Making money in crypto is possible as long as you can invest error-free. There are more simple errors to make than the beginner cares to realize.

Without getting in and out of a trade accurately, you’ll find some errors to be financial blows. Here are a few errors to avoid from the onset. You might not find a consistent profit unless you know about these.

Lacking a Repeatable Model

For starters, your live trades shouldn’t start if you don’t yet have a proven model. A proven model is one that you can rely on time and time again.

In some cases, crypto traders don’t have enough experience to know how to construct a plan.

Making that plan complete calls for you to develop answers to all crypto market conditions. A good model is one that works in all conditions.

Trading Only One Angle

In crypto, you can buy or sell assets at your will. Only waiting for bitcoin to rise is not a strategy that anyone holds indefinitely.

You need to also sell to take profits or to take advantage of a bear market. Perspective is what you want to develop by thinking of both the buy and sell side.

Even so, balance traders think of more than one asset. They don’t squander everything on one coin.

Failing to Find Congruency

Congruency happens when the technical data you collect aligns. This isn’t the case for all trading days.

It’s not unheard of to find extremes in your indicators and yet the market continues to smoothly trend.

Congruency is identified when more than two market indicators align. If only one technical tool trends, it’s good to wait until the other indicators follow suit.

Not Having an Exit Plan

The market is set in such a way that no one accurately buys or sells at “the perfect price.” Even when your positions profit, you can lose your gains without knowing how to then exit your exchange.

Your exit plan is both a plan B and a take-profit mark. You need to confirm the right profit margin but also the right way to end your position should it move against you.

Falling for Scammers

There are a growing number of crypto marketers who boast of having a secret to make you thrive with. No one can definitively call them all scammers, but con artists are among the ranks.

Smart investors have to decide on where they get their strategies from. In many cases, the source yelling the loudest in finance is not the best market option.

Never take time out of your strategy if you want to be a top crypto investor. There are some stories of luck, but the more access that global investors have, the more strategic you need to be.

There is now a world of constant price changes and new highs being reached. What many investors never find is the consistency they need. They need to avoid the errors above to thrive.

Image Credits:

Image 1: Image by Quantitatives on Unsplash

Image 2: Image by Kanchanara on Unsplash