Not Your Keys, Not Your Coins
(be careful leaving your coins on exchanges,
many exchanges have been hacked or have died or shut down)
Topic: The three biggest mistakes you should avoid - page 2. (Read 11287 times)
The number of those who panic buy and panic sell seem to have reduced. It's rare to find so many coins pump unnecessarily and for a coin to dump, it means that some people are manipulating it, which is also applicable to when it dumps. However, it is true that it is still prevailing, although newbies are the ones that fall, the victim of it, most times. For someone who has been in the crypto space for quite some time now, my have learnt and known how to manage his assets by trying not to buy at a too high price and to wait when the time is right before buying.
Panic sell is much worse than Panic buy, if you think about the long term.
Who cares if you buy Bitcoin for $10k or $8k whne the possible target is above $500k?
Who cares if you buy Bitcoin for $10k or $8k whne the possible target is above $500k?
Panic is the worst thing that so many people are exposed to. Even it would seem, in a situation that was seemingly simple at first glance, people who were subjected to panic would do unthinkable things that they would never have done in a calm environment. Self-control is a very important thing for working with cryptocurrency. You can’t follow the herd instinct where everything is there and I, this is a losing situation in such a case.
Lack of risk management is another one. Also lack of trade strategy. To be successful here, one must Imbibe risk management skills to safeguard capital also a trade strategy is important to show and entry and exit points not to jump in and out of the market.
Excellent!!! Panic buy and sell has done a lot of damages to my capital in my early days of trading. Any trader that wanna be successful in this space really needs to run from Panic trading
Well left to me own opinion, the first is investing in altcoin with no potential and investing big, the second is investing all you saving without a backup of proper spreading of funds to Favour future plans and finally depending on what others say without proper personal investigation/ research
Panic Buy / Panic sell. This is the case where I think anyone new to the market will receive it. I used to be like this and I was so regretful when I sold BTC in early 2017, until BTC reached $ 20k. I think you should not distract your emotions but believe what you think. Since then I have learned to be more patient when the market is volatile.
The main thing that needs to be done is to first draw up a strategy and plan, and act exclusively on it, for all your transactions. If a controversial situation arises and you have a bad desire to do something not thought out immediately, look into your plan and then make any decisions, because during disputed situations, the brain turns off.
- Panic Buy/Panic sell.
In both cases, you will lose your money - Ignore Capital management.
If you ignore Capital management you will be gambler not trader - Following a signal Without risk assessment or stop loss.
You will be like Jumping into the ocean without a lifeline jacket at, before do anything, look at your risk and reward and what your stop level is.
by this way you can set Your Own risk and know what you do.
It is very important to avoid making these costly mistakes, to make the best profit in cryptocurrency investment. I try as much to avoid panic buying and selling, I also only invest my spare money not excessively.
to prepare as follows of use with returns on release as developer works on anchoring and gains with strength on confirmation to put of one on option as opening new position with the table of market on exchange.
yep I think people who are always panicked and doubtful of the coins they have will eventually go bankrupt because they will always be scared when the price goes down then they will sell and then buy another coin and then the price will go down again and sell again until they suffer losses then stop and eventually they will blame the market
The first point is the most important one, and almost everyone who had commented on this thread might have done that at least once in their life (not necessarily with cryptocurrencies). Maintaining clear profit booking and stop loss targets can eliminate this. Ever since I started to place profit booking/stop loss targets, I have never suffered from heavy losses with any of the cryptocurrencies.
The explanation was very simple and at the same time, it's enough for people to understand what those points are. And just to add, it's also important for you to be in the know of what's happening in the crypto scene. Reading blockchain news to tell you the current updates that can affect the coin prices such as the Craig Wright case, or adoption by certain countries/companies will help you when to expect a rise or a drop.
not always news can help you to understand which direction the price will move. as a rule, now initially the price goes down or up and the next day we see news
Panic buying is as a result of FOMO which definitely results to panic selling when market trend starts to change. All this is as a result of lack of proper trade planning. Thanks for sharing.
The explanation was very simple and at the same time, it's enough for people to understand what those points are. And just to add, it's also important for you to be in the know of what's happening in the crypto scene. Reading blockchain news to tell you the current updates that can affect the coin prices such as the Craig Wright case, or adoption by certain countries/companies will help you when to expect a rise or a drop.
not always news can help you to understand which direction the price will move. as a rule, now initially the price goes down or up and the next day we see news I agree with your opinion in this thread, because many people like gamblers are not traders, they do a trade not in accordance with capital management, and so many people have to lose their assets because of opening panic sell / panic buy at a certain price, they should be more patient in order to get a profit, because to be success requires a lot of patience.
yeah, i also agree with it.to become a trader we must avoid all of these things, and to succeed in crypto we really have a lot to learn to assess risk or know when to do stop loss but not because we feel panicked.
and you also say the right thing, to be successful in trade we must have a lot of patience. if we don't have it, it will make us lose more of our money in just time.
actually panic when low prices make sense because not all traders can control their patience, often losing money quickly when traders are impatient and do not control their emotions when prices fall. but I think an old trader will know how to make a profit in the trading industry ..
The explanation was very simple and at the same time, it's enough for people to understand what those points are. And just to add, it's also important for you to be in the know of what's happening in the crypto scene. Reading blockchain news to tell you the current updates that can affect the coin prices such as the Craig Wright case, or adoption by certain countries/companies will help you when to expect a rise or a drop.
I agree with your opinion in this thread, because many people like gamblers are not traders, they do a trade not in accordance with capital management, and so many people have to lose their assets because of opening panic sell / panic buy at a certain price, they should be more patient in order to get a profit, because to be success requires a lot of patience.
yeah, i also agree with it.to become a trader we must avoid all of these things, and to succeed in crypto we really have a lot to learn to assess risk or know when to do stop loss but not because we feel panicked.
and you also say the right thing, to be successful in trade we must have a lot of patience. if we don't have it, it will make us lose more of our money in just time.
the statement that you say is true in this case most beginners panic and then sell losses and a gambler may not always be able to trade and vice versa. and the third point I strongly agree that only our own portfolio can manage it, because we are the holders of assets that will determine when to sell and stop to reduce risk.
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