Topic: Common Errors of Trading - page 2. (Read 2289 times)
I sort of agree with some of the comments I've seen already that certain months may be less advisable to trade than others but if I one was to be particular about it then I would say there is no strong evidence that such months are September for example. I think it rather varies with time and people's perceptions at that time.
At present, both boys and girls are very interested in training. There are many people who have done a lot of good income from training and many boys and girls have started training but they have a common mistake, which is why they started trading without knowing anything about trading. Although they do not have the right idea about how to open trade, they are attracted to it, so I would say first to learn training and then start training. The most common mistake of training is that, emotions can not control emoticons, so first you learn to control emotions and see if this small mistake will not make a big mistake.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
In addition to your point; leaving the market for a time is a common error as well. One needs to stick to the market, be aware of any movement and expect the unexpected.
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
I don't think using stop loss is not a mistake. if we are too excited at stop loss, then it will actually hinder our way of trading, at least we also have to know how to manage assets. before starting trading, the first thing to focus on is asset management
in my opinion, it is a very natural thing to do for new traders or traders who do not understand how to trade properly and correctly, but I also found that some people who have long been trading are still greedy and still often unable to control their emotions so they get a loss or get stuck at a very expensive price because this case, trading must be patient and not too greedy.
most of the mistakes in trading are always panic with the decline in prices in the market, so what you have to prioritize in trading is that you always patiently wait until the market returns so you can get good profits later
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
I think the 6th point is the most common mistake in trading activities, that is too emotional about trading. because in my opinion the most important trading activity is self-control which must be a benchmark because emotional attitudes will lead us to the wrong mindset. Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
I would also like to add some more mistakes of crypto traders.Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
1. A very common mistake of newbie traders is that they look at the price of the coin while buying instead of market capitalization.
2. The traders do not consider the amount of time required to be spent in this market. You constantly need to keep track of the market.
3. Many traders lose control on their emotions. They always buy at the point when it has reached a top and sell it when it is at the lowest point which is the reason they always suffer losses.
FOMO (Fear Of Missing Out) should be in this list, too. For newcomers, FOMO means that you chase a certain currency when it starts pumping. The thing is that all whales and professional traders are already in the game, so when newbies buy skyrocketing coin, 99% that it will start falling immediately. Don’t try to chase lost opportunities. Better, learn and predict further pumps. Also, as for greed, it really may be useful. As the silver rule: «Be afraid when other traders are greedy and be greedy when other are afraid». This works.
In my opinion, mistakes will occur and trade will be won, the most important thing is that we continue to learn and develop to be better than the last trade we made. The desire to get back everything lost in one trader makes a wrong trading decision.
Trading against the trend is very dangerous and unjustified, I think the main problem of the trader is greed, it is always worth taking into account the risk management, it is much safer to withdraw from the transaction on risk and look for new entry points
It varies on the strategy that traders make. Going against bearish trend like selling through that trend could still be reasonable like they need an immediate refund of their buys due to some emergency or personal reasons. Can't blame those. It is not a greed and I know you aren't directly pointing greed at that. Panic is a different thing to talk about though since it is an emotional phenomenon in traders.However, for those who may always want to add some certain emotions once in a while even with their strategy, rather than sticking with no matter what, they tend to grow over it after a while as they gain more confidence and learn from their errors.
I just made one mistake, I was too rushed when made a buy order, and then it was not stop going down
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
Also to this list I would add:Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
1. Not to diversify investments;
2. Do not follow the principles of money management;
3. Open long positions on asset which already has grown up;
4. Buying cryptocurrency according to rumors.
Opening long positions on market that has grown up is more like you instigating that FOMO is usually the best thing to do. I do not even need to go further as I just want to assume that at this point, you are just trying to be sarcastic.
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
People do engage in trading fields don't have a plan(I'm for sure) cause only in their mind is to have a quick profit returns which is not really works all the time due to market price fluctuations. Common error to avoid when you day trade, I modified some to reflect my own opinion.
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
But some also have a plan but they never stick into it cause they might be controlled by their emotions and causes losses in the end.
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
Lots of crypto trading exchanges these days has the stop loss but I’m surprise that some people don’t make use of it, and when they lose they start looking for who to blame most especially they start blaming the exchanges and calling them scam lol. This is a kind of business that involves big risk and you will always see the warning on every exchange you visit. This is a good topic and thanks to the op for bringing it up. I just hope that people get to learn from it. Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
General Mistake in Trade is from ourselves, we all never trade in September, it will suffer losses if trading this month, it is a common mistake, if you want to trade you have to wait in October.
Thnx, good info. It's really important to keep track of all trades, journal, analyze and learn from it in order to stop doing the same mistakes over and over again.
Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
Also to this list I would add:Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
1. Not to diversify investments;
2. Do not follow the principles of money management;
3. Open long positions on asset which already has grown up;
4. Buying cryptocurrency according to rumors.
Can't agree with your point 4. The price is growing on rumours I would say. There is a saying like buy on rumors and sell on fact. This is not my own invention:) however, it works:)
I think that when you are mentally able to stick to point 4, there will not be any problem with points 5 and 6:)
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
This is true, might be the most dangerous trading mentality. Happened to me
a couple of times.
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