? Crucial Beginners Mistakes To Avoid Trading Crypto! ?

Welcome! Today we have an educational video where we will talk about Crypto Trading Tips and Tricks For Beginners. What mistakes should you avoid as a beginner at all costs? But before you start, don't forget to subscribe, like this video and write the special topics you want to see on the channel in the comments. Let's start. I have a nice presentation for you. Today it's not going to be about graphics, it's going to be more about infrastructure. So why is it important to understand or avoid beginners' mistakes? New people come to the markets because their own life is not fulfilling, because they want to earn money or because they want to do something with the money they earn in their normal day job.

They see their friends or people online making good profits from crypto. And then, “Okay, I want to have this too.” they say. However, trading and investing is not easy. It is a skill, takes time and is very complex. It will also come at a cost to us when we don't know if it's a bear or bull market. Every skill takes time and developing a skill is difficult. This is also true when trading and everyone makes the same mistakes at the beginning. When you have this type of learning curve, if you can avoid mistakes in the beginning, you can quickly begin to consolidate your knowledge and improve yourself much faster. Don't try to be the next Warren Buffet. Try to understand the market. Rather than jumping on every meme coin out there, try to understand what you're doing and have a long-term perspective.

This type of game and gambling may work for a while, but in the end 90% of people lose money trying to stay on meme coins. So, what I just said: Most mistakes are made in the beginning. If you can avoid them early, you will improve yourself faster. Today's topics: How will you treat your portfolio from the start? Don't focus on money first. Be critical of social media and influencers. Avoid leverage and every shortcut out there. Markets move cyclically. Avoid Fear of Missing Out (FOMO). Make a plan defined by price action. And have a long-term horizon.

How to treat your portfolio in the first place? Think of it as a part of your own body. Be defensive, be analytical, be protective. Because your first goal, and it sounds rather strange if I put it that way, but: Your first goal is to avoid all loss and damage. Your goal is not to make money. Your goal is to equalize cost and loss and avoid losses. So that's the first target. If you get to this point, you can start thinking about making a profit. And yes, making money in bull cycles is very easy, but your first goal is to avoid all losses and losses.

You must also understand that you need to develop a skill. So you have to evaluate your work. You have to analyze what you are doing. You should look at the charts and see if you can actually see the improvements from there. You can go back in time and see if your strategy is working, you should use the "replay" function in TradingView and check if your past strategies are working.

Also something else I discovered recently: People find it really easy to empty all their savings accounts and put it in the new meme coin. And then when they lose money, they come to me and ask if they should sell or buy more. While it is extremely difficult for these same people to buy shoes for $100, they can easily throw all their savings into a meme coin. I think, “Okay, this approach is not correct.” You have to learn a lesson from what you said. If you want to invest 10,000 of your savings, and you've worked hard for that money, you have to be very critical of the decisions you make. So if you're going to trade this coin, always define a plan. Make a logbook for yourself where you create targets and also plan to trade. Where will you place your take profit order? Where will you void your entire trading plan or stop your loss? What are your accumulation intervals? How will you buy and sell incrementally? What will be the post-trade plan? So so.

Why? Because when people trade, they naturally have a tunnel view and focus on one direction. This is also something we see in our group. And I also see it on social media. People buy a certain coin and wait for it to rise. This is because they got it from social media. But they are also of the same mindset about trading.

But what if it doesn't go up? You should always have a plan based on this contingency. So, what will you do if you invest in a single cryptocurrency in your portfolio hoping that a cryptocurrency will make a big breakout, and the increase you expect doesn't come true ? If you have no liquidity, what is your option? You should set up more than one scenario and you should have a ready plan according to these scenarios.

This is how you can target your market. So you also start to realize that there is always more than one scenario and you need to build a portfolio where you can stay flexible on all losses except the Black Swan event. You should not be in the tunnel view and fall in love with your project. You just have to fall in love with your portfolio and your own plans. Don't focus on money in the first place, because that's the wrong focus in general. Money should never be the focus. I get it, you're having a hard time and you want to make some money. This is the ultimate goal. So if you have a long-term perspective, such as being financially free or making your family better, this is the right focus.

But then you also make different decisions. If you want to become an overnight millionaire in the first place, if you focus on money in the beginning, or if that's your expectation, if you don't want to get to the bottom line, that's the wrong focus. The focus should be on the trades, and when you make these trades as you begin to improve yourself, the money will come. So stop focusing on the money itself, because people enter markets because they see their friends making money or people making money online. This is the tip of the iceberg, you see that I am fine.

I'm pretty sure there are several thousand people who aren't in good shape. If you see a leveraged trading account on social media, there are around 5 or 10k accounts losing money against it. So 90% loses money in the markets and if you don't have a plan or strategy, you will be one of them. As I just said, don't focus on money, focus on trading. If trades improve and go well, money will follow. When you get there with the money, you know that money isn't the endgame. Also, here's what I have to say about social media and the tip of the iceberg: Be critical on social media because people are biased and have their own agenda.

I know that, so I am sometimes critical of some as well. Some try to entice you to sign up to take advantage of trading platforms, others trick you into buying their own coins. Especially when it comes to small projects. They want to use leveraged trading platforms, I will not name names, but some YouTube accounts insist on this because they make a lot of money from this business. This is unethical. I don't see a problem with monetizing commission accounts in itself, but I think people should be offered educational content as well. Some people may be making an effort to use financial instruments designed to make you lose money, so be careful.

Therefore, use Influencers and social media only to gain insights for your own analysis. And the posts that social media brings to you should never be the first and main reason you buy a certain coin. You should always buy on your own plan and you can use the information on social media as an additional tool. Avoid leverage or any shortcuts you see. When something is too good to be true, it usually is. So if a yield farming protocol or something about it gives you a few thousand percent yield per year, that's too good to be true. You can make a lot of money from leveraged trading, but avoid it at all costs in the beginning. It's a completely different game and if you're new to the markets it's complicated, you wouldn't understand.

Leverage is designed so that only the home owner wins. And that minority of those who can make money there will take your money. So the host will always be the winner with this. If you can't make money with spot trading, you shouldn't even consider trading with leverage. So, if you are buying and selling without leverage (spot) and not making any money, do not think that trading with leverage will return the loss for you. Don't trade for revenge. To avoid this, focus on the plan. Start building from the blueprint. Begin to have a long-term perspective.

Finally, markets move cyclically. Therefore, FOMO should be avoided at all costs. If you've been watching my videos, you know that I always give you entry points based on the price action itself. Altcoins, in general, almost always see a complete price retracement in their bitcoin pairs. We experienced this at the beginning of this year or at the end of 2020. That's why your input is so important. If you chase the candles, you will be the highest buyer. This might come in handy at the start of a bull cycle where you want to chase the candles.

But at the end of the bull cycle, you will encounter large, deep red candles and a red portfolio. So avoid this FOMO, avoid emotions in general. Because they won't get you anywhere. A common case is that a group of people in a position, after seeing a huge spike in price, still expect it to go higher because they think that's what they're seeing on social media.

Or they want to make more money, which is FOMO or greed. Avoid it, build risk management, be consistent, be disciplined, be patient, be critical. This will allow you to progress. More educational content on these topics will be coming to this YouTube channel every Saturday. Finally, have a long-term horizon. Messi did not become the person he is now by a shortcut. He's been working hard for years, but that's not what you see. People also saw that I was successful, but they do not see that I have been working for 3 years and that I have come to where I am now by removing some things from social life. So, if you want to get anywhere, you have to work hard. If you want to be a profitable trader and investor, you have to work for it. Have a long-term horizon because if you have that horizon, you will be financially free along the way, and if you've done that with your own work and your own development, you can use it anytime, anywhere, anytime. If you're going to trust social media, you're going to be in trouble along the way.

I hope this update has given you very useful information, tomorrow I will introduce 5 DeFi projects that I find best. I wish you all a great weekend..