🚫 The Top 10 Crypto Trading Blunders You MUST Avoid! 🚫

Decentralised News

Navigating the crypto world can be lucrative but perilous! In this video, we break down 10 common mistakes that traders often make, from the pitfalls of FOMO to the dangers of neglecting tax obligations. Whether you're a seasoned investor or just starting out in the cryptocurrency realm, these insights are crucial for your trading journey.

Transcript

00:00hey what's up guys welcome back to the channel it's decentralized news today we

00:07are shooting live from Singapore and I want to talk to you guys about the 10

00:12mistakes that you should avoid if you're looking to trade cryptocurrencies okay so

00:18the cryptocurrency market as most of you already know it's extremely volatile

00:23and it does however provide these lucrative opportunities for people

00:29trading but there are a lot of risks that are also involved so you need to be

00:35very wary and you need to obviously make sure you are handling your business the

00:40right way so you can make not only good high potential returns but you also

00:45avoid losing money so these top tips that I'll be sharing with you today are

00:51really key to you succeeding in doing things the right way so without wasting

00:57any time make sure you guys also support the channel hit that like and subscribe

01:03button turn on your post notifications and make sure you check out the links in

01:06the description and always head on over to our main site centralized news so the

01:12first tip is you know or the first thing you need to actually avoid is a lack of

01:18research I always tell you if you're interested in learning more there are a

01:23a lot of resources and tools that we have on our main website and you can go to

01:27other sources as well but a lack of research when you're trading financial

01:31instruments is pretty much the same as you gambling so this dynamic complex nature of

01:37crypto makes it something that you need to definitely understand in depth so

01:43making sure you're doing your research is paramount the next thing you need to

01:48avoid is ignoring risk management sort of tips so if you are just trading

01:55willy-nilly you are likely to lose the money you need to be able to understand

02:00how you actually can avoid losses by setting up your stop-loss orders and

02:05things like that so practicing a real risk management is key we've done a real

02:13good guide on how to actually risk manage in crypto as well so make sure you head

02:19on over to our site and check that whole guide out the next thing you need to also

02:25avoid is just having overconfidence a lot of traders particularly beginners

02:30often enter the market with excessive confidence and while obviously self

02:35assurance is crucial overestimating your trade abilities or your trading

02:39abilities can be costly so it's crucial to have this balanced outlook and

02:43to remain grounded and especially after you've had a couple of wins a lot of

02:48people win a little bit on a couple of trades and then they end up kind of

02:52taking unnecessary risks another thing you need to avoid is falling for scams and

02:57Ponzi schemes the crypto space is rife with these sort of scams we just need to be a

03:01little bit more careful who you actually take advice from you know what kind of

03:07projects you deal with and also what type of platforms that you're trading on

03:12because things can get a little bit risky another thing to avoid is formal okay so

03:18formal is just effectively just the fear of missing out in crypto with very

03:22volatile you know you don't want to be just for moving in because you heard

03:27somebody talking about a particular coin if you think it's a time for you to go

03:32all-in with a lot of money just because you had somebody else made money trading

03:38whether it's a meme coin or whatever tokens you need to be very careful and

03:43another thing is to obviously make sure you're not neglecting your tax obligations

03:47cryptocurrencies are still very new a lot of regulations are not very clean a lot of

03:52jurisdictions but just make sure you're staying tax compliant wherever you are so

03:58that you avoid unnecessary stress in the future also another tip is to make sure

04:03that you know you avoid poor emotional discipline people that's why we have

04:08things such as the greed and fear index for example if you're greedy you know when

04:14the market is fearful it's generally a good idea but if you're greedy when

04:18everybody else is greedy then it's definitely a bit of a risky thing to do

04:24or you know so just managing your uh your greed and your fear and making sure you

04:29know you're having well thought out trading strategies and managing your

04:33emotions when you're trading is very key and also don't trade based on tips and

04:38rumors okay so there's a lot of rumors and tips and things like that whether it's us

04:43youtubers or anyone else and make sure you're doing proper due diligence you're

04:47doing your own research before you put your money down in anything okay and the

04:52number nine thing i want to talk to you about is just making sure you stay

04:56diversified because the lack of diversification in crypto can also be a

05:01higher risk strategy you never know which project can go belly up which

05:06platform especially if you're using custodial platforms that you know the

05:12custody your private keys you need to be diversifying where you actually putting

05:17your assets so a lack of diversification is definitely a high risk strategy in

05:22that's one thing you need to avoid but also you need to make sure you know you

05:26don't have inadequate record keeping um you know kind of just you know maintaining

05:30detailed records of your trades is a good practice because it helps you

05:35understand your performance and also it's good for your tax purposes so accurate

05:40record keeping helps you learn from your successes and your failures as well so

05:44that you're able to fine-tune your strategies for the future so at the end of

05:48the day those are the 10 mistakes you want to avoid when you're trading

05:53cryptocurrencies like i said make sure you know you don't go in the market with

05:58the lack of research and don't ignore risk management and don't be over

06:03confident don't fall for scams and don't formal in and also don't neglect your

06:08tax obligations and don't have poor emotional discipline and typically try to

06:15avoid trading based on tips and rumors from other people and also don't have

06:21this lack of diversification you go all in on one bag and also make sure you do

06:27not have inconsistent record-keeping so you're able to learn from your past

06:33trades and just fine-tune your strategies so at the end of the day like I say

06:37guys avoiding these common mistakes I gave you 10 there's plenty more this will

06:43help you just be a little bit more successful in your trading journey always

06:47remember that you know you need to be continuously learning staying disciplined

06:51and obviously staying emotionally stable especially when you are risking money so

06:58if you're interested in learning more about all of these things and getting

07:01better at it like I say guys head on over to our main site decentralized.news we

07:07have everything that you need the the best cryptocurrency exchange reviews

07:11d5 platforms NFT marketplaces you know which platforms to use which ones to avoid you

07:17can do price comparisons on crypto wallets on exchange fees and a whole lot more free

07:23resources and tools hundreds and hundreds our site is free you can also go to d5

07:29dash millionaire.com where you can get a free book a download it's a book that I wrote

07:35to really just give you guys an in-depth understanding of what decentralized finance

07:41is all about if you want to support the channel then go and buy my book tokenized

07:45trillions and the blockchain applied they will teach you about real-world asset

07:50tokenization on the blockchain and also teach you a little bit about distributed

07:54ledges in these databases and how they're being used in different sort of

07:59settings whether that's in healthcare it's in insurance in retail in supply chains I

08:05really go in-depth in giving you real detailed use cases of these technologies

08:12in use by real companies that are operating today so make sure you go check

08:18out those books the links are all in the description if you want to know the

08:21best trading platforms I like typically to trade on non custodial platforms check

08:25out the links in the description other than that guys like share and subscribe

08:30but make sure you turn on your notifications I will see you in the next video

08:35peace and love all the way from Singapore peace y'all

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