10 Ways You Lose Money in #Cryptocurrencies
○ I lost a lot myself, made all the rookie mistakes, ignored the warning signs, and thought I was smarter than the market. 😅
But there are hard lessons I've learned.
If you do any of the following, you are likely losing money like I did.
❶. Fear #FOMO.
☆ Fear of missing out.
It results in jumping on#cryptocurrenciesas they rise, in hopes of making a profit.
At the time I was hearing about the currency,
It's often too late.
▪︎ Buying on the rise may be someone else who sold and was satisfied with the profit and the liquidity exited
❷. Greed:
☆ You are holding on to your coins because you believe the 100x is coming.
☆ But I was ignoring the exit strategy with the first profit, hoping to get more.
☆ Cryptocurrencies move fast, and that extra 5% you're chasing can easily turn into a 50% loss😅🤯
❸. Trusting influencers 🙅♂️
☆ Most influencers make money.
Because they get in early on the coin before it is shared with the community, or they may get paid to promote projects and sell them after profit while their followers are still buying.
❹. Emotion
☆ Be very emotional,#cryptocurrenciesare volatile.
☆ Emotional reactions will destroy your investment portfolio.
☆ Panic selling during red days or buying FOMO on green days means you are on the wrong track and at the wrong time. Check your emotions when buying and selling.
❺.Buy on news:
☆ If you hear about a cryptocurrency in the news, Twitter and social media, consider yourself late 🫡
☆ By the time you're trending on Twitter, the profits have already been made by people before you.
☆ The best time to enter was when it was listed.
❻. Trying to recover losses.
☆ Revenge trading is deadly You think you can recover your losses and make riskier trades but this leads to bigger losses
❼Keeping storage coins
☆If you own coins that can generate income through liquidity pools or protocols
▪︎Make your assets work for you
❽. Stick to zero.
☆ Sometimes, it's better to exit a trade before it's too late.
☆ There is no shame in taking a loss and keeping some capital.
❾. Overtrading futures
☆ Margin or leverage can double your profits
But it can whistle you just as quickly.
The last reason was
Ignoring risk management:
☆No stop loss
☆ No diversified portfolio
☆ No exit strategy
For more than an hour, I have been gathering reasons for you so that none of you will fall into this situation.
I hope you like it and follow the account
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