Here are mistakes that I was making when trading cryptocurrency for the first time in 2019

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1. FOMO (Fear of Missing Out) - Many times I get caught up in the hype and rush to buy a cryptocurrency when its price is rising rapidly. This often leads to buying at the top of the market and suffering losses when the price drops. 😅

2. Lack of Research - It's important to research the cryptocurrency you're interested in before investing. But for me, I made the mistake of investing in a cryptocurrency without understanding its fundamentals, technology, and potential risks.

3. I was Emotional during Trading - Emotions such as fear, greed, and hope can cloud a trader's judgment and lead to impulsive decisions. It's important to have a trading plan and stick to it, regardless of emotions.

4. Another mistake was Overtrading - Trading too frequently or with too much capital which leads me to burnout and losses. It's important to have a balanced approach to trading and manage risk appropriately.

5. I was not able to use Stop Losses (SL) - Stop losses are essential for managing risk and limiting potential losses. So I made the mistake of not using stop losses or setting them too far from my entry level/point.

From above these were my mistakes when I started trading in 2019.

Point to note here, any professional Trader you see now has a painful story of losing too much money due to knowing nothing about how to trade.

Please be open and comment on anything that you see on your side if you are not comfortable with it during trading. Let's discuss how you can avoid losses!

I wrote this article to help you my followers not get involved in huge losses also don't forget to leave your likes and comments.

Also, I give a gift to take advantage of this article, below is my setup that shows LUNC will continue to drop, so for futures traders it is up to you to decide what you wanna do right now! 😊

Have a nice day and beautifully successful trading skills.

Thanks 🙏🏿

#lunc #crypto2023 #mistakes

#cryptocurrency trading has become increasingly popular in recent years, and with it comes a variety of psychological #mistakes that can derail even the most experienced #traders .

❌ The most popular psychological mistakes in cryptocurrency trading.

1️⃣ Fear of missing out (FOMO): FOMO is one of the most common psychological mistakes in cryptocurrency trading. This occurs when traders cannot resist the urge to enter a trade for fear of losing potential profits.

2️⃣ Overconfidence: Overconfidence can lead traders to take excessive risks that they may not be able to handle, leading to heavy losses.

3️⃣ Greed: Greed is another common psychological mistake in cryptocurrency trading that causes traders to take excessive risks in pursuit of higher profits.

Rarely do you come across successful individuals at blockchain conferences. The reason is quite simple: they are too busy working and making money. Although they usually keep their strategies confidential, we have managed to uncover some interesting insights. (follow & like👍please)

The Early Bird Catches the Worm

The Early Bird Catches the Worm The majority of cryptocurrency billionaires and millionaires did not enter the market in 2017 or later. Instead, they took a leap of faith at the inception of the crypto industry. Those who ventured into Bitcoin mining in the early 2000s, out of sheer curiosity to see what might unfold, are now enjoying wealth with six or more zeros.

Experience Trumps Theory Many books on cryptocurrency promise you a golden path and a guaranteed way to become a millionaire, but they often provide little substantial benefit. They may shed light on the basics of crypto trading and building an investment portfolio, but the real value lies in hands-on experience. Each crypto millionaire has forged their own unique path to success, experimenting with various strategies firsthand. They have endured market downturns, overcome setbacks, and consistently pushed forward.

The Costly School of Hard Knocks Crypto millionaires argue that the lessons learned from the market are priceless, even though they often come at a high cost in every possible way. They have paid for their misjudgments and mistakes with their assets and capital. This tough learning process has proven to be the most effective. Financial setbacks have served as a catalyst for a meticulous analysis of their errors to avoid repetition, reshape trading strategies and systems, and reduce risk exposure.

Trust is Good, but Verifying is Better

Trust is Good, but Verifying is Better Many high achievers in the crypto industry fondly recall the early days when nobody believed in the longevity of cryptocurrencies. Traditional economy adherents and those in the fiat-banking industry dismissed Bitcoin and other cryptocurrencies as mere Ponzi schemes. They saw Bitcoin as a geeky hobby or a waste of time. However, those who persevered, despite Bitcoin's dramatic plunge in 2013 (from over $1,200 to $200), ultimately reaped substantial rewards.

Hold Fast to Your Trading Strategy, Shun FOMO and FUD Crypto millionaires who engage in speculation emphasize that their success stems from unwavering adherence to their trading discipline and plan. During the market crashes of 2013 and 2017, many investors succumbed to panic, sold off assets, and incurred losses. In contrast, astute traders who took short positions managed to make significant profits. Then there were those crypto investors with nerves of steel who weathered the downturn and secured profits by patiently waiting for a fresh all-time high.

Carve Out Your Profitable Niche Becoming a crypto millionaire is not solely achieved through asset speculation. Some have built successful businesses offering unique services in the crypto arena, while others have found success in mining. Some have explored numerous ICOs until they found their "unicorn" (such as Ethereum or NEO), while others systematically gained early access through whitelist presales, accumulating assets to sell at their peak. It's worth exploring different niches within the crypto industry to discover the one that resonates with you and yields the greatest returns and satisfaction.

Manage Risk and Capital Successful traders and investors emphasize the importance of following money and risk management rules. There are times when a single stop-loss order can save a deposit, which can then grow exponentially through successful market trades.

Utilize Algorithmic Trading Another effective approach is to use trading bots

Utilize Algorithmic Trading Another effective approach is to use trading bots with diverse strategies. These bots can execute numerous transactions while a trader might only place one order. When combined with a sound trading strategy, automated trading can yield significant results.

Delegate Operational Activities Experienced crypto millionaires often recommend entrusting a portion of your capital to a reliable investment fund. This method frees up valuable time as the fund handles operational and exchange tasks, while your portfolio continues to grow. Some successful crypto enthusiasts have even established their own venture firms, providing capital management services.

Embrace Collaboration and Networking Accomplished crypto miners and traders agree that expanding one's network within the crypto industry is crucial. Synergies from multiple crypto startups can lead to new services or products. Collaborating in a mining pool offers stable profits to all participants. Even networking with other crypto enthusiasts can generate inspiring ideas, projects, and new sources of revenue.

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