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Here are five things to avoid while trading Bitcoin

HERE ARE FIVE THINGS TO AVOID WHILE TRADING BITCOINThese days, cryptocurrency is a trendy investment method. It's grabbing people's attention in both rich and poor homes. But, BTC is volatile and you should consider few things before you invest your hard-earned money in Bitcoin Edge site.

For example, you can invest up to 5% of your total portfolio on crypto and you must hold your coins for a longer period of time to get the best return.

5 common mistakes to avoid when buying or selling bitcoins:

  1. Excessive Trading

This mistake results from a combination of FOMO (fear of missing out) and hasty selling (panic selling). New traders, influenced by social media buzz, tend to rapidly swing between deals. Learning how to become a swing trader is relatively easy with proper guidance and knowledge. Essentially, it involves holding onto one cryptocurrency and then swapping it for another in the expectation of achieving greater profits.

Here, traders do not have any investment or trading strategy. Because of this, each subsequent transaction will cost them more in exchange costs than the previous one. The expenses and losses are piled into a yellow avalanche of failure when you consider the probability that they may lose money on one token and gain money on another.

  1. Afraid of Losing Money

Panic selling is the antithesis of FOMO (fear of missing out). This is a more difficult mistake to avoid because there are certain circumstances in which you may be required to sell some cryptocurrencies.  But, you need to sell your cryptos on the right time. You should not sell your coins due to some news in circulation over social media.

For many rookie traders, the temptation is to purchase a cryptocurrency for $1,000 and then sell it immediately if the price drops dramatically, to about $800 or less. When it comes to risk-averse traders, they may choose to sell to avoid going into the red at all costs and hence desire to minimize their losses.

It's only a decent idea if you've decided never to purchase the coin again (or any other cryptocurrency for that matter). Contrarily, buying it again "when things perk up" is a recipe for financial disaster if you can or plan to do so later. To put it another way, you'll be exchanging the same amount of cryptocurrency for a lower amount of money (USD, EUR, or GBP). Use the money to buy more bitcoin at a greater price.

  1. The Absence of Sufficient Security

If the government decides to outlaw crypto, you won't have much chance of getting your money back. The internet is littered with fictitious accounts purporting to be crypto-influencers. Scammers may be found on various social media platforms, including YouTube, Twitter, Telegram, and more. You must do your homework and have faith in an organization if you want to work with them. So many individuals have lost money in scam because they provide a few deals that promise to double your crypto within minutes and then vanish from the scene.

  1. Consideration of cryptocurrency as "easy money."

There is no simple way to make money through trading, whether it is stocks and shares or commodities such as silver and gold. Cryptocurrency is no different. So, if you think that you will become a millionaire overnight by investing your hard-earned money on Crypto then you are wrong. You can even lose your entire savings on crypto. Always choose a trading strategy and a secured trading platform to keep your funds safe, and keep your eyes on the recent trends and news of this market to make the right decision.

  1. Invest your hard-earned money in Crypto

You should not invest your hard-earned money in crypto which you cannot afford to lose because it is a volatile market and you can lose your funds overnight. Investors always think about ROI, but you cannot predict or calculate your returns while you invest in funds in crypto. There is no set of rules available for crypto and you cannot avail any insurance on your crypto account.

You should read this post to learn about some of the most typical blunders that Bitcoin investors make. You must avoid the above-mentioned mistake to make some profits from your crypto investment. Also, you can trust British-bitcoin-profit regarding crypto and bitcoin investments and knowledge.


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