Topic: Common mistakes by unskilled traders - page 4. (Read 854 times)

Well I totally agree with your assumption, sometimes it is not uncommon for some of them to trade by just relying on luck, they do it by guessing, I can't help but think and of course if they trade always like that then it is no different from gambling. I'm sure it's those who really want to make a profit but don't want to put in the effort by doing some learning, maybe they do that way because they know that it's difficult to learn the world of trading, and yes I would say that they are just wasting time and money if they continue like that.

Of course skills are the most important thing in the world of trading, it's like it's your bridge to get consistent profits, although well I understand it's quite difficult to learn but there is no other way because only by learning all the lessons that are there then you will be able to get the profit you want. Basically there is no success without failure or difficulty in the process, why is it so difficult to achieve? because there is something promising that is waiting for you in the future if you make it through, so mistakes are completely normal, because mistakes will give you lessons so that you can develop more. Agree, this trading is really risky so it's only natural that learning is very difficult, so be eager to learn if you want to become one of the successful traders who earn profits consistently.

Trading is skill based, so if these unskilled traders rely on luck, they’re not actually trading but certainly gambling. And both are definitely differ with each other, except that both have their own risks.

However, mistakes are always normal in trading that even professionals still commit inevitable mistakes. But if you are in trading, you should know that mistakes will definitely lead to losses, and consistent losses will end up losing your entire trading career. That’s the reason why trading should be learned the hard way, otherwise you will never trade for profits but only consistent losses.

It's always good to have a vision about when to start and when to stop but there is an occasion where people need to do stop losses because of the unexpected things happen that was not planned before. No one knows what happen next and you must adapt with everything in the market in order to actually survive with the stuff.

It's easier to said than done. Every person has different anger level and how do they manage their own emotions, one is easier to manage but the rest is more difficult.

This one is true, even though the assets are already famous and people know it but still you have to keep researching about future update and it may affect your current performance depends on how the news goes.

I think that's the condition, when you're still newbie, you can't be dependent to yourself as you need guidance and ideas from other traders. So, coming from that part and you just need to learn as in with everything that you have to learn.

And we can't be choosers when we're still newbie but then, it's all about the possibilities and potentials that we can get by starting around. You're all on your own if you choose to and learn from your own experiences.

But you can get some greater help if you're just going to listen from the others who are also willing to share their knowledge and ideas from their experiences.

From the good explanation explained above, we will have trading experience by sharing the problem situations we face, that way we will be able to control our emotions and stick to the framework outlined at the beginning. It's not easy to master it right away, it requires gradual and repeated learning, until finally we have an intuition about candle movements, Of course it's not easy as long as we don't give up of course there will be progress

I do agree some of the points, but:

1. No matter how much you plan the "entry" and "exit" points, the market is very volatile. Hence, you might end up missing the "exit" point, or you will end up waiting for the entry point forever.  It's easier sad than done.

2. You can't remove emotions. Emotion is something very "natural". All you can do is control it.

3. Yeah, I agree with this one. There are lots of people that does  no research about the market. They don't even bother to learn anything. All they think is that they will buy low and sell high. In the end, what happens is that they make mistakes, lose their money and then start blaming the whole crypto market and the community for their losses.

I can understand that a person can be headstrong about their skills and trading methods once they have developed their own strategy which they have verified by backtesting it, however being headstrong when you are a newbie will only lead to disaster.

As newbies do not have what it takes to develop a congruent and successful strategy, so by refusing to listen to others they are denying themselves the ability to learn important lessons for free, and instead they will have to learn those very same lessons by losing their money to the markets, and there is not many people which can afford to learn this way as it is too expensive.

They think that they are better than the others and that's why they don't listen to the advice of other people that has better experience than them.

That's being unwise and that's how they are and that's totally fine. While for many of the newbies that like to listen to the advises of other traders, they're the ones that will learn more.

No offense that are like single warriors on the market, I am sure that they're also trying to learn from the others based on how long they like to stay on this market.

and when you go trading in this market, strategies and other learnings don't stop. it is continuous effort while you are still actively participating in this market. as we have varied projects, they have their own features and pros and cons, that make them unique in the trading market. but tips and tricks acquired throughout the years will aid you in arriving the best decision not to incur losses or at least, gain more profits.

Let’s just say patience is the best virtue in trading. Without patience, you can never timing the market when would be the best entry and the best exit in your trades. And while trading has its inevitable losses most especially for beginners, but that does not mean that we should start fearing the market, instead learn to be patient and never rush making decisions like newbies jumping into trading that they will surely regret in the future. Just trade when you’ve gained enough knowledge and skills, for you to limit your losses and maximize your profits.

Well it's true none other than that because the nature of the market is always difficult to predict and added to the fluctuating movements there, but well we have to admit and understand that this is trading, I honestly admit that trading is very difficult to learn and maybe only some people are able to pass this learning, but honestly I don't say that everyone can't, because of course it depends on themselves if they want to try hard then they will be able to go through all the processes. That's right, basically difficulties will always exist, not only in the world of trading but in all fields that you will live too, a simple example might be in our real life that there are always challenges that come as you said and it is real. Obviously, I agree that any mistakes you make while in the process are very natural, there is no success without failure, and that will be a very valuable learning for you in particular in order to be one step ahead in terms of knowledge.

Well there is a slight difference in this case, if indeed they always experience mistakes, there must be several factors that cause, between indeed they are not able to with all the conditions that are there and also between those who do not want to learn, but I know that if you really mean it then surely you will always find a way to get through it. But well if indeed you yourself feel unable then just stop, because there is no compulsion whatsoever for you to enter this field. Copytrading is indeed quite good, especially for beginners who still don't have much knowledge in this trading, if you don't want to be complicated with all the difficulties that are there but want to make a profit then maybe the simple alternative is copytrading.

A year is long for a any serious trader to adjust to any mistake. I don't think there is a trader that will quit after waiting and patiently trying for 360 days only for them to quit. Unless such trader don't have a vision, it's very easy to learn trade and map out mistakes for such period of time. In addition, trading is easy when explained too but when you do it yourself, you will feel the hard part but that is the best for any person that want to learn trading fast.


To summarize everything you wrote, trading mistakes can be adjusted by risk management. If you put risk management before everything on your trade, your mistakes will be less, the remaining mistakes that I can point out depends on how you understand trading. A serious trader will do a proper research, a trader who want to make profit will learn how to control his emotions, a real trader will make plan which is still risk management.

That is because of the unpredictable nature of the market or the cryptos. And there are lots of factors that surrounds it which can affect them. Even outside cryptos, our lives are always full of challenges and we can often commit mistakes but there is always a solution for it even not permanently. Mistakes can sometimes be a blessing in disguise because like you said it helps us to grow more as a person.

If we always experience a mistake, then maybe that thing is not for us. Sometimes it's better to just decide of quitting it, than it can cause you more harm than good. I believe that there are still lots of opportunities and we can always find one for us. There are no shortcuts but I think it's possible to rely on someone else. In trading there are copy trading and there are groups that provides signals. Sometimes they are free but just don't expect too much on them.

Their worst mistake can turn out to be following someone without any track record. When an unskilled trader sees another unskilled trader sending some filled images with so many indicators and boxes saying this is high and this is low, take your trades here - and then he takes the trades personally and loses, he also lose trust on others and lose hope in crypto. In copytrading also, it is not good to follow anybody based on their recent past performance but their overall results.

Unskilled traders often fall for a trap.  When there is a sudden increase in price, an unskilled trader may guess that a bull run has started so they actively buy coins thinking to take profit since it is just the beginning of the rally and price will increase in the coming days only to find out that they were trapped and unaware of the next reversal movement of the market.

Unskilled traders lack the knowledge and insights a seasoned trader has so it is more likely the unskilled trader to wrongly predict the possible future price movement.

1. You would really be needing to be versatile and its true that entry and exits would really differ to each other since not all would really be having on the same sentiment or analysis towards the market.This is why steps and actions would really be that different to each other and this is why outcomes and results would also differ too but doesnt matter much as long you are on positive then
this is whats most important.

2. Emotions is one of the main things that you would really be needing to control or something that will really be enhanced or would really be developed because if you do find it to be that impulsive
then pretty much sure that you are really that prone to lots of errors.

3. Make your research and act accordingly on basing up on what you have learned. Just dont make yourself getting in rush in dealing up with things because if you do have that
kind of particular mindset or treatment then errors is really taht next in line.

Take trading not to be a in a rush way which everything would really be needing sufficient time and effort for you to be able to make yourself that
a better trader.

Some persons will keep making loses because they don't care about advise people give to them because of there urge to make quick profits from the market. There are many things we need to learn from the market for us to earn good profits and if we don't learn that, that is where our problems might begin. We need to always sort for information that would help us in a long run especially reading about mistakes many professional gamblers had made in the pastand working on ourselves to be a better gambler. Beginners traders have lot of things to learn to get accustomed to the trading system.

Yes, but there is nothing wrong with improvising. One can always enter earlier and exit earlier as well or enter a bit late and also exit a bit late so that they can get their profit as well and don't miss the trade just because the price they were aiming for was missed for some reason.

That's true. A person who isn't emotionally stable shouldn't actually make any trades until they get a grip because decisions at such situations barely turn out to be good.

This is definitely one of the biggest mistakes a lot of new traders make. They don't use proper risk-management techniques and that causes them either losses or getting a part of their capital stuck in a single trade.

Yep, people often make the mistake of entering the market without ample knowledge which makes their potential go in vain, no matter how much passion one has for trading if they aren't focused on gaining knowledge, they are compromising with their trading career which isn't good.

Almost all the traders will make mistake, it is very rare that any trader will never make any mistake in trading. Sometimes in a trade, we get a emotionally involved and take decision based on our emotions which eventually result in loss.

For example some traders follow the money management principle but at sometimes they get greedy and put more money into a single trade and if that trade goes in the wrong direction they will lose money.

I usually make mistake of not putting a stop loss in my trades and thus keep holding those trades for a longer duration.

there is something you are missing, that is a community that supports each other, I have noticed for a long time that the role of the community in encouraging other traders is very large, you can get the latest information about the assets you are trading (the information you get will be unlimited), seniors or professionals in trading have a community as a forum for them to exchange information and knowledge in trading, it can even be a means to strengthen each other among fellow traders when the market is uncertain..