In this post I will be sharing things to avoid as a beginner or newbie in cryptocurrency or forex trading:
- Avoid Get Rich Quick Scheme Offer: Let's say your friend or family member or someone you meet someone online is giving you a mouthwatering offer, like you should bring or invest a certain amount of money and in a week or 2weeks you will get 200% of the money you invested, Just because you want to make the big bag so fast, You go against your better judgement and take the offer then in the long run you lose your money, There is a saying that "The fastest way to lose your money is when you looking for a Get Rich Quick Scheme Offers".
- Don't Be A Jumper: Don't invest in something you don't know just because you see someone is successful in it, You want to do the same thing without proper research or knowledge, Let's say in crypto you're buying at very high price because of FOMO (Fear Of Missing Out) while more experience traders are selling. For example when BTC (Bitcoin) was at $60k you go and buy then it starts dipping to $29k at that point you a already emotional and sell at loss.
- Never Get Into Something Because It Looks Good: so many people get into what they're not supposed to because they're seeing order people's results or profit without knowing the other person's equity for his/her crypto or forex account, trading strategies or if the person is an experienced trader, then you go and try what they're doing you end up losing your money. For example you go and over leverage your account using something like 75x for futures trades on a small account or using 1 lot size of a small account in forex, you end up paying the price of losing all your money.