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The 7 costliest mistakes people make day trading cryptocurrency » Brave New Coin

02 Aug The 7 costliest mistakes people make day trading cryptocurrency » Brave New Coin

Posted at 06:46h in Cryptocurrency News by

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We’ve rounded up the 7 costliest day trading mistakes to try to avoid. Steer clear of these, and you could be on your way to becoming a more responsible day trader.

Mistake #1: Trading on FOMO and FUD

When you trade based on your emotions rather than analysis, chances are good that you’ll lose your money before long. And if you’re not careful, news cycles and forums will cloud out everything except your emotions.
 
Maybe you remember when, thanks to The Wall Street Journal, everyone thought the SEC was going to meet on May 7th to decide whether or not Ethereum (ETH) was a security. If you had taken up a large position in ETH prior to the 7th, you would have been disappointed when the price fell from ~$793 USD to ~$743 USD amidst news that there actually was no meeting after all.

ETHUSD

 ETH’s price from May 2nd through June 14th. Source: Bitinfocharts

And then you’d have been more disappointed when you realized that ETH’s price still has yet to recover to the price at…

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