Mistakes need to avoid in day trading - page 7.

timmydakolo2

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Quote from: Findingnemo on January 31, 2019, 02:23:33 PM

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade ~~only~~ if you don't understand it.

More points about mistakes need to avoid are welcomed here for the newbie to learn.

These are good mistakes been pointed out to be avoided by a day trade trader and also for the newbies who wants to take part or adopt in day trading. Additional mistake one also do is by looking back at when sold off and the price went up. Don't have that emotions because it won't help.

upsidedown75

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Quote from: traderethereum on February 10, 2019, 07:06:27 AM

Greed is the biggest problem that traders will face in the market because once the price can increase higher, sometimes we don't take the profit and let it go for higher. But suddenly, in the next minutes, the price drops drastically without we have a chance to sell at the highest price and it happens over and over. I remember in a few years ago when I was new in trading, and I miss so many chances to sell at the highest price because of greediness. And now, I don't want to get the same mistake, and I will prevent to be greedy.

Not just greed, a trader must need to control all his emotions so that they may go as per their way of trading plans. When traders are losing control over their trading due to the reason of emotion failures then they may need to face losses at the end of the day.

I too believe emotion failure must be a very big problem for most traders and this need to be avoided at first hand to move toward the success in trading.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: emmybd on February 11, 2019, 06:08:59 AM

Well, first of all, if you are newbie then day-trading is not for you. Many investors just jump into day-trading without knowing about it, in the end they suffer losses, so it would be better before doing day-trading spend a few months to know well about the market.

There are multiple factors to blame in such cases. Some wannabe get-rich-quick people come under the false pretext of making big money by following some pump and dump groups. These groups are money grabs for paid memberships and they only pump their own shitcoins so they can sell leaving the owners with bitcoins and the brainwashed followers with some shitcoin to hold on forever.

Day trading is not copy-trading. Most copy traders are selling memberships to make money. They rarely do any actual trades to make money other than the occasional pump and dumps. Better to do your own analysis before buying any coin.

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I think there are enough things that our friends have mentioned in terms of what we need to avoid. now we only need to pay attention to these points, because sometimes the control is over, and also the greedy nature makes us forget about those points.

gabmen

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Quote from: emmybd on February 11, 2019, 06:08:59 AM

Well, first of all, if you are newbie then day-trading is not for you. Many investors just jump into day-trading without knowing about it, in the end they suffer losses, so it would be better before doing day-trading spend a few months to know well about the market.

Dude everyone starts as a newbie. Even experienced daytraders won't be where they are right now if they just gave up when they started getting losses. I think as a newbie, you can't avoid making mistakes and getting losses. It's part of the experience and it's how you learn from these mistakes that'll spell the difference in the future.

emmybd

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Well, first of all, if you are newbie then day-trading is not for you. Many investors just jump into day-trading without knowing about it, in the end they suffer losses, so it would be better before doing day-trading spend a few months to know well about the market.

Johnzky

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Quote from: tiggytomb on February 10, 2019, 09:55:08 AM

To successfully day trade you need to have a decent amount of time available, early on I made many mistakes as I was rushing so decided this method was not for me. If you have the time and skillset I wish you luck.

Even if you have plenty of time yet this proves that Day trading is not for all of us,either we admit it or not but most of the loser in venturing this are not supposed to be on this,instead they should practice keeping patient and awaiting by buyinh coins to keep in wallets for atleast a year or so

Thats why for me only limited person in here are profiting literally without any real life job,because this must be consider as extra income provider(not unless you are a rich person or have lots of capital to spare with)well this was just my point of views

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Quote from: TheUltraElite on February 10, 2019, 04:44:19 AM

Quote from: xenxen on February 10, 2019, 03:12:40 AM

and dont to be greedy sometimes being greedy is the way to loose your fund because waiting of more income in daytrade. so much better to sell if the price is enough to profit..

How is the context of greed coming to day trading, because a person who is having the skills to day trade is not greedy at all. Thats contradictory in the first place

I mostly agree with this part

In day trading your actions are semi-automatic as you are following some prescribed plan, or you can even use a trading bot which would do the same thing for you and instead of you. In simple terms, you buy and you sell based on where you stand in the market at the moment and this has little room for greed

With that said, though, greed also plays some role in day trading, though not in the way most people come to think. Greed reveals itself in the spreads you use. If you are greedy, you would be using narrower spread, probably losing some profits by closing your positions prematurely, i.e. without squeezing maximum profit

moynul2050

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mistakes that occur do have to be used as experiences so as not to repeat themselves in the future so we don't make the same mistakes. in daily trading mistakes are indeed very important things to avoid I strongly agree with some points mentioned by the OP so that we avoid mistakes that often occur in daily trading.

mersal

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Quote from: Findingnemo on January 31, 2019, 02:23:33 PM

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade ~~only~~ if you don't understand it.

More points about mistakes need to avoid are welcomed here for the newbie to learn.

But why don't day trade most of the people using day trading as their money making but the other three points are very useful for the new people to get their knowledge from these points.

tiggytomb

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To successfully day trade you need to have a decent amount of time available, early on I made many mistakes as I was rushing so decided this method was not for me. If you have the time and skillset I wish you luck.

ongkok87

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Quote from: traderethereum on February 10, 2019, 07:06:27 AM

Quote from: xenxen on February 10, 2019, 03:12:40 AM

and dont to be greedy sometimes being greedy is the way to loose your fund because waiting of more income in daytrade. so much better to sell if the price is enough to profit..

Greed is the biggest problem that traders will face in the market because once the price can increase higher, sometimes we don't take the profit and let it go for higher. But suddenly, in the next minutes, the price drops drastically without we have a chance to sell at the highest price and it happens over and over. I remember in a few years ago when I was new in trading, and I miss so many chances to sell at the highest price because of greediness. And now, I don't want to get the same mistake, and I will prevent to be greedy.

therefore most people fail to trade because they have great greed and emotions too, because these two traits should never be used to trade if you want to get a bishopric

traderethereum

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Quote from: xenxen on February 10, 2019, 03:12:40 AM

and dont to be greedy sometimes being greedy is the way to loose your fund because waiting of more income in daytrade. so much better to sell if the price is enough to profit..

Greed is the biggest problem that traders will face in the market because once the price can increase higher, sometimes we don't take the profit and let it go for higher. But suddenly, in the next minutes, the price drops drastically without we have a chance to sell at the highest price and it happens over and over. I remember in a few years ago when I was new in trading, and I miss so many chances to sell at the highest price because of greediness. And now, I don't want to get the same mistake, and I will prevent to be greedy.

eaLiTy

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Quote from: Findingnemo on January 31, 2019, 02:23:33 PM

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

The first thing i have to point out is that day trading should be avoided and it is a mistake from your part to think that you can make profit on a daily basis riding the market, what if the market goes down all of a sudden, so ride the bear out and invest when the market is low, stick to the basics, buying low and selling high, if you plan on trading daily, it is quite possible but to understand which coin will rise on a particular day is impossible unless you have some great AI or a bot that could analyses the volume trade and notify you . I am not saying it is impossible, but it is not that easy unless you can sense the volume on a given day and try your luck.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: xenxen on February 10, 2019, 03:12:40 AM

and dont to be greedy sometimes being greedy is the way to loose your fund because waiting of more income in daytrade. so much better to sell if the price is enough to profit..

How is the context of greed coming to day trading, because a person who is having the skills to day trade is not greedy at all. Thats contradictory in the first place. Day traders observe daily trends changing in technical and make money in other ways than one. They do trade but they give paid analysis as well to their "cult" groups. Then they also run courses on udemy or free courses on youtube. Basically everything that is needed to milk out money from their "cult" and dump their shitcoins on those zombie supporters.

Its a good way for them to run a profitable business. Whales are different though. They are not comparable to these shills.

fibrolit

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Quote from: Slow death on February 08, 2019, 05:35:05 PM

Quote from: Findingnemo on January 31, 2019, 02:23:33 PM

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade ~~only~~ if you don't understand it.

More points about mistakes need to avoid are welcomed here for the newbie to learn.

buy low and sell high, if the price fell more than 5% then the person buys and expects the price to increase and sell, and repeat the same process. The biggest headache the person will have is the choice of the coin. I find it very difficult to trade for pairs of BTC - Altcoins. I get hours on the computer and I do not see many movements when they are BTC - Altcoins pairs. so I prefer the pair BTC - USDT

I choose low-capitalization altcoins. Here is much more likely to see dump or pump,and not just by 1-2%,but 10-20%. Such coins must be traded on major exchanges, such as Bittrex. On small and untested exchanges there is a risk of running into scams.

Botnake

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Quote from: xenxen on February 10, 2019, 03:12:40 AM

and dont to be greedy sometimes being greedy is the way to loose your fund because waiting of more income in daytrade. so much better to sell if the price is enough to profit..

Greediness is a bad attitude in day trading and in day trading you don't normally make big income unless you have a big capital
but in terms of percentage, you can already be happy with earning like 10% lower, it's a profit whether it's a small amount of money only but if you
are getting unrealistic and you want to make a profit like 100%, then I'm sure you'll miss out the opportunity to sell.

xenxen

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and dont to be greedy sometimes being greedy is the way to loose your fund because waiting of more income in daytrade. so much better to sell if the price is enough to profit..

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Quote from: wuvdoll on February 10, 2019, 02:02:28 AM

Emotionless trading must be possible only after months of practice but definitely not through just learning from books. We must focus on where we are lagging and what are the things which are pulling us down from achieving big in trading. This is possible only in real time. Hence, we must learn in real time. For this reason, small amount of capital is recommended in the beginning days of trading so that we may learn for "lesser fees" comparatively.

You can learn trading strategies and money managing techniques from books but definitely you cannot learn any technique to handle your emotions effectively while trading. It will be possible only through years of experience against real time market conditions. Yes, only from real-time experience we can control our emotions so that our emotions will not be playing a ruining role in our trading.

Failing to control their emotions must be a very biggest mistake, most traders are committing in day trading. Unfortunately even experienced traders are also failing to control their emotions when they are facing negative market conditions than their expectation.

By analyzing all these, it would be much better to avoid day trading itself because it is having on extra unwanted factor which must be your emotions so that it would be better not to going for a day trading and focusing on only long term trading definitely will get us better benefits than having day trading.

wuvdoll

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Quote from: Caladonian on February 10, 2019, 01:33:52 AM

When dealing with your hard earned money, its common with most traders to have this trying to protect their investment and wanted to earned profits, emotionless trading can be learned somehow but hard to really stabilize, we are working with our money and if we wanted to avoid mistakes we need to have lots of things to consider.

Emotionless trading must be possible only after months of practice but definitely not through just learning from books. We must focus on where we are lagging and what are the things which are pulling us down from achieving big in trading. This is possible only in real time. Hence, we must learn in real time. For this reason, small amount of capital is recommended in the beginning days of trading so that we may learn for "lesser fees" comparatively.

Quote from: BUK2016 on February 09, 2019, 05:57:24 PM

Emotional trading in crypto and even stock market or forex is inevitable because your money is involved, so I don't see that point as valid or very important.

Inevitable means in what sense ? Just because of our money involved, we cannot allow our emotions to overtake our trading plans. We always must stick within our original trading plans so that we can hit what we originally looking for. Emotional trading must be a very big mistake and it needs to be avoided at any cost.

Topic: Mistakes need to avoid in day trading - page 7. (Read 1220 times)