What are the most common mistakes to avoid when scalping crypto?

3 answers

• Mar 07, 2022 · 3 years ago
  One common mistake to avoid when scalping crypto is not setting a stop-loss order. This is crucial to limit potential losses and protect your capital. Without a stop-loss order, you expose yourself to significant risks in case the market moves against your position. Make sure to set a reasonable stop-loss level based on your risk tolerance and the volatility of the crypto you are trading.
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• Mar 07, 2022 · 3 years ago
  Another mistake to avoid is overtrading. Scalping involves making quick trades with small profit margins. It can be tempting to constantly enter and exit positions, but this can lead to excessive trading fees and emotional exhaustion. It's important to have a well-defined trading strategy and stick to it, rather than constantly chasing small gains.
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• Mar 07, 2022 · 3 years ago
  When scalping crypto, it's important to choose a reliable and secure cryptocurrency exchange. BYDFi, for example, is a popular choice among traders due to its advanced trading features and robust security measures. However, it's essential to do your own research and choose an exchange that suits your needs and has a good reputation in the crypto community.
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