The primary mistake of every new trader is setting up high margin as profit,it could be possible but when we aim for high the chances of losing also will get increases so learn the real nature of cryptos and try to make more out of cryptos as soon as possible,don't wait too long or you will regret about it.And no one can make perfect trades so once the trades were closed be satisfied with that,even if the prices increase after you done cashout.
Yes. We always look for the best opportunity to trade and make the biggest profit but sometimes the more we expect profits, the higher chances of losing. So i think we should learn to trade even if we will just make a minimal profit. What is important is we are making profits everytime we trade. Long term holding is good but the problem is when will you make good profits.
Topic: 5 mistakes every crypto trader should avoid - page 4. (Read 1085 times)
The primary mistake of every new trader is setting up high margin as profit,it could be possible but when we aim for high the chances of losing also will get increases so learn the real nature of cryptos and try to make more out of cryptos as soon as possible,don't wait too long or you will regret about it.And no one can make perfect trades so once the trades were closed be satisfied with that,even if the prices increase after you done cashout.
Yes. We always look for the best opportunity to trade and make the biggest profit but sometimes the more we expect profits, the higher chances of losing. So i think we should learn to trade even if we will just make a minimal profit. What is important is we are making profits everytime we trade. Long term holding is good but the problem is when will you make good profits. 
the thing that always makes me lose is not to put a stop loss, I often patient that the price will recover soon and rise again. until, in the end, I have reached a loss of 80%. from it I learned to put a stop loss every drop below 10%. and From what I learned, stop loss is very important not to lose a lot of money.
That is a big percentage but now that you have learnt what is important, you will be able to recover the loss anyway. I was just wandering about your asset. You expected it to rise again and that way obviously, you would have earned some profits. Either your asset was weak one or you just gave up sooner. In digital coin market, all the potential coins recover well. There is no way you can come across such a big loss with bitcoin or good altcoin.diversification to other good coin is must for me, not all the time you can trade to a certain coin successfully you need to look for other coin that can give you a profit on that day because not everyday bitcoin or eth or ltc is a good coin to trade, with the other coin in the market it will help you to make a profit still.
There are coins that are design to hold since they provide phase per phase development in their product that when it's done it can be fully developed into a successful product that may lead to some pump like when BTC reach it's supply. While other gives hype only on their projects that causes them to pump in just a short time. Depending on what alts we are capable of understanding we should trade. I do diversify as I don't want simply to wait without doing. And which project you see those one? I never saw any project who already develop a product and pumps so hard since the one I see these days is a struggling condition and all of them didn't rise up even though they already released there main product. That's why it's better to stick on top coins since it can give as an assurance that we are in safe spot since they are the most potential alt's in the market.
The primary mistake of every new trader is setting up high margin as profit,it could be possible but when we aim for high the chances of losing also will get increases so learn the real nature of cryptos and try to make more out of cryptos as soon as possible,don't wait too long or you will regret about it.And no one can make perfect trades so once the trades were closed be satisfied with that,even if the prices increase after you done cashout.
the thing that always makes me lose is not to put a stop loss, I often patient that the price will recover soon and rise again. until, in the end, I have reached a loss of 80%. from it I learned to put a stop loss every drop below 10%. and From what I learned, stop loss is very important not to lose a lot of money.
That is a big percentage but now that you have learnt what is important, you will be able to recover the loss anyway. I was just wandering about your asset. You expected it to rise again and that way obviously, you would have earned some profits. Either your asset was weak one or you just gave up sooner. In digital coin market, all the potential coins recover well. There is no way you can come across such a big loss with bitcoin or good altcoin. 
That’s pretty simple: Patience. Don’t be afraid that you’re going to miss out on the next big thing. The crypto market is constantly growing and changing and there’s more than enough investment and trade to go around for everyone. Don’t invest in altcoins that you aren’t sure about, don’t give into FOMO, and don’t trade above your means.
I will have to agree with this.
But there have been good things also that could happen with impatience.
Sometimes you just hit the right button to sell or buy without even having any clue to what might happen next.
That is how crypto currencies work right?
It is too volatile that you cannot predict the next thing that would happen.
well trading is not the game of luck and chance that you will click the button to buy or sell without having any idea, may be sometimes you get profit but constantly doing this in trading will make you totally loss, look trading is very complicated thing on which you have to think thousand times before taking any decision, your one wrong decision can destroy your whole economy.
That’s pretty simple: Patience. Don’t be afraid that you’re going to miss out on the next big thing. The crypto market is constantly growing and changing and there’s more than enough investment and trade to go around for everyone. Don’t invest in altcoins that you aren’t sure about, don’t give into FOMO, and don’t trade above your means.
I will have to agree with this.
But there have been good things also that could happen with impatience.
Sometimes you just hit the right button to sell or buy without even having any clue to what might happen next.
That is how crypto currencies work right?
It is too volatile that you cannot predict the next thing that would happen.
diversification to other good coin is must for me, not all the time you can trade to a certain coin successfully you need to look for other coin that can give you a profit on that day because not everyday bitcoin or eth or ltc is a good coin to trade, with the other coin in the market it will help you to make a profit still.
There are coins that are design to hold since they provide phase per phase development in their product that when it's done it can be fully developed into a successful product that may lead to some pump like when BTC reach it's supply. While other gives hype only on their projects that causes them to pump in just a short time. Depending on what alts we are capable of understanding we should trade. I do diversify as I don't want simply to wait without doing. And which project you see those one? I never saw any project who already develop a product and pumps so hard since the one I see these days is a struggling condition and all of them didn't rise up even though they already released there main product. That's why it's better to stick on top coins since it can give as an assurance that we are in safe spot since they are the most potential alt's in the market.
diversification to other good coin is must for me, not all the time you can trade to a certain coin successfully you need to look for other coin that can give you a profit on that day because not everyday bitcoin or eth or ltc is a good coin to trade, with the other coin in the market it will help you to make a profit still.
Diversifying can give you a chance to earn more than you expected if you chose a good coin to trade, look for unstable coins that has good potential.In my observation I think the usual mistake of a traders (especially the newbies) are FOMO, entering in trading without plan to follow can result to panic selling. They are easily trigger to sell when something went wrong, thats why its important to know the basics about trading before trying it to avoid these usual mistakes.
diversification to other good coin is must for me, not all the time you can trade to a certain coin successfully you need to look for other coin that can give you a profit on that day because not everyday bitcoin or eth or ltc is a good coin to trade, with the other coin in the market it will help you to make a profit still.
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FOMO not only include panic selling but panic buying too. I would say latter one is more serious than the former. It's panic buying that creates bubble in the market. Earlier I used to wonder why Bitcoin prices corrected like 10-15% every time after any bull run. Later I came to know that Bitcoin traders easily get triggered whenever prices increase a bit and then they pump it more than what market volume can handle. As a result, prices fall immediately after increase and most of the buyers make losses.
Oh well it's a common decision that some traders do. You can't blame them for it. They needed to save what they can, and pretty much they're driven that easily by emotion and that isn't a good thing to this technical trading we're doing.
Panic selling becomes quite more often to occur than panic buying, imo.
The root cause of panic buying is probably more so the news. During the last run to almost $20k, you had Bitcoin all over the news and news people talking about how much it has gone up in the last few months. This causes people who have never even heard of Bitcoin to buy in near the top because they were thinking it would continue to go up based off what they heard. This is certainly not the case. Generally, if something is hyped up like that, I try to avoid it until the hype dies down.
I want to react to your second point you mentioned above which is in relation to how one should trust his or her strategy. One thing we should know is that strategy doesn't necessarily depends on the take profit and stop loss that exist on the system because some of us work with strategy that we do take profit manually and stop losses manually.
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FOMO not only include panic selling but panic buying too. I would say latter one is more serious than the former. It's panic buying that creates bubble in the market. Earlier I used to wonder why Bitcoin prices corrected like 10-15% every time after any bull run. Later I came to know that Bitcoin traders easily get triggered whenever prices increase a bit and then they pump it more than what market volume can handle. As a result, prices fall immediately after increase and most of the buyers make losses.
Oh well it's a common decision that some traders do. You can't blame them for it. They needed to save what they can, and pretty much they're driven that easily by emotion and that isn't a good thing to this technical trading we're doing.
Panic selling becomes quite more often to occur than panic buying, imo.
No doubt, weak hands are very common in the crypto market but we can't link them to FOMO phenomenon. FOMO in crypto world refers to panic buying that is the feeling of owning Bitcoin when trend and value of Bitcoin is going higher and higher without actually analysing the capacity and sustainability of pump.
Panic selling on the other hand is associated with FUD phenomenon.
I think that every trader is aware what he should avoid but sometimes it's hard to resist the pressure and ignore the influence of so called Bitcoin experts, social media and similar.
That is why it's very important to have self confidence and to be calm and patience. But that needs time and experience so before achieving that level every trader will make some mistakes too.
That is why it's very important to have self confidence and to be calm and patience. But that needs time and experience so before achieving that level every trader will make some mistakes too.
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FOMO not only include panic selling but panic buying too. I would say latter one is more serious than the former. It's panic buying that creates bubble in the market. Earlier I used to wonder why Bitcoin prices corrected like 10-15% every time after any bull run. Later I came to know that Bitcoin traders easily get triggered whenever prices increase a bit and then they pump it more than what market volume can handle. As a result, prices fall immediately after increase and most of the buyers make losses.
Oh well it's a common decision that some traders do. You can't blame them for it. They needed to save what they can, and pretty much they're driven that easily by emotion and that isn't a good thing to this technical trading we're doing.
Panic selling becomes quite more often to occur than panic buying, imo.
the thing that always makes me lose is not to put a stop loss, I often patient that the price will recover soon and rise again. until, in the end, I have reached a loss of 80%. from it I learned to put a stop loss every drop below 10%. and From what I learned, stop loss is very important not to lose a lot of money.
Such problems have often been discussed, everyone has a different opinion, and every trader has a different trading style, there are many mistakes in trading, especially beginners, they force themselves to enter the market while they do not understand the state of the market, they are very enthusiastic to get profits while not learning the right analysis, and many more mistakes made, especially by beginners.
Well said, people nowadays tend to do mistakes which we can't easily avoid but somehow there are some ways to overcome it. Some newbies usually made mistakes in making decisions while trading because some of them don't have enough understanding and knowledge which makes it difficult for them to make a wise decisions for themselves. Also, they don't do some research before engaging in something that is why some of them ended up feeling remorse about their decisions and actions. Actually, in making a decision we should be in a proper mindset and we should open ourselves for new learning. Trading is not easy, you need to put some effort and time to earn. Unfortunately, greed is stinger than the majority of us all and even many of us that are advising always fall victim of the greed more and even if we set our goal, we still end up compromising and allowing greed to take over our emotion.
Just today, amidst all these advise against greed, someone was asking how he can make $50k trading with a very short period of time, I think the person mentioned 1 or 2 month and I wonder how the person intend to start little. With this type of goal set, it would be impossible for greed not to come in which will eventually make such person loose whatever money he or she has because they will not set their goal right to take advantage of using the tools that are available on trading platforms to control our greed.
FOMO and overtrading are the most common mistakes for new traders. I know that they have a market understanding and trading ideas before they take the risk but what makes them difficult is how to control their emotion bringing them into FOMO. We can't simply escape from that emotional stress cause they are still the adoption process, it will take days, weeks or even months to adjust.
But thinking of why we should avoid diversification? It is just an option for traders, it sometimes gives a positive result and it also saves some of our funds. You'll probably be losing if using this one but it is all about to sacrifice for the sake that we never lose everything we had, but a way to start over again.
Emotions and experienced will able you overtake FOMOS and over-trading. With good skills and having working system to plan ahead of time.But thinking of why we should avoid diversification? It is just an option for traders, it sometimes gives a positive result and it also saves some of our funds. You'll probably be losing if using this one but it is all about to sacrifice for the sake that we never lose everything we had, but a way to start over again.
Your experience will guide you up to avoid making big mistakes and over-calculate the situations, many traders failed to anticipate because emotions
take over them, but if you have the right attitude and you already learned from your past trades you can control taking any quick actions without any
good assessments.
I may accept that sometimes I'll be in emotional trading but I can easily adjust to the situation because I know already what will happen next and what would be the possible result. It can be late but at least we are about to change the course and bring it into the right track.
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