5 mistakes every crypto trader should avoid

[Hypnosis00]

all of that is about controlling emotions during trade.
it is not easy to get used to it, and I think this is a difficult part of trading.
but I am very happy to write some motivational / strategy messages so that my trading is safe.

We believe it is all about self-control and it is too hard to consistently make it right, and it needs effort. It gonna be worthless if it never works to us and even gets easily affected to FUDs/FOMO spread around. For quite sometimes, we don't need to become proactive trader, listening for negative thoughts may give us also ideas that can be helpful in the future especially when making a decision.

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[zeze18]

all of that is about controlling emotions during trade.
it is not easy to get used to it, and I think this is a difficult part of trading.
but I am very happy to write some motivational / strategy messages so that my trading is safe.

We believe it is all about self-control and it is too hard to consistently make it right, and it needs effort. It gonna be worthless if it never works to us and even gets easily affected to FUDs/FOMO spread around. For quite sometimes, we don't need to become proactive trader, listening for negative thoughts may give us also ideas that can be helpful in the future especially when making a decision.

Having own strategy is also needed for trading, we need to determine the price that we will buy and the price that we will sell before we enter the trade and we have to be consistent. If we implement this i'm sure we don't use our emotion anymore and we won't get affected to FOMO or FUD because we already determined when we buy and sell

[goinmerry]

Sometimes traders can't just follow the basic guidelines since we are in different situations.

Maybe I will put EXPERIENCE as the best guideline we have since if we are used to facing a different situation, we know what will be the approach to those. Our strategy improves in every mistake and loss as we progress.

Soon, after being in trades for a long time, our experience will teach us to avoid those 5 mistakes listed by the OP.

[DimitrisLodirogas]

FOMO is my favorite section and there's a big potential in this group. More and more people are getting into game not knowing a thing about crypto, which is also a bit concerning.

[wxa7115]

Diversification

Sure diversification is a good thing, but everything in moderation right? The cryptocurrency market is pretty volatile, so be careful spreading yourself too thin over altcoins with small market caps, instead of focusing on a few larger coins. Always do extensive research before trading in any altcoins (if you’re really not sure, top traders recommend sticking to small amounts of Bitcoin, Ethereum, Ripple, and/or Litecoin to start).

diversification means that your portfolio should contain the following:
- stocks
- bonds
- precious metal
- real estate
- bitcoin

if your so called portfolio contains bitcoin, ether ripple,.... then you are NOT diversifying. what you are doing is increasing your investment risk while reducing your profitability dramatically.
and every "top trader" already knows this. only the beginners who fall for the pump and dumps think otherwise.

more here: https://bitcointalk.org/index.php?topic=5199926.0;all

And this is my problem with the diversification that most people in the forum talk about, when they talk about diversifying your investments they are not really talking about investing in different assets that are completely unrelated to bitcoin, they are always talking about investing in altcoins which as we know have a very high correlation to the way bitcoin moves and when you add that most of those coins are not really good then you're not really protecting your capital but instead you are risking even more of it.

Without a doubt diversification is a great way to protect your portfolio but only if you do it right, otherwise it is better to not even bother and just keep all your money in bitcoin.

[Kelvinid]

FOMO is my favorite section and there's a big potential in this group. More and more people are getting into game not knowing a thing about crypto, which is also a bit concerning.

Then, they are just putting themselves at high risk and have their bad ends. That is it actually happens when we are not knowing what we are doing. They only have in their mind that there is easy money in crypto but quite not knowing how much the risk that they going to face in the future.