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Things To Avoid When Trading Crypto
Top 50 Common Mistakes Newbies Make That Can Be Avoided!
1. You Don’t Know the Basics
If you’re beginning, you’re likely eager to trade. I get it, really.
But don’t rush it. Take a little bit of time to develop a basic cryptocurrency trading strategy and to educate yourself.
Do you know the basics of blockchain technology and Bitcoin? Do you know what circulating vs total supply means? Do you understand what inflation is? Do you know about exchanges, wallets, private keys, and public keys?
If you can’t answer these basic questions, you’ll be in trouble quick enough. Take some time to prepare yourself, it’s essential.
To learn the basics, navigate our website - there are tons of cool resources to get started.
2. You Don’t Take Action
Every day, potential investors miss out on cryptocurrency investing because they aren’t confident about how to get started.
Even experienced investors miss on new tools or cryptocurrencies that could bring significant profits simply from not staying active.
Why? Because they’re afraid to make mistakes. The first step is taking action, so don’t hesitate to dive right in.
Action will result in experience, and experience will result in better decision making. In fact, the experience is all about learning from the mistakes you make.
If you feel ready to make your first investment, then go for it. Even only $10, on any exchange you want, with any payment method you like.
You can’t imagine the difference a small step will make versus not taking action.
This is where your experience will start, and you will feel the highs and lows of investing - it’s a wild ride.
You Don’t Understand the Technology
What makes Bitcoin and many cryptocurrencies innovative is their underlying technology. But if you don’t understand the foundations of the technology, the road will be risky.
You don’t want to rely on others’ ‘knowledge’ to make your investment decisions. Until you can judge these projects for yourself, you will be missing out on big opportunities.
After all, the creators of Bitcoin and its first adopters were all techies.
To avoid this, find educational sources you trust, take the time to learn, and most importantly, enjoy the journey of learning.
Once you understand block rewards, consensus algorithms, premining, and all the fancy jargon, you will be an improved, independent investor.
Blockchain technology is continuously advancing, so keep up with it the best you can.
4. You Ignore Fees
Now that you’ve taken action, take your time and find the right exchange with the best fees.
When people start trading, they make lots of trades a day hoping to earn small profits. While this is nice in theory, fees are killing them. Even if they are low, it all adds up.
Do your research before you trade. To become a successful investor, you need to start taking good habits right now.
5. You Overtrade
Some investors, mostly beginners, want to make 20 trades a day. This is dangerous.
Ultimately, many of them lose from fees or because they make bad trades a mistake and then trade more to recover their losses. Only to dig a deeper and deeper hole for themselves.
The reality is that there aren’t 20 good trading opportunities in a day. Trading too much leads to poor decision making.
6. You Don’t Understand Tax Implications
Overtrading also increases your tax liabilities.
At least in the United States and Canada. Most people think that they only owe taxes on profits that were sold back to USD/CAD, when in fact, you owe taxes on every single trade you make - even crypto to crypto.
The IRS and CRA view every trade as a realized gain or loss. Put simply, if you buy Ether with Bitcoin, they consider this a taxable event on a realized gain or loss.
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