Now that everyone is eager to dive into crypto trading, it’s time to point out the mistakes that no trader should make.
First things first, always remember that part of the decentralization of crypto means there are no trusted authorities involved that can guarantee the security of your asset.
Bearing it in your mind, what mistakes you, as a trader, should avoid?
Since cryptocurrencies have been built on blockchain, forgetting keys means losing access to all your digital assets and unlike usual passwords and PINs, it is impossible to recover in case you forget them.
Inputting the wrong address
While sending digital assets to other people or wallets, you have to quadruple check the address. There would be no way to retrieve the transactions if they have been done to the wrong destination.
Storing coins, online
Accumulating your tokens in online platforms makes your assets vulnerable to hackers’ attacks.
Thus, it is wiser to store your digital assets offline, using either a hot or cold wallet.
Lacking a plan
Starting trading without a transparent goal makes your investment topsy-turvy.
A set goal without the fear of missing out prevents you from jumping on the bandwagon.
Not considering a stop-loss
Since you need to preserve your capital, it is essential to use stop-loss to prevent losing more than you are willing to nobody can ignore the importance of the action, as it notably assuages losses during a market recession.
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