RATE Group | Here Are the 7 Mistakes Made by New Bitcoin Traders
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Here Are the 7 Mistakes Made by New Bitcoin Traders

07 Mar Here Are the 7 Mistakes Made by New Bitcoin Traders

Posted at 01:02h in Bitcoin News by

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We are going to take a look at a few mistakes new Bitcoin traders often make when they have real money on the line. 

How to Stay in Control as a New Bitcoin Trader

Let’s take a look at common mistakes made by inexperienced traders:

  • Entering a trade without a plan in place could get you liquidated.

When you trade Bitcoin you should have a rule set which you stick to, with your entry, stops, and exit planned out. You should stick to this plan, keep a journal of your trades and outcomes, and not deviate from it. Trading plans maximize your ability to make decisions unemotionally and to get out without getting too greedy. They allow you to statistically benefit from probabilities, as you only take trades that meet your predetermined rules for a setup.

FOMO stands for Fear Of Missing Out. FOMO can lead you to make terrible trading decisions. New Bitcoin traders often see trading backward and tend to buy in during a bullish spike in prices, then they lose their money when the trend…

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