Common Cryptocurrency Trading Mistakes
Cryptocurrency trade is one form of trade that is growing just like wildfire. It is the type of trade that is now attracting many investors and gaining acceptance by many people from all over the world. According to many, cryptocurrency is the future currency. It is because of the cryptocurrency’s promising future that Adam Tracy is now offering his bitcoin scholarship to students who are interested in the field. Just like any other kind of trade, the fewer mistakes that you make, the more profit you are likely to make. Although mistakes are always part of learning, you do not have to repeat the same mistakes that other traders have made. Here are some of the mistakes that you should not make in cryptocurrency trading
Not having a goal
One very common mistake that many people make when they are trading cryptocurrency is trading without a goal. Do not just trade cryptocurrency because your friend is also trading. Before you invest, try to find out why you would like to trade. Is it a way to make some quick cash, are you doing it because everyone else is doing it or do you see it as a great investment? Every trader should have a goal before entering the cryptocurrency trading world. Having a goal is the same as driving aimlessly. Having clear goals is the best way to help you strategize your gameplay.
Not using a trustworthy exchange
This is the worst mistake that any cryptocurrency trader can make while trading. You may have clear goals for trading but when you use the wrong cryptocurrency, your dreams will be shuttered. The cryptocurrency expanded, giving rise to many trading platforms and applications. Whether you are just getting started with cryptocurrency trade or you have been trading for a long time, you should never just choose any trading platform that comes your way. It is very important to ensure that you are only settling for a platform that can be trusted. Apart from that, it is very important to check whether the cryptocurrency platform is secure or not. Take your time researching, reading reviews, and seeking recommendations. The first important step to successful trading is making sure that you have an exchange that can be trusted.
Not having a plan
Apart from just having goals, all cryptocurrency investors should have a plan. A great cryptocurrency plan should take into consideration both the entry and exit points of the trade. The entry point is more like the price at which the cryptocurrency will be bought. Your exit should be the price that you will be selling the cryptocurrency for. A good exit is when you are selling your cryptocurrency at a profit. You should never consider trading on beliefs as you may end up buying cryptocurrency at a high price and selling at a loss. Not having a suitable plan for your cryptocurrency trade may also be another reason for losing when you trade.
A former professional rugby player, Adam S. Tracy brings over twenty years’ experience as an attorney, consultant and dealmaker with a particular focus on cryptocurrency, digital products, payments and immersive corporate structures. As an accomplished executive and advisor to blockchain merchants and stakeholders, Adam has proven himself as a results oriented, decisive leader with proven success advising early market entrants, technology adapters, as well as established participants across a wide range of blockchain verticals. Adam Tracy’s attack-first personality allows him to excel in dynamic, demanding environments including complex corporate negotiations, distressed environments and regulatory investigations.
In addition, Adam S. Tracy also has a successful track record co-founding blockchain industry ventures, building & leading cross-functional teams, and spearheading diverse corporate transactions. A serial entrepreneur, Adam has successfully started and created exits across a wide swath of markets, including various mobile SaaS ventures, cryptocurrency, peer-to-peer payment systems, and numerous token generation events. Moreover, as a recognized expert in the payments field, Adam Tracy has been a blockchain and digital currency evangelist and influencer since the early days of Bitcoin.
Utilizing his proprietary “Pre-Event Driven™” strategy for decision making, Adam S. Tracy further leverages his over twenty years’ experience to create cost-effective, value-add solutions for each client. A data-driven acolyte, Adam continually refines his strategies based on field studies and data collection. Moreover, Adam Tracy further augments his range of solutions by actively networking with regulators, liquidity providers, legal and compliance experts, deal-flow brokers, investors and management of leading high risk industry ventures.
Adam S. Tracy earned his Bachelor of Science in Computer Applications and Bachelor of Science in Finance from the University of Notre Dame. He subsequently earned his Masters in Business Administration from the DePaul Kellstadt Graduate School of Business, while concurrently earning his Juris Doctorate from the DePaul College of Law. Adam lives outside Los Angeles with his with his wife, son, four dogs, and two cats.
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