Thread: Tips to avoid common errors when working cryptocurrencies

I am new in the world of cryptocurrency trading and I have made some mistakes that have cost me expensive.What advice would give me to avoid the most common mistakes when working cryptocurrencies?

One of the most common mistakes is to get carried away by the fomo (fear of getting lost something

A common mistake that many make is to invest more money than they can afford to lose.Always use a part of your capital that does not affect you emotionally if you lose it, because in the world I crypt the volatility is high and you can lose a large part quickly.

Yes, and apart from that, be sure to always use stop -los.No matter how sure you are from an operation, the market can turn against you quickly.A well placed stops save accounts.

Another mistake that I see is often not having an output plan.People get excited when they see that the price goes up, but they do not have a strategy for when to sell.I recommend setting your benefits goals and having your stop-loss points to limit losses.

Exactly, greed can ruin you if you don't have an output plan.When the price goes up, ensure your benefits sell

Exactly, greed can ruin you if you don't have an output plan.When the price goes up, ensure your benefits selling a part.Do not be waiting for the "To The Moon" and ends up trapped in a fall.

The exit plan is something that costs me a lot.Sometimes, when I am winning, it is hard for me to sell because I think the price will rise more, but then go down and lose your profits.How can I improve in that?

Sell ??in phases.You can sell 25% when you reach a first objective, another 25% when it rises more, and so on.Thus you ensure profits while you leave something for possible major increases.

A good way to avoid that is using the partial sales method.You can sell a part of your position when you reach an intermediate objective, ensuring profits, and leave another part in case the price continues to rise.So you take away some emotional pressure.