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Topic: learn from my 3 mistakes I made in trading - page 3. (Read 934 times)

hero member
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January 14, 2025, 06:26:20 PM
#54
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.
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.

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.
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.


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!
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
legendary
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January 14, 2025, 04:45:46 PM
#53
that's my 3 mistakes , What's yours ?

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.

sr. member
Activity: 1008
Merit: 407
January 14, 2025, 04:38:14 PM
#52
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.

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.
legendary
Activity: 2086
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January 14, 2025, 03:48:22 PM
#51
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.
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.
hero member
Activity: 1484
Merit: 699
January 14, 2025, 03:33:33 PM
#50
Hi Amigos

that's my 3 mistakes , What's yours ?
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.
hero member
Activity: 2730
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January 14, 2025, 02:36:08 PM
#49
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.

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.
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.
hero member
Activity: 1820
Merit: 511
January 14, 2025, 01:01:06 PM
#48
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.
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.
legendary
Activity: 2800
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January 14, 2025, 11:00:02 AM
#47
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.
sr. member
Activity: 1022
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January 14, 2025, 09:31:59 AM
#46
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.

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.

Quote
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.

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.
hero member
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January 13, 2025, 11:01:38 PM
#45
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.
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.
sr. member
Activity: 616
Merit: 281
January 12, 2025, 06:59:34 PM
#44
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.

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.
legendary
Activity: 2716
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January 12, 2025, 06:36:27 PM
#43
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.

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.
sr. member
Activity: 182
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January 12, 2025, 05:40:19 PM
#42
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.
sr. member
Activity: 644
Merit: 271
January 12, 2025, 04:34:53 PM
#41
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.
legendary
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January 12, 2025, 04:04:42 PM
#40
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.
hero member
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January 12, 2025, 09:06:38 AM
#39
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.
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.
legendary
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January 11, 2025, 02:12:09 PM
#38
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!
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.
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.

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.
sr. member
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January 11, 2025, 12:53:17 PM
#37
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!
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.
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.
hero member
Activity: 1778
Merit: 907
January 11, 2025, 12:52:29 PM
#36
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.
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.
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 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.
sr. member
Activity: 616
Merit: 322
January 11, 2025, 12:27:30 PM
#35
The points you mentioned are quite reasonable and serious.  Because of these things I lost a lot of time which I now regret.

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!
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
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