Trading is not as simple as everyone thinks. This requires unfailing rigor. Without this discipline, beginners make mistakes that can cost them dearly. However, they can be avoided. If you are new to crypto trading, learn the worst mistakes to avoid.
Crypto: what are the most common careless errors in trading?
- Forgetting to put a stop-loss and one take profit :
Without one take profit, you risk losing even in a winning position. This is because the price can change direction at any time. Without the stop-lossyou risk losing a large part of your capital in the event of a losing position.
- Risk 100% of your capital without wanting to:
Be careful not to make this mistake in crypto trading because you risk losing everything. Moreover, it could have an impact on your psychology as a trader. Staking all your capital is like making gamblingit’s addictive!
- Enter wrong orders:
Due to carelessness, you hit 15 lots instead of 1.5 lots. It sounds insignificant, but it is a fatal mistake in crypto trading. Similarly, when you enter your orders stop-loss and take profitplease check all dots and commas on the numbers.
- Getting the wrong reference on TradingView:
Last, but not least, is getting the wrong benchmark or symbol on TradingView. Indeed, some cryptos have almost the same symbols like Horizen and Zcash. You may then be analyzing the chart of Horizen (ZEN) while you want to trade Zcash (ZEC).
In order to avoid these mistakes in crypto trading, you must have maximum concentration when taking a position. Check all parameters before issuing a buy or sell order. This is why it is not recommended to do crypto trading following a dispute or any external problem. Before putting yourself in front of a screen, be zen and stay disciplined.
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The Cointribune editorial team unites its voices to express itself on topics specific to cryptocurrencies, investment, the metaverse and NFTs, while striving to best answer your questions.