Four Common Mistakes You Should Avoid When Trading Bitcoin Chronicles

Are you thinking of getting started in the world of crypto trading? If so, make sure you avoid the most common mistakes. You will be better than most of crypto traders by avoiding these mistakes. The interesting thing is that almost every trader makes these mistakes without even realizing it. Without further ado, let’s check out those common mistakes. Read on to find out more. look at this site

1. Emotional decision making

Beginners tend to trade emotionally. But the thing is that trading has nothing to do with your emotions. As a matter of fact, if you make decisions based on your emotions, you will be heading on the road failure.

2. Buying high and selling low

Another common mistake that beginners make is buying high and selling low. You don’t want to get greedy while doing this business. What you need to do is buy low and sell high. This is the only way to make a profit trading Bitcoin.

3. Selling at once

Due to the two mistakes mentioned above, beginners purchase or sell their Bitcoins at once rather than buy and sell them gradually in small quantities. If you ask an experienced trader, they will ask you to sell 20% of your Bitcoin post 50% profit. But the problem is that new traders are too gready to sell. Therefore, they don’t have the money to purchase dips. Some of them sell all of their Bitcoins at once.

4. Buying wrong currencies

New commerce purchase cryptocurrencies that make tons of promises using big words. But they don’t know that these currencies don’t provide any technical innovations, such as Litecoin, NEO, Tron and EOS, to name a few. The problem is that they are quite centralized blockchains. Therefore you may want to avoid them.