Beginner mistakes and how to avoid them - page 2.

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Quote from: Aanuoluwatofunmi on April 29, 2023, 10:05:28 AM

Quote from: ?? on ??

A beginner is a rather difficult period for every trader. At least when I started working - I also learned enough about it. For work, I chose a broker from the Amarkets company, and studied on a demo account. Was pleased with the results.

Being a beginner in trading requires alot to put in place before you can be able to stand strong with the trading techniques and other required process that goes in line with experience, not everyone like taking a broker for an option being a beginner, they had better give it all it takes to quickly assimilate their learning procedures more faster trying it out by themselves together with obtaining learning materials from different sources.

Everything goes with it, your time, money, focus, energy. Everything needs to be done and well calculated because we aren't just talking and trading with cents, yes there may be some mistakes along the road but that's somehow normal and manageable especially if you're just a novice in this field. Just focus until you understand the fundamentals until you know what you need to do next and have a better understanding with it because you already acquired some lessons on the past mistakes.

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Quote from: Altryist on May 01, 2023, 01:53:39 PM

Quote from: Bushdark on May 01, 2023, 01:42:13 PM

There are so many mistakes beginners or newbies used to make when they enter the market with the curiosity to make money just like the pro traders showing there results for people to see. So traders always think that making money in the market is as easier like showing results for people to see. They forget that these pro traders do not like showing there loses whenever they make significant loses, but it is easy for them to show there big winnings for people to see how good they are.

We need to understand that whether you are a newbie trader or pro trader, everybody do make loses this is what makes the market more strict and difficult to always be a winner always.

That's right, if a trader demonstrates only profitable transactions, then it is worth considering why he does this, he may want recognition from society, or he wants to sell his "win-win" strategy, but there are no such traders who do not lose money, everyone has losses. And I adhere to my point of view that a successful trader will not sell a strategy that is capable of generating income, at best, he will talk about a strategy that has already been worked out and is almost useless.

Losing from trading has no exception. However, you can always chose to minimize from losing if you have working strategies that will help you to be more profitable in trading. But bear in mind that those current working strategies will never stay significant all the time. That’s why you have to update and upgrade your strategies so you can expect trading profits though at some point, we can’t expect to keep on profiting especially when the market condition does not favor our trades.

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Quote from: Bushdark on May 01, 2023, 01:42:13 PM

There are so many mistakes beginners or newbies used to make when they enter the market with the curiosity to make money just like the pro traders showing there results for people to see. So traders always think that making money in the market is as easier like showing results for people to see. They forget that these pro traders do not like showing there loses whenever they make significant loses, but it is easy for them to show there big winnings for people to see how good they are.

We need to understand that whether you are a newbie trader or pro trader, everybody do make loses this is what makes the market more strict and difficult to always be a winner always.

That's right, if a trader demonstrates only profitable transactions, then it is worth considering why he does this, he may want recognition from society, or he wants to sell his "win-win" strategy, but there are no such traders who do not lose money, everyone has losses. And I adhere to my point of view that a successful trader will not sell a strategy that is capable of generating income, at best, he will talk about a strategy that has already been worked out and is almost useless.

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Quote from: Aanuoluwatofunmi on April 29, 2023, 10:05:28 AM

Quote from: ?? on ??

A beginner is a rather difficult period for every trader. At least when I started working - I also learned enough about it. For work, I chose a broker from the Amarkets company, and studied on a demo account. Was pleased with the results.

Being a beginner in trading requires alot to put in place before you can be able to stand strong with the trading techniques and other required process that goes in line with experience, not everyone like taking a broker for an option being a beginner, they had better give it all it takes to quickly assimilate their learning procedures more faster trying it out by themselves together with obtaining learning materials from different sources.

There are so many mistakes beginners or newbies used to make when they enter the market with the curiosity to make money just like the pro traders showing there results for people to see. So traders always think that making money in the market is as easier like showing results for people to see. They forget that these pro traders do not like showing there loses whenever they make significant loses, but it is easy for them to show there big winnings for people to see how good they are.

We need to understand that whether you are a newbie trader or pro trader, everybody do make loses this is what makes the market more strict and difficult to always be a winner always.

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Quote from: yudi09 on April 28, 2023, 10:08:14 AM

Quote from: Kara3 on April 24, 2023, 05:32:31 PM

* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.
* Lack of trading plan-- develop a strategy an stick to it, do not ever enters a trade blindly, if not the market will remove you blindly.
* Failure to use stop-loss-- to me it's the most important thing I do while trading,

Risk management must be well mastered by a trader. Likewise with other technical mastery that has to do with trading.

For me, overtrading, trading plans and stop losses will be mastered when someone who wants to do trading work is willing to explore knowledge by learning about basic tips and so on which are the main capital, whether the activity is carried out individually or working under the control of a company.

If a trader has gained enough knowledge and experience, he will eventually realized that all these three factors should always be avoided. Otherwise, he will only trade and end up quitting because he experienced consistent losses. And by practicing risk management, a good trader gets to be more aware about its inevitable losses and become more confident to trade more with caution so he will eventually achieved his goals in trading.

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Quote from: Aanuoluwatofunmi on April 29, 2023, 10:05:28 AM

Quote from: ?? on ??

A beginner is a rather difficult period for every trader. At least when I started working - I also learned enough about it. For work, I chose a broker from the Amarkets company, and studied on a demo account. Was pleased with the results.

Being a beginner in trading requires alot to put in place before you can be able to stand strong with the trading techniques and other required process that goes in line with experience, not everyone like taking a broker for an option being a beginner, they had better give it all it takes to quickly assimilate their learning procedures more faster trying it out by themselves together with obtaining learning materials from different sources.

I don’t believe in techniques. If you have immense knowledge on a particular coin, then when to buy or when to sell will only help you to gain momentum and profits. I am not saying that techniques don’t work at all, but rather they are secondary. Knowledge should be the top priority. Learn and understand the market and if possible observe the movements for few weeks. See the coins movement and at last when you feel confident, trade with real money. And yes if you are a newbie then trade the amount that you can afford to lose.

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Quote from: tygeade on May 01, 2023, 06:24:41 AM

I feel like most beginners will learn from their mistakes by doing them, that is going to be the case for most of them, not going to be amazing or anything to do so, but it is going to be the reality and there is really nothing to do about it. If they make a mistake and learn from it, they will become better, if they learn nothing from the mistake then they are not going to be great at it and that is going to be a trouble.

Think of it like it is a boring approach, like if you could end up with learning by making a mistake, that is a terrible thing because you lost, but next time you will be better and make a profit thanks to that loss. This is why reading these will not be that easy to solve beginner issues, they have to do them personally and learn from them over time as well.

Most beginners are wrong in setting their own mindset, they are always trapped in greed and think that they will get a lot of money from trading. Without them knowing all the risks they will face, they can start it but not many of them are able to live it well. To get a solution to their problem, at least they have to experience mistakes first or make other people's mistakes as reference material so that they never reach them. They have a lot of things to prepare for, they can't be careless if they don't want to lose a lot of money.

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Quote from: Kara3 on April 24, 2023, 05:32:31 PM

Most of the newbies in crypto space believe once they have a large capital they will definitely succeed in the crypto space, but they are wrong, not knowing that if you can't grow/manage a small account, you can't grow/manage a big account either, their are common mistakes they usually make an I will be giving out tips on how to avoid them

I feel like most beginners will learn from their mistakes by doing them, that is going to be the case for most of them, not going to be amazing or anything to do so, but it is going to be the reality and there is really nothing to do about it. If they make a mistake and learn from it, they will become better, if they learn nothing from the mistake then they are not going to be great at it and that is going to be a trouble.

Think of it like it is a boring approach, like if you could end up with learning by making a mistake, that is a terrible thing because you lost, but next time you will be better and make a profit thanks to that loss. This is why reading these will not be that easy to solve beginner issues, they have to do them personally and learn from them over time as well.

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Quote from: jeraldskie11 on April 28, 2023, 11:47:48 AM

Quote from: Rockstarguy on April 28, 2023, 08:13:52 AM

Quote from: jeraldskie11 on April 25, 2023, 08:54:50 AM

Quote from: Kara3 on April 24, 2023, 05:32:31 PM

* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.

This is one of the reasons I was never profitable in trading. You will also get the impression that trading is simple as long as the setup entry is working. So, instead of being profitable, because you overtrade, the market recoups your earnings, and you may even lose money.

Most people can't monitor themselves when they trade, which is why they have many winning transactions but a negative port at the end of the month.

Some people believe if they overtrade that is when they will make more profits but it is unfortunate that trading is not like that, if one really wants to make profit in trading greed(overtrade) should never be considered. This is mistake taken by some traders has really lose good amount of money in trading, it is important to have limits in trading, and not to force profit from trading by overtrading . This is one of the common risk in trading that needs to be avoided.

There is a reason why traders overtrade; not only are they influenced by their trading performance, but they may make trading their primary source of income, which is not ideal. So, if his daily earnings are insufficient, he will force trade even though the market cannot be read. Consider that even if you do not force trade, you will incur losses; how much more if you do. Forcing trade is not recommended. To prevent being forced to trade, do not make trading as your primary source of income; this will improve the likelihood of your setup materializing.

Whats over trade?

Overtrading is the excessive buying and selling of financial instruments, such as stocks, bonds, etc., by an individual trader or a broker. While there are no regulations against individual traders for excessive trading, brokers being regulated bodies may face significant consequences.
https://www.wallstreetmojo.com/overtrading/

On the time that you would really be making yourself that too much confident just because you do see that you could make some few trades and ending up on profitable. You would really
be having those kind of thoughts that you could really do this all day without even trying realize that its not something could be that realistic
because trading isnt only meaning about having profitable trades. It would always matter on how well you do make your actions.

Aanuoluwatofunmi

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Quote from: ?? on ??

A beginner is a rather difficult period for every trader. At least when I started working - I also learned enough about it. For work, I chose a broker from the Amarkets company, and studied on a demo account. Was pleased with the results.

Being a beginner in trading requires alot to put in place before you can be able to stand strong with the trading techniques and other required process that goes in line with experience, not everyone like taking a broker for an option being a beginner, they had better give it all it takes to quickly assimilate their learning procedures more faster trying it out by themselves together with obtaining learning materials from different sources.

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Quote from: Rockstarguy on April 28, 2023, 08:13:52 AM

Quote from: jeraldskie11 on April 25, 2023, 08:54:50 AM

Quote from: Kara3 on April 24, 2023, 05:32:31 PM

* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.

This is one of the reasons I was never profitable in trading. You will also get the impression that trading is simple as long as the setup entry is working. So, instead of being profitable, because you overtrade, the market recoups your earnings, and you may even lose money.

Most people can't monitor themselves when they trade, which is why they have many winning transactions but a negative port at the end of the month.

Some people believe if they overtrade that is when they will make more profits but it is unfortunate that trading is not like that, if one really wants to make profit in trading greed(overtrade) should never be considered. This is mistake taken by some traders has really lose good amount of money in trading, it is important to have limits in trading, and not to force profit from trading by overtrading . This is one of the common risk in trading that needs to be avoided.

There is a reason why traders overtrade; not only are they influenced by their trading performance, but they may make trading their primary source of income, which is not ideal. So, if his daily earnings are insufficient, he will force trade even though the market cannot be read. Consider that even if you do not force trade, you will incur losses; how much more if you do. Forcing trade is not recommended. To prevent being forced to trade, do not make trading as your primary source of income; this will improve the likelihood of your setup materializing.

Mr. Magkaisa

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Quote from: Kara3 on April 24, 2023, 05:32:31 PM

Most of the newbies in crypto space believe once they have a large capital they will definitely succeed in the crypto space, but they are wrong, not knowing that if you can't grow/manage a small account, you can't grow/manage a big account either, their are common mistakes they usually make an I will be giving out tips on how to avoid them,
* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.
* Lack of trading plan-- develop a strategy an stick to it, do not ever enters a trade blindly, if not the market will remove you blindly.
* Failure to use stop-loss-- to me it's the most important thing I do while trading, an it's always close to my entry price, I do it that way so that if the trade didn't go as planned, I won't lose more than 10% of my margin.
I don't if anyone have more to add, so I can also learn?

- To be honest, having a large capital in crypto trading especially if you use it in bitcoin or other top altcoins such as ETH, Matic and BNB, it can really make a good gain every day. But this you must have enough knowledge and idea about cryptocurrency.

Because when it is said that there is enough knowledge in crypto trading that means you know how to analyze, and use trading chart tools to determine when to buy or sell coins and the coins you choose must also be correct because as a trader here in the crypto space you can't make mistakes, you should have that mindset.

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Quote from: Kara3 on April 24, 2023, 05:32:31 PM

* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.
* Lack of trading plan-- develop a strategy an stick to it, do not ever enters a trade blindly, if not the market will remove you blindly.
* Failure to use stop-loss-- to me it's the most important thing I do while trading,

Risk management must be well mastered by a trader. Likewise with other technical mastery that has to do with trading.

For me, overtrading, trading plans and stop losses will be mastered when someone who wants to do trading work is willing to explore knowledge by learning about basic tips and so on which are the main capital, whether the activity is carried out individually or working under the control of a company.

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Quote from: Finestream on April 26, 2023, 06:42:40 PM

Quote from: ethereumhunter on April 26, 2023, 11:34:29 AM

Not having a trading plan should also be avoided because we won't be able to get much profit, especially if the market immediately reverses. This often happens when trading because the market never tells us when the time changes. Maybe there are specific signs that we must find, so this requires a better ability to analyze.

Don't think we can take a lot of profits because when we think so, the market can immediately drop and eliminate our opportunity to take profits. Most traders are so greedy in taking profits that they miss the opportunity and regret it.

Just stick to your trading plan, and learned to be more flexible when sudden market factors affect its behavior. Otherwise, if you trade without analyzing the market well, you might get caught losing because you were driven by your greed in trading. And always have self-control no matter what. Learn to address your emotions well, and if possible, never trade when your emotions are not stable because surely you will only be affected by it.

And don't forget to use the money you can't afford because many people will use the all-in method when trading, especially when they feel confident about the analysis results. Having confidence in the analysis results is okay but we also have to be aware that the market can change direction instantly and if we don't have a backup plan, we will lose. And when we lose, our emotions will increase; if we lose control, we will lose more. Trading is not easy because we have a lot to prepare.

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Quote from: jeraldskie11 on April 25, 2023, 08:54:50 AM

Quote from: Kara3 on April 24, 2023, 05:32:31 PM

* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.

This is one of the reasons I was never profitable in trading. You will also get the impression that trading is simple as long as the setup entry is working. So, instead of being profitable, because you overtrade, the market recoups your earnings, and you may even lose money.

Most people can't monitor themselves when they trade, which is why they have many winning transactions but a negative port at the end of the month.

Some people believe if they overtrade that is when they will make more profits but it is unfortunate that trading is not like that, if one really wants to make profit in trading greed(overtrade) should never be considered. This is mistake taken by some traders has really lose good amount of money in trading, it is important to have limits in trading, and not to force profit from trading by overtrading . This is one of the common risk in trading that needs to be avoided.

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Quote from: Kara3 on April 24, 2023, 05:32:31 PM

Most of the newbies in crypto space believe once they have a large capital they will definitely succeed in the crypto space, but they are wrong, not knowing that if you can't grow/manage a small account, you can't grow/manage a big account either, their are common mistakes they usually make an I will be giving out tips on how to avoid them,
* Over trading-- it's very important for a day trader to limit the number of trade he/she took in a day.
* Lack of trading plan-- develop a strategy an stick to it, do not ever enters a trade blindly, if not the market will remove you blindly.
* Failure to use stop-loss-- to me it's the most important thing I do while trading, an it's always close to my entry price, I do it that way so that if the trade didn't go as planned, I won't lose more than 10% of my margin.
I don't if anyone have more to add, so I can also learn?

No matter the severity and length of advice that is given to a newbie, they must surely make the newbie mistake. That is why these days I give newbie advice without much expectations from them.
Yet, it is still advisable to give these advices because they will still fall back to them when they make their newbie mistakes finish.
Op, include revenge trade. This is a powerful means through which newbies can blow their portfolio.

Hypnosis00

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Quote from: xSkylarx on April 28, 2023, 12:28:53 AM

Quote from: Rupok on April 27, 2023, 05:46:10 AM

The reason beginners make mistakes is that they get too excited about anything.Their motivation to earn money is very high. But they don't know that there are many strategies to be adopted in trading.Newbies actually treat trading like gambling, they think they can make more profit with less investment. They don't focus on trading portfolios. Everything is just for money, not for experience.However, it is very common for beginners to make mistakes in cryptocurrency. At first we also made many mistakes, but later we learned and gained experience.

One also of the common mistake was they are hastily learn trading like in just one night and will jump to trading immediately without any strategy. They are very greedy to gain profit immediately and not knowing the fundamentals of it that is why others a losing a lot and will then quit as they cant take it that they are losing. That is why patience and be knowledgeable on something so that you'll be successful

Because they think that trading is easy and profitable in the first place. They also think that even without a good knowledge of trading is still good enough. They assumed that everything is okay until such time comes that they discover how hard to adjust the market and make a profitable trade while at this time they just suffer losses.
That is why it should be encouraged that we don't underestimate the market. And being a beginner must not gain too much confidence instead, help ourselves learn more and accept advices from experienced traders.

lixer

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Quote from: monineklutak on April 25, 2023, 03:06:20 AM

Quote from: yhiaali3 on April 25, 2023, 12:59:55 AM

For me, my advice to beginners is to trade in the long term and stay away from scalping until they have a good experience in trading.

Patience and not being greedy are also important tips. These negative traits are the main reason why many novice traders lose.

In any case, beginners should not enter into large deals at the beginning, and it is always better to enter with what they can afford to lose.

It's really important for beginners to gain experience because sometimes they don't realize how important it is,
trading or investing long term is indeed the best option and Bitcoin is the right coin for that,
the most important thing is always learning both in knowledge and skills.

Experience is important in so many things not only in trading so I think each newbie know it already. Other than experience, studying or learning is also important and it must be the first thing that a newbie must do before engaging in trades but we all know that it wasn't the case that happens but newbie usually start trading before learning although they can still learn and gain experience from their mistakes and there is still a chance for them to correct it.

There are many ways to earn a crypto but no doubt that trading and investing is currently at the top. Trading is only a little difficult than investing but it have an advantage and that is you can make profit quickly.

xSkylarx

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Quote from: Rupok on April 27, 2023, 05:46:10 AM

The reason beginners make mistakes is that they get too excited about anything.Their motivation to earn money is very high. But they don't know that there are many strategies to be adopted in trading.Newbies actually treat trading like gambling, they think they can make more profit with less investment. They don't focus on trading portfolios. Everything is just for money, not for experience.However, it is very common for beginners to make mistakes in cryptocurrency. At first we also made many mistakes, but later we learned and gained experience.

One also of the common mistake was they are hastily learn trading like in just one night and will jump to trading immediately without any strategy. They are very greedy to gain profit immediately and not knowing the fundamentals of it that is why others a losing a lot and will then quit as they cant take it that they are losing. That is why patience and be knowledgeable on something so that you'll be successful

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Quote from: danherbias07 on April 25, 2023, 06:06:34 AM

Combining them all means we need deep research before jumping the gun. IMO, planning is one of the most important parts when you are trading, you cannot be arrogant just because you have enough money in your pockets and you can cover all the losses by using it. Planning everything will have an important role especially if you are following it in a disciplined way.
I am not a big trader and I only do manual trades by reading the historic movements of the coin I prefer but it had never gone to me to be greedy and not follow the road that I had already written. Once I see profit at the aimed timeline, I take it, with no doubts, and no regrets in the end. Get over it and find a new one.

That is true, just spending the money you have to cover the losses is not a good way of neither starting or the rest. It is better to make sure that you make as little mistakes as you can and you could spend a lot less per trade if you are unsure about it as well.

I personally do not put that much into crypto at this moment when trading, my trades are less than 100 bucks which is fine for me, and I aim at making 3-5% profit each time as well. That may look like a very little amount, but when you are trading dozens of pairs and you can make that per day, suddenly it becomes a lot more bigger. Imagine being able to make 5% profit per day, that would be insane return right? I am not doing that of course, but I aim at that, because 5% profit per bet is more likely than 100% at least.

Topic: Beginner mistakes and how to avoid them - page 2. (Read 500 times)