In this community contribution Marius explains what are the 7 mistakes every Bitcoin Trader and Investor power to eliminate it. This is a guest post from the crypto Monday Community. Crypto Monday assumes no liability for the statements made in the article.
Bitcoin traders and investors: The 7 most common mistakes
Now that it’s been 8 years, crypto Trading, I fell again and again, the following are the 7 errors made by the Bank of any crypto newbie. However, it is already better than 99% of all crypto-Trader, if you commit these 7 mistakes.Interestingly, however, each of these mistakes at least five times, until you have internalised the actually. Even after reading this Post, everyone makes this mistake at least five times before it has to be understood and implemented. Even I catch myself sometimes going to commit this error. That’s why here are the 7 most common mistakes in crypto Trading, sorted by frequency: Emotional Bitcoin Trades novice traders to trade almost always emotional. The best Trader is the Trader without any emotions, as an emotion loose robot. This leads us to the second mistake.To buy Bitcoin and crypto-currencies high and low to sell to newcomers to buy is almost always high and sell low. Profit Trader is not trading, however, as a robot in a 200% increase is directly greedy, but unemotional profits ride, or with a 70% Crash is not sold, but nachkauft. This seems very obvious and understandable, but most of the crypto-traders to make, on the basis of error no. 1, just the opposite.How do I know? Because each Bitcoin is bought, as the Bitcoin price was at $ 15,000 and a lot has sold, as he fell then to $ 10,000. As the Bitcoin price was $ 7,000, and then later at 3,100 dollars, has bought almost any more and everyone has said that Bitcoin was dead.All-or-Nothing purchases to make Due to error no. 1 and 2, their crypto to buy or sell newbies all the currencies to buy once rather than in small steps and to sell. That’s why an experienced Trader sold eg. after 50% of profit 20% of its crypto-currency, a further 20% at 100% profit and another 20% for each additional 50% profit (Dollar Cost Averaging).In this way, power always wins and always has money to buy Dips after a correction.Inexperienced traders however sell never, because they are usually too greedy. Thus, you never have any money for Dips or sell everything at once too soon. Therefore, → Dollar Cost Averaging.Crypto-currencies to buy, which only offer Hype but no technical innovations. Newbies like to buy crypto-currencies, which make very many promises, and cool words to use, but provide no technical innovations, such as EOS, Tron, NEO, Litecoin. These are extremely centralised block chains, e.g., EOS and TRX are extremely centralized with 21 Nodes, NEO has only 7 Nodes, 5 of which are from NEO self-controlled. Centralized it is not, and yet so many people are so excited about these Coins, particularly newcomers.
The eToro Test 2019 eToro offers 15 different crypto-currencies directly or as a CFD with leverage and in addition, a further 77 trading pairs between crypto and Fiat trading. Reason enough to take a closer look at the leading Social Trading platform. eToro Test 2019 read now. To put your eggs in too many baskets Novice traders buy currencies due to error no. 4 like 20 different Crypto. This is bad, because it diluted the profits and not for the other 20 good crypto-currencies. You should have, for example, is actually a Coin that creates a 100-fold diluted this profit at 20 Coins in the Portfolio on a five-fold increase.This is why you should only the best 4-7 Coins which can create 100 times the profit, and the rest of the Shitcoins out here. The next Bullrun will not survive many of the Altcoins, only those who now have already millions of users or millions of dollars in sales. This can be counted on one Hand. The Rest is all Shitcoins. In the crypto world Shitcoin counts, until the contrary is proved, far beyond the beyond a reasonable doubt. This Standard should be cryptographic to each Investor before he receives the new Coins in his Portfolio. The time of gimmicks is over.To put all your eggs in one basket Novice traders due to the first four errors on a Altcoin. However, you should have the value of a well-diversified Portfolio to to put. Furthermore, newcomers often have all your Bitcoin and crypto-currencies in a Wallet or on a stock exchange. Nevertheless, you should keep at least 3 different Wallets his Kryptos (e.g., stock exchanges, Online Wallets, Cold Wallets, Hardware Wallets, paper wallets), so all is not lost, if one of these Wallets will be hacked or lost.To invest more than lose you can afford it Novice traders often invest more money in crypto currencies, as you can lose it afford to. The result is that you will be much more emotional, and worse Trades. It’s a vicious circle. This is why you should plug in the case of larger sums, never more than 20% of his Savings in Crypto. You have seen what can happen despite good Bitcoin price development. Altcoins had massive losses of more than 70% just in the last month. Of course this can go the same way in the other direction, but still remains a crypto-Trading is a high-risk matter. That’s why you with your next Trades should be made aware of these 7 errors check list and these errors in the best way possible avoid. You will commit probably still 2-3 Times, but that’s how it is. ?75 % of private CFD accounts lose money. No EU investor protection.Have you already made one of these Bitcoin Trading error? Come in to our Telegram Chat and chat with Marius and the Community. Subscribe to our News channel to not miss any News. (Source: Shutterstock)