Sunday, June 19, 2022

No products in the cart.

  • About
    • Contributors
    • Disclaimers
    • Terms & Conditions
    • Giving back
    • Mission Statement
    • Past Issues
    • Where to Find
    • Call us at 613-935-3763
  • Advertise with us!
  • Home
  • News
  • Leisure & Lifestyle
  • Columns
  • LTE
  • Events
  • Contributors
No Result
View All Result
No Result
View All Result
The Seeker Newsmagazine Cornwall

Crypto Trading Mistakes That You Might Want to Avoid

Allen Brown by Allen Brown
August 4, 2021
in You May Also Like
Reading Time: 3 mins read
30 1
18
SHARES
205
VIEWS

Investing in cryptocurrency is one of the most profitable investments of our time. Its origins as Bitcoin have led to a wide variety of digital currencies and altcoins now being available. While some are great investments, the majority aren’t, and many people have lost their shorts due to poor investment decisions. So what are some mistakes that you should avoid?

Why Trade Crypto?

Bitcoin and other cryptocurrencies have become a hot topic over the past few years. In most cases, cryptocurrencies are hard for the average person to understand. That’s because it’s challenging to find an overview that explains the basics of cryptocurrencies and how they work. It can make it challenging to determine what you should or should not do when you want to trade with Crypto with so many options available. Unlike share trading, which has been around for centuries, Crypto is a relatively new phenomenon. Nevertheless, it can be a lucrative investment opportunity for those who have the nerve and can absorb losses.

You might also like

How To Pick The Best Routine To Spoil Your Sensitive Skin

How Long Does It Take To Build a Swimming Pool at Home?

How To Recover From Addiction And Get Your Life Back On Track

Overinvesting

You understand this point if you have ever heard the phrase: only invest what you can afford to lose. Essentially, you should never invest in something unless you can support yourself if it doesn’t succeed. It’s impossible to know what will happen in life for sure, so don’t take anyone’s word for it. Therefore, you should only spend the amount that you are comfortable spending.

Following Trends Blindly

This point might seem like it doesn’t belong in this post, but it is here for a good reason. While it is good to follow trends that you have discovered independently, blindly following recommendations is not a great idea. Many new investors join Reddit groups or Facebook groups dedicated to Crypto, and they read lots of advice. While some of it is good and some are well-meaning, there is a vast amount of information set up by more experienced traders. The reason some people engage in this act is to inflate the price of a particular currency artificially. They will attempt to use their position to convince as many people as possible to buy a specific coin in the hopes that people will flock to it, creating a bubble. Once it reaches a certain amount, they will dump their position, leaving those flocked to it high and dry.

Emotional Mission Creep

Cryptography may be a new form of trading, but it is still trading nonetheless. Therefore, some of the mistakes associated with other types of trading also apply here. Making decisions based on emotions is a huge mistake that causes many beginners to lose money. There is a tendency to follow trends in the cryptocurrency market, especially when people start talking about certain altcoins on social media (see the last point). This can lead to a severe case of FOMO or Fear Of Missing Out. You will have difficulty playing this game if you allow yourself to be led by these primal urges. Therefore, attempt to remain cold and calculating and use your brain.

To invest in cryptocurrencies, you must learn many things. However, researching what you should avoid is often a better method of achieving success than studying what to do. As a result, you’ll gain a more comprehensive understanding of the game.

Author

  • Allen Brown

    The information contained in this article is for informational purposes only and is not in any way intended to substitute professional advice, medical care or advice from your doctor.

    View all posts

Next Post
group of people doing cheers

How To Make Sure Your Party Doesn't Run Out Of Food And Drinks

Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
guest
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
guest
0 Comments
Inline Feedbacks
View all comments

Place YOUR ad here now
Facebook Twitter Instagram Youtube TikTok

Don't miss anything!

Get notified of all our new news by ringing the bell at the bottom right corner!

The Seeker Newspaper is located at 327 Second Street E., Cornwall, ON K6H 1Y8 -- All rights reserved
The Seeker does not accept responsibility for errors, misprints or inaccuracies published within. The opinions and statements of our columnists are not to be presumed as the statements and opinions of The Seeker, and should not substitute professional or medical advice.
ISSN 2562-1750 (Print)

ISSN 2562-1769 (Online)
No Result
View All Result
  • Home
  • News
  • Leisure & Lifestyle
  • Columns
  • LTE
  • Events
  • Contributors

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
X
X