Cryptocurrencies form one of the world’s largest financial markets. A couple of years ago, there were already close to 14 million traders all over the globe. It may come as surprising – most of them fail.
It is well known that the crypto market has a highly dynamic nature that could bring you substantial gains today but equally substantial losses tomorrow. This is why traders need to constantly check their information and be up to date all the time to stay afloat. In this review, we will look at the top five reasons for the majority of traders to fail.
Follow our lead, and we’ll make sure you will end up in the 10% of those who succeed.
1. Emotional Decision-Making
Panic sales haven’t done well to anyone yet. This is why it is essential to stay calm and approach the price swings rationally. Manipulations on the crypto market have touched the nerves of both experienced traders and beginners. However, how you deal with stress will show where you end up – in the top 10% of those who win, or in 90% of those who lose.
Some of the best traders developed an amazing strategy to mitigate emotional decision-making mistakes. For example, when day trading Bitcoin, they use a trading bot. The algorithm will not allow you to deviate from the best strategy because of the heavy emotions and will save you from some basic mistakes in calculations of gains or losses.
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The day trading bot will also not allow you to sell at the bottom and buy at the top. Remember, a ..
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