6 types of cryptocurrency traders in Nigeria

The newbies: These people have no idea how cryptocurrency works, neither do they know how to make money from it. They only know that it’s a good avenue to make money so they’re trying to get money from it.

The panic buyers/sellers: Always on the edge, always prepared to sell/buy their coins when there is a dip. Once the coin starts to dip and they start losing money, they pull out to prevent more loss. Their fear of losing their capital/profit often prevents them from maximizing the potential of these coins.

The undecided traders: These people learn by trial and error. They haven’t had proper research, neither do they know when to sell or buy. They simply go with the flow. But because they don’t know how to invest in the coin, they end up making more losses

The “HODLers”: No, it’s not a typographical or grammatical error. That’s what holding the coin for a long time is called. These people are the opposite of panic buyers and sellers, they buy the coin and “hodl” it for a long time irrespective of the gain/loss. They see it as a long-time investment that will yield high profits so they “hold”.

The Researchers: If these people convert the patience and time they use to make research on coins with potentials to their education, they would be the most intelligent in their institution. They spend all night checking coins with potential, how to invest in them, how to profit, and how long they can put their money on the coin. These people may forget the multiplication table, but ask them about any cryptocurrency, they’ll tell you everything you need to know and more.

The Greedy traders: These people have a certain target for their profit, they calculated the profit they’d get from investing in a coin, and fortunately they passed the target but instead of them pulling out as previously agreed, they decide to wait and hope it increases.

Sometimes, their greed pays off, and their profit increases. But sometimes, a massive dip comes from nowhere and eats into their profit and capital as well. Then they start to regret and swear they’ll never make such a mistake again.

Side note, 90℅ of them get greedy again after passing their target.

 Which trader are you?

Tag your friends who fall in this category


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