Most of the newbies in crypto space believe once they have a large capital they will definitely succeed in the crypto space, but they are wrong, not knowing that if you can't grow/manage a small account, you can't grow/manage a big account either, their are common mistakes they usually make an I will be giving out tips on how to avoid them,
I do encourage people to start small in cryptocurrency, everything is not just about money, you just have to understand the fundamental of trading before starting, if you are planning to trade with large capital and you don’t understand the fundamentals, don’t be surprise that you will lose all the money. It’s not about starting big, it’s all about you knowing what you are doing, you might start big and lose all your money and you might start small and grow your account, it’s about you investing big, it’s all about you knowing what you are doing.
* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.
If you are a beginner and you open too much trade, then you get confused at the end you end up losing money in all the trades, you shouldn’t be too desperate to make profit, it’s not all about you opening multiple trade, you can open a trade and make Good profit and if you open multiple trade you will endup losing money. Just make sure your analysis is right and focus on just few trades you can manage.
* Lack of trading plan-- develop a strategy an stick to it, do not ever enters a trade blindly, if not the market will remove you blindly.
Newbies lack trading strategies, that’s why some of them are always ending up looking for trading signals, some of them don’t really know anything about trading before they start trading, their are lots of signal providers now, so they are being deceived by those people. Some traders don’t know anything about trading and they are not ready to learn, they just want to make money, if you don’t have strategy you will be losing money.
* Failure to use stop-loss-- to me it's the most important thing I do while trading, an it's always close to my entry price, I do it that way so that if the trade didn't go as planned, I won't lose more than 10% of my margin.
I don't if anyone have more to add, so I can also learn?
Stop-loss is good but not mandatory, if you believe in your analysis and you will be online to monitor your trade then it’s not mandatory to use stop loss, but if you are the busy type then stop loss is not really a bad idea, and also i do recommend newbies to use stop loss, it will help them cut their lost incase if their analysis is wrong and the trade goes against them.