Are you new to the trading world? Have you decided to start your journey on the Binance platform? Congratulations! But wait…
Before you place your first buy order or open your first trading position, there are common mistakes made by many beginners that lead to significant losses and may end their experience before it begins.
In this article, we will reveal to you the 7 most dangerous mistakes you must know and avoid before embarking on your trading adventure.
1. 🚫 Entering randomly without learning the basics of trading
Many start trading only because they heard about quick profits, without understanding fundamental concepts like 'support', 'resistance', 'capital management', or even how to read a chart!
Start by learning the basics from official Binance sources or trusted educational content.
2. 💰 Investing all capital at once
The biggest mistake is entering a single trade with all of your capital. The market is volatile, and going all-in may lead to losing everything.
The solution? Divide your capital into portions, and enter the market in stages.
3. 📉 Ignoring risk management
Not setting a 'Stop Loss' makes your account vulnerable to being wiped out during strong volatility.
Golden rule: Don’t risk more than 1-2% of your capital on a single trade.
4. 😱 Trading under the influence of emotions
Fear, greed, and anxiety are your real enemies in the market.
When losing, don’t try to 'quickly recover the loss'. And when winning, don’t become overconfident and enter trades without analysis.
5. 🔍 Relying completely on recommendations only
Recommendations are a helpful tool, not a trading plan!
Understand the reason for the recommendation, monitor the indicators, and ensure that the trade aligns with your strategy.
6. 📊 Ignoring technical analysis or following news
Technical analysis is the language of the market. News updates move the market strongly.
Make analysis and news sources your daily tools to understand upcoming trends.
7. 💤 Rushing or excessive hesitation
Some beginners hesitate too much and miss opportunities, while others rush into entering and exiting.
Take your time to learn, then move with a clear plan.
Conclusion: Trading is not a game of chance… it’s a game of awareness and patience.
Start with a small capital, apply what you learn, and don’t rush to get rich.
The Binance platform provides you with educational tools, demo accounts, and diverse trading options to start safely.
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