Let’s say it out loud: nobody’s perfect. That’s why there’s no doubt that you’re gonna face some difficulties on your unsteady path to a successful crypto trading. In this article we attempt to help you by spilling the tea about the most common mistakes and some ways to learn from them… or avoid them.
Pretending to be an octopus
Let’s start with the basics. The most common mistake is to pretend to be an octopus and try to use every tentacle to participate in different crypto trades at the same moment. The irony is it doesn’t work in 90% of the cases. Unless you are an ambidexter, you can’t succeed in making your TWO hands do different things successfully. So here’s the tip: don’t take part at more than one trade at a time. No matter what you say to yourself, you’re not an octopus. Trading less means getting more and once you realise it you’re gonna truly develop as a professional.
Getting completely sucked into the crypto world
Another common mistake is to give up on everything except of trading instead of calmly going with their general plan. Again, the main reason to reconsider this habit is because it makes you lose money. But the thing is that your time, that you are spending apart with trading should be the time stated on your plan as a part of the deal. So this is the time you get yourself organised… and benefit from it.
Another thing is that it’s only gonna work long-term. Why? Because the longer you wait the more information you’re gonna get. So self-discipline and no short time-frame charts, if you really wanna make money!
The “no prep” mode
Meaning going into cryptocurrency world with your own real money, without taking time to train with demo account. Do you even know what to do? Do you have a strategy? Do you know how to create an account and use it? Yeah, you’re smart and inventive, but you have to introduce this new interface to your wonderful brains first to make it work. Try working in real-life conditions on a reputable platform — and then see what happens.
Slow-roasting yourself after entering the crypto trade
I get it, you’re nervous, you wanna make more money, you’ve got bills to pay… But it’s never worth entering the trade and start messing with your decision, that’s already been made. Your most efficient crypto trading task, that’s gonna take 90% of your time, is simply doing nothing! Probably the most important skill you gotta learn is how to ignore your burning desire to control everything after you enter the run. Otherwise you’re setting yourself for a heartbreak and yourself on being… broke.
Ignoring the necessity to create per-trade risk allowance
Just in case you have zero clue of what this subheading is about, we’re gonna talk about an amount of money you might be emotionally and financially ok with losing… how often? Every given trade. That’s especially important for those making crypto deals live. Stop until you fix the situation.
There’s no point in thinking you’re never gonna make mistakes. But in order to succeed in a crypto field you can learn from them and adjust, if necessary. We all know it’s easier to continue on with the path once one was chosen. But if it’s gonna make you lose all the money, you have to make changes.
We’ve always set your goals above all else, so if you need help with your crypto strategy — don’t hesitate to come and ask!
Good luck! And see you soon!
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