Common Errors of Trading - page 6. | Bitcointalksearch.org

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legendary

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Quote from: iv4n on August 05, 2018, 04:17:04 AM

Day trading isn`t type of work where you just repeat one same things over and over again, it`s hard to sell on top and buy on bottom every time

The focus with day trading isn't to sell the top and buy the bottom. It's just to book profits within each range whenever you can. In other words, if your trade means a 1% gain, you dump. If your trade means a 2% gain, you dump. Wasting time waiting for the price to go up in most cases means that your potential 1-2% gains could easily vanish in a market like this. I rather secure a 1-2% gain than sucking on a loss.

Quote from: iv4n on August 05, 2018, 04:17:04 AM

Being positive, practicing, finding what suits you and take it to another level is what everyone should do. There are things that can hurt us in trading, financially I mean, but that is trading we can`t win all the time, so positive attitude is necessary for all traders and wanna be traders.

Being positive is meaningless, just as much as practicing is meaningless when it comes to trading. People are emotional roller coasters when money is exposed to a crazy volatile asset class. They shouldn't trade. It's not for nothing that bots have taken over the market in the last few years.

LadyNymeria

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Quote from: Findingnemo on August 07, 2018, 08:52:03 AM

Quote from: oriontab on August 03, 2018, 02:49:24 PM

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.

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?

Findingnemo

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Bitcoin = Financial freedom

Quote from: oriontab on August 03, 2018, 02:49:24 PM

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.

freaksee24

newbie

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Quote from: oriontab on August 03, 2018, 02:49:24 PM

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

The 4th point is tricky to obey when extremely good or bad emotions come into play.

oriontab

jr. member

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Merit: 3

Quote from: Pursuer on August 04, 2018, 05:47:03 AM

#3 and #4 are the most serious ones that I have been seeing these days specially among newcomers. the result of which is becoming a bag holder. most of them are not trading in truth. they are throwing their money away just because someone random on the internet told them to buy something that can give them profit. then lack of plan means they have no idea what to do. they end up bag holding lots of useless tokens in hopes of a profit that never comes.

I had my fair share of those in my earlier days, it helps to stick to a plan so as to avoid jumping from one failure to another. Thanks for the gift

juperos

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Quote from: oriontab on August 03, 2018, 02:49:24 PM

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

That's really what new traders and veteran traders do. The fourth thing is that most traders suffer the most.
They set up a two-year holding plan, but after the market fell, they decided to sell them and thought their thinking was wrong. That is a terrible thing to happen and I highly appreciate this article.

StephenieDuong

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—RUSHMOON — Automatic LP & Yield Farm & AMM on BSC

I think these errors can lead traders to many other errors. For example, if you use stop-loss, then whales will push the price throw stop-loss price to get yours coins. You can check the charts, lots of long candle come out with low volumn.

entrepmind23

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Quote from: oriontab on August 03, 2018, 02:49:24 PM

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.

There are times when you bought a coin and then sell too early that's why you bought again when it already has a high price so you end up sometimes holding the coin because it already went down when you bought. You should have been in profit if you just let it go.

Quote from: oriontab on August 03, 2018, 02:49:24 PM

2. Never using a Stop

This is the most common mistakes of traders especially in bear market when the price just continue to go down until such time the value already lost more than half and then you will think of selling it then. If you have a stop when you just lost 10% then it should have been better.

Quote from: oriontab on August 03, 2018, 02:49:24 PM

3. Not having a plan (Risk/Entry/Exit/Stop)

One should always have a trading plan upon buying a coin. The problem is that when you get emotional, you just buy or sell a coin immediately without thinking of a target price and most likely end up at a loss being too greedy.

triciaa478

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Revenge trading is the most pitfall of most newbie traders in cryptocurrency. The desire to regain all what was lost in a single trade can force traders to make a wrong trading decision.

iv4n

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Quote from: Saichoukyushin on August 05, 2018, 04:00:07 AM

Quote from: harizen on August 03, 2018, 07:37:07 PM

Quote from: oriontab on August 03, 2018, 02:49:24 PM

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

1. No it's not a trading error. Didn't you know that trying to get back what our lost is a big challenge for us. But of course, it should be done by proper analyzation and good strategy and not just you want to chase the loss in a short period pf time. Ive always been in the situation like that and Im taking it as one of my good accomplishment if I managed to get back what is loss.

2. It depends.

3. Does people really enter trades without a plan? :0

4. Plans are meant to changed depends on the situation. It will really changed along the way. That's why it necessary to have a backup plan for different "what if" scenarios.

5. This is what Im agree especially in an altcoins. This happened a lot of times now. At most of the cases,when alts experience a tremendous 100%+ increase people still hesitant to sold some. Instead they are buying during that crazy pump without realizing that in a blink of eye, there is chances of sudden fall. And what happened next is rest of history........

6. It's normal. Who doesn't feel emotion when doing trade? What matters here is, we can still think properly and cope with our strategy even how stressed trading is. If not, then that's another story and I suggest to stop trading now.

Instead of making my own opinion i have the same idea to this reply while im not totally doing it all the times.

Every trader has a different style of trading and this numbers doesn't mean its an error
1. Revenge trading is normal

3. Have no plans when trading.

4. No plans

5. Greed is good (if it was use properly)

6. Normal as well.

In though times there you need to take its positive side.

Day trading isn`t type of work where you just repeat one same things over and over again, it`s hard to sell on top and buy on bottom every time, the way how you come to the point to sell or buy is making a lot of difference in everyday choices. You need to have some style, each of us, but being positive is helping all of us, without we are doomed. Being positive, practicing, finding what suits you and take it to another level is what everyone should do. There are things that can hurt us in trading, financially I mean, but that is trading we can`t win all the time, so positive attitude is necessary for all traders and wanna be traders.

Saichoukyushin

sr. member

Activity: 770

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Quote from: harizen on August 03, 2018, 07:37:07 PM

Quote from: oriontab on August 03, 2018, 02:49:24 PM

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

1. No it's not a trading error. Didn't you know that trying to get back what our lost is a big challenge for us. But of course, it should be done by proper analyzation and good strategy and not just you want to chase the loss in a short period pf time. Ive always been in the situation like that and Im taking it as one of my good accomplishment if I managed to get back what is loss.

2. It depends.

3. Does people really enter trades without a plan? :0

4. Plans are meant to changed depends on the situation. It will really changed along the way. That's why it necessary to have a backup plan for different "what if" scenarios.

5. This is what Im agree especially in an altcoins. This happened a lot of times now. At most of the cases,when alts experience a tremendous 100%+ increase people still hesitant to sold some. Instead they are buying during that crazy pump without realizing that in a blink of eye, there is chances of sudden fall. And what happened next is rest of history........

6. It's normal. Who doesn't feel emotion when doing trade? What matters here is, we can still think properly and cope with our strategy even how stressed trading is. If not, then that's another story and I suggest to stop trading now.

Instead of making my own opinion i have the same idea to this reply while im not totally doing it all the times.

Every trader has a different style of trading and this numbers doesn't mean its an error
1. Revenge trading is normal

3. Have no plans when trading.

4. No plans

5. Greed is good (if it was use properly)

6. Normal as well.

In though times there you need to take its positive side.

el kaka22

legendary

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www.Crypto.Games: Multiple coins, multiple games

Quote from: oriontab on August 03, 2018, 02:49:24 PM

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.

I am afraid I have done this one one with waves, when it fell I kept buying more and more and more and now I am left with very little amount. I have followed all the bad things here I have not also used a stop and I have not created a plan for it (although I had a plan for when it went up but I did not had a plan for when it dropped) and of course I couldn't follow a plan that I did not had, I wasn't greedy.

I was just trying to make a decent return but I also liked waves itself and not just got in for money reasons, which comes to the last one, I was emotional about the coin because I supported it, I was basically a "shill" of waves because I really liked the coin itself and didn't consider it as a "trade" but more like investment.

Cryptokarl

newbie

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These are really helpful tips as to how to trade profitably and favourably in my own words. Trading with emotions are one of the worst things that can happen to any trader. Been greedy can kill your trades most times as greed makes you quest for more and you lose your strategy.

BTCeminjas

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Proper trading habits are what leads to long-term success in the market, whereas mostly focusing on ‘profits and rewards’ will cause you to lose your focus on proper trading and ultimately will result in you losing money. Like most software, errors detected are expressed in numerical codes.Such frequent trading and shorter holding periods can result in mistakes that can wipe out a new trader's investing capital quickly.

Zct2002

newbie

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Quote from: oriontab on August 03, 2018, 02:49:24 PM

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)

I don't have a plan at all, is it needed? I have only exit plan.

Quote

5. Greed — risking too much/not taking profit

This is what i am very guilty. Instead of taking profit i ended up losing some. We should not always be greedy.

vintages

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Nice one OP, I am totally gultiy of number one and four as well, what can I say, I'm a human after all. It is always easy to list out the do's and dont's of a perfect trading but it's easier said than done. Though, we still need to strive to be good at it. As a trader revenge trading it's most time inevitable and the worst part of it all is that most traders do it without even knowing that they are doing it.

Flor1982

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Quote from: oriontab on August 03, 2018, 02:49:24 PM

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

These are all applicable indeed and i listed it so that i could use these in case if i will join to become day traders someday but for now i prefer long term because day trading will need to spend a lot of time for these given suggestions to be follow. Anyway gratitude for this share because it will help a lot specially to those who wants to become day traders.

richcorner100

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https://exip.live/

Number 2 and 5 that i did it many times, and that my big mistake made me loss alot of money. And lesson learned , now i have more experienced in crypto trading. I will never do the same mistake again. I was make better trading plan and hopefully i can make consistent profit.

oriontab

jr. member

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Quote from: darkangel11 on August 03, 2018, 03:40:12 PM

Haha I do the last one so often. After many years I've started to treat BTC like something familiar. Like that picture you have on your desk that you never want to get rid of. That's why I always trade only a small portion of my coins and hold the rest. I doubt that I will ever sell 100%, even if it goes to 100k USD one day.
Of course the points are good and important to remember.

the analogy if an old picture kind of nails how older hands treat bitcoins. Thanks a lot for the gift

Pursuer

legendary

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Where is my ring of blades...

#3 and #4 are the most serious ones that I have been seeing these days specially among newcomers. the result of which is becoming a bag holder. most of them are not trading in truth. they are throwing their money away just because someone random on the internet told them to buy something that can give them profit. then lack of plan means they have no idea what to do. they end up bag holding lots of useless tokens in hopes of a profit that never comes.

Topic: Common Errors of Trading - page 6. (Read 2285 times)