Stop losing your money in cryptocurrency by avoiding these titles.
HOW TO LOSE your money in a day?
I know I've made a chart like this before, but this version is more complete.
We all see too many people having the satisfaction of losing their money every day and sometimes it happens to us too. I think it's best if we share with other people how it's done.
There are 10 effective and original ways to do this:
1. Panic Sell:
This one is a classic. They say "10 years in the forex & stock market is 1 day in the cryptocurrency market".
That's because this market has too many changes in a short time.
Bitcoin literally can pump or drop more than thousands of dollars in 5 minutes, and that's when people start the Panic Sell.
They start to think: what if it drops even more? What if it touches ATH now that I opened my short position?
Well, that doesn't necessarily happen all the time. Currencies like Bitcoin have large price ranges and every single move might look like a big thing. But it isn't!
2. FOMO Buy:
Classic #2! OMG, this new coin just pumped ten times! Ethereum is pumping. What if it reaches 10K? Cardano passed $2. I should get a ton of it and sell around $2000! Bitcoin is going to reach 1 million dollars this weekend!
If something pumped so high that it got your attention, don't you think it's a bit late already?
(I think I made my point here)
3. Don't use Stop Loss
We all know how it feels waking up to see that the market touched our Stop Loss and pump right back up.
Using Stop Loss is very important if you want to protect your assets. If you're willing to protect your positions then you should learn how to play with them, control the risk, know the dangerous zones, be aware of the price range.
If your coin's value is dropping under the predicted area, using SL isn't a bad idea! If you're a true player, then you can recover in no time.
4. Use high leverages
I WANT THAT 50 THOUSAND DOLLARS RIGHT NOW! I'll just set my leverage to 125x. I'm sure Binance won't mind it!
Guys... The safest leverage amounts are 20x or below. If you can't afford to lose the money you shouldn't open a position with more than 20x. Give that price range a little room to breathe. People who are more confident about their forecast and predictions use higher than 20x up to 75x or even 100x! The higher the leverage, the more risk you put your portfolio at.
5. Buy new hype coins
I love this one! I see it every day.
That CEO launched a coin. This CTO made a spite coin. That guy with a big Twitter account mentioned this name. That coin is named after a dog... I LOVE DOGS!
PEOPLE! This is your money we're talking about...! You worked hard for that money, right? Who's to say if these rummers are real? Why would a hype coin overtake Ethereum just because someone tweeted about it?
There are better ways to lose your money. Please don't use this one!
6. Get greedy
Classic #3. I earned 20%... now it's 32%, should I close it? What if it goes even higher? What if I close my position now and it goes up to 500%?
That's when we keep our positions open and then after 5 minutes, we are down 20%. Sounds familiar?
7. Draw meaningless lines on a chart
You open TradingView and WOW, hundreds of charts about different coins with random lines on them.
That's easy, right? I bet we all can do it. Se let's open a chart and then draw as we want... connect the dots? Make a Triangle? A Head and Shoulders on a '5 minutes' chart? I'm sure that predicts the market.
Guys, we can't just paint around on charts... there are rules, there are actual patterns. Check this as an example:
There are more than 50 good patterns that can be used to predict the market in different time ranges.
So that's it... Draw your favorite lines and predict the price AS YOU WANT IT TO BE, and lose a little money here too.
8. Don't use Fibonacci
I'm sure too many experts won't agree with this. But Fibonacci can help Futures traders a lot. You can just put it in the right time range and use it to find the key resistance and support levels. This method is amazing if you want to study a coin before entering for short-term trades.
If you don't, you might end up doing a FOMO Buy or Panic Sell, which helps you lose even more.
9. Believe that you are the smartest person in the room
All I'm saying is that some people do NOT let other ideas come in.
They have a confidence level is amazing. Well, that's not a bad thing, but at least listening to what other people have to say might be a good idea. Maybe they're playing the right card with a different perspective we can't see.
10. It's your turn. Complete the list.
Tell us about all the other ways you know... Share your experiences.
Thank you for your attention.
©2021 by MonoCoin.