Huge Losses!
1. Entering to buy any currency without understanding.
Sees a currency skyrocketing 20% in an hour, and jumps in to buy it without knowing its project or the reason for its rise.
The result? He buys at the peak, and it drops immediately.
My advice: Only buy when you understand the project, its goals, and the right time to enter.
2. Not using Stop Loss.
He is afraid to set a loss limit, thinking it might go up, so he just watches his portfolio collapse.
This is very dangerous.
Advice: Determine from the start how much you are willing to lose, and do not leave the trade open just out of hope.
3. Investing all his capital at once.
He puts all the money in one currency, or at the same time, without diversification or risk management.
And if he loses? He loses everything.
What's right? Divide your capital over stages or different currencies, and don’t put all your eggs in one basket.
Binance is a powerful platform, but dealing with it superficially can destroy your portfolio.
Start learning, and make your goal to stay in the market, not just quick profits.
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