Greediness and not having patience to take things easy are one of the problems in that has been a serious challenge for some traders. For one to be successful in trading it is important for one to understand that greediness and not having patience are the set backs that can make a trader to loss all what he/she has been building for sometime. Traders should learn to be satisfied with little profit.
From my own personal experience while trading cryptocurrencies, I had a tough time in dealing with greediness, I had experienced situations where an already profitable trade turned loss due to my inability of being disciplined and take profit appropriately even knowing that price of cryptos is very volatile, however with some little research using a technical indicator known as Bollinger Band and RSI, I had been very careful now while taking my profits irrespective of how small or huge once the price moved out of the Bollinger Band both upper and lower for long and short trades.
Topic: Few Tips I learnt from trading that blew my account. - page 2. (Read 584 times)
There is always a next opportunity. This should be the watch word of a successful trader. Every candle stick is an opportunity. Every dip is an opportunity, every bull is an opportunity.
The FOMO is a very dangerous. It has made many coins dump on me and tidy I would have made x500 of the coins assuming they didn't dump on me. When you hit your daily target, exit and what for another opportunity. There must be another opportunity.
However there is a caveat, every single movement in the markets big or small is an opportunity but only if you have the knowledge and the money to exploit it.The FOMO is a very dangerous. It has made many coins dump on me and tidy I would have made x500 of the coins assuming they didn't dump on me. When you hit your daily target, exit and what for another opportunity. There must be another opportunity.
If you do not have one of those key components then there is nothing you can do to profit from the markets, as without money you cannot trade and without the knowledge you cannot know the most likely outcome which may come to happen next in those same markets, so it is important to always keep this in mind, especially since newbies have the tendency to trade the markets without any knowledge about them and that is why they lose so often and their losses are so massive as well.
In this market, we need a money to buy coins to trade, everyone knows this already but not all have the right knowledge to trade, this is what makes them a failure. What is worst is that they also use bigger amount of money to trade. They acted like they are not a newbie in this market.
There is always a next opportunity. This should be the watch word of a successful trader. Every candle stick is an opportunity. Every dip is an opportunity, every bull is an opportunity.
The FOMO is a very dangerous. It has made many coins dump on me and tidy I would have made x500 of the coins assuming they didn't dump on me. When you hit your daily target, exit and what for another opportunity. There must be another opportunity.
However there is a caveat, every single movement in the markets big or small is an opportunity but only if you have the knowledge and the money to exploit it.The FOMO is a very dangerous. It has made many coins dump on me and tidy I would have made x500 of the coins assuming they didn't dump on me. When you hit your daily target, exit and what for another opportunity. There must be another opportunity.
If you do not have one of those key components then there is nothing you can do to profit from the markets, as without money you cannot trade and without the knowledge you cannot know the most likely outcome which may come to happen next in those same markets, so it is important to always keep this in mind, especially since newbies have the tendency to trade the markets without any knowledge about them and that is why they lose so often and their losses are so massive as well.
(.....)
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)
I believe this is the common problem of traders that are starting, even me before I can admit this. The feeling of like you FOMOd and you insist on finding a good entry even you already know that it's already too late.[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)
Not all the times you can open a trade, whether it's a short or long position.
Always remember that there are millions of opportunities ahead, capital preservation is the key.
The FOMO is a very dangerous. It has made many coins dump on me and tidy I would have made x500 of the coins assuming they didn't dump on me. When you hit your daily target, exit and what for another opportunity. There must be another opportunity.
just because they do aim for something more which shouldnt really be done with this market where volatility is really high.You could earn big and also miss or lose big depending on your said position.
It could really totally blow up your account if you dont manage it well.All factors needed for trading should really be considered so that you would able to sustain yourself on long term durations.
(.....)
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)
I believe this is the common problem of traders that are starting, even me before I can admit this. The feeling of like you FOMOd and you insist on finding a good entry even you already know that it's already too late.[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)
Not all the times you can open a trade, whether it's a short or long position.
Always remember that there are millions of opportunities ahead, capital preservation is the key.
The FOMO is a very dangerous. It has made many coins dump on me and tidy I would have made x500 of the coins assuming they didn't dump on me. When you hit your daily target, exit and what for another opportunity. There must be another opportunity.
They are good tips especially this kind of tips weren't teach in the courses or books since they are tips from actual experience of the trader and can only be experience through actual trades. You blew your account and you learned your lesson, I hope this lesson was enough not to repeat the same mistake. I would like to add the leverage but I think it fits in the 5 which is the greed part.
That would be easy to tell, but definitely hard to do it and perform. I guess no matter how often we end up doing mistakes and commit losses, we still fall doing the same mistakes again because we tend to become emotional most of the time. But that is part of our training in trading, learning it the hard way. But if we still end up making frequent losses at the end of the day, maybe we should start to think if trading is really our passion.I'm going to follow you with your statement. It's true that emotion makes us suffer from doing the same mistake over and over.
If we don't allocate extended time to learn, the chance to repeat is very possible,
learning things the hard way will strengthen our understanding. It's a must that each traders needs to have.
Look always from different angles before taking your position, from one mistake to another. Make sure that
you already adjust and trying to improve your strategy.
improve your emotions from both greed and fear while you are inside the market.
It will help you in succeeding from each goal you have during your trades.
I think the reason why most retail crypto traders fail is either investing in low cap alt coins or using high leverage.
We all heard what happened with Doge and Shiba, so people are buying any low cap alt coins thinking they will score a 100x and instead they get rugged.
Or they use 100x leverage or even 20x leverage trading perps and they get liquidated whenever there is a decent sized move.
Correct, however if we look a little bit deeper we can see that both of those scenarios are caused by unrealistic expectations, basically people come to this market thinking they are going to make a fortune and once they try to put into practice the strategy they have selected to reach their goals, whether this is investing in high risk altcoins or using leverage, they realize their mistake and see how their capital disappears from their account, this could be avoided by actually learning how difficult it is to produce the profits they want, but very few people stop to consider how realistic their plans really are. We all heard what happened with Doge and Shiba, so people are buying any low cap alt coins thinking they will score a 100x and instead they get rugged.
Or they use 100x leverage or even 20x leverage trading perps and they get liquidated whenever there is a decent sized move.
These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
There are always new opportunities everytime in the market. Patience for a new signal is always the best for successful trades.[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
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[2]. Always be patient with your trading set ups:
Sometime it takes you up to a week or more for a trading set ups to get complete before executing a trade.
Secondly, sometimes it's good to wait for your stop lose and take profits to get triggered and don't close them yourself out of fear.
If the analysis is right hold on to your trades. Most times retracement can be very deceptive. But this is only applicable to trading account with good funds not a $100 accountSometime it takes you up to a week or more for a trading set ups to get complete before executing a trade.
Secondly, sometimes it's good to wait for your stop lose and take profits to get triggered and don't close them yourself out of fear.
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[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
We don't predict the market we analyze. And for analysis it takes more than one confirmation to establish a trade decision.This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
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[4].Don't outsmart the market :
market does whatever thing it wants to do, so don't be too smart wait for confirmation.
Knowing when to use a particular trading type will best suit this. Different market condition have different trading pattern. Knowing which to use at every point in time saves your trademarket does whatever thing it wants to do, so don't be too smart wait for confirmation.
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[5]. Don't be greedy:The master of it all.
Greediness can reap you off all your profits already gained from the market when you're trying to gain it all. Be comtempted with the profit you've got and have plans for profits taking.
This is one the biggest challenge I faced during my early time of trading and even now but it's reduced and controled.
This isn't a race yet rather discussing supportability which is something that you in all actuality do truly have to do as a broker. You would learnt up things en route since us all do
begin on being a noob so having these sort of acknowledge in our way typical. Regardless of whether there's no pattern you can in any case do exchanging, its about the gamble and on the off chance that you're prepared for it nobody can stop you to exchange.
begin on being a noob so having these sort of acknowledge in our way typical. Regardless of whether there's no pattern you can in any case do exchanging, its about the gamble and on the off chance that you're prepared for it nobody can stop you to exchange.
You're certainly right mate, in trading, we shouldn't have to take it as a race of who should be the one to earn faster because believe me those traders who successfully earning good profit now they are waited for this time to come. They invested their time to learn the rules of trading, to learned from their mistakes and continue dreaming and taking action on how to perfectly trade without losing a lot. Like we always heard from a saying there's always a perfect timing for everything, so if your trading strategies and techniques didn't work perfectly now then time will come you will master it and you can be good at it.
These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
I think this is an important factor because most investors will continue to chase the market because they think now is the right time to enter, if we continue to chase the market then we will get a high price so that after we buy the price will drop and we regret for chasing the market and getting high price.
This isn't a race yet rather discussing supportability which is something that you in all actuality do truly have to do as a broker. You would learnt up things en route since us all do
begin on being a noob so having these sort of acknowledge in our way typical. Regardless of whether there's no pattern you can in any case do exchanging, its about the gamble and on the off chance that you're prepared for it nobody can stop you to exchange.
begin on being a noob so having these sort of acknowledge in our way typical. Regardless of whether there's no pattern you can in any case do exchanging, its about the gamble and on the off chance that you're prepared for it nobody can stop you to exchange.
Don't outsmart the market, it is most common mistake my winning traders who keep doing same things and expect same trading performance over the years. Market behavior may change, adopting a new rules can take a while while traders keep chasing losses which shouldn't happen at first place according to book. Chasing losses and fighting back market trends never bring good consequences for pro traders, better to learn from your mistakes before it is too late.
Always know your limits. The market will always be smarter than us, and we will never win over it. We need a plan and we need to stick with it and simply not chasing over our losses. Although we always become emotional because of some unexpected losses, but we will never make profits unless we never loss. So better we'll just learn from our mistakes and move on. Sometimes all we need is trial and error method so we will know which way will work.up with mistakes and its a very common scenario that do happen to everyone.Its inevitable actually but somewhat can be controlled once you do already gained that sufficient experience.
You could really blow your account easily if you dont mind on setting out risk management and other factors needed.
They are good tips especially this kind of tips weren't teach in the courses or books since they are tips from actual experience of the trader and can only be experience through actual trades. You blew your account and you learned your lesson, I hope this lesson was enough not to repeat the same mistake. I would like to add the leverage but I think it fits in the 5 which is the greed part.
That would be easy to tell, but definitely hard to do it and perform. I guess no matter how often we end up doing mistakes and commit losses, we still fall doing the same mistakes again because we tend to become emotional most of the time. But that is part of our training in trading, learning it the hard way. But if we still end up making frequent losses at the end of the day, maybe we should start to think if trading is really our passion. Don't outsmart the market, it is most common mistake my winning traders who keep doing same things and expect same trading performance over the years. Market behavior may change, adopting a new rules can take a while while traders keep chasing losses which shouldn't happen at first place according to book. Chasing losses and fighting back market trends never bring good consequences for pro traders, better to learn from your mistakes before it is too late.
Always know your limits. The market will always be smarter than us, and we will never win over it. We need a plan and we need to stick with it and simply not chasing over our losses. Although we always become emotional because of some unexpected losses, but we will never make profits unless we never loss. So better we'll just learn from our mistakes and move on. Sometimes all we need is trial and error method so we will know which way will work. 
[1].Don't Chase the market:
There is always a next opportunity in the market,
True, it's okay to failed at first, there is always a next chance for us.There is always a next opportunity in the market,
[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
Believe it or not, people trades by following the trend have achieved more profits than regular trade in most cases. Look at when Doge and Shiba went up to the moon, I have seen people in my place were getting good profit from there and stop it when they have enough, it's surprisingly a great method to earn something really big in one sitting.This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
[4].Don't outsmart the market :
market does whatever thing it wants to do, so don't be too smart wait for confirmation.
True, sometimes if you think you have enough informations to decide what to do in trading, but in the end the market does the opposite for you. It's not going to hurt if you wait patiently and wait for the right moment, chasing for bigger profit is fine but you have to do it in the right conditions. market does whatever thing it wants to do, so don't be too smart wait for confirmation.
(.....)
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)
I believe this is the common problem of traders that are starting, even me before I can admit this. The feeling of like you FOMOd and you insist on finding a good entry even you already know that it's already too late.[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)
Not all the times you can open a trade, whether it's a short or long position.
Always remember that there are millions of opportunities ahead, capital preservation is the key.
Imo, all of this has to do without a trading mindset. We all want money, but in hope of that, we undermine the risk of trading and fail to trade carefully. Our goals should be realistic and to achieve that we should have a plan and a set of trading rules beforehand.
[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
follow the trend will only be profitable if you join it at the beginning not after it declines, for example memecoin if you enter the market at the beginning it will be very profitable but when join in middle or in the last period don't expect profit otherwise only become a long holder or do a cut loss if you don't like looking at assets keep droppingThis is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
You are quite true to follow trend because you start making profit early before the market even get to the way where it starts slow move because more people have entered and some whales have pulled out but how to catch the trend is the real issue. Some meme coins only get popular around when it has already had ATH and entering such times is risky.
~snip~
Its understandable that we do really commite out mistakes because we are just newbie or doesnt have that much knowledge or skills which is understandable but on the time that you had acquire such skills and knowledge then this is where you do able to have a good grasps on the market and this would really be taking some time and you shouldnt rush up just like on what noobs do usually do.
YOu wont really be able to enhance or improve yourself if you wont really realize on things on what you should gonna need to handle out.
And at number one, it can be a turning point for us in looking for every next opportunity because whatever happens in the market will give us an opportunity to enter or stay waiting for a while.
By using analysis, we will know what we have to do. And coupled with calm analysis, we can know if the time has come for us to enter the market and buy the coin or is it better to hang on and wait some more.
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
waiting for a new opportunity to come is not easy as well as when you see an existing opportunity just disappear without having a trader take part in it, but yeah you're right don't force yourself to follow every opportunity that exists especially if you know the time is too lateThere is always a next opportunity in the market,
If you miss this opportunity wait for next one.
[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
follow the trend will only be profitable if you join it at the beginning not after it declines, for example memecoin if you enter the market at the beginning it will be very profitable but when join in middle or in the last period don't expect profit otherwise only become a long holder or do a cut loss if you don't like looking at assets keep dropping This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.
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