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How not go broke on cryptocurrencies? Tips for beginners

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How not go broke on cryptocurrencies?

How not go broke on cryptocurrencies? Tips for beginners.

In this article, BitXmi analysts have identified three main mistakes that inexperienced traders make. Can you buy Bitcoin at any price, how to use leverage correctly, and what is a correction?

How not go broke on cryptocurrencies?

In the cryptocurrency space, experienced traders call newbies “hamsters.” They often make serious mistakes that lead to large losses or complete loss of funds. In this article, we will tell you how to minimize the risks of working in the digital money market.

The first mistake is using leverage

When choosing a trading strategy using leverage, very often novice traders and investors miscalculate volumes based on allowable drawdowns.

Newbies do not consider that it is necessary to leave free funds for collateral. Even if the transaction would sooner or later turn into a profit based on the foundation, losses can be incurred due to the lack of free funds to maintain the drawdown.

The second mistake is to buy on “highs”

Often, a novice user wants to buy, even if pronounced overbought zones are visible on the daily timeframes. Perhaps the growth will continue. But it is much safer to buy from a correction, although it is then that you do not want to buy.

The third mistake is the lack of stop losses

Because of this, you can not only lose the earned profit but also incur losses. It is important that you cannot buy highs without stop-losses.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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