The 7 Most Common Mistakes Novice Traders Make

You opened an account on an exchange, made your first Bitcoin purchase and received half the amount of Litecoin you received.. Congratulations, you are now a cryptocurrency trader! You made your first sale and earned your money, you didn’t worry about the length of the transaction and your business went well.. Also, you earn well, and then there is the time to open a Twitter account, the goal is to get a blue tick.. You also know the ‘buy high and sell low’ tactic, and when everything was going well, you suddenly made a rookie mistake and alas… People who do it and then pull over are valid, but we can say that the greatest achievement of people who analyze on screens or on social media today is to learn from the mistakes they made when they were rookies.. If you want to be a good stockbroker, you should stay calm and avoid some common mistakes.

If we take a look at the major mistakes and deadly sins in the cryptocurrency market, we can list them at first glance:

  • Refusing to admit when you make a mistake
  • Losing your money to scams, i.e. unreliable coins
  • Being emotional when buying or selling
  • To be too envious of those who make good money from other coins
  • Investing heavily in a coin that you don’t like that much in the long run, just to earn money in a short time
  • Lying to yourself and ignoring the facts just because you invested

 Now, if you are ready, let’s open these errors thoroughly:

Following Pump&Dump

When you examine the graphs of the coin you are investing in, seeing a vertical green line is the dream of every stockbroker.. Especially if you took it from the bottom. However, as the value rises, you may encounter an event called FOMO, which we can blindly translate into Turkish as “miss the rise”.. If you invest everything you have in your hand just because I have to make a profit right away, it’s going up somehow, things can get worse.. Of course, with a bit of luck, this gamble can be taken, but in general, such risky business puts you in very troubled situations.

If a cryptocurrency is constantly rising, this does not always mean that the coin has been increased by an external effect called “pump”.. The pleasing developments related to the project, the comments made by an influential analyst, whose word is very reliable, may cause the prices to increase, or vice versa, and prices may decrease.. People who are new to this business dream of joining such groups and making serious money without any effort, but they are disappointed once or more and go to develop more rational strategies.

A New Altcoin in the Short Term’ Expecting Serious Profit from

If you want the price of the coin you invested to increase, the most basic thing is for someone else to want to buy it.. The equation can actually be summed up like this. However, considering that there are a large number of altcoins and small exchanges in the market, making a serious investment in a coin whose name is not yet known can lead to sad results, especially if you invested a significant amount of money in proportion to your earnings. You may think that the coin is the coin of the future, but if others do not share this idea with you, the promotion of that product may not go as desired and your investment may not yield the results you want.

Of course, it is not a bad idea to invest in a coin that you think contains the necessary basic elements and wait. however, such “undiscovered talents” may not bring you the profit you expected in the short term.. If you are a little impatient, you can throw your investment away.. Therefore, the right approach is to stay calm and invest in amounts that will not put you in financial trouble.. In this way, the stress of this job will spread to your social life and your daily life less.

Entering Wrong Numbers in Buy-Sell Orders

A common mistake is when placing an automatic buy or sell order on your stock market. is to skip a zero. Especially if you are dealing with altcoins, their Bitcoin equivalent is usually 0.000458. While you are giving these orders, you may have ignited the wick of selling your coins 10 times lower by typing one more zero.. Therefore, if you are placing a buy or sell order, be sure to check the amount two or three times.

Sending Wrong Coins to the Wallet

Another common mistake. For example, let’s say you send Bitcointo your walletBitcoin Cash. Oops! Although some exchanges solve the problem, they are very few in number.. So waiting for recovery may be a futile effort.. For this reason, review which coin you are sending to which wallet two or three times so that you do not make a mistake.. A common mistake on this topic is to send Ethereum Tokens to Ethereum wallet.. You should be especially careful while making these transactions.

Acting with Vengeful Emotions

The prices of a coin you invested in and you trust very much suddenly entered a downward trend and you made a loss.. Or an investment that you consider a very smart move has made you lose again.. Don’t be afraid, you are not alone. People don’t always make a profit. If you get angry at this point, invest everything you have in another coin and wait for it to rise in a short time and believe that you will cover the loss in this way, then you will have made a big mistake. can open business. If you get into business where you don’t know the answer to questions such as what your entry and exit values ​​are, why the price of the coin is increasing and decreasing, it is likely that you will fail.. So don’t be emotional. Such investments are to catch someone else’s arm with your eyes closed and wave that arm towards you.. If you swing that arm blindly 90% of the time, that arm will hit you hard and you will suffer.. The further you get away from your emotions while trading, the better you are on the right track.

Don’t Worry Too Much With This Business

We mentioned above. The contribution of this job to your social life and daily relationships should perhaps be enough to tell a simple conversation or your success story.. If you base your life on cryptocurrency trading, you won’t find anything else to think about after a while.

Let’s say you bought a coin and woke up in the morning and saw that its price was 20%. Does it make more sense to sell them all at once, or is it to sell as much as you invested and continue with what’s left? This article does not contain investment advice, but the general opinion is “Take out the money you put in, move on with what’s left”.. Also, if you are constantly trading commissions etc.. then your wife starts to fall more and more and you can become very dependent. Watch out for this.

Unnecessary Confidence

Let’s draw a scenario now: You bought a coin and it’s 100% worth it in a week won. You sold and entered a new coin and the same thing happened again. You can start to think of yourself as a genius. Maybe everything you hold is gold. Your friends may even nickname you native Jordan Belfort. Never let these get in the way of your analytical skills.. If you allow this and invest with hearsay information without analyzing well, it will certainly explode somewhere and you will be left with a loss.. A person who lacks self-confidence cannot invest easily.. But if you are overconfident, you can prepare your own disaster.. Even the best analysts leave some margin of caution.

The bottom line is that even if you apply these, you won’t be a professional cryptocurrency trader.. Rest assured, you have decades ahead of you.. Achieving this competency, like any specialty in life, takes time.. However, if you take this guide as a basis, you can maintain your life in this market at least until you become professional.

Remember, nothing is more valuable than your life, your spouse, your friend, your friends and your children.

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