The 8 Biggest Mistakes of Crypto Trading

cryptonews.com:

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

Cryptocurrencies have made exchange-based trading more accessible to a wide range of users. Instead of long and complicated processes involving the opening of a brokerage account, the crypto market offers a quick and easy way of entering the world of multibillion-dollar trading. Through analyzing the transactions of our clients at Alfacash, we see that many are purchasing coins and then sending them to crypto exchange accounts, which indicates a general desire to get trading. 

However, before you start your crypto-trading journey, it’s important to remember the mistakes that often await traders in the world of digital assets. So, let’s take a look. 

A reason that many amateur crypto traders fail is due to the lack of a clear and properly drawn-up action plan that should be thoroughly thought out before trading can even begin. Young crypto investors mistakenly believe that they will figure it all out ‘along the way’. However, in practice, along the way, they find themselves in the centre of an emotional vortex that forces them to act rashly, causing losses that could have been avoided if the investor had spent time developing a strategy complete with contingency plans before buying. The starting point for any strategy is a fundamental analysis of a range of crypto assets in tandem with a framework of goals. The former task involves a detailed study of various crypto assets that could potentially be included in an investment portfolio. The second task lies in the realm of psychology and general life planning: the investor will have to figure out his level of risk tolerance and the distance to his trading horizon; he’ll