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Why You Keep Losing Money in Crypto - Probabafx

Why You Keep Losing Money in Crypto

Why You Keep Losing Money in Crypto

Here are the biggest mistakes you could be making:

Going All In

Going all in with all your money on crypto is stupid for several reasons. First, you will not be able to make good decisions when your entire life savings is on the line trading crypto. Second, the market will easily force you out in case you ever need to make a real-life payment; you’ll end up selling much sooner and lower than you plan to. And third, if you go all in on a single token and something goes wrong with it, well you’re f**

Emotional Trading

Did you lose money and try to revenge trade? Chances you will lose more money doing that because the decision-making is clouded, and you will not be reading the crypto market clearly, you’ll forget about risk management. Instead, when you lose, take a step back, take a day, and think about what the mistake was.

High Leverage

You see you can 100x your profits by using leverage, and you jump on, next thing you know you lost it all. Unless you are experienced with trading, you should not be using leverage. Crypto is volatile enough, no need for leverage.

Ignoring Security

Poor security practices can lead to hacks and lost funds. use hardware wallets, enable a two-factor authenticator, and never share your private keys. Protect your investment like you will do to your cash.

Lack of Education

Jumping in without understanding the market is a recipe for disaster. Take time to learn about blockchain technology, market trends, and specific projects before you invest. Knowledge is your best defense against crypto scams.

FOMO (Fear of Missing Out)

You keep buying into the “next shiny token” that you hear about. Just because something is trending doesn’t mean it’s a good investment. You shouldn’t be chasing. You should be anticipating, and the only way to do that is through market research.

Let’s milk it

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Dr. William Odion is a financial coach and consultant who specializes in Forex and Crypto trading. He is also an author, founder and CEO of Probaba EA Consults a.k.a Probabafx, and a brand influencer and real estate investor.

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