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Of course, there are several opportunities lurking around crypto trading, but that shouldn’t be the reason to jump into the crypto market swiftly with an eye for quick profits. It doesn’t work that way.
As a newbie trader looking forward to making a worthwhile profit from trading coins, there are pitfalls you should know beforehand. Yes, crypto trading can earn you big dollars in a matter of minutes, days and even weeks, but sadly, you can also lose all you’ve invested in a matter of seconds due to its volatility quotient.
1. Being reluctant to studying the market yourself
Being reluctant to study the crypto market is one of the pitfalls you need to be aware of before you start trading. Yes, in crypto trading it’s not wrong to follow expert advice on how to trade better, but, as a newbie who’s passionate about making serious profits, you need to study the market yourself to know when and when not to trade.
As a matter of fact, crypto trading is very risky. Just as people turn into multi-millionaires trading crypto overnight, people also lose all they have invested in a twinkle of an eye due to the high volatility of the market.
Note: If you’re trading in the coin market with just expert advice, you might end up losing lots of money. But if you’re willing to study and listen to expert tips, you could make better decisions on market matters.
2. Allowing emotions to take over your wheel of trading decisions
Allowing your emotions to determine your trading decisions is another pitfall you need to beware of before trading. Market experts on forex have proven that trading with emotions can ruin your whole investment.