Common mistakes made by new traders in the crypto market
🧵7 common mistakes made by new traders in the crypto market, and how to avoid them
If you are new to this world, read👇🏻before you waste your time, money, and nerves
1️⃣Starting without sufficient education, people enter the market just because they "heard" about profits.
But without understanding: supply and demand⚖️ and price volatility📉📈 and types of orders (limit / stop-loss) = random decisions and guaranteed losses.
So start right with Binance Academy
2️⃣Getting dragged by FOMO "the currency is flying, I must catch up" Bought high? Lost on the first drop. Take a step back, think, and study your decision.
🚫Don't enter just because everyone else did - Trading psychology
3️⃣Relying on recommendations without personal research. Not every recommendation = opportunity.
Even from a famous or trusted person, you are the decision-maker.
⛔DYOR = Do Your Own Research
Binance Research
4️⃣Lack of capital management: putting all your money into one currency? If the currency loses = you lose the wallet. Divide your investment, and set a risk percentage💡
Diversification is smart Asset Management
5️⃣Neglecting cybersecurity
❌Without 2FA
Clicking on random links
Hot wallets with large amounts = a recipe for theft 🔐Security first
14 Tips to Secure Your Binance Account: How to Protect Your Crypto
6️⃣ No entry and exit plan
Greed keeps you in, fear makes you sell at a loss. Determine:
When to buy
When to sell
When to stop your losses
✍️ Plan = peace of mind
7️⃣Expecting quick wealth
Crypto is not an overnight dream.
Those who persist are the ones who win.
⏳Patience, learning, and gradual progress are more important than any imaginary pump.
If you can't hold, you won't be rich🤑
In summary:
The crypto market is full of opportunities, but also full of lessons.
Let your education be your shield, your plan your weapon, and your experience your guide.
Share your opinion and share the tweet with a new friend in crypto
It could save you from a big loss
