What is the biggest No No when buying bitcoin
I have the 4 biggest no-nos for you.
These are the Top 4 mistakes that I have seen people make over the last years when trading cryptos. If you don’t make these mistakes you are already better than 99% of all crypto traders.
However, even if people know about all of these mistakes that they shouldn’t make, everyone makes these mistakes at least 5 times before actually having internalized them.
Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.
Not buying low and selling high. This might seem obvious, but the majority of crypto traders simply do the opposite. How do I know? Because people bought in lots of Bitcoin when it was already at $15,000 and they sold lots when it was down at $10,000 and some even sold when it was down at $7,000 making it crash to $5,800.
Putting all of their eggs in 1 basket. Don’t only hold 1 coin, hold the best 10 coins you can find and one of them will likely make a 1,000% return and make up for the losses of all the other 9 coins.
Putting all their coins on 1 wallet. Have your coins distributed through exchanges, online wallets, cold wallets and paper wallet, so that if one gets hacked or you lose it, you don’t lose it all.