Topic: Mistakes in trading that lead to loss of money - page 20. (Read 16945 times)

Too much patience can ruin our timing and the possible profit.  I have lost some profit because of not selling at the right time.  You can call that being greedy because of assuming that if I hold longer it will increase in price, I am talking about altcoin trading.  So I guess the best thing is to sell when profit is seen.

Quite true and the most common problem with me when I was new was that I used to trust the new coins too quickly. Moreover I never used to check whats the team behind a coin and what are their plans. Anyways now I am a successful trader and pick some immaculate coins.

Don't you know that it is easier to uptrend a lower price than the higher price?  Especially in cases where a coin is at 1 satoshi and the amount circulating is just a mere millions of coins?    Development and usage of the coin is one factor but the the fastest is the pumping of the coin by dev once there is a solid development that is about to be released.  Sad but this thing always happen.

Not all from 1 sat can be uptrend or increase the price again.. it is honestly hard to rebump the price because other people are trying to sell their all altcoin that can hardly buy almost all unless if there is already other people are supporting that altcoin that can push and buy those in the sell wall..
for other altcoin if there is still active developers like you said there is still a chance that those altcoin can be bump up again..

Mistakes can also be occurred from experienced people and not one from newbie. But I think your lost depend on the nature of mistake, if you make a big mistake that can lead you a big lost but if you make a common minor mistake the your lost will also not affect you too much.

There are some coins that were sold at 1 satoshi that had everything sort out and raised the price more than 100,000%.  I can name some.  I believe as long as there are developers behind the coin, there is always a possibility for that coin to uptrend in price.  Those who never get out of that 1 satoshi is probably trading good in litoshi ranges

Any coins being traded at 1 satoshi means it has been dumped and no buyers are there for back it.

Basically a coin getting sold at 1 satoshi can never get up at all, being new its fine to get hopeful but anyways I guess now you have understood you lesson.

Another pro tip is that never trust a coin just because the owner pretends the ICO was big.

Over trading is really an issue for me not knowing when to quit. This is as a result of greed and indiscipline

Well most of the time it's failing to sell at the right time. There are several times I've missed selling coins while the price is still respectable and then ended up selling then at a price way below the purchase rate. For example, just a couple of months ago I purchased a coin for 0.00002100, I had the inkling to sell it when the price went up to 0.00002500 but I hesitated thinking it may still go up so I held on to it. It's now priced at 0.00000600 so I'm not sure what to do if I should just gamble with it or keep it and hope the price goes up or just sell it at roughly a third of the price I purchased it for.

The fear of Losing is the biggest mistake I have done as a newbie. Although am not a newbie now but it's still a fear I get into my head sometimes, People think that it's nothing but understand that fear will make u do big mistakes sometimes.

My biggest hurdle as a trader was learning to trust myself & analysis. At first, I had a really bad habit of always looking up the stock/coin/currency/commodity i was about to trade and read what all of the "big boys" had to say about it. All it does is confuse you, you will always find 1 person arguing in your favor, as well as 2 arguing against it.

This caused me to rethink my original analysis many times and either not take a trade or get out of one early when I was right in the first place. It was always painful to be correctly positioned but close out early due to some media source saying "ITZ DA END OF DA WORLD... PANIC RIGHT NAO" and watching the trade move in my favor for months to come...

Now, I trade with my own advice only. I DO NOT pay attention to analyst views & opinion. If I watch Bloomberg, it's on mute and the only thing I'm paying attention to is the numbers, the prices, the volumes.... The cold hard facts. Leave the opinions checked at the door.

I've learned that the media/main stream is often wrong, and that I must trust myself, as I am the only one I can trust to give me truthful advice that isn't rigged against me. I am the only one that has my goals & objectives in mind.

Now I utilize the "big 5" data types (Price, Volume, Volatility, Sentiment, & Momentum) for analysis and only use weekly charts with as long term data as possible. I do not day trade, I feel it's a fallacy. The only profitable day trader I've seen is Meir Barak (whom is a gap trader)... regardless I'm in it for the big moves, I feel you have the most amount of reaction time and the most amount of data (because you can literally watch for months before deciding it's time to palce a trade) doing long term trading and so this has always been my avenue.

What you are saying is correct and even if the ICO gets listed in Exchange ,the bounty hunters will start to dump and the price of that coins goes down below ICO price so it is totally waste to invest in the ICO even if the coin is with good fundamentals. It is better to buy it when they get listed.

Yeah and usually they get carried away by the hype and propaganda created by some alt coins and they just invest too much in ICO. The problem with the ICOs now days is that the coins never actually intend to get listed on exchanges also, they just want a big ICO and then scam.

Unfortunately this is a type of mistake may happen in pre-trading stage itself. Yes, choosing right investments is very important to avoid big mistakes.

I don’t understand why people are actually interested in altcoin.

I mean you have the bitcoin which has a very fast rising values so you are guaranteed to earn if you invest in it, but altcoins they go down more that they go up, sure that one day they maybe worth buying when bitcoin is really high but at the moment are worthless.

This is  very good thread for newbie traders because here in thread lot of things can be learned from other traders experience after reading this thread I feel more motivated for trading coins.

The worst mistake is probably not knowing the right time to take the profit, and knowing how to wait for the next round. In other words, one of the biggest mistakes is not having the right timing. This parameter is not easy to achieve, but the difficulty decreases as experience is gained.

You can avoid that mistake if you analyze the eth market first and read some updates for that coin. Having a great volume on a exchanger site doesn't mean that it is a good coin because based on my experience some of the coin that i've traded are top volume but they are just controlled by whales and most of the times it leads me to gain a loss.

Patience is not a substitute for the lack of knowledge

If you really had the knowledge, you wouldn't sell your coins prematurely. When you have genuine knowledge, whether you are patient or impatient becomes irrelevant since you know for certain that the events will unfold in an anticipated order. Conversely, if you don't know something for real and only think that you know it (you won't deceive yourself in this matter), you will be impatient and constantly eating yourself if you made a right decision

Okay let me tell you my bad experience in the past. Some months ago i am trading and have opportunity to get a profit with few coin in exchanger. After that i see that ethereum is huge balance it means many people invest their money into it, i bought eth with almost all of my btc and wait the price goes up but suddenly 3 or 4 days after that the price goes down deeply more than 50 % . I shocked and i keep believe  that the price is growing up again soon. This is my fault. The correct actions I should sell my balance as soon as possible while saw the price down. It is called cutloss in trading.

Even with all the knowledge and skills in trading or with all the right info in hand, missing this traits can still make a poor decision .  This trait is called patience.   Many trader suffer great losses because of being impatient, and I have a bad experience on lacking patience  in trading.  I have hold a certain toke for almost one year.  Until I get impatient and sold all those token.  A week later the price of that token started to go up.  After a month the price gone up to 1600%.  I could have earn alot if only I waited a little more.