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

Trading shitcoin is really a bad idea mate and never rely on it because of good return coz for sure in just one mistakes or some reason of manipulation there's a potential you will become liquidated afterwards. . if you want to trade for long run i suggest focus on these three asset. BTC, ETH ,SOL.

and yep don't jump without doing technical analysis. .stick to your strategy. Don't over trade as well coz sometimes it will make you so greedy until you end up losses..

It is influenced by some people who can make huge profits in shitcoin and even in the country where I live especially that I know there are many young people today who are thinking of putting money in shitcoin to make huge profits.
It is more of a pump and shitcoin does not work fundamentally at all so when people are late to enter then they will lose a lot of money.
The mistake of many people is not understanding the condition of the shitcoin journey and even many people enter the coin after they get a big pump so that it will then experience a sharp decline and eventually disappear in the market.

Some people enter at the right time and they really understand how to make a profit.
But if someone does not understand then it is better to avoid shitcoin and choose a fundamental coin that is much better to invest in.

I made the first and the 3rd mistake you made. But I am lucky that I did not over trade actually. Probably because I cannot afford to over trade. If someone is mature enough and focus on money management, they cannot over trade. I bought some new tokens to participate in some exchanges airdrops which was too volatile. When a token get listed and there are some trading competitions with that token pair, you will likely to loss. Because the price of a token suddenly rise upto thousands of percents which quickly dump within a couple of minutes.

It's like looking at the sun when it is at its peak.
We are then blinded due to how bright it shines. And that is what happens with our depo ones the sun is going down, and comes the night 
I am happy that you had your lesson and learned from it.

FOMOing into an altcoin when it has already reached the peak of its quick pump.

I have made this mistake, and oh boy, it's a costly one. I always advise people not to make this mistake because it becomes very difficult to recover from it, especially if you don't set a stop-loss to get out of the trade quickly.

What I did was that I bought into an altcoin when it has almost reached the peak out of the fear of missing out. I saw the large green candles, watched it for a few minutes, and it was still going up, I thought I would buy in with all my capital, sell as soon as it went up by a few percent, and get my share of profits. However, the market had different plans, and as soon as I entered, it started dropping significantly, it dropped so quickly that I couldn't sell without losing a good chunk of my capital.

But surprisingly these shitcoins are really that having that soo much interest and even on how shit it is but still it is really that making that huge volume on which this really that indicates that there's so much interest into it because if we do base up on the volume that it do makes then you can tell that its not shocking that people will really be having that interest. If you are really just that new into this market then you would really be that normally having this kind of perseverance because you do want to make easy profits and since you dont have that sufficient experience and awareness then you will be definitely be that dealing up with it. So for those who are experienced when it comes into this market then you do already have the idea on what you should gonna do.

Mistakes are common here on this market the thing here is on the moment that you do get that sufficient awareness and experience then you can really be able to make out adjustments. So it will really be that up to you on how you do really make out such adjustments. It will really be just that impossible that you cant be able to make these kind of adjustments on the moment that you are already wary on how things do works. Dont make yourself that trying out to chase on making money or having that kind of urge because you will be ending up on having that kind of bad approach towards things.

I observe what you say here because i often even very often experience that is Over Trade, hoping to find greater profits by adding entries again and again until i later realised that this was a mistake in my trading system and i thought i had to change the pattern of bad habits that i was doing at this time. Since then i have something called the Trading Rules , which is the limit of profits and losses that are ready to take and this is specifically for those who are looking for profits in the short term or we know as SCALPING, of course this is more risky than investors who hold the tokens they buy in a relatively long period of time but the positive side is that we can make profits in a fast time.

Shitcoins have no future and we often see them lose their place in the market after being listed.
Another concern when trading with shitcoins for the long term or medium term is losing their purchase price which will make people suffer losses.
There are some people who use shitcoins for the short term and they sell after making a profit of 30% to 50% but what needs to be understood is that they understand the conditions and risks.

It is better to trade with potential coins that have a good future because even though the movement is slow but there is certainty of appropriate profits, rather than betting on shitcoins that will eventually be delisted from exchanges.

It is a win or loss. I'm a victim of this. We think that new projects easily get hype. Unfortunately, not all have that kind of scenario because many of them turn to a scam and shitcoin.

Yes, it is still a big factor in considering the known and highly volatile coins when trading because we are certain that it is never gone. Trading can be profitable if we really have the knowledge and skill and, of course, with the right choice of coins. This might be a challenge for newbies, but this never meant that we can't learn as we can if we never rush. 

Every crypto is highly volatile but shitcoin is more volatile, and trading or engaging with them is always the easiest way to bankruptcy because they are always a hye based coin built on false trends once the needed multiplier is achieved the whales holding it will dump the shitcoin after gaining some confidence of the token holder.

I agree with you on this one. Nothing in this world is done excessively that won't affect the person who's doing it. There's always a limit to everything.


You can invest in newly listed crypto on an exchange platform if you are knowledgeable enough to play along with the world's smartest, and wealthiest traders who always have an interest make the next multipliers through newly listed coin

Currently, there's no mistake, and even if there is, I don't remember that the rest, like short-term mishandling and other mistakes, are part of every trader's trading journey.

For the rest as you said, every trader needs to know when to stop and where to stop it's all about how you handle things there are many traders who are not in market due to their wrong handling we all do mistakes but how we handle is important I did many of the mistake sbut I'm still surviving here.

Hmmm, that's really true mate!!!
This point makes more sense because from this point many of us including me have lost a lot. So therefore I just elobrate it more this point. But anyway Shitcoin is similar to Gambling. Most of them are just made up for scams or rug pulls. Trading in Shitcoin is a dimwitted act, in contrasts of shitcoin we need to trade in Bitcoin or some top alt because Bitcoin has a stable nature. Doesn't pump and dump like shitcoin. 
 
So I think we should not touch these shitcoins even if they have the potential to give huge profit margins. Because these shitcoins have no purpose except rug pull. So I think we should trade only Bitcoin or top alt. Because shitcoins are full of risk.

Not many people care about missing out when they are too late to sell, like anyone who didn't sell when it was 60k+ last time around, may not feel that bad, they could just keep buying and accumulating and now they are in big profit again.

The chance is to make money, and if you are late to buy that is much worse because people would rather do a lot better and because of that I prefer to live in a situation where I would make a good amount of money while trading slowly or even holding, rather than try to guess what the peaks are or what the bottoms are. Of course this is just a guess, and we are dealing with much more in the later terms, we need to be considering how to make some money this way without a doubt.

We should do short-term trading in memecoins unless they belong to big cap having billion in market cap and have real time behind them with some proper advertising, adoption and investments. The low-cap memes are just to make money and exit them whenever we have the first chance because if you won't, then you might become the liquidity for others and that's why exchanges also delist them.

Binance don't usually do that because they have higher requirements for the listing so they must have to create enough liquidity for proper trading. Over trading especially in day trading is not bad because day traders with time will  improve them selves from making less profit to more. Newly listed coins mostly do like pump and then dump so buy them if they have the potential to grow back when dump . Other small exchanges mostly delist memecoin if there is not enough liquidity flow and they can delist old coins if their pair isn't traded significant anymore. My mistake was to trust others in trading. I trusted few like sumit Kapoor and wasted my money on their suggestions, from that point I learned I will not invest in any coin a big influencer is suggesting unless many are talking about it with my own analysis.

Patience is one of the most important thing that you would really be needing up to consider when you do touch up trading but of course having that excessive patience will really be that giving out that bad result or outcomes because usually you will be ending up on having that missed opportunity specially when you are that holding up too long and doesnt really have that time to sell out on the right time. If you are that holding for long term then it wont really be that much of an issue but it will really be that ideal or much worth if you do really know on how to sell on peak and buyback whenever the bear market hits. Mistakes are something non avoidable on which no matter how old you are or expert you are but still you will be able to experience up such things. The difference here in between people who do have experience in compared into those who are new is that they do really know on what to do on such condition. It might be not totally giving out that assurance that they will be able to save up from loses but at least that you do really know on how to minimize such aspect. Mistakes wont really be just that limiting out on 3 things but rather there are other things that considered out or would be resulting into loses too but those things mentioned above are the ones which are really that a common but actually as you do learn up experience then you will be able to act accordingly whenever this thing happens or been able to encounter.

Right. What you said are some of the most common mistakes we see that new traders make. They can even stop them from becoming successful traders so it is important for us to recognize when we are making them. Because almost all traders have made mistakes, but they are successful in trading because they use those mistakes as lessons and experience for the future. Apart from knowing the mistakes, what is expensive is the solution. And most importantly, knowing that what is usually done is actually a mistake.

I myself have never made a mistake in terms of entry, I have also mastered a little risk management but until now I have one big weakness, I sell too soon. This is a real problem for me and one that I need to solve. The point is to avoid mistakes, we must understand. Trading is a skill, not just luck and technical analysis is used to analyze the market, not to predict the market.

Mention 3 points of mistakes you make and all of these mistakes are indeed done by many beginners who do not understand how the crypto market works and what needs to be avoided.

Point #1 about the mistake of someone trading on shitcoin is certainly a stark warning that shitcoin is very high risk of losing money.
But some shitcoins, or memecoins, have strong communities and a clear roadmap for the future development of the project. So pay attention to how the memecoin is evolving and whether it will be a good investment for the long term, it's about trust in the community and developers.

Point #2 about overtrading, of course overtrading is very bad to do, even a trading professional alone has limitations on when they should trade and when to stop and also how many coins will be traded. It will be very difficult if short-term trading or scalping because it drains the pseudo-focus to always look at the market, It is better to choose coins such as BTC, ETH for long-term trading and short-term trading only altcoins that have a large volume for scalping trading, management is very necessary.

Point#3 about buying new coins listed on the exchange, actually this depends on the quality of the coin whether it will be a coin that is able to survive and continue to grow or will only become garbage when it is listed.
But at the beginning of the listing the price will continue to fall, but then there will be a price reversal, and it can mostly reverse until the new ATH is reached, so pay close attention to how good the quality of a new coin that will be listed, if it has good potential then buy and hold.

The issue of over trading can somtimes be understood why I said so is that trading can sometimes addictive but the worst of them all will be revenge trading because the moment you get use to things like this then it will be very hard for anyone to stop that habit because revenge trading is most times caused by greed and that is you need to control your thinking before any other thing, your thinking will determine how you continue so the mindset matters too.


It's good when you have a plan that you want to accomplish either monthly so that you will track your transaction wether you are making profits or not, and this will show wether you need to improve or not, having plans of what you want to accomplish when they are written down it is better so that you will see it as a reminder and you work on things that are on your paper already.

To prevent overtrading, one must be able to be responsible for the money they put into trading and one must also be able to control excessive involvement when wanting to trade. Experience and knowledge can help someone to be more responsible in the trading they do because without both of these things it will make it difficult for them to control themselves.

Having a strategy is also no less important because someone can start in the right way and more efficiently. It is not easy to get knowledge and experience so someone must be able to control themselves so as not to be overly involved in trading.

To reduce overtrading in you need to put something in place that will prevent that from taking place or happening. Number one develop a trading process. What is your trading process each and every day? Trading process and trading strategy Are two different things.
Number two, you need to have a written down trading strategy that you're following with clear set rules. You have to tick the Box before you take a trade if you don't have a clear written down trading strategy then you don't know what you're looking for and you shouldn't proceed with the trade.

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

If one is successful in figuring out the coin as shit coin then why going for it. There is huge list of coins that we can see on coinmarektcap, apart from Ethereum there is no coin that is able to retain it's position among top coins listed there. The list gets updated with time and till date there is sole leader in the market i.e. Bitcoin. I never went for anything other then Bitcoin (you may call me a dumb for that) and so far I have got good results. I guess if I can get good results by investing in Bitcoin alone then others can also.

Fixed that for you.

That's great but it is only sad that at the end, some newbies can still proceed even though they are not really qualified yet. They must be lucky now because I remember on our time before, there is no such thing as that (quiz) before we use the platform.

Indeed. The problem is not about if the token is newly or old listed but it is about the experience of the trader that matters the most. If they are well-experienced, they can always utilize any types of tokens. I think the type of listing the OP is referring to, is the fresh one or when the token have just went from their presale because it is already obvious that an older token may not really be shady upon our observation or due to their past performances. There are still fresh tokens that are legit and has a solid perspective but as a typical newbie, they might miss this if they will only rush.

All of this you mentioned are all very valid, most especially the number one mistake you mentioned you one that a alot of traders make and or have made in the past, including my very self.
It's very tempting to hold a position in an Altcoin for a very long time if the price of the Altcoin is not going in the expected direction after the position has been opened, this happens with Altcoins where it is believed that it has a lot of good potentials, but unfortunately, just as you have said, decision to hold such Altcoins most of the time ends to be a big mistake, and some time, the Altcoin will start going the expected direction direction immediately the trader has closed his position and taken the loss.
It's a very good advise to trade Altcoins, most especially the not so popular ones, on short terms only.

@OP, if those are your mistakes, I hope you have learned from it because the reason why some traders are not yet profitable is because of the number 1 and 2 of those your mistakes which most of them are making. I was also affected by those two issues and I was actually making profit while I was trading some altcoins but that same altcoin that gave me a huge profit also got me liquidated. Over trading is like riding a bicycle without a brake and without control and that bicycle can only make you to crash. So, those are mistakes that a trader should learn to avoid.

It's not easy to know which project is solid and of high potential to last long in the market. This is because there are many shitcoins out there that if you are not lucky, you will be rugged pull and run at loss. This is why you should only invest with an amount that you can afford to lose because you are gambling. It's only if you have an insider that you can know better about the project.

The mistakes are:
Buy the coin when the price is already increase because you never know when the dump comes. If that happen, you will lose your money and needs to wait for some time to see the price reach more than your buy price.

Be greedy to take your profit especially when the market is difficult to predict. That can make you lose the chance to sell your coins at a high price.

Always tempting with others saying buy this coins because this coin is going to explode. You need to research to find the right coins.

Many other mistakes that we always make but if you cannot learn from that mistake, that will only happen over and over.

Typically, Exchange like Binance usually have a warning message or a quiz in able for newbie to understand what’s the risk they are taking for trading high volatile assets.

Newly listed token is not bad in general to be purchased. It depends on the type of their listing whether they are newly listed on the specific exchange that you are using while it was traded already for a long time from different exchange which means you are buying not a real new token rather just the literal newly listed token.

On contrary there’s newly listed token that is profitable or good buy like the L1 and L2 projects that listed on all major exchange at the same time.

this is the mistake that I did frequently, too lazy finding out the ins and outs of the coin, resulting in me buying these coin where there's still airdrop allocation or team allocation unlock on the way, as a result, easy -30% . learned the hard way now I never trade new coin.

4th mistake is also thinking a coin can go back to its ATH when in bullrun, because that doesn't seem to be the case, plenty of alts out there just dumping forever after reaching ATH never go back up, even in bullrun it goes up a little bit then go down again.

best coin for trade I think, still BTC, ETH, and SOL. the other are just mainly full of speculation.

This isn't something that for me considered as "automatic" already because we know how risky these shitcoins are. Unfortunately, there are some who are choosing to hold the coins that they bought because of the hope that at some point, it will go up again and they will end up in profit still. In trading in general, you should always put a stop loss whether you're trading Bitcoin, Ethereum, or shitcoins. This is one of my mistakes in the past and if I don't look at my monitor for a while, I always put a stop loss.

One of my biggest mistakes last year when I started trading. There are times where I make 10 trades per day, and it really drains your energy not physically, but mentally. This year. I will make it a habit that I will make only at most 3-5 trades despite on whether I win or lose on my trades. I will also take note that I will learn in every trade that I will make because I believe that "every candlestick" has a sign on whether it's a bullish or bearish.

I've seen some traders that are making short positions on newly listed coins that has been listed on futures as well, and it works pretty well with them because as soon as the token gets listed, many will sell their tokens hence, putting the price down and it will be a profit for those who went short. Still, don't touch those newly listed coins like what OP said if you're a newbie, or they will dump in your face.

#Mistake 1--
On the time that you do jump in into this crypto space then make it sure that you are that wary about those price dumps and crashes specially on shitcoins or meme coins.
I can consider this to be a gamble on which there will really be that a time that you will be ending up on holding dead coins into your wallet. 

#Mistake 2--
This is something which is really that hard to control on which this will really be basing up into someones mindset and discipline on which once that greed and desperation kicks in or simply that talks or implies about emotional aspect, then it will really be just that too hard to consider it out. So it will really be just that up to you on how you would gonna deal up with these things itself.

#Mistake 3--
Newly listed? Find for correction on which this will really be the sweetest spot to take in and not on the 1 or 2 candles at the moment that it get listed. Just like on what you have said that you are really that finding yourself on getting huge negative into your port on this case.

Add..

#Mistake 4--
Lack of management whether on time or money, if you do lack this kind of sentiment then you are just basically that doing gambling. Its normal that we might be having some lapses but on the moment that you've been tolerating or having no progress then it will really be that better ot simply quit up and stop on what you are doing before anything will really be that happening. So its better not to put up yourself into desperate condition because it will really be causing up even more loses on this case.

If you want to make money in the long run, simply don’t trade. Buy and hodl bitcoin. That’s the biggest cheat you can do against the exchanges. By hodling btc, you simply become the house/exchange. You control your own keys, own funds, and nobody can take it from you.

You think you can make more money from trading but little you know it s a huge noob trap you are getting yourself into.

DCA and HODL and in 5 years, you’ll make more money than you will ever make from trading.

Is to hold altcoin for Long term with the mindset to hit about 1-10$ per coin has completely made me lose my precious money. And of course you mentioned something similar as well. We should focused on established coin such as bitcoin or the top 10 coin to hold even if you were trading and you didn't close your market with other coin you wouldn't have that fear to completely have a dump over you if you don't set SL and TP. Trading on established coins gives you that confidence of what you are doing than that which you aren't sure of them especially when they newly listed to exchange as you made mentioned is very tempting and vulnerable for traders and investors.

The first point I agree that there are many examples of shitcoin cases that have been removed from the exchange. So it is better to target the top 10-50 on CMC to do futures trading.

The second point must always follow the established trading discipline rules. For example, you have set 10% and you are not allowed to make another entry just because after being sold the price has increased again. Such temptations can be a trap for traders who have no principles.

While the third point buying new coins is not always bad, as long as you enter at the lowest point during the correction. If you buy directly when the price is rallying, it is certainly not recommended.

I’ve been through that too and made some of those mistakes myself. One of the things that stood out for me was falling for FOMO. Early in my trading journey I would chase coins that were pumping because of the hype only to buy near the top and then watch the price crash. It taught me to always have a strategy and stick to it instead of acting impulsively. Because of those mistakes I eventually learned to stick to spot trading like you and I made it a priority to deeply study a project before diving in.

Hello, my friend! 🌟

I hadn’t seen your post before, but I just read it, and it’s fascinating! I particularly loved mistake number two, which emphasizes that knowledge is more important than money—a profound truth, especially since money comes and goes. 💡💰

As for the 1BTC idea, I must say it’s intriguing. However, I stand firmly against gambling—it’s just not my thing. 🤔 Instead, I believe working as a freelancer and earning money through hard work would be a much smarter move.

And maybe, just maybe, the 1ETH idea would be a more rational choice, especially now that Bitcoin has already skyrocketed. 🚀✨

anyways thanks for ur advices & Good luck mate.

Exactly mate! it's all about selfcontroll/Focusing/patience
and i agree on leverage thing.. that's why i only use spot

I can see clearly that your post is influenced by my post; 2024: My Mistakes and Learnings. What are yours?. It is good that we are learning from each other . If I may suggest you include some links/ss to make it more sincere and personalized which is a big factor for relatability.  
It is always good to do self-reflection and ask wise members of your field to comment. Regarding short-term trading, you will surely find my post A Death Knell to Short-term/Intra-day Traders quite helpful. Please follow the entire discussion (5 posts afterward) and you will see some important stuff regarding short-term trading.

This is very important. You can be a very good trader, but if you are trading than normal, it will affect your health and also you may later lose all the money that you have won. If you are winning in trading, set a goal. If you reach that goal, stop trading for the day. It can be $10 profit in a day and do not trade if you have won that.

Another problem of traders is that they use too much leverage. This makes them lose always as their money get liquidated often.

Personally, I believe that aside from Bitcoin and Ethereum, every other coin is a shitcoin.
Of course, there are promising coins with solid projects, but in general:

Always try to focus your trading on the Top 30 coins.
Most of them have high liquidity and are backed by strong projects. You can find their rankings on platforms like CoinMarketCap.

Alternatively, dive into fundamental analysis.
Research and identify high-potential projects that are still in their early stages for long-term investment opportunities. The key is to choose wisely and stay informed!

Every memecoin is a shitcoin mate. If I buy a shitcoin like meme coin, Id already expected my money gone, but I hold them off cause a chance to hit a gem could be there once hype. Thats why I am just buying low price amount for that matter so even it got died at least my loss is minimal. But in anycase it goy hype, youll definitely reap a good money.

Well, I guess this is one of my mistakes.

I’m talking about altcoins I bought during the 2017 bull run. Back then, I thought the project I was holding had legit potential. But after years of holding, the price is now practically worthless. Turns out, I ended up with a classic case of buying a shitcoin.

So, here’s a question - do you know right away when a coin is a shitcoin, or is it something you realize only after time and experience?

Hi Amigos

Mistake #1:
Never engage in medium or long-term trades with shitcoins.
These highly volatile assets can be removed from exchanges at any moment, dropping sharply—sometimes by as much as -50%! They’re unpredictable, defy technical analysis, and swing wildly up and down.
Shitcoins are strictly for scalping or short-term trading, and using a stop-loss is absolutely essential.

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

that's my 3 mistakes , What's yours ?