Ordinary people lose money in cryptocurrency trading mainly because they can't control their hands!
You see, 90% of beginners are like this: when the coin rises, their position is small; when the coin drops sharply, they suddenly increase their position. Why is that? It's because their trading habits are too poor!
At first, they buy a rising coin, and their position is very small. As they watch it continue to rise, they get anxious and keep adding to their position. What happens? When they add to their position right before a pullback, all the profits from the small position are lost, and the large position loses from start to finish. Of course, there are times when they get it right, but trading cryptocurrencies isn't something that can be done in a day or two. Such bad habits will eventually lead to significant losses!
So, we need to change this habit and learn to sell high and buy low, not the other way around. How to do it?
First, fix your position and don’t move it! Don’t change your plan because of temporary rises and falls.
Second, once your position is established, don’t add to it anymore; just reduce it if needed! This way, you won't be afraid even if there’s a pullback.
Third, when the situation is unclear, never build a position easily! Steady investment is the way to go.
To beginners, remember these suggestions, and “experts” can just bypass this advice!
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