The Crypto market can eat you alive if you are not worthy and have proper skills. Now, in this highly unstable market, the only thing that can make you rich is your skill and hard work. So, instead of depending on luck, you should start working. However, you must also avoid these things if you want to survive in the crypto world:
Trade That You Can Afford to Lose
It is a fact that crypto is an unstable market, and you always win. It’s a myth. You could encounter countless losses. It depends on your skill, research, and market condition. But the thing that you need to avoid is to trade the amount without thinking about it. I mean, you should only bet the amount that you can afford to lose. That is because if you trade more than you could lose, then you will have nothing to hold on to and trade. And if you continue that, you won’t be able to recover your money from the crypto market. So, always trade with the money that you can afford to lose.
Buying High and Selling Low.
Now, the most common way to make money in the crypto market is to buy at a low price and sell at a high price. It makes a profit. But there are many people who do the opposite. I mean, they buy the asset at a high but sell that at a low price. That is because they don’t know about the market and the cryptos. They buy an asset thinking that it will rise in the future. But, when the market suffers from a downtrend, they are afraid and sell it even low price. This is how they lose their money.
Depend Too Much on Luck
You will find many people in the crypto market who depends too much on luck. I have seen one with my own eye. He has made a good amount once just by his luck and no knowledge or research. But when next time he did the same, he lost big time. So, people who don’t work hard, like researching, analyzing, and using proper tools, and don’t have the knowledge, won’t be able to survive in the crypto for long if they depend only on their luck. If you are thinking the same, that your luck will earn you money in the crypto, then think again and start learning.
Cheap Coin Buying
I have tried on my early day. I used to buy crypto that was cheap when I was a beginner. But I learn the hard way that not all cheap coins are good for purchase. I mean, they are cheap for a reason. One of the main reasons is that the people who are responsible for updating and managing that crypto have left the project, and it hasn’t been updated, so it’s cheap, and it doesn’t have a good future at all. At the same time, technology could also be responsible. I mean, the technology that they are using is not good are worthy enough. That’s why it can’t compete with the other major cryptos.