Crypto literacy is at its peak. Every day, new entrants want to enter the market and make money. While joining the crypto trading club is very easy , it's multiple times difficult to survive in this ruthless market. This blog aims to provide a real “check” for the readiness of all new entrants at the start of their crypto trading journey or those who plan to join crypto trading soon . Self-Profiling Before you jump into the market for “making money”, it is essential to know a few fundamental yet most important things about yourself (i.e., profile yourself). Self-profiling includes asking and answering some fundamental questions. For example: Why are you in trading? What is your portfolio size? How long can you keep your capital in the market? What is the source of your capital? What is your appetite size? How much loss can you bear in case you fail? Answering these few fundamental questions would not only define what you will be doing but will also keep you away from many losse...
Traders Four Most Common "Sins" This blog is on the most common mistakes (I would call them sins) that new traders make during their entry into crypto trading. There could be dozens of other related mistakes also. However, I would prefer to restrict myself to the Four most common sins that new traders may commit due to their lack of knowledge about the cryptocurrency market dynamics. The below discussion is based on these four most common yet most important mistakes that new traders should avoid. 1. No distinction between Investing and Trading Let’s make a distinction between these two common terms first because the majority of new entrants in crypto trading, do not know the difference nor do they know why they are entering this market(i.e., do they want to invest or trade). Their initial ignorance leads to wrong expectations, psychopathic behaviour, ultimately unbearable losses and exit from the crypto trading/investment market. Figure 1: Photo by...