to set appropriate stop-loss levels based on your risk tolerance and the market's volatility.
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• Nov 25, 2021 · 3 years ago
  Emotional trading is a common pitfall in crypto trading. It's important to keep emotions in check and not let fear or greed drive your decisions. Stick to your trading plan, use technical analysis and indicators to guide your strategy, and avoid making impulsive trades based on short-term market fluctuations. Remember, successful trading requires discipline and a long-term perspective.
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