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RE: The #1 mistake most crypto traders make

in #bitcoin7 years ago

Hmmm, it's clear that you have to watch fundamentals. BUT if you are a good trader, normally you put Stop Loss, and so if there is a huge correction made by an event (China banning ICO for example) then normally you were not hit that much. And you can't predict that China would do that, but Stop Loss protect you from those annoucement (when you are sleeping for example :D)

Put Stop Loss and trade on your own. Watch a bit what's going on the market but don't follow advice of "gurus". It's not even becaue they will tell shit, some give very good example, but it's because you have to find your own way of trading. Some will hold forever when other want to earn some few pips here and there.

And don't try to be rich in two weeks, this doesn't work.

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Stop loss orders can be a problem too. Particularly in a low liquidity market. Even in mature markets we see traders going on stop raids. I remember not so long ago Ethereum crashed to 10cents because of stop losses cascading.