Most Common Mistakes of the Novice Crypto Currency Traders

Novice cryptocurrency traders often think they can trade the market without having any complex problems. Eventually, they start breaking the basic rules of investment and try to earn money by taking giant-sized trades. Soon they blow up their trading account and blame the market. To succeed in the retail trading industry, you need to follow some basic rules and trade the market with a fixed set of rules. Most importantly, you need to avoid the most common mistakes at trading and only then you can succeed in the crypto trading world.

Though there are hundreds of mistakes you may commit in the crypto market, we are going to discuss the most prominent, common faults. Let’s dive into the details.

Trading the minute timeframe

You should never trade the minute time frame data in the crypto market. The market is extremely volatile and if you intend to take the trades in the minute timeframe, you will be under lots of pressure. Most of the time, you will fail to evaluate the risk profile in a standard way and thus you will lose big sums of money. Try to find the support and resistance level in the higher timeframe and look for the potential trade setups at that important level. Once you have identified the support and resistance level properly, you should feel more confident about your approach.

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