Top 3 Most Common Major Mistakes By A New Cryptocurrency Trader

Watch my uploaded video on YouTube above and check out the most common major mistakes by cryptocurrency newbies so you don't have to get it your own.

First common mistake is most people never look at the market cap but only consider the current price of the coin. Market cap considers the total amount of the coin in the market, say for example, Ripple may only worth less than a dollar per coin but the number of coins in the market are already in billions it would be unfair to compare it say with Bitcoin whose maximum amount of coins would only be 21 million over all. With this scenario, you need to consider the total market cap and consider if it is undervalued or not.

The second common mistake is having the impression that you need to be on the look out most of your waking time. Most of the most profitable traders are just educating themselves just a few hours a week. Try to determine which of the coins would have the most potential to be profitable and just have the patience and the nerve to hold on to it despite of the market swings. In short, you do not have to be a full time trader in order to be profitable with cryptocurrency trading. Just get the most important information, not everything, and get on to trade with it.

The third most common mistake is looking at coins just based on its technology and compare it with the growth of Bitcoin. Bitcoin has the advantage of being the first and even though there are hundreds of coins with better technology than it. It will surely have the advantage of higher value than others. The best way to gauge the potential of your coins is to look with other altcoins and if your coins has less value than with some altcoin who has some inferior technology then most likely your coin is undervalued and you have to buy more for it.