Attention crypto newbies out there, CMC has got some tips for you! 🔥 Don't do these things! We'll help you find some ways to avoid these common mistakes. 👇
During the first months of your trading journey, you may find yourself desperately trying to find a system that works for you. As a result, many traders find themselves jumping between different forms of analysis and indicators in an attempt to find that golden ticket.
These constant jumps between methods will set you back. It takes time to build a system and to refine it to the point that it works for you. If it doesn’t work in the first few trades, that does not mean the indicator is useless. If you want to build a working trading system, invest the time to fully understand it first. Study how prices react to the indicator and find patterns in price behaviour. At some point, you will find something that works. If that does not happen, you can still move on to something else. The core of addressing this mistake is to give tools the time they need to prove their worth.
Generally speaking, new traders are better off avoiding trades in response to the news. In our experience, most of the news is already priced into the market when it hits the presses. As you can see in the example below, the price takes a nosedive after the news and then quickly comes back to the level we were at before the news hit. This shows people do react to the news, but the market does not really care.These were the most common mistakes we could think of.
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