Topic: Don't do this mistakes in trading - page 6. (Read 1143 times)

People are opening trading without knowledge because they have heard that trading is the only way that can make you rich very quickly but they have misconceptions about trading because trading is not easy to do but is full of dangerous events.

Not only newbies but experts also do mistakes and there is no solution to these mistakes because the reason of their fault is unpredictable prices and alterations of worth in a matter of second.

Use YouTube, Google and some Telegram groups through which h you become able to do trade so then you will not fall into faulty condition that lead to only loss. Knowledge is must for taking decision and most important thing is that a person with knowledge have control on choosing a suitable coin for bull season.

So that is the impact of greed that we will feel. Therefore, we must be able to eliminate or at least control ourselves to avoid greed which will make us regret it.
Therefore, planning or having a profit target is something that can minimize our greed. If we apply a profit target we can immediately get out of trading, it doesn't matter whether the market will be much more profitable or not, because the most important thing is that we can feel what we wanted at the start.
As traders, this is something that must be truly understood and also applied properly in the trading activities that we carry out. Setting targets is a good thing to prevent greed from controlling us.

Those with an unwavering desire for rapid wealth become trapped in a web of trade operations that exceed their means. Their unquenchable thirst for wealth makes them oblivious to the basic truth that trading involves risks and that wise investing should only include money one can afford to lose. Unfortunately, their unwavering quest for wealth breeds a delusion of wisdom that causes them to make poor choices. The unpleasant truth about trading is that one could lose everything and never have any more trading opportunities.


The enemy that many traders face and speeds up their demise is greed. The belief that the coins they are trading will always rise forces them to hang onto their assets even when profits are ready to be taken. Because so many people nearly 90% end up losing money when their treasured coins suddenly take a sharp decline, this unquenchable greed creates a vicious cycle of disappointment. The exact greed that propels them to trading success in the first place thus serves as a sign of their demise, sending them into a state of hopelessness and financial disaster.

I'm sorry OP but these two points you mentioned are nothing but unique. Actually, you'll find this kind of advice all over the forum, you haven't pointed out anything that's particularly exclusive to justify the opening of a new thread. Although what you mentioned is true, greed and spending more money than you can actually afford, are two of the largest plagues, especially for a beginner, it has been mentioned several times already, luckily though, some users have added their feedback as well.

Greed is the biggest reason why many traders lose money while trading. If there’s some sense of greed in a trader to win big always even when they can be winning gradually before reaching their target goal, they always blow up their account and won’t get to win anything in the end. It is necessary to always take profit when the opportunity comes, always wanting to win big can cause you loss of capital and discouragement to continue trading.
Another point I would like to add is risk management, a trader without this can also not make it in trading and can easily get discouraged too. Know how much you can give up on a trade, know when to go into a trade and when to back out. Allow the market play its way and don’t try forcing it to play your way.

One of the biggest mistakes in trading is to open a trade without understanding and thinking of selling at a high price which is a decision without considering the range. Both the newbies and the old ones make a lot of mistakes in this field to increase the profit share and finally come out of trading with loss. If someone follows your advice, they will hopefully be able to play a more effective role in decision making.

Greed has never done anything good to any traders here in the crypto business, and apart from that, it doesn't matter whether you are rich or poor; you can have it, honestly.
If you let yourself get over it,.

Sometimes, when we see that the profit that we are getting is good, instead of the profit that we should be able to release, we sometimes think that it will increase, thinking that it will raise more, and then boom, all of a sudden, it will suddenly fall unexpectedly. There is an income that would have been lost suddenly.

Never mind beginners, even professional traders need to pay close attention to financial management and risk management, because if you don't pay attention to this you might lose more money. Yes, even though they are professional traders, there is no guarantee that they will always make a profit in every trading activity they carry out. So risk management or financial management is a basic thing that must be studied and applied in every trade we do. Don't trade without applying this basic knowledge, because that will be risky.

In any case, greed will have a negative meaning, because it is a word that describes dissatisfaction with something we already have. Greed will cause initially profitable trades to turn into losses. For example, we are already in a very profitable situation and have achieved the target we set at the beginning. However, because of greed, we end up missing out on the profits that are right before our eyes because we want even bigger profits. That's what ultimately turns a trade that was initially profitable into a big loss.

That's the bane of mankind, greed leads us astray the most, everyone wants money and power and those that want to control a lot of people are advocating being greed, not in a loud way but a subtle, they want you to dream of a good wife, good job, a family and many other material things, they want us to believe that money is what makes this world, at least it's true but these people that want to control us make it an issue so we fight against each other but I digress, I think that this greed thing isn't easily rid of in a person, probably the best thing to do is to be an open minded as a person and learn to be content, rather than ridding greed altogether why not learn the opposite of greed and practice it even more than being greedy? That's more manageable for some and if they're not able to cure that greed in their heart, at least they're aware that they could do better.

We all have to accept risk in trading because no one can accurately say whether he will make a profit or a loss by trading. We cannot think of success in our trading unless we have to stop greed and emotion in trading. Greed is the worst habit be it any kind of trading or investing. If you can't control your greed, you can lose everything at some point. Due to excessive greed, many investors have lost a lot of their money because once they invest and lose, due to greed, they try again in the hope of profit, but later they lose again.

In my view I saw an investor who invested in various alt coins hoping for extra profit. He knew that investing in alt coins is very risky but he got greedy and started investing there hoping to make more profit and ended up losing half of his money in few days. I learned from his investment that greed blinds people. People can do anything when they get greedy. In the case of trading or investment, we have to control our excess greed and then trade or invest.

Yeah true, if we deal with a newbie who just goes all in, with a high leverage, we know that the likely result would be that they will lose all their money, and even if they don't lose it at that trade, we know that they will get hyped and do it again and again until they lose it all. I believe that's important and should not be really a big deal, we need to consider that we may not do something major if we are not careful about it.

I hope that people could focus on what we can do, and we should just take it slow and not risk everything we have, it is going to end up with a trouble if we do that and I think it is quite reasonable to make small amount of profit we do not know what we are doing, don't risk anything major.

Anyone who started trading will know that he is taking a risk and that he will most likely lose his funds in the trading, and he will most likely be profitable when he is lucky because trading is lucky. No one can say that he will not lose, which is why they call it risk. You just need to take a risk and you can get lucky and win a lot of money, but when you understand trading, he will definitely reduce your risk, but you can still lose because not every time And the main point in trading, as op stated, that causes many people to fail in trading is greediness Because I may argue that most traders are greedy, but a majority of them are not. They require a large sum of money, and even if they make a profit, they will consider leaving it because he will invest more money, and the market will most likely fall, causing them to lose profit and capital.

Greed is the major culprit. Be it trading or any sort of investment. If you can’t control the greed then ultimately you will end up losing everything. The easiest way to tackle greed is to use targets. Keep profit targets per trade or investment. Once the target is achieved just sell the coins and book the profits. And yes if you are a beginner, then it’s always advised to manage the finances. Just start with small amount and invest only that amount that you can afford to lose. As the money will be in risk for the profits.

Greed is really very harmful for every trader.  Every trader should control his greed. Because of this greed many traders lose all their money. Because after greed they trade multiple times. And multiple times trades result in loss.  Those traders succumb to the greed and invest in various altcoins and meme coins and become victims of scams. Because many people believe it and accept the scam after seeing the attractive advertisements of altcoins and meme coins.

Actually this is not only the reason people lose money, their are more things in trading that makes traders lose money such as;

*high leverage : people mostly lose money due to high leverage, because the higher the leverage, the closer the liquidation price.

*Not having the basic knowledge of support and resistance: most people just venture into the market without even knowing the least support and resistance and how to approach the market if the candle sticks is heading to one.

*Not knowing when to stay off the market: most traders think it's every market they trade, no, not every market you trade, wait only for the right set-up, if it doesn't come, it better you stay off, than to risk your money when you are not sure.

* going after miss opportunity: if you want to be successful in trading, it's very important you don't chase any past opportunity, so that the market don't use you to clear liquidity, or the market collapsing on you.

Greed, which you have discussed with importance, Greed is very dangerous thing in crypto trading because of it many traders lose everything, I saw some people they are very crazy and want to profit in every day, even try to big profit but end of the day their balance is negative. I believe holding some top coins for long term is batter than such greedy trading.

Maybe I just want to add something to what OP did, and this is the trading revenge, right? If in gambling we are lucky enough to win, let's say you have 1000$ then won 2000$, then it became 8000$, and you thought you should continue because your brain thought it would be 20,000$, then all of a sudden what you expected happened instead of having 8,000$ that should have been a win or profit, it became ZERO. Now what comes to mind is the word "too bad I should have taken out the 8000 dollars I won earlier." Then you will think like this. You will tell yourself that I will deposit again. You will now reduce your savings. After all, I won 8,000 dollars earlier. Maybe I can make up for it this time.

These thoughts are very dangerous; in fact, others even think to borrow or mortgage just because they think they can get back to gambling. This is what we will never do; this is a type of revenge trading. What happened was that you got $8,000; you should feel that the $8,000 you lost is yours and you are trying to get it back, until you don't notice that it is buried in debt or that the amount you lost in gambling just got bigger. This kind of thing should not be done because the profit in crypto trading, if you get it, you deserve it because you know what you are doing in trading in the crypto space, you have knowledge about in trading business that's you get earn most of the time.

We should not make any mistakes when we trade and the two you listed above are just a few out of many that traders make in trading. Of course, the traders who invested the amount they can't afford to lose will surely regret it because not only will they be pained when they lose the money but the money will in addition cause them to be emotional in their trading. This could only mean failure even before the trading has started, so we should avoid it. Our trading psychology must be preserved, but there is no way this will happen when the money we invested is too dear to us, we will only be making mistakes with this and will bring out the most fear in us. The money would be like your last hope and by trying to guard it carefully, you will be making too many viable mistakes. Therefore, it is better to invest the money that can be afforded to be lost. If you wanted to invest the $3,000 that can't be afforded to be lost for example, why not change to it to between $300-$500? By doing so, you would have saved yourself a lot and reduced the tension which would be attached to trading it.

As for greed, it is left to us, and we should always know that the term greed can never be good in any aspect of life and business. However, greed itself is relative in trading, it is not all what people termed greed that is indeed greed. Greed can only be guilty of if one has a trading system and plans but reneges on them due to the belief that if they are set aside, more money would be made.

This will only put such traders in trouble as the system and plans initially prepared to be used are for reasons. They are there to guide our paths to success, why regende in them?

Being a trader, I think this is the first step to begin with. Trading is actually one of the great ways to make potential money in crypto but it comes with conditions. This is why it's necessary to invest what you can afford to lose so in case if things don't go as planned, you won't be swimming in a financial crisis. Your research and experience is not a guarantee of success and there's a possibility of market going against you unexpected that will cost you some or even all your money. You will be devastated if you invest money you can not let go. On the aspect of emotion, it's impossible to trade without emotions absolutely but the only thing you can do is to learn how to control your emotions and not allowing it trigger your decision often to avoid making impulsive decisions against your strategy.

Those two things are the most problematic and hard to control if you are just starting. It's definitely important to have that money management/ risk management when you are handling your portfolio. It's going to be a hard thing to recover if you have lost it all and have no control. As long as you see in the long term that you would be able to grow your portfolio, it's not a bad thing to consider.

Don't be greedy as well. It's tempting but it's not a good thing to do.