Jul 20, 2020 12:20 PM EDT
How I Learnt From My Crypto Trading Mistakes And Earned $100K In 3 Months
Do you want to make money from the crypto market? In this post, I'm going to tell you how I made $100 K from the crypto market in just three months. Well, many people may think I'm just bluffing, while some people are getting excited to hear about it. To be frank, let me make it clear that I have been a crypto trader for the last 7 years and 6 months. And I learned a lot of things about the market and recently I made $100K in three months.
You know that investing and trading both involve financial risk. Moreover, trading in the crypto market is riskier than conventional trading like stock or currency trading. There are many reasons behind it, some of them are volatility, unpredictability, instability, etc.
No doubt, you'll find a lot of information and guidance on how to make money from cryptocurrencies trading. But here you can learn about the mistakes you need to avoid in order to increase your earnings as well as your chances of success. Before I share them, I would like to draw your attention to something important.
Important Note: Well, there's a lot of traders who don't have many ideas about the market, but they've also made a huge profit. Yes, with the advantage of a technical analysis, which is a basic price-reading technique, a lot of people are making a lot of money. Some of the traders are also using automatic trading using trading bots to earn money. This is only advisable if everything is going fine with you. Visit click money system to know what crypto traders say about algorithmic trading.
Mistakes to Avoid in Crypto Market
Understanding the different types of risks is essential for having a successful career in the crypto market. Here are some of the common mistakes which will help you understand the market and avoid them. Because you will do mistakes and learn from them, but making mistakes that can ruin your financial career is not a good idea. So keep away from making such mistakes
Poor Understanding of the Market
Most beginners and aspiring traders have a misconception that the crypto market is the same as the stock market. But they are not the same, there are many differences, and understanding the market is very important before you start your trading in cryptocurrencies. When you have a good understanding of the market then you will avoid making mistakes which can take away all your profits.
Another common mistake that I was doing, while I have started my trading journey, was emotional trading. I have made huge losses whenever I take an impulsive trade that means when I trade based on my emotions such as greed and fear. Remember, when you will go through a mixed kind of emotions while trading. It is very important to develop a trading mindset to be successful in trading.
Choose Your Cryptocurrency Wisely
No doubt, Bitcoin is the most successful crypto asset that you might look up to for trading or investing. I am sure you may have come across many other types of crypto coins. But never choose a digital coin only if it has a lower market value with the anticipation that the value will increase one day like bitcoin. Choose other crypto coins wisely by conducting your own research.
Don't Invest Only in One Digital Currency
Never invest in only one digital currency rather diversify in different types of coins. Because the coin in which you have invested goes down then your whole financial portfolio ma gets crashed. So diversify your investment in different types of coins.
Read News Updates About the Crypto Market
Keep updated with the market news because this will help you to know what is happening in the market. But never react to news suddenly, take a quick decision but don't take the decision in greed or fear. News updates also help you to stay away from risky investments.
Finally, I would say that all of these things does not guarantee that you will also make $100K in 3 months. But you can increase the chances of success by taking care of the above things. It also depends on many other different factors such as the amount of investment, your investment goals, and risk tolerance. Now share your views on the post.
Join the Conversation