You all know the feeling. The nervous click of the buy button. The tentative excitement as green candles start to climb towards the sky. A quick glance at the Bitcoin chart reminds you of the thousands of percentages that are potentially yours. In this moment you feel helpless and defeated. What happened to that financial freedom you were striving for? What happened to the easy gains?
As we’ve all discovered, cryptocurrency trading can be extremely profitable. However, what comes easily can be taken away easily. In 2018 and 2022, cryptocurrency investors and traders found out just how unforgiving the markets can really be. Countless stories of those who were millionaires on paper, having their entire accounts wiped out. When the dust settles, the difference is clear. Those who entered into the space with a strategy were left standing with their profit secured, while those who didn’t have a strategy were left empty-handed. This is a harsh lesson I had to learn as well.
Understanding these five mistakes will save you hundreds of hours of frustration, anxiety, and worry. And identifying these mistakes in your own trading will save you lots of money!