How to Overcome and Handle Your Mistakes in Trading? - page 3.

Renampun

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Quote from: Kez1817 on June 28, 2020, 09:36:49 AM

...

I like what you write, very true...
maybe you have read that trading without preparation such as skill and mental is just like playing gambling. before actually trading it is better to read a book, join training first and start trading with small capital, this will shape your mentality and is very important so that the decision you will make is right on target.

chip1994

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Quote from: Kez1817 on June 28, 2020, 09:36:49 AM

Mistakes is inevitable and impossible to avoid but you can use it as motivation to manage it properly especially in investing and doing trade. Most of us specially a newbie sometimes do a mistakes in the beginning and later on they are going to quit because they can't handle it properly.
How to overcome and handle your mistakes?

Trading Education- If you learn a basic of trading and develop a reliable trader skills,you will not afraid of having mistakes,instead it will be a lesson
for you to improve and to develop another trading strategy to earn profit and avoid loses.
In trading or investing,you should have an ability to convert your mistakes into learning and development in order to become a successful trader and investor in crypto space.

Before trading, I had 3 big courses to learn about important indicators and the highest probability of winning. I have learned and understood it well but when I practice it is not like that. When the opportunity came, I hesitated again and when the opportunity was gone I regretted it. It seems that knowledge will not help us too much unless we have prepared a losing mentality. I always fear when opening an order, how do I fix it now?

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Quote from: Savemore on July 13, 2020, 08:05:39 AM

Quote from: South Park on July 11, 2020, 01:58:47 PM

Quote from: davinchi on July 05, 2020, 01:54:59 PM

People are not afraid of losing and that is the scariest thing to me. You should be afraid of losing, you should not get into a trading with "I am going to make so much money!!" type of mindset, you should go into it with "what if I end up losing a lot of money?" mindset. That would allow you to be protected against horrible loss and you would always be careful.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

Those that succeed at trading are the ones that take a defensive approach to it, many people began their trading career thinking about all the profits they can make and they lose all their money in less than a year, in my opinion someone that is able to trade the markets for months and only lose a small amount of his capital has way better chances of eventually becoming a good trader since it is obvious this person should have learned the correct usage of different tactics like money management and stop loss orders, after that the only thing such a person needs to do is to wait for the market to go up significantly and get some easy profits.

A good trader have a mindset like this "I trade to win and not to avoid losses". There are traders who doesn't want to lose and that is why they are not also winning. We should accept that losses are inevitable and it is part of the process of success. If we avoid to not lose, we will not learn because there are a lot of lessons that we can get if we lose in trading. I do not say that it is better to lose, I just want to clarify that losses is also a good thing for us.

Losses are inevitable and even exceptional traders will lose from time to time but that is not my point, my point is that people are too reckless when they trade because they are only thinking about winning and they do not think at all about the possibility of losing, if instead you accept this possibility and you are able to limit your losses to reasonable amounts then it is just a matter of time until the market circumstances change and now you have the opportunity to make money in the markets.

darewaller

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I think most of these mistakes can be avoided if you take your time to learn from other people’s experience. Come to think of it, no matter the experience you have in trading cryptocurrency, someone else must have had that same experience, so it’s really important that you take your time and learn from those people that have been here before you and with their experience you can learn and avoid those mistakes they have made.

You don’t have to wait until you make the same mistake before you take correction. If you fail to correct yourself from not repeating same mistakes again and again then you may not be a suitable person to continue in trading. This is something like a bitter fact but we need to realize this and must move on so that we could save our capital from future losses.

divina marine

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Risk management is the way to handle your mistakes. Overall, plan your trades. Planning is crucial on which execution is based. Thus effective planning can work for yo to handle mistakes.

lixer

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I believe there are some periods in trading where you have to make a loss, not just because it is good for you, but because it is trading and there is no world where you just make a profit 100% of the time without ever losing, even the greatest traders in history has made some losses in their time, so that means everyone has to lose one way or another.

Look Warren Buffet bought berkshire hathaway and that company lost, and by god lost so much that he had to buy it all out and that company is now his investment company instead, he owned up to his own mistake and made everyone who lost money on that company whole again (and by a huge margin). So, just realize that you will eventually make a mistake, or already did, that is just how the life works and that is why trading is not a sure fire thing.

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Quote from: Savemore on July 13, 2020, 08:05:39 AM

A good trader have a mindset like this "I trade to win and not to avoid losses". There are traders who doesn't want to lose and that is why they are not also winning. We should accept that losses are inevitable and it is part of the process of success.

Yes, accepting losses must be one of the effective way to handle your mistakes in trading. Because, you are not wasting your time by worrying on your mistakes but you are finding opportunity to learn something out of your mistakes that will definitely help you to grow in your trading at least in skills wise. Whenever you are developing your skills required for your trading then definitely you will start minimizing the number of occurrence of mistakes.

Quote from: Savemore on July 13, 2020, 08:05:39 AM

If we avoid to not lose, we will not learn because there are a lot of lessons that we can get if we lose in trading. I do not say that it is better to lose, I just want to clarify that losses is also a good thing for us.

I agree. We should not be afraid about losing; because only when we are taking the risk to trade regardless of profits or losses, we can learn something which will be definitely helping in some other occasion where market will be more wild in terms of fluctuations. Yes, all the traders who are more focused on not to lose may not learn new techniques of trading. They will trade as per their usual formula which may not help all the times.

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Quote from: South Park on July 11, 2020, 01:58:47 PM

Quote from: davinchi on July 05, 2020, 01:54:59 PM

People are not afraid of losing and that is the scariest thing to me. You should be afraid of losing, you should not get into a trading with "I am going to make so much money!!" type of mindset, you should go into it with "what if I end up losing a lot of money?" mindset. That would allow you to be protected against horrible loss and you would always be careful.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

Those that succeed at trading are the ones that take a defensive approach to it, many people began their trading career thinking about all the profits they can make and they lose all their money in less than a year, in my opinion someone that is able to trade the markets for months and only lose a small amount of his capital has way better chances of eventually becoming a good trader since it is obvious this person should have learned the correct usage of different tactics like money management and stop loss orders, after that the only thing such a person needs to do is to wait for the market to go up significantly and get some easy profits.

A good trader have a mindset like this "I trade to win and not to avoid losses". There are traders who doesn't want to lose and that is why they are not also winning. We should accept that losses are inevitable and it is part of the process of success. If we avoid to not lose, we will not learn because there are a lot of lessons that we can get if we lose in trading. I do not say that it is better to lose, I just want to clarify that losses is also a good thing for us.

South Park

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Quote from: davinchi on July 05, 2020, 01:54:59 PM

People are not afraid of losing and that is the scariest thing to me. You should be afraid of losing, you should not get into a trading with "I am going to make so much money!!" type of mindset, you should go into it with "what if I end up losing a lot of money?" mindset. That would allow you to be protected against horrible loss and you would always be careful.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

Those that succeed at trading are the ones that take a defensive approach to it, many people began their trading career thinking about all the profits they can make and they lose all their money in less than a year, in my opinion someone that is able to trade the markets for months and only lose a small amount of his capital has way better chances of eventually becoming a good trader since it is obvious this person should have learned the correct usage of different tactics like money management and stop loss orders, after that the only thing such a person needs to do is to wait for the market to go up significantly and get some easy profits.

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^ I would say taking a note. Because if you take note of your trading, you would have a notebook filled with all of your trades, where did you get in, where did you get out, which coin, at what time, how was the situation like, why did you get in, why did you get out.

Basically, if you write all of this down for each trade, you would have a huge spreadsheet of your trades that tells you your wrongs and rights. This is exactly the way to see when you do a mistake, what was going through your mind when you bought it, this means you will learn from it and not do it again. Or works vice versa as well, you would see what has worked for you so far and you would say "hmm I have done this before, I should try to do it again" and chase that profit once again. It has always helped me out a lot.

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The wise thing to do in order to be successful in trading is to start with a small amount of capital. If the market goes down the loss will be less. There are many traders who invest more capital in greed to make more profit later in case they lose everything and cannot survive in the market for long. Therefore, to correct your mistake you should try to analyze the trading course or trading charts. You can understand the difference between the signals through trading charts.

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Before looking for profits, everyone should have strategies to minimize there losses. Most of the traders never use features like stop loss which can save them from huge loss if the market get hits hard dump.Once we are good at minimizing the losses the total overall profits made from all the trades will end up in net profits which is the key of trader's life to be successful.

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These mistakes in the OP are so common that you could easily noticed them in new/beginning traders. The first mistake they make is setting their expectations and goals so high –

Quote

I will make $1M in 6 months from my $1K capital

While it's possible to make money with crypto trading , it's important to know that a lot goes into being successful at trading. You don't just throw up some dollars and expect 1000x returns. In a market, there's always people at the both ends – losing and winning. The goal should be getting on the winning side, the right way. No:

1. Usage of copytrading platform (You don't learn since you only copy)
2. Trading based only on trading signals.
3. Chasing pumps
4. Fomo into trades – because a coin is up 70% in 24hrs doesn't mean you should get on the trend. It's better to catch trends early and riding it out.

Savemore

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Quote from: justdimin on July 09, 2020, 04:59:55 PM

Quote from: Kez1817 on June 28, 2020, 09:36:49 AM

Learn from your mistake- Use it to step forward and don't stack to it.

I would say learn from others mistakes and that saves time and loss, for example a new trader can learn how to avoid panic selling by looking at others and how they suffered.

Quote from: Kez1817 on June 28, 2020, 09:36:49 AM

Focus on your mistakes- If you're worried about your mistakes,what will you do to avoid it?Focus on what you've done and you'll be taking a productive action.

If you know your mistakes in advance why would you even make them? So mistakes can only be worked upon after you have committed them and so I don't think there is a realistic way of avoiding mistakes unless you see someone else do it or you yourself do it.

The points you mentioned confuse me a little but I have a simple answer for the thread's title

"How to Overcome and Handle Your Mistakes in Trading?" I have a 3 step solution for that

1- Don't make the same mistake again, someone who does the same action and expects different outcome is anything but not a trader.

2- Avoid copying others and distance yourself from copy trading.

3- Implement what you learnt yesterday and do this vigorously until you make a habit of it.

I like what you said, there are a lot of people who are losing in trading because they are making mistakes again and again which caused them to have anxiety where they are making more bad decisions. If we want to avoid the same mistakes that we are doing over and over again, be sure that we journalizing all of our trades. What do I mean by journalizing? it is simply means recording all of your trades in order for you to have an idea what will you do in the near future whenever there is a familiar setup that will form

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Quote from: Kez1817 on June 28, 2020, 09:36:49 AM

Learn from your mistake- Use it to step forward and don't stack to it.

I would say learn from others mistakes and that saves time and loss, for example a new trader can learn how to avoid panic selling by looking at others and how they suffered.

Quote from: Kez1817 on June 28, 2020, 09:36:49 AM

Focus on your mistakes- If you're worried about your mistakes,what will you do to avoid it?Focus on what you've done and you'll be taking a productive action.

If you know your mistakes in advance why would you even make them? So mistakes can only be worked upon after you have committed them and so I don't think there is a realistic way of avoiding mistakes unless you see someone else do it or you yourself do it.

The points you mentioned confuse me a little but I have a simple answer for the thread's title

"How to Overcome and Handle Your Mistakes in Trading?" I have a 3 step solution for that

1- Don't make the same mistake again, someone who does the same action and expects different outcome is anything but not a trader.

2- Avoid copying others and distance yourself from copy trading.

3- Implement what you learnt yesterday and do this vigorously until you make a habit of it.

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Quote from: Kelvinid on July 07, 2020, 06:41:04 PM

You can surely feel pressure in trading that makes you even struggle in decision making and the most reason of having mistakes. Could we have a way to minimize this thing? It certainly there is and that also depends on your adjustment and on how you control your emotions. There is no perfect way in trading, usually, all traders had suffered such thing but that is not a reason to quit nor to think that we are not meant for this (unless we never changed). Or unless if you are like this https://bitcointalksearch.org/topic/m.54608410

How does trading works for you if you just keep making mistakes rather than to correct it. It is all about you approach trading and on how you manage the risk.

Yes and makes me wonder why gambling is so addictive for people while trading is not because in gambling you loose money and that makes you chase loss while in trading when you loose you feel hopeless and pressured.

Maybe the reason is that trading has no fun since you have to read the market be alert of news and make decisions based on that which sometimes feel like so boring and frustrating while gambling is just using no brain and hence feel stress free.

Just remember one thing: When you trade and make any orders you are investing money into the asset but at the same time you are also investing on your mind as you learn something new every time and become a step smarter from last one.

Kelvinid

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You can surely feel pressure in trading that makes you even struggle in decision making and the most reason of having mistakes. Could we have a way to minimize this thing? It certainly there is and that also depends on your adjustment and on how you control your emotions. There is no perfect way in trading, usually, all traders had suffered such thing but that is not a reason to quit nor to think that we are not meant for this (unless we never changed). Or unless if you are like this https://bitcointalksearch.org/topic/m.54608410

How does trading works for you if you just keep making mistakes rather than to correct it. It is all about you approach trading and on how you manage the risk.

CHENIEN

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It defends upon the standing of life.Since the pressure is in due to the mortality of pandemic many people is being lack of confidence to continue in trading ,take advantage is booming around into the crypto market which is actually the effects of panic movement.But finally those kinds of mistaken has been giving us a power and technically to survive.

el kaka22

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Desire should lead to more studying shouldn't it? I mean if you really want to make more money with trading you should study it and learn about it, that part is definitely true, but if you really desire to be great at something and have fun with it, you probably would have some desire to study it as well. I do not think people just focus on the money making side and not focus on the studying part. I personally love few things in my life, but I do not just focus the doing the deed part of them, I also study them a lot as well.

For example I love politics, but I do not just check out current things or participate anyway I can, I also study the previous politicians and even read books about them starting all the way from plato to this day, which is why I think if you really desire something, you would probably study it as well.

olamidey

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I disagree with your first point because in trading, if you make a mistake and loss, making that same mistake again might be exactly what you need to scale. It all comes down to you following your guts. The only mistake you can make as a trader is to trade with little information about what trading entails.

This brings us to your third point, a trader without trading education will give up trading eventually after losing continually. So, for every newbie, or amateur; the first step should be to get proper trading education, take calculated risks, and then follow your guts.

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