Topic: Common Errors of Trading - page 4. (Read 2285 times)
Good advice. I myself am committed to drawing up a plan before buying / selling. Therefore, I always recommend that everyone start with this. It is also necessary to work with your emotions, that would not succumb to FOMO. And in general, to become a successful trader, you need to be sufficiently restrained and organized (of course, these qualities are additions to education and experience).
the most widely done is in positions number 5 and 6, although from number 1-6 indeed all experience this error these mistakes are indeed for us to avoid because we are directly involved in bitcoin so automatically these things will continue to be encountered, but when we know something wrong, we can anticipate it.
The 6 points that are mostly done by traders are generally common almost all and difficult to avoid, the most difficult things are numbers 5 and 6, sometimes when prices go down sometimes we cannot be patient and panic what we have all we sell for fear of continuing prices fall and fear loss.
There are many common mistakes traders make, especially newbies and amateurs,
Entering unprepared, some fail at demo trading, but still choose to go live.
Starting off big, as a newbie you should start with as little capital as possible, tbis allows you learn without the pressure of huge losses.
Not getting emotional.
And never make excuses, ever.
Entering unprepared, some fail at demo trading, but still choose to go live.
Starting off big, as a newbie you should start with as little capital as possible, tbis allows you learn without the pressure of huge losses.
Not getting emotional.
And never make excuses, ever.
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
Above all the information above, its #4 that says it all. If you stick to the original plan, there will be no greed, no emotional about trading, there willbe plans in entry and exit, stops will be applied and no revenge trading. If you set a plan, work on it and stick to it like your life depends on it or else you will go home with an empty pocket. 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 have quite a number of friends that trade with emotions and I tell them to let it go.
Fear of missing out or seeing a token pump the more after they might have sold.
What goes up will definitely come down...
Just chill and tate your emotions out
Fear of missing out or seeing a token pump the more after they might have sold.
What goes up will definitely come down...
Just chill and tate your emotions out
The most common one made by people is the rushing into a pump or bull run. If you see something at 100 and it goes to 150 than don't go into it at 150 because its going up, just because it went from 100 to 150 doesn't mean it will go to 200-250, it can but it doesn't have to, it can go back down to 100 from 150, even go further down to 70 or something, there are pump and dumbs which causes you to lose money when you are too late to get into and there are short quick bull runs that will make sure you lose money if you are too late to get in or did not got in during the dip prices. So when you see something going up, don't overreact and get a lot of that coin right away.
Thats me,i never use Stop in trading ,because I always expect the recovery instantly
Another one is not having a plan,or the only plan i have is to Gain and nothing at all
Third is being Emotional in trading,i took it seriously and feels like end of the world when in loss,so instead of focusing to the next step it turns our to greedily attitude of want to gain back
Thanks for this you got a good looks about the problem many of us struggels,and hopefully this will give all of us a direction when it comes to trading
Another one is not having a plan,or the only plan i have is to Gain and nothing at all
Third is being Emotional in trading,i took it seriously and feels like end of the world when in loss,so instead of focusing to the next step it turns our to greedily attitude of want to gain back
Thanks for this you got a good looks about the problem many of us struggels,and hopefully this will give all of us a direction when it comes to trading
The biggest problem is the emotion control by the new traders. And then, as a result, they buy on high and sell on low, and loose everything and leave the market.
The hardest of all in all that list is this: sticking to your plan. Traders spend a lot of time designing their strategies. Poring over charts and trying out analysis, reading and trying to make some plan. The temptation isn't just in the heat of the moment. It isn't just about revenge trading or keeping to stop losses and deposits. It's to look at others and say wow that guy's strategy is doing well, maybe I should change to his.
So traders never give their strategies a chance, they change it as soon as they're not doing well. This to me, is the worse.
So traders never give their strategies a chance, they change it as soon as they're not doing well. This to me, is the worse.
Trust your TA's bud
if Failed, better learn from it, it means a better room for improvement is coming
as much as possible don't look for others TA as the improvement must be coming from ourselves
One thing to add up for the common errors is the ability to familiarized the trading platform you're using
a simple trailing stop feature will help you and rekt you if you don't know what it means
The hardest of all in all that list is this: sticking to your plan. Traders spend a lot of time designing their strategies. Poring over charts and trying out analysis, reading and trying to make some plan. The temptation isn't just in the heat of the moment. It isn't just about revenge trading or keeping to stop losses and deposits. It's to look at others and say wow that guy's strategy is doing well, maybe I should change to his.
So traders never give their strategies a chance, they change it as soon as they're not doing well. This to me, is the worse.
So traders never give their strategies a chance, they change it as soon as they're not doing well. This to me, is the worse.
I think the mistake that often happens is that they are too easy to be affected by bad news so it is very difficult to get a profit. to be a good trader should be able to control the patience that you have to get profits,
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 appreciate this article. I have been losing money recently and this article shows that I made two mistakes. I worked without plans and did not know how to place orders against losses. It seems like I have to focus on analyzing again and applying new methods to get a profit in my portfolio. thanks you. 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
Exactly, that's the main problem for traders.
I always have problems controlling my emotions so that everything becomes different in direction with the plans that I have made beforehand, especially when I have benefited but always feel lacking and desperate to take greater risks and lead to losses.
I always have problems controlling my emotions so that everything becomes different in direction with the plans that I have made beforehand, especially when I have benefited but always feel lacking and desperate to take greater risks and lead to losses.
5.number belong to me. Not always, but in the last 3 months I've lost some money, and even I haven't earned any money. The situation of market has more role in my loss, but I still see mistake myself.
These are mistakes we make and it usually costs us a lot in our trading careers and we need to devise a means to avoid those trading errors. This is a very good article and I gained a lot from it
In trading many people do many mistakes and if the market is not good then make a stop and wait for the right time and if we have many coins then market analysis is best way to make money. And many of the trading errors include trade without market history causes.
The idea normally after learning some basics needed is to learn a little bit from our mistakes it at the same time, these common errors can be averted if people actually ended up learning properly before embarking on the trade journey. That number 3 is actually the foundation of mistakes for a lot of traders who refused to learn and usually without strategy, there can be no plan and without knowledge there can be no strategy which makes losing become inevitable for traders in such space. 
In trading many people do many mistakes and if the market is not good then make a stop and wait for the right time and if we have many coins then market analysis is best way to make money. And many of the trading errors include trade without market history causes.
1. time problem
It could be done on your target price
mostly doing it via your TA's
2. wrong buying time
3. wrong selling time
3. wrong selling time
Setting entry points and exit points, if you got confirmations its a best time for me
4. not consistent with prices
Not sure what this means, prices are normally inconsistent
5. do not have a target
same at numbers 2 & 3, set also your stop limits
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
Yes almost all the points you mentioned were common mistakes made by the trades even if they are experienced enough.But they also have to learn themselves to avoid these mistakes to make more profits,most important thing is not having a strategy or plan will leads to other errors.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've violated most of those rules being a noob at trading. I just simply follow the buy low and sell high technique. I know I have to step up my trading and have a plan. What plan can you suggest for newbies in trading?
You need to have strategy, you need to have plan, you need to make good preparation, better prepared you are less mistakes you can make, and even if you make some you need to be ready for them and to have a solution in case something goes wrong.
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