**Cryptocurrency Risks to Watch Out For šØ**
97% of traders got liquidated within the last 2 hours. This can be a sobering reminder of the risks involved in cryptocurrency trading.
**Reasons for Losses š**
Here are some common mistakes that can lead to financial losses:
You follow anyone blindly without conducting thorough research. This lack of due diligence can lead to poor investment decisions.
You don't DYOR (Do Your Own Research). In today's fast-paced market, it's essential to stay informed and make data-driven choices.
You neglect risk management techniques such as trailing stop loss, diversification, DCA (Dollar-Cost Averaging), and SL (Stop Loss).
You're swayed by false hype created by individuals who seek short-term gains. Be cautious of temporary price increases that may not be sustainable.
You invest all your funds in a single trade, leaving you exposed to significant losses if things don't go as planned.
Revenge trading and FOMO (Fear Of Missing Out) can also lead to impulsive decisions that ultimately cost you money.
**The Importance of Stop Loss š”ļø**
Contrary to popular belief, a well-set stop loss is not an enemy but a crucial tool for managing risk. It can help limit your losses in case the market moves against you.
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