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Trading for beginners: Common mistakes you should avoid.


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Crypto adoption is getting massive and that's exciting as we are evolving into an  effective digital world. 

Well, Crypto trading can be rewarding and that's what makes users make it as a choice of investment. 

Also, it's known that Crypto trading takes place on Centralised exchanges and decentralised exchanges. Top centralised exchanges are recommended like Binance, Bitget, OKX, Bybit etc. 

Crypto trading is an exciting venture for real, but it can be risky for beginners. That's why it's necessary to help you on your trading journey, let's explore some common mistakes you should avoid. By steering clear of these pitfalls, you'll increase your chances of success in the crypto market.

 

1. Not Researching Enough:

Before investing, research the cryptocurrencies thoroughly. Understand their purpose, technology, and potential risks to make informed decisions.

 

2. FOMO (Fear of Missing Out):

Don't let fear or excitement drive your decisions. Avoid buying during rapid price surges due to FOMO; it can lead to losses.

 

3. Overtrading:

Avoid excessive trading. Be patient and focus on quality trades aligned with your plan to reduce fees and volatility exposure.

 

4. Ignoring Risk Management:

Protect your investments with stop-loss orders. Never risk more than you can afford to lose on a single trade.

 

5. Emotional Trading:

Emotions can cloud judgment. Stick to your strategy and avoid making impulsive decisions based on fear or greed.

 

6. Falling for Scams:

Stay vigilant against scams and phishing attempts. Only engage with reputable and trusted platforms.

 

Remember to conduct thorough research, stay rational, implement risk management strategies, and be vigilant against potential scams. With time, experience, and continuous learning, you can navigate the world of crypto trading more confidently and effectively.

 

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5 hours ago, Achraffpro said:

Crypto adoption is getting massive and that's exciting as we are evolving into an  effective digital world. 

Well, Crypto trading can be rewarding and that's what makes users make it as a choice of investment. 

Also, it's known that Crypto trading takes place on Centralised exchanges and decentralised exchanges. Top centralised exchanges are recommended like Binance, Bitget, OKX, Bybit etc. 

Crypto trading is an exciting venture for real, but it can be risky for beginners. That's why it's necessary to help you on your trading journey, let's explore some common mistakes you should avoid. By steering clear of these pitfalls, you'll increase your chances of success in the crypto market.

 

1. Not Researching Enough:

Before investing, research the cryptocurrencies thoroughly. Understand their purpose, technology, and potential risks to make informed decisions.

 

2. FOMO (Fear of Missing Out):

Don't let fear or excitement drive your decisions. Avoid buying during rapid price surges due to FOMO; it can lead to losses.

 

3. Overtrading:

Avoid excessive trading. Be patient and focus on quality trades aligned with your plan to reduce fees and volatility exposure.

 

4. Ignoring Risk Management:

Protect your investments with stop-loss orders. Never risk more than you can afford to lose on a single trade.

 

5. Emotional Trading:

Emotions can cloud judgment. Stick to your strategy and avoid making impulsive decisions based on fear or greed.

 

6. Falling for Scams:

Stay vigilant against scams and phishing attempts. Only engage with reputable and trusted platforms.

 

Remember to conduct thorough research, stay rational, implement risk management strategies, and be vigilant against potential scams. With time, experience, and continuous learning, you can navigate the world of crypto trading more confidently and effectively.

 

The vast nature of the crypto space often makes it overwhelming for most new users to navigate, however with insights like this, it gets easier. It also helps to know that some of these leading exchanges are now integrating innovative features to create a seamless trading environment for beginners.

Copy trading for instance is one of such features, a product credited to Bitget, which in my opinion is a valid exchange option for novice traders to get the support they need to thrive in this adventure.

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This is an interesting topic all crypto traders and enthusiasts should take note of, given the volatility nature of the crypto market. What I do basically is to make use of earn products like spot grid as a beginner, where I can easily configure the bots as I desire, making me place trades as desired, based on my risk appetite.

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8 hours ago, Achraffpro said:

Crypto adoption is getting massive and that's exciting as we are evolving into an  effective digital world. 

Well, Crypto trading can be rewarding and that's what makes users make it as a choice of investment. 

Also, it's known that Crypto trading takes place on Centralised exchanges and decentralised exchanges. Top centralised exchanges are recommended like Binance, Bitget, OKX, Bybit etc. 

Crypto trading is an exciting venture for real, but it can be risky for beginners. That's why it's necessary to help you on your trading journey, let's explore some common mistakes you should avoid. By steering clear of these pitfalls, you'll increase your chances of success in the crypto market.

 

1. Not Researching Enough:

Before investing, research the cryptocurrencies thoroughly. Understand their purpose, technology, and potential risks to make informed decisions.

 

2. FOMO (Fear of Missing Out):

Don't let fear or excitement drive your decisions. Avoid buying during rapid price surges due to FOMO; it can lead to losses.

 

3. Overtrading:

Avoid excessive trading. Be patient and focus on quality trades aligned with your plan to reduce fees and volatility exposure.

 

4. Ignoring Risk Management:

Protect your investments with stop-loss orders. Never risk more than you can afford to lose on a single trade.

 

5. Emotional Trading:

Emotions can cloud judgment. Stick to your strategy and avoid making impulsive decisions based on fear or greed.

 

6. Falling for Scams:

Stay vigilant against scams and phishing attempts. Only engage with reputable and trusted platforms.

 

Remember to conduct thorough research, stay rational, implement risk management strategies, and be vigilant against potential scams. With time, experience, and continuous learning, you can navigate the world of crypto trading more confidently and effectively.

 

I think beginners should also be mindful of the choice of exchanges they sign up with coz safety of their asset should be their top most priority. I advise they choose exchanges with proof of reserve and customer protection fund coz that's the new metrics to determine the transparency and security of users asset.

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On 26/07/2023 at 12:04, Achraffpro said:

Crypto adoption is getting massive and that's exciting as we are evolving into an  effective digital world. 

Well, Crypto trading can be rewarding and that's what makes users make it as a choice of investment. 

Also, it's known that Crypto trading takes place on Centralised exchanges and decentralised exchanges. Top centralised exchanges are recommended like Binance, Bitget, OKX, Byb,it etc,. 

Crypto trading is an exciting venture for real, but it can be risky for beginners. That's why it's necessary to help you on your trading journey, let's explore some common mistakes you should avoid. By steering clear of these pitfalls, you'll increase your chances of success in the crypto market.

 

1. Not Researching Enough:

Before investing, research the cryptocurrencies thoroughly. Understand their purpose, technology, and potential risks to make informed decisions.

 

2. FOMO (Fear of Missing Out):

Don't let fear or excitement drive your decisions. Avoid buying during rapid price surges due to FOMO; it can lead to losses.

 

3. Overtrading:

Avoid excessive trading. Be patient and focus on quality trades aligned with your plan to reduce fees and volatility exposure.

 

4. Ignoring Risk Management:

Protect your investments with stop-loss orders. Never risk more than you can afford to lose on a single trade.

 

5. Emotional Trading:

Emotions can cloud judgment. Stick to your strategy and avoid making impulsive decisions based on fear or greed.

 

6. Falling for Scams:

Stay vigilant against scams and phishing attempts. Only engage with reputable and trusted platforms.

 

Remember to conduct thorough research, stay rational, implement risk management strategies, and be vigilant against potential scams. With time, experience, and continuous learning, you can navigate the world of crypto trading more confidently and effectively.

 

In my opinion, exploring the 1st of its kind Bitget One-Click Copy trading feature with a special trading program that allows anyone new to trading and crypto begins to start trading right away should be advised. The exchange remains one the best in terms of copy trading and derivatives trading. 

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7 hours ago, Emon said:

Why would someone choose Bitget over Binance?

Yeah, you know Binance has issues recently on Spot trading. Bitget exchange is one of the best centralised exchanges to go for, I have always had a nice experience in trading projects it did proper research for. Deposit is easy and trading is very easy too even without KYC.

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7 hours ago, Emon said:

Be Careful with copy trading bruh. That can bring huge loss unless you're following a master trader. 

It's just advisable to follow an elite trader for copy trading. You should also be able to understand their trading strategies too but it made trading easier for traders. I think for you to subscribe to this feature on Bitget exchange, holding the native exchange token ($BGB) is required. I'll drop a detailed analysis of copy trading of centralised exchanges soon. You should follow up. 

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16 hours ago, Emon said:

How can someone depend on AI for their own trades? 

The AI uses Bollinger bands and EMAs, and continuously receives historical data. Also you only need one click and you can choose how aggressive the trading bot will be. 

You can find a Cointelegraph Interview with Bitget Exec Gracy Chen discussing this

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20 hours ago, Emon said:

Are you using Bitget's spot grid?

Yes sure, I usually use Bitget spot grid whenever I'm confused in the market and don't know what to do. So I'll configure the bot based on my risk appetite at the time and initiate it to make some profits. 

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15 hours ago, Emon said:

But, I'm not confident about this features credibility.  Have you used it personally?

Tested and trusted 👌. A lot of traders have testified to its credibility and efficiency. But you know DYOR is very important,, and after that you can just use trading strategies of elite traders to implement your trade. 

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15 hours ago, Emon said:

Yeah,non KYC is a good point to consider. But especially I like their consistent events with nice reward pools for the community. 

Exactly. There are a lot of reward pools for their community and users. Even recently, new sign ups will receive $WLD tokens as airdrops just for joining the exchange and there are a lot more. 

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5 hours ago, Emon said:

How this works? I mean, Imagine an elite trader is taking a trade with 100 followers, if each of them provide 100 bucks, the position size will be 10,000 USD & if that's leveraged position with 10x lev, then position size will be 100,000 USD. Isn't that super risky ?

Well, the level of risk varies with each different elite trader that's why Bitget has over 500 elite traders who novice traders can subscribe to and implement their trades. To compare, it's advisable for traders to have wide range of portfolio each belonging to each elite trader to make it easier and have low risk.

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5 hours ago, Emon said:

I'm already using Bitget for trades🫥. Is there any other way(Except New User Sign Up Campaign) to get WLD without trading?

Well, I don't really have enough information about that but you can decide to hold $BGB which is the exchange native token to be eligible for upcoming projects airdrops on the exchange. 

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