Topic: learn from my 3 mistakes I made in trading - page 2. (Read 638 times)

True, and one of the reasons why a trader is required to always be patient when trading is because anything that is done in a hurry will never be good, especially talking about trading which is an activity that has risks which can be very large when done the wrong way.
And also on the other hand trading is an activity that must be done with full calm, don't trade when you are having other problems in life or when your mind is not good due to other things you experience in your life.
On the other hand, regardless of where you trade and whatever coins you trade, the point is patience is a skill that must be possessed by a trader, remember that here we trade using a strategy which strategy will only help us to achieve a number of profits when we are able to apply it at the right moment and that is the reason why patience is very important in trading.

Op is actually correct, most of the mistakes we try to recall most time when investing or trading involves lack of patient. I have seen more points relating with patient concerning trade and it’s still right traders should stay patient, trading shitcoins only end with lose nothing else and it applies in both parties trade and investing. I’m not a fan of random coins including shitcoins so I hardly get a notification when an exchange list new coins meanwhile traders are totally different and they always monitor the market.

A life of a trader is fun and worth admiring, doesn't mean if wanna be one you don't have to focus on the learning aspect First. The issue most of you have is comparing ya life with others pro / successful traders . Those guys pass through some shit before getting to where they are now .

So don't be in hurry take your time focus on gaining knowledge ( for those that are really ready to learn ) Because I don't recommend trading to folks because is not as friendly like investing in Bitcoin, trading will literally traumatize you with countless of losses if you go into it with half-sice knowledge.

These are all great suggestions, and many people in the crypto world does them. Shitcoins are the obvious one, the people who trade shitcoins are aware  that they are trading a shitcoin, it's literally marketcap and so obvious that it's a shitcoin, you would have to be ignorant to not realize you are trading a shitcoin when there are like 10 people talking about it.

You should definitely avoid that, and it's simple to avoid them. Overtrading is the hard one, because sometimes there are no good trades, for sometimes as long as days, and for some reason people just rush into trading because they are bored of not trading at all, and that's really not a smart move at all. Newly-listed one is a preference, I do not do that too, but I can understand why some may do that, it is not really a mistake but it's a risk that some people are willing to take.

That’s what they should do and try to learn first before going further to trade new coins, there are many people who get caught up in unfavorable conditions because they expect to make big profits in it. It’s better to focus on bitcoin if you don’t have a strong understanding to see the potential of new coins so they don’t get caught up in FOMO and bitcoin is much easier to understand just buy and hold it. There are many ways to do in bitcoin because even though the profit is comparable to the capital invested, it is much safer to keep them from losing money.

Diversification can be done if they have a good understanding of the crypto journey and they can do it when they really know how. Many people lose money because they do not understand the conditions of the coin journey and even try to do something on a new coin that will give them unnecessary losses.

Yes, it is common knowledge that many beginners jump in and get involved because of fomo, they see other people succeed in getting a large amount of money from the coin and in the end they get involved there but in the end they become victims because the hype phase of the coin is over, or what I mean is usually when you are late to enter the coin then in the end most of your money will be stuck there for a long time and usually does not come back because the prospect of the coin really plummets and never increases, this is the danger of making decisions without being based on any knowledge and that is what makes them end up wasting a lot of money. On the other hand, what you said is also true that it is better for them to get involved in bitcoin accumulation only by using the DCA method because they don't have to think about various research and considerations.

Most newbies can't really tell which coin has potentials and which one is just enjoying the hype it is getting at the moment. Many newbies will easily fall victim to FOMO by buying shitcoins without doing proper research, maybe the hype is enough to prove to them that they are doing the right thing. This can lead to significant losses for newbies and even discourage them from going on with trading. Newbies who don't know much about crypto should just stick to Bitcoin and DCA. This is the most I can recommend to any newbie. They can diversify once they have gained solid understanding of how the crypto market works and have done some real researches.

Learned the hard way, I've accumulated a decent bunch of altcoins through Binance's launchpool project. Most were sold within the next few days or hours after they were open for trading, or at the first "bull" market period. Sometimes though, I held coins that I didn't have the chance to sell, or didn't bother at the time, some of them are now 1/3 of their price and it seems that I'm stuck with them. I don't have much to lose at this point, so I'm holding them in hopes they see some kind of recovery.
That's up to you, newly listed coins are a gamble, and sometimes it works out. I bought a few dollars worth of PEPE during the first few days or weeks of it being introduced, and the $3-4 I spent quickly skyrocketted, I wish I had spent more. Sometimes risking a minor amount of money on such coins can be extremely rewarding, although it's doesn't always go your way.

The points you mentioned are quite reasonable and serious.  Because of these things I lost a lot of time which I now regret.

My focus was on the newly listed coins as those coins are very volatile and I wanted to take advantage of both spot and futures as there was a chance to make a quick profit. But I used to lose there regularly. Trading newly listed coins and gambling is almost the same ha ha I understand it very well now after huge loss

This is a common mistake made by newcomers and many of us even try to defy logic and buy newly listed coins on exchanges with much greater liquidity risks. To see the potential in a new coin may require in-depth analysis so that we don’t get caught up in lies that may be intentionally created and may require the ability to see whether the coin will move forward or die in the market.

If you want to get involved in altcoins, you should look for those that have the potential to be in the top 10 or 20 so that there is potential to generate profits and most importantly we must have the knowledge to assess the potential of the coin to grow.

Actually it's easy to get around that, you just add Bitcoin to your portfolio and I think this is the right place and time if you want to change the game. Many people lose if they continue to observe market movements and you will be faced with various challenges such as fear of missing out on emotions and others.

Indeed, although there are many other options, BTC is most dominantly held by many large and institutional traders even though price movements often occur and often change and we can buy it on the open market. just choose whether DCA or buy at once, the important thing is to hold it until the time. Very easy.

Due to extreme greed on which it will really be making out that overtrading and this is really that indeed a very common mistake for most traders on which this is something that you do really look upon or trying to correct because on the moment that you will be doing this then it will really be that resulting into overtrade and if you do have set out some plans that made out earlier then having that kind of emotion that makes you impulsive then you will really be that losing yourself when it comes into the path that you are taking. So it will be that wise that you do really stick into your plans but since are just humans then we are really that prone into those mistakes that we might be able to encounter. This is that important that self control and discipline will really be that relevant.

Mistakes wont really be just that limiting out on 3 but there are even more on which this will really be that involvement on emotional aspect and thats why its really that important that you do really know on what you are indeed doing. You cant just that make yourself be limiting out with those and its true that those things above mentioned on OP are really that a common mistake on what are traders that been doing. On the time that you do gain up that experience then you will be gradually lessening out the risks that you are really that getting involved with. So it will be that just depending on you on how you would be able to adjust.

If you are so skillful in trading (taking notes, good entry, target profit, stop loss etc.) you will never trade shitcoins. Not to mention that short term trading is doomed any way (-ve game). I mean, why take so much risk and daily stress when you can just sit and relax watching your investment grow in BTC. This is specially true in today's scenario when the whole world is going pro-BTC.
Well if you think you can multiply your short budget into something big, and then you will invest in BTC, sorry to say, but it is a 3 Michelin star recipe for disaster. You will be far better off saving regularly short amounts and investing it in BTC.

Overtrading is a mistake often made by traders who do not have a proper trading plan. They tend to trade by relying on their hearts alone, not thinking about how their trading plan is, so what happens is that they make trading decisions that exceed their own capabilities - due to lack of discipline and not understanding the risks of trading. This situation can result in losses in both the short and long term to traders, because they do not understand their financial capabilities, and do not focus on the plan. Setting a trading plan and being disciplined not to take actions beyond their financial capabilities is something that traders need to do to avoid overtrading.

Trading volume is very important because with high trading volume, you can easily enter and exit your position quickly and without big impact on market price. To be safe in trading, using stop loss order, that is one of best weapons in trading is very important. Because stop loss order helps to exit the market shortly before a market crash or early phase of the market crash, and this action executed automatically helps you to reduce your loss, and defend your trading capital.

It's your own money so it's not easily do like burning your money.

You have to learn first, and experience it by yourself but with your prepared learning, you can avoid most of common mistakes, and reduce your loss. You will get loss, everyone get it, and can learn with your loss, but don't get your loss too big like 90%, 99% of your capital, you will be broken.

I don't agree here. Even how shitcoins pairs you will trade for me is fine as long as the trading volume, market cap, and any other things that you are considering are fine.
Take note you can short trade or long trade even shitcoins as long it is available in the exchange you are using. As long as you found a good entry and based on your analysis, that your go entry to open a position is already good, target profit price nad stop losses are always a MUST!

Because you can relatively trade anytime you wish to in crypto trading unlike in Forex where the market goes on the breaks during the weekend, there are many crypto traders who are easily drawn into trading at every opportunity that they have and see, and they become victims to over trading. Crypto traders should adopt the method of not trading at every opportunity they get even though the market will permit it, this is so that they can preserve their mental health and keep their mind always fresh for when they need to make a new analysis of the market before joining a trade. A trader who has over traded will have a clouded mind.

There is a way you can win if you find yourself in this corner by early jumping in a newly listed coins, the best strategy is still buy more quantity at every dip, never get tired of purchasing more even if the market is against you, it does not means you'v lost your asset totally.

The coins can start spiking upwards after a period of 3-4 months from it's dip if you are patient enough to wait, it worth doing that especially on the coins listed on top centralized exchange for your good because you hardly projects the team dumps on the token on top leading crypto exchange.

Of course, it is better to learn from the mistakes of others, because this does not lead to the liquidation of our deposit. But in trading, as in any business area, one of the most important things is to analyze your own mistakes. And if you don't learn from such mistakes, you will continue to make them.

It is the majority's problem about getting into shitcoins which mostly are with meme coins. They think that with their dollar, they'd earn millions from it. And that's why they keep on trying to hit those memecoins that they think they'll be able to make it. A huge mistake when someone spends a lot of money on it and gets nothing and encouraged to do that because of some influencers or twitter posts said that this guy earned xxxx money investing on a memecoin. LOL