😎 Avoid these mistakes in a bull market
Friends, an active bull market is just around the corner. I know a lot of newbies are following me, so I decided to make this post for you.
It will be especially useful for those who tend to give in to emotions and make decisions based on them.
🔤 The three main problems that many crypto investors and speculators are facing right now are:
1. Fear of missing the last chance when it seems that the current growth is the last possible success.
2. Uncertainty about the future when no one knows how long the good times will last.
3. Social pressure when comparing yourself to others makes you act in haste.
💸 What happens as a result?
When attention is scattered, it's easy to chase every new trend, forgetting the really worthwhile trades. Uncertainty breeds pessimism and indecision: assets are sold too early or no deals are made at all.
Insufficient analysis undermines confidence, and a lack of an exit plan leads to selling assets at the first sign of a downturn.
How to fix the situation?
1️⃣ Focus
Define your strategy: decentralized onchain platforms or traditional offchain exchanges. Focus on one or two key networks, taking into account your resources, skills and current market conditions.
2️⃣ Decide on an approach you are comfortable with
• Investing — long-term investments based on fundamental analysis.
• Trading — short-term trades driven by events and technical signals.
• Speculation — risky trades based on unexpected news or rumors.
4️⃣ Stick to a plan
Determine in advance when to enter the market, at what levels to lock in profits and where to place stop losses. Clear rules will help you avoid emotional decisions.
5️⃣ Learn from experience
Evaluate your actions on a regular basis. What worked? What didn't? Was the mistake caused by a wrong decision or market circumstances? Constantly improve your strategy.
6️⃣ Work as a team
Find trusted partners to share ideas and correct mistakes. Maintain connections outside your niche — this will broaden your vision and improve the quality of your decisions.
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