10 Cryptocurrency Trading Mistakes?

Boston, MA Boston

1). Starting with real money instead of paper trading.

2). The ability to accept a loss and move on to the next trade.

3). Failing to maintain a balanced portfolio.

4). Adding to a losing trade – Do not continue to move forward to a constant losing trade. Know when to move on.

5). Failing to keep a journal and holding yourself accountable for your actions.

6). Risking more than you can afford to lose.

7). Being undercapitalized – Meaning your profit must cover your living expenses, without eating into their trading capital. In most parts of the world, this requires at least $50,000 - $100,000 to trade with, and a steady profit of 10% monthly.

8). Using Leverage – Do Not Do It.

9). Acting on trading patterns and indicators which are not clearly understood -- They often identify patterns on a chart that are not there or are incorrect based on context and chart placement.

10). Following the herd.

The key is to have a plan, and no matter what happens, stick to that plan.

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