1. Have a clear target and a clear stop loss
Remember: trading doesnt need emotions; only reason and rationality. And you just cant ignore discipline.
2. Sometimes its better to take a small percent profit per position (especially during the bear market). Yes, you will need to make more positions for significant gains, but the guarantees of the success will be much higher. The truth is that the best traders in the world aim for small and consistent profits. They know this is the only way to success.
3. Do not trade with money that you need for living expenses. This is called "risk capital" for a reason.
4. Don't be a blind bull. ALL markets are cyclical. Don't be afraid of failures or failures on the market - this is where you can earn more money.
5. Dont go for one coin, but invest in multiple currencies. That way youll spread the risk.
Happy trading!
This should be stacked. I really see a lot of newbie traders making all of these mistakes and not following common sense.
I think that 1, 4, and 5 are the most important.
All markets are cyclical. That's why we actually say buy at dips and sell when everyone is hyping about the coin. Also, if you do buy at dips, you always have to have a clear target at which you will 100% sell your coins. Otherwise, you'll most likely just get sucked into the bull run and never actually profit from it. Great points, OP.