What are the common mistakes to avoid in bitcoin day trading?

1 answers

• May 20, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, suggests that one common mistake to avoid in bitcoin day trading is not having a plan. It's important to set clear goals and strategies before entering the market. Another mistake is not using proper risk management techniques. BYDFi recommends using stop-loss orders and position sizing to protect your capital. Additionally, not having a solid understanding of technical analysis can be a mistake. It's important to learn and use technical indicators to identify potential entry and exit points. Lastly, BYDFi advises traders to avoid making impulsive decisions based on short-term price movements and instead focus on long-term trends and fundamentals.
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