Listen, I learnt this in crypto seven years ago but I will teach you in few minutes for free...
1. Emotional trading: Imagine crypto trading as a thrilling ride. Some of you, the newbies often feel intense emotions—like fear, excitement, and greed—because prices changes sharply. Read again... fear, excitement and more importantly greed. These feelings can lead to hasty decisions, like buying when prices are high or selling in a panic during drops.
2. Following the Crowd and Wanting to Belong: Many new traders act like sheep in a flock. They copy what others do, even if it's not smart. It's crucial to think independently and not just follow what everyone else is doing. DYOR. #Dyor2024
3. Seeing What You Want: Some of the newbies tend to find information that agrees with what they already think about the market situation. They ignore facts that don't fit their ideas. Staying open-minded and considering different viewpoints is essential is the way forward and will prevent heavy loss.
4. Managing Risk: Some beginners like you don't realize how risky crypto can be. They might put all their money into one coin or invest without a plan. Learning about risk management—like setting limits and not risking too much is important. Always make some fundamental technical analysis of the market before you embark on the trade.
5. Fear of Missing Out (FOMO): Like I said new traders worry they'll miss out on the next big thing just like what happened in Notcoin. FOMO makes them buy impulsively. It's good to stay informed, but don't let FOMO control your choices. Always know when to enter and exit the market. You might be entering at the wrong time.
6. The last thing is always learn and and learn the basis if you want to earn to more: You should study ,understand how blockchain works, learn about different coins, and know what affects their prices. Education builds confidence and helps you avoid emotional mistakes.
Remember, crypto trading is exciting but very risky. Approach it with a clear head, control your emotions, trade with what you can afford to loss and keep learning! 🌟
I hope this refreshing your head? Stay safe and smile 😊😊.
If you like it please follow, like and share this to be notified when we start our beginners training about trading spot, futures etc.
