Short-term trading kills your deposit (2 part)Let's explore the topic of our previous post a little more and see what other mistakes you could have avoided.
As we identified in the last article, the first mistake was trading on the news. Second on the list, but not the second most important, is your trading style. Your profit depends on the trading style you follow, it's a fact.
At Pennygene we are supporters of long-term trading and investments, but there is also short-term intraday trading. To understand why we are not in favor of the intraday style, let's find out what makes it so special. Almost all beginning traders come to the market with a small capital of up to $10.000. It seems to many people mistakenly, that they cannot make a large fortune without using the leverage and dozens of deals every day. Sometimes intraday traders use more volatile assets and this approach becomes very dangerous and unreliable when combined with big leverage and market bounces. So any minor correction of 5-7% can ruin your deposit, and for the cryptocurrency market, these kinds of dumps are commonplace.
Newcomers to trading mistakenly think that a basic knowledge of patterns, price, and trading volumes is enough to succeed in intraday. But this is far from being true. I have repeatedly heard from traders with many years of experience that they think they have not enough knowledge for intraday.
Even with a small capital, a long-term trading style can bring you stunning results. Our reports confirm this.
May the big profit be with you!
