The cryptocurrency market has extremely low barriers to entry, meaning that anyone with an internet connection, a smartphone or computer, and a small amount of capital to start with can theoretically become a trader. Sadly, most beginners fail to learn that some basic trading lessons lead to eventual bankruptcy.
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1. Start trading directly from real money
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2. Trading without stop loss
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3. Failure to maintain balance
Successful traders need to maintain a balanced portfolio. Personally, I only have 10% of my wealth in cryptocurrencies. In my cryptocurrency portfolio, 70% is long-term holdings (bitcoin is heavily weighted), 15% is cash, and 15% is traded. I trade only 15% of my portfolio and the entire portfolio is only 10% of my net worth.
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4. Add losing trades
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5. Not keeping a trading journal
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6. Taking risks you can’t afford to lose
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7. Insufficient funds
As the saying goes, money is needed to make money. Many novice traders turn a blind eye to the promise of making tons of cash without leaving the couch. This is false reality unless they already have enough capital to trade.
Traders who want to become professionals need to be able to trade for a lifetime, meaning their profits have to cover their living expenses without draining their trading capital. In most parts of the world, this requires at least $50,000-$100,000 to trade and earn a steady 10% per month.
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8. Leverage
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9. Act on trading patterns and indicators that are unclear
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10. Follow the crowd
the bottom line
the bottom line
The original text comes from cointelegraph, compiled by the Bluemountain Labs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from cointelegraph, compiled by the Bluemountain Labs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
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