Trading Bitcoin Is Hard — 10 Things Every Beginner Trader Must Know
Cointelegraph By Scott Melker's original article for cointelegraph.com reduced by 75%
Being a trader in any market is hard - 95% of all traders fail, most within a few months. The market is open 24/7, giving traders the feeling that they always have to be trading. Companies trading on the stock exchange are regulated and therefore transparent - you generally know what you are buying.
Alts are rarely safe to trade and finding opportunities requires tremendous patience and experience - both things that newer traders inherently lack. Twitter is selling Lambos while beginner traders end up selling their cars on the used lot to pay rent. While there are experienced and successful traders on social media, most beginners are learning from other beginners and don't know it.
A trader has an invalidation level for their idea - price dropping significantly should invalidate their trade and cause their stop loss to fire! Most beginners do not understand this and dig a deeper hole than necessary.
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