Common ✖️MISTAKES✖️ in Binance Spot Trading That Can Destroy Your Money!...
Here are the common mistakes in Binance spot trading, numbered for clarity:
(1)!... Buying at the peak!.... Many traders buy a coin when its price is already very high, thinking it will go even higher. But often, the price drops soon after, leading to losses.
(2)!... Not having a selling plan!... Some traders buy a coin without deciding when to sell. They panic when the price moves unexpectedly, either selling at a loss or holding for too long, hoping for a recovery.
(3)!... Ignoring trading fees!... Every trade has a small fee. If you trade too often without considering these costs, they can slowly reduce your profits.
(4)!... Following hype without research!... Many people buy coins just because they are trending on social media, without checking if the project is strong. Some of these coins crash quickly after a pump.
(5)!... Overtrading!... Trying to make money from every small price movement can lead to unnecessary losses, especially when emotions take over.
(6)!... Investing all money in one coin!... If a trader puts all their money into a single coin and it crashes, they lose everything. It's always safer to invest in multiple coins to reduce risk.
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