Here are 7 common mistakes you should avoid in crypto trading:
1. Trading Without a Plan
Mistake: Entering trades without a clear strategy, risk management rules, or defined goals.
Why Avoid: Emotional decisions often lead to losses. A solid plan helps you stay disciplined.
2. Overleveraging
Mistake: Using high leverage to try to multiply profits.
Why Avoid: Leverage amplifies both gains and losses. One wrong move can wipe out your capital.
3. FOMO (Fear of Missing Out) Trading
Mistake: Buying a coin just because it's pumping or trending.
Why Avoid: Prices often drop sharply after sudden rises. FOMO leads to buying high and selling low.
4. Ignoring Risk Management
Mistake: Going "all in" or risking too much on one trade.
Why Avoid: You should only risk a small percentage (1–2%) of your capital per trade to survive long term.
5. Not Using Stop-Loss Orders
Mistake: Holding losing positions too long, hoping for a recovery.
Why Avoid: It can lead to devastating losses. Always protect your capital with a stop-loss.
6. Following Hype or Unverified Tips
Mistake: Trusting random influencers, Telegram channels, or social media without research.
Why Avoid: Many are pump-and-dump schemes. Do your own research (DYOR).
7. Neglecting Security
Mistake: Keeping funds on exchanges or using weak passwords.
Why Avoid: Exchanges can be hacked. Use hardware wallets and enable 2FA for security. you can ise metamask or trust wallet for securing your fund.
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