For this article I want to share with you the 2 often mistakes of crypto traders that we can avoid, so for those who are interested, finish this article so that you have an idea.
What exactly are these Often Mistakes of Crypto Traders?
Many traders shared their experience that they can no longer sell their crypto because they bought it at a high price and then suddenly went down and now they are afraid that they might go bankrupt, because when they sell at a low price then the others are sold they are really at a loss because there is a fear that they might run out of money, they might lose the crypto they bought. These are the experiences and of course for Crypto traders, you will really lose money, especially if we lack knowledge, so I hope this article will help you to be ready.
- Buying Crypto without checking the price.
It is very important that when we buy crypto, the first thing we need to do is check the price because often, especially for these beginners, what happens there is that they have an investment and then they can buy and what they are doing is swapping, they immediately convert or they immediately buy crypto without knowing that the price is high and after a few days the price suddenly drops and they are surprised why their capital dropped immediately, then sometimes it takes a few weeks before they recover or before the crypto, they bought returns to a high price. So that's what's happening and because they are just beginners and the others are scared, others don't know what to do.
It is very important that we check the price chart because every day we can see that the price goes up and down because crypto is volatile and you need to check the price and I suggest that you check what happened to the price within a week because they often have a price as if they go back there. And of course, because we are traders, buy low sell high of course we will wait for the price to go down because we will earn when we buy at a low price and when it goes up we will earn there.
Another very important thing in crypto trading is patience, if you see that the price is high and then it is a bit hesitant, don't buy it, what is the point of waiting for a day or two if you are sure that you can buy at a low price. Personally, this is one of my mistakes, I'm looking for something to buy right away and what's happening is getting stuck because the trend is going down so it's very important that we wait.
- Buying Crypto and their mindset is they will earn within a few days.
In buying and selling crypto, there are no specific days when it will grow, maybe a week or a year. Because Crypto as I said before is very volatile, you don't know when it will go up and you also don't know when it will fall, so it should be clear in your mind that it's not a short term investment so you can't panic that in a month that still nothing happens with the crypto you bought. So that's the situation of crypto trading, it's not a short-term investment but a long-term investment.
Want to learn more about Cryptocurrency?