Top 7 Mistakes in crypto-What should you never try in crypto as Beginner

                                                                                                                                                                                                 What should you never try in crypto?                                                                                                                                                                                                                                           The Crypto Daily – Movers and Shakers – April 18th, 2021                                                                                                                                                                                                                                                                                                                                                                                 

Here are the Top 7 mistakes that I have seen people make over the last years. If you don’t make these mistakes you are already better than 99% of all crypto traders. However, even if people know about all of these mistakes that they shouldn’t make, everyone makes these mistakes at least 5 times before actually having internalized them.

  • Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.

  • Not buying low and selling high. This might seem obvious, but the majority of crypto traders simply do the opposite. How do I know? Because people bought in lots of Bitcoin when it was already at $15,000 and they sold lots when it was down at $10,000 and some even sold when it was down at $7,000 making it crash to $5,800.

  • Making all or nothing buys. They either sell all of their Bitcoins or either buy all of their Bitcoins. An experienced trader only sells 10% of their Bitcoin when they have made 50% gains, another 10%, when they have made 100% gains and always sell another 10% of their Bitcoins the higher it goes. That way, they always make profits and also have money to rebuy the dips. Inexperienced traders never sell, because they become too greedy or sell everything too early.

  • Putting all of their eggs in 1 basket. Don’t only hold 1 coin, hold the best 10 coins you can find and one of them will likely make a 1,000% return and make up for the losses of all the other 9 coins.

  • Putting all their coins on 1 wallet. Have your coins distributed through exchanges, online wallets, cold wallets and paper wallet, so that if one gets hacked or you lose it, you don’t lose it all.
  • Invest more that they can afford to lose. If you put more money into crypto than you can afford to lose, you also become much more emotional and make bad trades. It’s a vicious cycle. Instead, only put 10%of your whole networth maximum into crypto.

  • Buying coins that are hyped without any substantial improvement in tech. Examples are: EOS, Tron, Bitcoin, Litecoin. EOS is worse than Elastos, but has a 20x higher market cap, only through hype and also possibly through artificial pumping by the EOS team. It is extremely centralized with 21 voting nodes and Elastos offers a lot more functionality for dapps and is even more scalable. This is why EOS will drop in price significantly soon while Elastos will go up. Tron should only be worth a few hundred million but is worth billion, because Justin Sun was thought to have a partnership with Alibaba even though he only attended the same university as Jack ma.

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