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5 Bitcoin Trading Mistakes You Should Never Make

To trade bitcoin can be captivating especially to newbies who have just been introduced to the world of cryptocurrency. While this can bring about a number of hopeful money-doubling opportunities, there are no shortcuts to understanding how to make the most out of this exciting opportunity. Nevertheless, many people are keen on carting away with every opportunity that could be, even without fully having the knowledge of how trading works. This could therefore lead to frustration, confusion, and worse- waste of money.

This article seeks to help you not fall victim of this. Below are bitcoin trading mistakes often made by beginners and experts too and how they can be prevented.

5 Bitcoin Trading Mistakes To Avoid In 2020

 

Bitcoin trading

1. Going into Crypto Trading Without The Main Knowledge of How It Works

No judgment, we all have either jumped or almost jumped at money-doubling investments. There’s always a push to rapidly jump into something tempting, but delving into the unfamiliar without attempting to learn what it entails and how things work give you unprofitable results.

So you want to go into bitcoin trading? Awesome! Do your research, understand how it works and how you can properly make it work. Keep it at the back of your mind that your BTC funds are at risk and regardless of how minute or large the funds may be, it’ll still hurt to lose. You may also want to consider making good and personal decisions and not only depending on anyone you consider a pro. The funds belong to you, so you must know how to manage them on your own properly.

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2. Putting In Money You Can’t Afford To Lose

Take it or take it, crypto trading is not for the fainthearted. Investing in bitcoin can lead to sweet outcomes when done well. However, in the same vein, it can also be complicated and dangerous when you don’t have an idea of how to properly earn an income out of it. You should consider putting in an amount of money you can easily “chest off”. The volatility of bitcoin makes it unsteady and unpredictable. Just the same way the prices skyrockets is the same way it goes valley low. Thus, no one can predict the movement of bitcoin. This remains one reason why investing huge amount of money in every trade offer, especially on your first- may not bring about a desired result. To aid your trade profit, pay attention to the exchange rates of USD, EUR, YEN, or other fiat currencies.

3. Not Staying Informed About the Markets

Cryptocurrencies prices are highly news-driven. That means, it is important to follow the news about the cryptocurrency markets – especially in regards to regulations as well as large-scale exchange hacks – as they greatly affect the prices of digital assets. If you are not informed about what is happening in the market, you will not know why the value of your portfolio is up or down on any particular day.

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4. Not Safely Securing Your Bitcoin

When you are buying your first bitcoin, you need a Bitcoin wallet in which to secure your bitcoin. Knowing which Bitcoin wallet to choose is an important step in becoming a Bitcoin user. Since you are investing funds in Bitcoin, choosing the right wallet for you is a critical step that shouldn’t be taken lightly.

5. Not Staying Informed About the Markets

Cryptocurrencies prices are highly news-driven. That means, it is important to follow the news about the cryptocurrency markets – especially in regards to regulations as well as large-scale exchange hacks – as they greatly affect the prices of digital assets. If you are not informed about what is happening in the market, you will not know why the value of your portfolio is up or down on any particular day.

Note: This article is mainly for educational purposes. Our views in this article are not meant to be regarded as financial claims, nor do they project the opinion of Cardtonic. Trade safely.

 

About Cardtonic

Cardtonic operates as a trading platform with direct gift card brokers. Cardtonic also provides flexible trading options to allow the ease of trading. This platform allows the option of trading via Instant messenger, website and a mobile app for convenience.
Trading is done easily through the mobile app, website and instant messengers. Moreover, this platform processes over 10,000 transactions each month. Given so much volume, the company possesses a brilliant reputation for being secure and reliable.

 

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