For anyone who has an internet connection, smartphone, or computer and has a little capital, anyone can become a crypto trader. But unfortunately, many of these beginners have to swallow the bitter results aka bankrupt. Now there’s no need to worry, here are some fatal mistakes made by beginners (novice traders) that you should avoid. If you are curious about Bitlocity review, you can see our website.
Prefer Crypto Trading Directly Using Real Money Rather than Pre-Using Paper Trade / Simulator
Beginner traders will usually immediately use real money or real money to trade crypto, the reason is obvious, namely reaping large profits. This is a big mistake, not profit but stump. Anyone who is interested in becoming a professional trader must be required to have a system of various sets of guidelines from when we have to enter the market, exit the market to risk management, Must! And to master these guidelines, we must always trade until we understand and learn from several books or websites, of course, in this session don’t use real money. Paper trade/simulator is the solution, do paper trade so we can really make big profits if we are sure of our trading style that we do in paper trade and are ready to shake the market then switch to using real money.
Trading Without Stop Loss
Beginner traders will usually trade emotionally and refuse to accept small losses at the beginning and continue to force themselves on how to get a profit that will end up losing and going bankrupt. The most important skill a trader or trader must have is the ability to accept losses and move on to the next trading session. Failure to do this is the main reason traders lose a lot of money. Use a stop loss, don’t mess with the stop loss, and just let it go no matter what, as this behavior tends to blow up your account.