This mistakes can rip your deposit
Everyone goes through the path of their own mistakes, gaining experience. But maybe this video can help you avoid some mistakes in the future, if you have just entered the cryptocurrency market.
The first mistake, and perhaps the most important, is not to analyze your actions.
It doesn't matter if it's trading, futures trading, participation in an IDO or simple investments. When you make some action on the market with your deposit, and then lose or earn money, always analyze what you did right and where you made a mistake.
You entered a trade without a stop loss and lost part of the deposit, you did not analyze the period of coin unlocks and bought at the wrong time, or bought on greed already at too high a price.
You must understand that there is no more money in the market, it just flows from one hand to another. If today you have earned, then someone has lost. So, do not ignore your actions, keep a trading diary, tracking your portfolio for investment. Analyze why you are buying this coin, what you intend to receive and when to exit the project, options for exiting the project if everything does not go according to plan, where you will transfer your money if you exit the coin. What tools will you use while trading, what indicators and why. Also write down your psychological and emotional state at one time or another, this will help you invest money more rationally in the future.
The second mistake is that you are simply trying to copy someone else's trading or investment strategy. Perhaps somewhere you saw someone's advice that should bring you millions, and you began to blindly repeat the same actions, but no one gives you guarantees in cryptocurrency.
What worked in 2017 may not work in 2023, you have to understand that. You must work out for yourself two investment strategies and a trading strategy. Conducting analysis and working on their improvement just for yourself. Because if one strategy becomes available to everyone, the market maker will do everything to ensure that this strategy stops working. That is why classical tech analysis practically does not work in the cryptocurrency market. Do not try to shift the responsibility for your income or losses to someone else. Your money is your decision.
The third mistake Do not invest the entire deposit in one coin.
Diversification. If you invested in 100 projects and 80 of them failed, then you will still end up with money. But if you invest in one project that fizzles you will lose all the money. I think the recent terra luna example is a great example. I’m afraid to upset you, but everything is possible in cryptocurrency, so even coins such as ether, cardano, polkadot, bitcoin are also not immune from falls.
The fourth mistake is to sit 100% only in cryptocurrency. Even if it is a stable coin. The recent example with ust also perfectly describes this error. Nobody knows what might happen to usdt or stablecoins in general in the future. Therefore, withdraw part of the funds always into real fiat money in the real world. Buy something for yourself, your money should bring you emotions and you should see the physical result, and not just the numbers on your wallet. Don't wait until you reach a certain amount. Perhaps at the peak you can lose everything.
You can’t fall in love with projects, those projects that were in the top 10 in 2017 are not in the top 100 now. Think about it.
The cryptocurrency market is changing and new projects will appear every year. Earn money, not just the number of coins. Don't be afraid to take profits, you will never hit the bottom and you will never hit the top of the market. Fix gradually, and buy coins step by step. Creating your average check. Remember, many projects are launched to earn money by their creators. No one is interested in what ordinary investors would earn. Don't be greedy and always take profits.
I had an example with ShibaInu. I bought this coin even before the listing on binance, and during the listing, I did not sell the coin without taking a profit of 200k. That's when the market crashed. I fixed part of the profit, and also part of the profit on its subsequent growth. But if I hadn’t been greedy, but fixed it and bought it back, but already cheaper, I could again earn another 200 thousand in November at the new peak of the market. In the end, I did not do this, because I succumbed to the information field that this project would grow. As a result, Shiba Inu lost capitalization from 42 billion to 14 billion. That is, someone fixed a profit and next time they will invest this money in a new project. Don't fall in love with projects
Share with your friends who are just starting their journey in the cryptocurrency world.[/I]
Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch!
The first mistake, and perhaps the most important, is not to analyze your actions.
It doesn't matter if it's trading, futures trading, participation in an IDO or simple investments. When you make some action on the market with your deposit, and then lose or earn money, always analyze what you did right and where you made a mistake.
You entered a trade without a stop loss and lost part of the deposit, you did not analyze the period of coin unlocks and bought at the wrong time, or bought on greed already at too high a price.
You must understand that there is no more money in the market, it just flows from one hand to another. If today you have earned, then someone has lost. So, do not ignore your actions, keep a trading diary, tracking your portfolio for investment. Analyze why you are buying this coin, what you intend to receive and when to exit the project, options for exiting the project if everything does not go according to plan, where you will transfer your money if you exit the coin. What tools will you use while trading, what indicators and why. Also write down your psychological and emotional state at one time or another, this will help you invest money more rationally in the future.
The second mistake is that you are simply trying to copy someone else's trading or investment strategy. Perhaps somewhere you saw someone's advice that should bring you millions, and you began to blindly repeat the same actions, but no one gives you guarantees in cryptocurrency.
What worked in 2017 may not work in 2023, you have to understand that. You must work out for yourself two investment strategies and a trading strategy. Conducting analysis and working on their improvement just for yourself. Because if one strategy becomes available to everyone, the market maker will do everything to ensure that this strategy stops working. That is why classical tech analysis practically does not work in the cryptocurrency market. Do not try to shift the responsibility for your income or losses to someone else. Your money is your decision.
The third mistake Do not invest the entire deposit in one coin.
Diversification. If you invested in 100 projects and 80 of them failed, then you will still end up with money. But if you invest in one project that fizzles you will lose all the money. I think the recent terra luna example is a great example. I’m afraid to upset you, but everything is possible in cryptocurrency, so even coins such as ether, cardano, polkadot, bitcoin are also not immune from falls.
The fourth mistake is to sit 100% only in cryptocurrency. Even if it is a stable coin. The recent example with ust also perfectly describes this error. Nobody knows what might happen to usdt or stablecoins in general in the future. Therefore, withdraw part of the funds always into real fiat money in the real world. Buy something for yourself, your money should bring you emotions and you should see the physical result, and not just the numbers on your wallet. Don't wait until you reach a certain amount. Perhaps at the peak you can lose everything.
You can’t fall in love with projects, those projects that were in the top 10 in 2017 are not in the top 100 now. Think about it.
The cryptocurrency market is changing and new projects will appear every year. Earn money, not just the number of coins. Don't be afraid to take profits, you will never hit the bottom and you will never hit the top of the market. Fix gradually, and buy coins step by step. Creating your average check. Remember, many projects are launched to earn money by their creators. No one is interested in what ordinary investors would earn. Don't be greedy and always take profits.
I had an example with ShibaInu. I bought this coin even before the listing on binance, and during the listing, I did not sell the coin without taking a profit of 200k. That's when the market crashed. I fixed part of the profit, and also part of the profit on its subsequent growth. But if I hadn’t been greedy, but fixed it and bought it back, but already cheaper, I could again earn another 200 thousand in November at the new peak of the market. In the end, I did not do this, because I succumbed to the information field that this project would grow. As a result, Shiba Inu lost capitalization from 42 billion to 14 billion. That is, someone fixed a profit and next time they will invest this money in a new project. Don't fall in love with projects
Share with your friends who are just starting their journey in the cryptocurrency world.[/I]
Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch!
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