Mistakes newbie makes in trading resulting to losses - page 4.

fasdorcas

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Quote from: Tytanowy Janusz on March 20, 2019, 05:36:29 AM

Quote from: artdisrupt on March 19, 2019, 05:00:28 PM

4- the fear of missing of out is another major strategy whales use in manipulating prices thats attract newbies to buy at all time high.

That's the point I'm still working on after 4 years of trading and 2 years trading for living. I'm still to scared of missing opportunity for lambo than to lose money. Good think is that I'm aware of that and working on it constantly.

This FOMO has been the reason why we see so many rich people enjoying lives and spending on luxuries.
They made millions in cryptocurrency when all of us were sleeping. Initially the price had been very down. Say $1.
Four year of stay here and I bet you would have made fortune. Try to come up with ideas that could work based on the blockchain technology. This thing is getting very profitable with the passage of time.

Tigerw

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Quote from: jems on March 22, 2019, 02:14:05 PM

In simple terms, in my opinion, if we want to succeed in trading, how do we make decisions, whether it's the decision to choose coins and also the decision to buy and sell, we can get them if we can control ourselves or not be easily panicked

for a beginner, it is almost always normal to make used mistakes on which a novice will learn. I hold the opinion that even a negative experience still benefits for the further development of professionalism. One of the most important bruises for a trader is to read the terms of trade on certain exchanges. Including it is necessary to take into account the limits, so that your funds will not be stuck on a certain stock exchange, since you could not adhere to these norms.

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Quote from: BigBrother on March 21, 2019, 05:20:58 PM

Before you start trading, it is necessary to study charts, diagrams and various trading strategies. And only after you get at least basic knowledge, you can start trading.

You can't learn anything if you don't apply them in real life,so just try to start with very low capital and the implement the strategy you are learned so far and make your trades perfect and create your own winning strategy.

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In simple terms, in my opinion, if we want to succeed in trading, how do we make decisions, whether it's the decision to choose coins and also the decision to buy and sell, we can get them if we can control ourselves or not be easily panicked

raven7886

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Quote from: TomArayaSlaya on March 21, 2019, 07:50:08 AM

Is a lesson many newbies learn along the way and is OK so far they dont continue to carry it along I think is good if they learn and fail retune a little and make a change Life is about forgiving your small mistakes and fixing them and moving on Trading is actually no better

Yes, it is not only newbies that makes such mistake because the moment you succeed in making profit through trade up to five times, I no longer see such person has newbie but unfortunately , along the line, many trader becomes more aggressive because they feel they have known it all and need to step up the game, by doing so, they end up falling a victim of what the OP listed in his points.

So, as a professional trader I feel that I am, I still keep those rules glued on the corner of my table to always remind me of the rules of trading because no one is above mistake whether a newbie or pro.

DeadCoin

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Quote from: artdisrupt on March 19, 2019, 05:00:28 PM

Trading is not a quick get rich scheme. But having quality knowledge about price movement of crypto asset is essential before taking crypto trading as a full time job.

There are several mistake newbies often make during the course of trading which are listed below:

1- Buying of a crypto asset that is already high without stop loss and selling low because of uncertainty of indecision candle in chart.

2- over reacting to sudden change of prices which leads to Panic selling.

3- Trading without any strategy in mind before placing an order.

4- the fear of missing of out is another major strategy whales use in manipulating prices thats attract newbies to buy at all time high.

5- Trading with 100% of the portfolio in only a single trade instead of spreading hard earn money in different trade.

6-not taking proper rest and allow the brain to relax in taking proper decision in entry or existing orders.

7- Greed is never be satisfied with the little profit,is an emotions that create an hunger for more profit.this hunger for more profit without setting take profit or stop loss result to losses due to over excitement of trend movement that favors the trader

These are mistake that newbie make that result to loss of their hard earn money in crypto exchange trading.

Hence to avoid all these mistakes you need to to learn different trading strategy and different chart pattern and historical data analysis of crypto asset.

We have seniors in the forum , their contribution will be vital and help everyone to avoid mistakes ,these are just my experience and observation.
Have a cool crypto trading .

The points seriously reflects almost the same i am going through as a new trader and thank you for bringing these out. Slowly learning from defeats and losses. Trading is a good platform. Need to learn lot more when even playing in it.

BigBrother

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Before you start trading, it is necessary to study charts, diagrams and various trading strategies. And only after you get at least basic knowledge, you can start trading.

Activitycoin

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Quote from: TomArayaSlaya on March 21, 2019, 07:50:08 AM

Is a lesson many newbies learn along the way and is OK so far they dont continue to carry it along I think is good if they learn and fail retune a little and make a change Life is about forgiving your small mistakes and fixing them and moving on Trading is actually no better

Mistakes should be avoid at first priority after that it is very important to learn from it, most of time new traders use to sell for panic which causes lose at the end, new traders should learn how to trade profitably and make advantage of even a disadvantage, with time technologies are being improve so better for us to take command over it and earn properly.

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Quote from: omonuyak on March 20, 2019, 01:17:05 PM

Newbies do not know all the principle of investing and trading and as such they are always making loses in their investments. Stop loss is never in their trading plan and most time they over trade because of the desire to make it big.

It is a common problem in most newbies in the field of trading since most of them don't know the fundamentals and basics of trading that's why most of them lost and most of them quit after seeing the truth in the trading field. Which is why it is important to do your own research if you aren't familiar with the field that you are about to handle or else you will just gonna waste your time and money.

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Quote from: TomArayaSlaya on March 21, 2019, 07:50:08 AM

Is a lesson many newbies learn along the way and is OK so far they dont continue to carry it along I think is good if they learn and fail retune a little and make a change Life is about forgiving your small mistakes and fixing them and moving on Trading is actually no better

in any case, life can be much easier than trading. In trade, you need to put a lot of nuances, While in life we go with the flow, in order to push off from the coast in time. K But if we take into account the current state of the cryptocurrency market, then each user of cryptocurrency should be wary, because today the risks to our assets have increased several times.

markdario112616

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Quote from: omonuyak on March 20, 2019, 01:17:05 PM

Newbies do not know all the principle of investing and trading and as such they are always making loses in their investments. Stop loss is never in their trading plan and most time they over trade because of the desire to make it big.

Well, That the result of Rushing into decisions. Most of the Newbies nowadays tend to engage in such activities just because of someone told them a stories regarding earning by way of trading, without knowing what they are really into. Also, not that they don't have the Stop loss plan, they don't even what it means, or in general they no nothing at all.

That's why I always advise to those who wanted to try trading, to Educate at least the basic of it and the nature of the main industry they wanted to trade with. Well atleast they are aware on what they are engaging with,

TomArayaSlaya

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Is a lesson many newbies learn along the way and is OK so far they dont continue to carry it along I think is good if they learn and fail retune a little and make a change Life is about forgiving your small mistakes and fixing them and moving on Trading is actually no better

Whosdaddy

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With all these points you listed mate, I think you are the most senior in the forum LOL.
You have already said it all but my issue with many trader is that they read all these virtually every day, they have heard lots of advises and yet they still allow their emotion and greed to set in, because these are exactly the two that is destroying most traders and making them leave trading.

Another one I feel you didn’t add is impatience, this is also applicable to professional traders too and not just the newbies, most trader are really impatience even in the market we are in presently and that is why whales can find it easily to manipulate the market by panicking those that are not patient enough to hold on to the market.

annango

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Quote from: Bitinity on March 20, 2019, 03:34:36 AM

Quote from: steveabrahams on March 20, 2019, 12:44:49 AM

Agreed with all the points, beginner trader usually panic when the price suddenly crash and they make an action without thinking twice because of the panic. It's all about experience, beginner/newbie trader takes time to learn about it and i'm sure they will learn from their mistake.

Mistake happens to all trader no matter they are beginners, intermediate or even pro.
Regarding to panic, probably the pro who can manage this situation. Most beginners and intermediate trader will be still affected by their emotion once there is a price drop.
Yeah, learning from the mistakes is a must to make a better decision in the next trading activities. Overall, this is about money management and emotion management.

Yep, making mistake is brutally normal in trading or investing as well. I can say for sure that we all used to make mistake when doing anything especially in some first stage of the work. However, it’s not a big deal when we make a mistake, because learning from mistake is one of the best lesson that can help us be more professional, careful. However, Remember that “ learning from your mistakes and, most importantly, and you should avoid making the same mistake twice”, it's a good way to save time and money.

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Quote from: Tytanowy Janusz on March 20, 2019, 05:36:29 AM

Quote from: artdisrupt on March 19, 2019, 05:00:28 PM

4- the fear of missing of out is another major strategy whales use in manipulating prices thats attract newbies to buy at all time high.

That's the point I'm still working on after 4 years of trading and 2 years trading for living. I'm still to scared of missing opportunity for lambo than to lose money. Good think is that I'm aware of that and working on it constantly.

Well, each and every one of us is guilty of this but the thing is that we cannot have it us, in as much as we strictly pray for success, some of our trades much surely fail no matter what, we can only try to keep it at minimal, whatever will be will be has been my watch word in this market, that is why I don’t allow the fear of missing out to manipulate me and make me make a mistake that I will forever regret for the rest of my life.

Now, I am learning to play along seriously with the whales too in this market because they have seriously dealt with me while I was a newbie and I am strong now and won’t allow them manipulate me any longer. I think many people are also learning to overcome FOMO and that is why the market is getting stable.

BlackPanda

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A beginner is very appropriate when making a decision because they are learning, by making smarter decisions, they will get an extraordinary experience.
This is good capital, when a trader keeps trying, they will have skills that continue to increase.
elieve that someone is struggling so hard they will get satisfying results.

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Quote from: artdisrupt on March 19, 2019, 05:00:28 PM

Trading is not a quick get rich scheme. But having quality knowledge about price movement of crypto asset is essential before taking crypto trading as a full time job.

There are several mistake newbies often make during the course of trading which are listed below:

1- Buying of a crypto asset that is already high without stop loss and selling low because of uncertainty of indecision candle in chart.

2- over reacting to sudden change of prices which leads to Panic selling.

3- Trading without any strategy in mind before placing an order.

4- the fear of missing of out is another major strategy whales use in manipulating prices thats attract newbies to buy at all time high.

5- Trading with 100% of the portfolio in only a single trade instead of spreading hard earn money in different trade.

6-not taking proper rest and allow the brain to relax in taking proper decision in entry or existing orders.

7- Greed is never be satisfied with the little profit,is an emotions that create an hunger for more profit.this hunger for more profit without setting take profit or stop loss result to losses due to over excitement of trend movement that favors the trader

These are mistake that newbie make that result to loss of their hard earn money in crypto exchange trading.

Hence to avoid all these mistakes you need to to learn different trading strategy and different chart pattern and historical data analysis of crypto asset.

We have seniors in the forum , their contribution will be vital and help everyone to avoid mistakes ,these are just my experience and observation.
Have a cool crypto trading .

every important points are mentioned here so it will be definitely useful for the new people and also for the experience repeated because nowadays we don't have a proper guidance to be a good trader so following some good trading strategies and also learning how to regret the mistakes in this field was very important I think it will be helpful for them.

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Quote from: omonuyak on March 20, 2019, 01:17:05 PM

Newbies do not know all the principle of investing and trading and as such they are always making loses in their investments. Stop loss is never in their trading plan and most time they over trade because of the desire to make it big.

I know someone who jumped into trading and got rekt completely after 3 weeks of trading, and this happened by placing very tight stops. This is what happens when people don't understand how leverage works. I literally warned that person to not proceed with trading, but did it anyway and this is the result.

The fun part (or the sad part, depending on how you look at it) is that I was blamed for the losses because I didn't want him to profit he said, lol. It's a classic example of how people getting rekt blame external elements and not themselves, which is why they keep losing because they don't know what went wrong. It's very silly but super common amongst get rich quick minded noobies.

The worst noobs are those who made some lucky profits at the very beginning and now think they know how the market works. Meh.

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Quote from: pundit on March 20, 2019, 12:42:32 PM

Everything written here is true, why newbie fail in trading rather 95% of the traders close their account in loss, only 5% traders are successful. Trading needs a proper plan and to execute that plan you need to practice, practice and practice. Greed and fear are not biggest enemies of a trader, controlling both these factors means half way covered. A trading plan should be based on some analysis and based on that analysis, are of entry, exit and SL should be properly placed and adhered. A solid plan with proper execution (comes out of practice) can lead anyone to become a successful trader.

If you indicate such indicators, I am inclined to think that it is exactly 5% of all traders, these are really professionals who know not only the basics of trading, but also the entire cryptocurrency market and how it operates. All other users of cryptocurrency are practically visiting visitors who are trying to make a profit, which circumstances allow them to receive. But nevertheless, it is thanks to the actions of all traders that the present is supported in the circumstances of the cryptocurrency market.

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Quote from: bisdak40 on March 20, 2019, 06:38:54 AM

If we decide to make trading our full time job then we must be sure that we have studied it and we must also be prepared on the consequences that may arise sooner. Per experience, though i am not a full time trader, trading is very stressful and takes a lot of time which lead to health deterioration if not manage properly.

I will not recommend for anyone to make trading as their main job, unless you’ve been into it for years and have also gained experience to the extent you have become an expert and very sure that you can live your life just by being a trader, cause if not, then you’re probably making a huge mistake. Don’t just quit your job because of trading, if you do, you might end up regretting why you ever did.

Quote from: artdisrupt on March 19, 2019, 05:00:28 PM

There are several mistake newbies often make during the course of trading which are listed below:
-snip

Wow that is cool and it’s really going to be of help. Greed is one bad thing lol, and lots of traders are quite greedy. No one is satisfied with little profit, they want to make quick money and huge profit in a once trade. Especially those ones that invest a little money and expect to make huge profit, more than what they invested before. Anyone who wants to succeed in this should learn not to be too greedy.

Topic: Mistakes newbie makes in trading resulting to losses - page 4. (Read 806 times)