When it comes to cryptocurrency futures trading, many traders often make some unique mistakes.
Not understanding futures contracts: Futures trading requires signing a contract, which agrees to buy or sell an asset at a certain time in the future at an agreed price. Many novices don't understand how this contract works, and end up losing a lot of money.
Over-leverage: Futures trading can be leveraged, which means you can control more positions than you actually invest. Although this can magnify profits, the risk is also high, and you may lose more than your principal. Many people underestimate this risk.
Not looking at market trends: In futures trading, it is particularly important to keep an eye on market trends and sentiment. If you ignore these, it is easy to enter the market at the wrong time.
Not setting a stop-loss order: Futures trading is volatile, and if you don't set a stop-loss order, the market will go against your expectations, and you will lose a lot.
No clear strategy: If you don't think about your strategy or exit plan before trading, you are likely to act impulsively. You need to have a trading plan that states your goals, risk tolerance, and exit strategy.
Over-trading: Trading too frequently can easily lose money. You have to follow a strategy and don't trade impulsively.
Emotional decision-making: When trading, emotions can easily affect judgment. You have to stay calm and follow the trading plan, even if the market fluctuates greatly.
Not paying attention to the expiration date: Futures contracts have an expiration date. If you do not close or extend the position before expiration, there may be unexpected results.
Not doing research: Many people rush into futures trading without properly researching the assets they want to trade.
Not reading market news: You have to pay attention to market trends and news at all times, which will affect your trading.
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