Are you new to cryptocurrency trading? If you enrolled for our cryptocurrency trading course you might have read and seen things I’m about to tell you in this article. If you are not our student, we still get you covered.
In this article, we are going to reveal to you costly mistakes you might have been making as a new trader.
Without much ado, let’s get on with the stuffs.
How costly can crypto trading mistake be?
Costly mistake will surely cost you your hard earned money. Costly mistakes can keep cryptocurrency out of your mind. Costly mistakes will let you resort to, “cryptocurrency is a scam”. Mistakes, costly ones, will come your way if you are not well prepared for the tasks ahead.
Anything you do in crypto market that brings about reduction in your capital is a costly mistake.
Costly mistakes new traders make in Cryptocurrency Trading
Below are some of the mistakes traders make. Know them and don’t make same. Actually, I made some when I was finding my way into the market.
- Being too lazy to learn: In today’s world, larger percentage of us do not want to commit ourselves to learning. Most people rush into crypto market thinking it will be easy to make money. Your income depends on your growth. Learn more to earn more. There is no short cut.
- Focusing on earning 90% of the time: I have noticed that newbies want to constantly make money. They want to always turn their $100 to $200. As a cryptocurrency trader, I want you to know that there are times you will lose. Expect to lose and fashion out ways to deal with your losses.
- Being too lazy to practice what they learnt: What good is a knowledge that you never practiced? If you take up any course, be sure to practice them. You don’t know what you know until you practice them.
- Not treating cryptocurrency as a business: As for newbies that treat cryptocurrency as a hobby, they end up being disappointed. Cryptocurrency trading is like every other businesses out there. Deal with it like you would other businesses.
- Trading without a plan/strategy: If you fail to plan, you are indirectly planning to fail. Newbies tend to forget about the importance of having trading strategy. See a detailed guide on how to create crytpocurrency trading strategies.
- Unable to keep emotions in check: Being too happy or sad is a problem in the market. When you let emotions take better part of you, you will mess up your invested capital.
- Borrowing money to trade: The last thing anyone should do is borrowing money to do any business. When you borrow money to trade, you will be trading emotionally all the time. You wouldn’t want to lose the money and you end up losing it. Never you borrow to trade.
- Jumping from one coin to another: Jumping from one coin to another in a matter of minutes or few hours is a sign that you don’t know what you are doing. Its a sign that your analysis is a mess. As a newbie, in the first 3 months (my personal rule), stick with at most three coins per week.
- Lack of patience: If you can’t have enough patience in cryptocurrency market, you will keep losing and losing. Patience is a virtue you must have. Whatever comes down will surely go up. Endeavor to have lots of patience!
The above are the mistakes newbie and even intermediate traders make.
Over to you,
Now that you know these mistakes, how do you solve them? Simply do the following;
- Take your time to learn. Learning comes before earning.
- Practice whatever you learn
- Find a coach to guide you (when you enroll for our Cryptocurrency trading course you get lifetime support)
- Do your trading plans and strategies and stick to them
Remember, success is not for the weak. If it were easy, everyone will be doing it.