5 mistakes every crypto trader should avoid - page 2.

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Quote from: rexxarofmoknathal on March 07, 2020, 10:19:12 AM

That's the thing with us, Humans we have the elementary awareness of what's good or bad and for some reason some of us still stride towards the bad thing. Greed is one of them and I'm sure most of us on here, in a nonobjective scenario, know exactly what to do and what the rules are but yet most of us struggle to apply these rules.
Like, how many times have you said to yourself this is the last round but then you still found yourself still doing that thing whatever it was even after the 3rd round or so? Being disciplined is very hard, especially when you don't have anyone around you to stop it.

There is no need to rely on other people or people around you to change your bad habits, because it is useless if people around you do not have a high sense of caring to change your bad habits. So in this case, yourself, which basically will make you more disciplined by realizing all the risks because indeed, disciplined trading is very important and we should always have a high priority to remain disciplined in any situation, because with discipline at least you will can control emotions better and thus, greed will be avoided and always consider more mature every decision that will be made quickly.

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Quote from: JessicaVL on November 07, 2019, 05:55:20 AM

Starting to trade crypto can be a massive learning curve. Whether you’re an experienced trader or a newbie, crypto trading can seem hugely complicated and it’s super easy to mess up in the beginning. Luckily, there’s a lot of information out there that can help you become the crypto trader of your dreams. We’ve compiled a list of the 5 mistakes every crypto trader should avoid, so keep reading to learn the dos and don’ts of crypto trading in 2019.
Stop loss/take profit placement
Always avoid overtrading
Diversification
Putting too much money in too soon
FOMO
The key to trading crypto

Each of these points is actually necessary but I do not really think that people would follow this thread to start with their trading. I think that people can learn most from their experience. They would always keep on learning from the actual trades they perform. Like, at the first time, they would not set up a stop-loss which would make them have excess loss only because they price moved in the reversal direction much faster. They would than set up a stop-loss from the second order. The same would be followed for each of the 5 points you mention.

Newbies might just come to know about these precautions to be taken before starting to trade but they would not actually follow these until they personally feel need for those.

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Quote from: Lecam on March 07, 2020, 02:39:25 AM

Quote from: GreatArkansas on March 06, 2020, 08:46:51 PM

I also want to share my experience before when I started to trade. I really laughing when I remember those experiences. Most of the 5 mistakes indicated in the first post are I experienced.
And also not putting stop-loss before, like I am over confident on every my trades before, but lesson learned.

Every traders have mistakes we can not avoid that every one experienced that 5 mistakes but the good are once they experienced that in the next trade they know what they are doing. Traders need to experience that all so that in the next trading they know what they are doing to avoid it.

Trading is everything which depends on experience. Why are the most experienced traders the ones who are having major profits as compared to newbies? That is only because they have experience and can handle any situation carefully with their best strategies. This makes them have major profits and least loss. Newbies especially go for direct trading without thinking about what would happen if the market gets reversed which also does not make them prepare a plan b to exit the markets.

This also lands them in excess loss many times. At the initial stage, even the newbies should never think about the profit or loss but they should constantly keep on increasing their experience which would surely be a life saver for them in the nearly approaching future.

rexxarofmoknathal

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That's the thing with us, Humans we have the elementary awareness of what's good or bad and for some reason some of us still stride towards the bad thing. Greed is one of them and I'm sure most of us on here, in a nonobjective scenario, know exactly what to do and what the rules are but yet most of us struggle to apply these rules.
Like, how many times have you said to yourself this is the last round but then you still found yourself still doing that thing whatever it was even after the 3rd round or so? Being disciplined is very hard, especially when you don't have anyone around you to stop it.

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Quote from: Lecam on March 07, 2020, 02:39:25 AM

Quote from: GreatArkansas on March 06, 2020, 08:46:51 PM

I also want to share my experience before when I started to trade. I really laughing when I remember those experiences. Most of the 5 mistakes indicated in the first post are I experienced.
And also not putting stop-loss before, like I am over confident on every my trades before, but lesson learned.

Every traders have mistakes we can not avoid that every one experienced that 5 mistakes but the good are once they experienced that in the next trade they know what they are doing. Traders need to experience that all so that in the next trading they know what they are doing to avoid it.

Agree, these mistakes are lessons of experience that strike at the weakest points of a trader, from capital management to overconfidence and greed without stopping, a trader who has felt and faced these experiences, the quality and success rate they will increase very high. For traders who are not clear with these concepts and experiences, their success will be very low because the first point I have always seen from new traders, they often overestimate themselves, the sense of pride and stubbornness is something that needs to be abraded by failures

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Quote from: JessicaVL on November 07, 2019, 05:55:20 AM

Starting to trade crypto can be a massive learning curve. Whether you’re an experienced trader or a newbie, crypto trading can seem hugely complicated and it’s super easy to mess up in the beginning. Luckily, there’s a lot of information out there that can help you become the crypto trader of your dreams. We’ve compiled a list of the 5 mistakes every crypto trader should avoid, so keep reading to learn the dos and don’ts of crypto trading in 2019.
Stop loss/take profit placement
Always avoid overtrading
Diversification
Putting too much money in too soon
FOMO
The key to trading crypto

Yes we already knew what we must avoid in trading to be able to earn. Now, I think we must knew what we must do to avoid it. I admit some of the 5 mistakes you've said is not easy to avoid. I really have a hard time to overcome FOMO. I know I am good at the second one you've mentioned but it is not enough to bw just good at one. With that I still commit mistakes.

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Quote from: 0zero0 on March 05, 2020, 09:40:00 PM

Always avoid overtrading

This is something that I didn't had control on. When I started trading, I used to keep on checking the prices to see if I had made any profits. Whenever the price used to go low I would panic and start selling which eventually resulted in loss in most of my trades. This is why I left trading.

You are right that overtaking should be avoided in trading if there's not much in every case I too lost my money thanks to over trading but now i'm ready to move forward with education from there. Don't quit the business but avoid overtrading.

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Quote from: GreatArkansas on March 06, 2020, 08:46:51 PM

I also want to share my experience before when I started to trade. I really laughing when I remember those experiences. Most of the 5 mistakes indicated in the first post are I experienced.
And also not putting stop-loss before, like I am over confident on every my trades before, but lesson learned.

Every traders have mistakes we can not avoid that every one experienced that 5 mistakes but the good are once they experienced that in the next trade they know what they are doing. Traders need to experience that all so that in the next trading they know what they are doing to avoid it.

GreatArkansas

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I also want to share my experience before when I started to trade. I really laughing when I remember those experiences. Most of the 5 mistakes indicated in the first post are I experienced.
And also not putting stop-loss before, like I am over confident on every my trades before, but lesson learned.

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Quote from: Zemomtum on March 06, 2020, 06:23:20 PM

These are very good points not for newbie alone but also for both intermediate and experienced traders. Impatient, fear of missing out, too many indicators are often taken good trade out of the upward momentum.

Yes. We all do mistakes but the difference is that every trader has it's own way of handling the pressures. If we trade also with greed inside, we will never turn to be profitable. Trading with emotions too is really a big NO even if we say that is too impossible. One thing for sure, the more time you spend in crypto trading, the more experiences you will gain, making more learnings you will discover.

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These are very good points not for newbie alone but also for both intermediate and experienced traders. Impatient, fear of missing out, too many indicators are often taken good trade out of the upward momentum.

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Quote from: Dr.Osh on March 06, 2020, 12:02:13 PM

I want to add one thing, and that happened to me. try to target a price. however, sometimes traders always think that prices will continue to rise and continue to grow. it makes us not take advantage of conditions that are good. many people regret this, it happened when they did not sell their bitcoin at a price of $ 10k in February, and kept it.

Because even if we are targeting a specific price and we see that it is still going up, we are hoping that maybe we can get more if we will wait more. And that I think is the common mistake of most of us and still happening again and again because it is our nature to want more. Very seldom that we will be happy for what we have. I guess that's human nature.
But when it comes to alts, I really set a certain level when to let it go. And then when I finally sold it, I never looked back. So I don't want to see any change in price, so as not to regret or anything. It is really a headache if you will see it increasing, that's stressful for me.

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I want to add one thing, and that happened to me. try to target a price. however, sometimes traders always think that prices will continue to rise and continue to grow. it makes us not take advantage of conditions that are good. many people regret this, it happened when they did not sell their bitcoin at a price of $ 10k in February, and kept it.

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One mistake I can never make is overtrading. I have never tried that shit before and I know the risk. There are times I will come back home and start trading, after some few trades I would notice that things are not really going the way I want it I just stop trading and look for something else to do, because I know for sure that it’s not worth it and if I continue for sure I’m just going to keep on losing my money and nothing else, so it’s best for me to just stop trading at that moment.

Greed is something else I try to avoid, there are people who would get lucky and make some good profit from their trade and instead of stopping they will then put in everything they have got to make more profit and end up losing it.

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Quote from: imstillthebest on March 06, 2020, 08:16:39 AM

Quote from: blckhawk on March 06, 2020, 08:01:55 AM

FOMO
This was the common mistake of traders in crypto market and that was inevitable unless you can able to control your emotions in which I think seems impossible because no matter what we try we will not manage it fully well. If we have seen the markets growth especially Bitcoin admit that we the urge to sell always come knocking on our emotion that is why I think FOMO is just normal mistake but shouldn't be tolerated.

i think this is not consider a mistake because i think every fomo is correct . like for example people do fomo when btc price pump , and who wouldnt want to sell thier bitcoins for profit ? this is our primary plan here anyways . its useless and will not make sense if you will only hodl and hodl and you will miss the bull run . whats worst can happen to you is that you will only sell on bad times or when the market in down because you accidentally need the money or you are afraid because you think the market will go down more .

It is a good thing if you will be the only one falling for it, but it will not be just you.

The reason it is called FOMO is that because you are having these feelings that you want to also earn like the others, you feel you are missing out. Then people would just immediately buy and the timing would not always be better and just go down losing your profit badly.

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Quote from: blckhawk on March 06, 2020, 08:01:55 AM

FOMO
This was the common mistake of traders in crypto market and that was inevitable unless you can able to control your emotions in which I think seems impossible because no matter what we try we will not manage it fully well. If we have seen the markets growth especially Bitcoin admit that we the urge to sell always come knocking on our emotion that is why I think FOMO is just normal mistake but shouldn't be tolerated.

i think this is not consider a mistake because i think every fomo is correct . like for example people do fomo when btc price pump , and who wouldnt want to sell thier bitcoins for profit ? this is our primary plan here anyways . its useless and will not make sense if you will only hodl and hodl and you will miss the bull run . whats worst can happen to you is that you will only sell on bad times or when the market in down because you accidentally need the money or you are afraid because you think the market will go down more .

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FOMO
This was the common mistake of traders in crypto market and that was inevitable unless you can able to control your emotions in which I think seems impossible because no matter what we try we will not manage it fully well. If we have seen the markets growth especially Bitcoin admit that we the urge to sell always come knocking on our emotion that is why I think FOMO is just normal mistake but shouldn't be tolerated.

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Quote from: 0zero0 on March 05, 2020, 09:40:00 PM

Always avoid overtrading

This is something that I didn't had control on. When I started trading, I used to keep on checking the prices to see if I had made any profits. Whenever the price used to go low I would panic and start selling which eventually resulted in loss in most of my trades. This is why I left trading.

Absolutely vital to hold yourself in bearish market and making sure you don't get over excited and over-trade during the bullish market. I have had the same problem when I was new because I was a BTC price trader initially and I used to get so excited that I would buy more and more bitcoins during a bullish run and then obviously at some point the bullish market will stop and I would panic and sell the coins.

This also had to do with faith because when I was new to the bitcoins world I never knew if bitcoins would be 0 tomorrow morning and hence when it started to fall down I was so worried that oh no the time has arrived. Now, with time I have realized that bearish rounds will come and bitcoins is never going to be zero ever.

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Quote from: 0zero0 on March 05, 2020, 09:40:00 PM

Always avoid overtrading

This is something that I didn't had control on. When I started trading, I used to keep on checking the prices to see if I had made any profits. Whenever the price used to go low I would panic and start selling which eventually resulted in loss in most of my trades. This is why I left trading.

It is very bad habit that we need to eliminate them because some time panic will create a lot of loss. We shouldn't sell them immediately, we should wait for the price recovery in this way, we might recover the lost balance. Most of the panic traders will experience this type of problem in their trading.

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FOMO is the number one reason of why most traders lose their assets.

Topic: 5 mistakes every crypto trader should avoid - page 2. (Read 1029 times)