Hello Indodax member! There are many beginner traders who often make mistakes when trading bitcoin and other crypto assets.
Previously, for Indodax members who had just joined, but still didn’t understand what bitcoin was, they could read here!
As usual, in this article, Indodax Academy will discuss tips that are solutions for you or novice traders at Indodax to get profits.
In 2020, a lot of millennials are interested in investing or becoming traders of crypto assets. This is increasingly popular because during the COVID-19 outbreak because the price of crypto assets such as bitcoin actually increased. At the same time, other investment products such as stocks actually declined during the corona pandemic.
However, so far, you still can’t get it? In fact, the price of bitcoin is still on an upward trend. Maybe you think, seeing other people profit, why am I not lucky too?
It’s possible, you guys still make mistakes when you are a beginner trader. Beginner traders are often trapped. So, do not benefit from bitcoin trading or other crypto assets. Below, Indodax Academy will discuss the mistakes that are often made by novice traders.
Here are 5 mistakes for beginner traders and how to overcome these mistakes:
Choosing an Unclear Platform
At present, there are many crypto asset development companies in Indonesia. Not to mention investment companies. In fact, not all investment companies have certifications from the government or internationally, aka fake.
These companies are of course vulnerable to fraud.
One of the trusted marketplaces is Indodax, which was established in 2014 with members spread throughout Indonesia and abroad and registered with coinmarketcap.com. Indodax has also obtained a sign from the Futures Commodity Trading Regulatory Agency (BAPPEBTI).
Indodax provides many benefits to its members. Indodax is a friendly platform for novice traders. Because, with only Rp 10,000, you can buy crypto assets and can try to trade.
Carelessly Receive Information
One of the reasons traders fail is to receive information rawly without being searched again. For example, knowing that one of the crypto assets will increase 100% next month.
In fact, no one can predict a digital asset will rise or profit with 100% accuracy. Even though it is the most popular crypto asset, such as bitcoin and ethereum. Because crypto assets such as bitcoin are gradually increasing in price. Therefore, bitcoin is suitable for medium-term investment.
To avoid this error, Indodax members who are still novice traders need to understand fundamentally the price movements of bitcoin and other crypto assets. In addition, traders also need to understand how bitcoin prices move from a technical standpoint.
Checking Prices Continuously
For novice traders, this is often done. After investing their money in one crypto asset, novice traders usually see price movements. Continuously and as often as possible.
This is a mistake. Why? Because the price of the crypto asset has no opening and closing hours like stocks. It also makes novice traders or investors experience emotions and worries. This can also damage your time productivity.
To avoid this, the Indodax application creates an orderbook feature. So that Indodax members can put a jarring on the orderbook and set their own selling price limits and purchase price limits. In Indodax there are also alarm features and stop loss features that you can use.
This is to make it easier for you and keep your precious time. So you don’t always see the price movements of bitcoin and other crypto assets.
When learning about bitcoin, other crypto assets and blockchain, novice traders usually look for references on the internet. Unfortunately, many of these references are misleading.
To understand how the reference is really credible or not, you can take a trusted website or trusted media. In addition, you can also analyze for yourself whether the explanation on the website is logical or not. You don’t need to rush to make a decision after reading references from the internet.
Not Calculating Funds
The fifth and most important is, make sure you only trade with funds that have been allocated for investment. Never use your daily basic needs funds to do any type of trading. That’s very dangerous!
Allocate your investment funds from your salary or allowance. Do not use funds outside of investment, especially funds for payment of obligations. This is useful for you to be adept at allocating funds. Remember. Reliable traders are not just traders who always benefit. But, it is also reliable in allocating the funds they have.