Crypto trading mistakes to avoid include:
- Not being emotionally ready for high price volatility, which can lead to significant losses.
- Investors should avoid putting all their eggs in one basket and instead diversify their portfolio across different types of cryptocurrencies and traditional financial instruments.
- It is also important to avoid the fear-of-missing-out (FOMO) and to conduct thorough research before investing, as many scams exist in the crypto space. Additionally, traders should never invest what they can't afford to lose and should always have a clear investment plan.
- Another common mistake is not using stop-loss orders, which can help mitigate potential losses. - - - Finally, traders should avoid using small exchanges and small-cap coins, as they can be more volatile and less secure.