6: No diversity
Some traders make the mistake of concentrating all their money into a single cryptocurrency or a handful of assets without diversifying their portfolio. It's best to put your eggs in different baskets to get the most out of them. A lack of diversification puts them at high risk if assets underperform.
7: Taking profits from time to time
Being too optimistic during a bull market often leads to failure. The important thing is that we accumulate profits gradually. It's not okay to believe that the market will continue to rise indefinitely. Always take profits regularly.
8: Participate in bull racing
Instead of doing their own research, traders blindly follow trends. They don’t understand the basics of their chosen asset. When the market is down, this can lead to buying at high prices or panic selling! Always follow your gut and never enter a bull race.
9: Weak security measures
Traders often overlook the most important part of the entire process, which is following strict safety measures. It’s important to protect your cryptocurrency with a strong password, keep your private keys safe, and store your funds on unsecured exchanges. Always place your assets in a risk-free area that is securely in place!
10: Overbuying
Overbought is very common during bull markets! People just get excited about the hype and end up overbuying without giving it a second thought. We recommend that you buy as much as your goals allow and never fall into the bull hype trap!
The confluence of the 2024 Bitcoin halving event and the Ethereum 2.0 upgrade paves the way for a bull run. It is recommended to prepare in advance and avoid these ten common mistakes that most traders make during the cryptocurrency bull market!