Let me share something that I believe every new trader should avoid if they want to be successful in the long term.
The fear of missing out (FOMO) and herd mentality are powerful psychological factors affecting crypto trading. FOMO drives traders to buy at inflated prices during rapid market rises, while the herd mentality causes panic selling during downturns, worsening volatility.
To counteract these influences, traders should stick to their strategies, conduct thorough research, and implement risk management techniques to make informed decisions despite emotional impulses.
The earlier in your trading journey you implement this the earlier you will be able to make better decisions.
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