Professional traders remind new players in the cryptocurrency market to be careful while altcoins are booming and the world’s number one crypto, bitcoin (BTC), is still taking hold.
This is a warning that sounds every alternate season, and it was particularly strong during the rapid rise in decentralized finance (DeFi) last year, resulting in a massive DeFi craze, like the one we’re seeing now around tokens. non-expendable (NFT).
“To avoid big losses, you have to accept small ones,” said Loma, the popular cryptocurrency trader. “Most people are saving their underwater positions [because] it’s a bull market and prices are inevitably higher,” Loma added, warning people not to confuse luck with skill. Especially since billions in futures trading positions have already been settled this year.
Crypto-TA.nl founder Crypto Ed noted that most novice technical analysis charts are praised “because everything goes up. 2-3% moves are held until the next day, when they are followed by” the falls are to buy. “tweet.”
There are those who are trying to get rich quick, he added, and “that usually doesn’t end well.” Instead, Crypto Ed suggested, people should trade as it is a marathon, not a sprint.