The main 3 reasons why most people fail or lose money in crypto trading.
LACK OF PATIENCE
NO TRADING PLAN
FEAR & GREED
- LACK OF PATIENCE : When it comes to trading the most important thing is patience. Lack of patience is very dangerous. But what do i mean by lack of patience. It simply means , let's say you bought or invest in a currency but after you bought in a certain price that currency fall opposite to you. If you don't have patience to hold in red then you may lose your money. You have to understand that it is a long term business and which will take time to grow your money. If you don't know what you're doing or where you're investing then often you may fall for lack of patience. Treat crypto trading as a real business & be patience. That's how you can be successful.If you don't know what you're doing or where you're investing then often you may fall for lack of patience. Treat crypto trading as a real business & be patience. That's how you can be successful.
2.NO TRADING PLAN : If you don't have a specific trading plan then its like you want to drive a car but don't know how to. what will happen next ??? ACCIDENT right..
Same thing applies into trading also. If you don't even know what type of trader you're then how you will survive in this business. You have to know the market condition & when to entry, when to exit. Without trading plan you may lose your all money and then most trader quit this business. So before you start your trading make a trading plan which is suitable with your lifestyle.
3.FEAR & GREED : Fear & Greed play an important role in our trading career because trading is mainly all about mind game. To be a successful trader you have to control your emotions in a proper way. Many trader have their trading plan set but when it comes to real money in risk they can't control their emotions & lose all they have.