Mistakes to watch out for - page 4. | Bitcointalksearch.org

kentrolla

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Quote from: Frankolala on November 09, 2023, 06:13:44 PM

Trading is something that is very risky and no matter the strategy that you use, you have the high probability of losing because it is hard to predict what happens next with bitcoin price movement. Another thing that i noticed is that the strategy that works for you might not work out for the other person.

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

In my opinion tradin can be profitable, provided you know how to set take profit and stop loss. I have fair share of trading experience of running into both profit and loss, whenever I have lost a trade it's purely because of my mistakes like selecting some shit coin just because it pumped or becoming too greedy and not setting stop loss. But if you trade in Bitcoin the risk of running into sudden loss is very minimal unless it's a sudden dip which happens very rarely in Bitcoin. Full time trader has their own strategy and as you mentioned even they may not achieve profit everyday but they do definitely earn profit even if it's a week long, month long hodling which we don't forecast.

It's simple that follow certain rules by creating them like percentage of risk taking, when to take profit and which coins to invest, number of traders per day. These are hygiene metrics of trading because most of us losse due to not following it

libert19

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Quote from: Barikui1 on November 07, 2023, 07:16:48 AM

- Always calculate your loss before profit: when you trade with what you can afford to lose, it is near impossible for your emotions not to be in check.

This is true, whenever I traded with amounts that I was not willing to use, I was emotional about the trade, and was constantly looking at it , and those shivers if pnl was in minus Grin

Meanwhile,

whenever I open trade with amount I could afford to lose, those trades stay open for long. For example, just yesterday I closed my ethereum position which was open for more than 6 months.

shinratensei_

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Quote from: boyptc on November 09, 2023, 06:54:12 PM

Quote from: Frankolala on November 09, 2023, 06:13:44 PM

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

That's what they need to remember when trading, content creators make it look like that trading is easy and everyone can make money from it.

Regardless of the strategies that you learn, when you apply it to yourself. It doesn't guarantee anything because that's the hard part of it, you keep on running backtesting, etc.

But at the end of it, you're uncertain and most likely will get a loss. It is the reason that the best thing is to stop and start accumulating. It is one mistake that many don't recognize too early so they end up committing more mistakes.

with infleuncers they make it look easy just because they want people to get into their course or sign up using their refferal link where probably they'd profit off the people's lose since usually refferal gives certain percent of loss towards the influencers.
there's always ulterior motives in every those so called infleuncers movement, otherwise they won't waste their time making some video to make other people rich because they themselves wanna become rich out of this.
thats why sometime the influencers demonstrate how easy it is to trade, meanwhile sometime there are also some manipulation going on if they are advertising some random platform where they are given some account that could be used for demo but with rigged and modification towards the account that make them always winning, never take financial advice from strangers.

boyptc

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Quote from: Frankolala on November 09, 2023, 06:13:44 PM

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

That's what they need to remember when trading, content creators make it look like that trading is easy and everyone can make money from it.

Regardless of the strategies that you learn, when you apply it to yourself. It doesn't guarantee anything because that's the hard part of it, you keep on running backtesting, etc.

But at the end of it, you're uncertain and most likely will get a loss. It is the reason that the best thing is to stop and start accumulating. It is one mistake that many don't recognize too early so they end up committing more mistakes.

TelolettOm

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Quote from: Frankolala on November 09, 2023, 06:13:44 PM

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

This is a wise thing to understand when to stop, when we feel we need to stop because we lose more often than we make a profit when trading. This is realistic and logical. When we are aware and before it is too late, it is better to stop. This may be different for some people who are obsessed with trading and are still optimistic about winning the next trade. This may not only be about obsession but overconfidence. And we must avoid this, at least we can manage ourselves to know when to enter and when to exit, and when to stop or start again.

A professional trader doesn't mean that he always wins and never loses, right? indeed, but they can evaluate and can carry out various tactics at the right time so that they can minimize losses and quickly replace losses with other trading pairs. They can take advantage of every moment to take profits, but are still under control.

Frankolala

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Trading is something that is very risky and no matter the strategy that you use, you have the high probability of losing because it is hard to predict what happens next with bitcoin price movement. Another thing that i noticed is that the strategy that works for you might not work out for the other person.

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

jeraldskie11

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Quote from: Barikui1 on November 07, 2023, 07:16:48 AM

- Trading against the trend: when trading against a trend their is a higher possibilities of you losing that trade, if you spot an uptrend, you should only be looking for a buy opportunities and if you spot a down trend you should only be looking for a sell opportunities simple, you get more winning trade by doing that.

There are some traders who have a high winning rate with counter-trending, although you can't maximize your profit since you are trading against the trend but the probability of winning the trade is so high,1:3r is enough. Let us say the trend is uptrend, we expect that weak high will be broken, in other group of traders call it a buyside liquidity which is the idea is when the liquidity is taken you can execute a trade if you see a good setup in the market. And you shouldn't hold your trades for a long time because it's very risky since you are counter-trending. This idea is not advisable to beginners, they should always follow the trend.

Quote

- Avoid trading consolidation: traders that fall victim to this one are people that takes many trades, trading consolidation is very dangerous because it can go anyway, at such point, the market have no clear direction.

In my opinion, it depends on how good is the consolidation because there traders because honestly the price will go up after the consolidation, so personally this is one of my confirmation that there are lack of volume of supply/demand and the reversal of the trend is happening soon.

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Mistakes are actually normal. Even a skillful and professional trader still creates mistakes in trading. But the important thing here is that once you have committed a mistake that made you lose your trades, then make sure that you learned from that mistake and that you are not going to repeat the same mistake again. Mistakes should be an eye opener for us, and from there, we should learn to be more motivated to improve our craft so as to avoid some inevitable mistakes that could lead up into losses.

I'd say controlling our emotions in trading could be the hardest part when trading. But with practice and consistent trading, we learn to overcome our strong emotions until the time comes that we can easily set aside our emotions when we are trading. That way, success becomes more visible as long as you also know how to timing your trades with the market's condition.

Kelvinid

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The only reason that makes me lose in trading is letting my emotions control my mind and then, out of my strategy.
I tried to work it out and so I took my break, and I know this is very common to everyone.

Trading needs focus and a high level of market understanding while skills can be learned through experience but what happens the most is that they underestimate the market volatility believing that learning the basics is good enough which is very wrong. We'd thought that we could dictate the market movement but too unfortunate that we can't, so we never have to assume that we can it okay, instead we need to work hard and spend more time learning about trading.

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Quote from: Barikui1 on November 07, 2023, 07:16:48 AM

- Trading against the trend: when trading against a trend their is a higher possibilities of you losing that trade, if you spot an uptrend, you should only be looking for a buy opportunities and if you spot a down trend you should only be looking for a sell opportunities simple, you get more winning trade by doing that.

Trends are usually successful because many traders are able to identify them and then follow it, but if you a new trader decide to want to go against a trend, you will regret it because the people who believe in a trend are usually more than the people who believe that that trend will not work and decide to trade against it.

Quote from: Barikui1 on November 07, 2023, 07:16:48 AM

- Too much monitoring of the chart:

It is a common challenge to every new trader, that is they always want to check the charts even in uncomfortable places. Curbing the urge to check the charts is another challenge entirely on its own.

Dickiy

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Quote from: taufik123 on November 09, 2023, 08:55:07 AM

Quote from: tbct_mt2 on November 09, 2023, 08:28:29 AM

With a trader, protecting initial capital is most important then a little bit less important is profit. If you don't get profit from a trade, it's fine, the market will give you many opportunities to gain profit. If you can not protect your initial capital, you are done, your trading career is over when you lose all capital.

Hence it is good if any strategy works for a trader to protect capital or best gain trading profit.

Not less importantly, but profit is the ultimate goal that can be earned or delayed to be earned due to losses.
People trade to make profits and minimize losses and the main focus is of course protecting the initial capital.

Arranging some strategies to protect the initial capital and the goal of making a profit is important.
The use of stop loss and trade management can help secure initial capital.

Yes profit is something that has always been the goal and the reason why people come in this field, but we cannot if we only focus on one thing like this profit, because obviously in terms of something that can be profitable then there will always be the possibility of equal or even greater risk.

Therefore we as traders are required to have or prepare many things before finally engaging in this activity, such as perhaps planning, management, strategy and risk management, all of which are very important and will always run when you have your trading, nothing but it will all be useful because all traders do not want if they experience losses and that is why you must have a lot of preparation especially risk management in order to minimize any chance of loss that will occur.

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Quote from: tbct_mt2 on November 09, 2023, 08:28:29 AM

Quote from: taufik123 on November 08, 2023, 05:44:18 PM

Whether a trading method is bad or not depends on how you utilize every opportunity given.
When you say it's bad then you can't master it well.

With a trader, protecting initial capital is most important then a little bit less important is profit. If you don't get profit from a trade, it's fine, the market will give you many opportunities to gain profit. If you can not protect your initial capital, you are done, your trading career is over when you lose all capital.

Hence it is good if any strategy works for a trader to protect capital or best gain trading profit.

Quote

To reduce losses, you should study harder, use a strategy that suits you, and make sure to follow the market trend well.

Learning about technical indicators, trading strategies are good but a trader must learn about psychology of the market too. Control emotion and psychology are more important than mastering technical indicators, trading strategies. You can not use them well if you can not control yourself.

If we cannot maintain the initial capital that we have of course we will not be able to make a profit from the trades that we make, because it is very important to be able to know the market conditions to be able to make a profit from the trades that are made, so it would be better before making a trade that we need to use strategies in trading that we carry out in order to gain profits from these trades.
Everyone uses different strategies in the trades they make and for those who have a lot of experience it will certainly be easier for them to gain profits from the trades they make.

I agree with you, it is important for everyone who trades to be able to control themselves, lest they be greedy in the trades they make so that they miss out on the profits they have made and cannot get them back.

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Quote from: tbct_mt2 on November 09, 2023, 08:28:29 AM

With a trader, protecting initial capital is most important then a little bit less important is profit. If you don't get profit from a trade, it's fine, the market will give you many opportunities to gain profit. If you can not protect your initial capital, you are done, your trading career is over when you lose all capital.

Hence it is good if any strategy works for a trader to protect capital or best gain trading profit.

Not less importantly, but profit is the ultimate goal that can be earned or delayed to be earned due to losses.
People trade to make profits and minimize losses and the main focus is of course protecting the initial capital.

Arranging some strategies to protect the initial capital and the goal of making a profit is important.
The use of stop loss and trade management can help secure initial capital.

tbct_mt2

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Quote from: taufik123 on November 08, 2023, 05:44:18 PM

Whether a trading method is bad or not depends on how you utilize every opportunity given.
When you say it's bad then you can't master it well.

With a trader, protecting initial capital is most important then a little bit less important is profit. If you don't get profit from a trade, it's fine, the market will give you many opportunities to gain profit. If you can not protect your initial capital, you are done, your trading career is over when you lose all capital.

Hence it is good if any strategy works for a trader to protect capital or best gain trading profit.

Quote

To reduce losses, you should study harder, use a strategy that suits you, and make sure to follow the market trend well.

Learning about technical indicators, trading strategies are good but a trader must learn about psychology of the market too. Control emotion and psychology are more important than mastering technical indicators, trading strategies. You can not use them well if you can not control yourself.

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Quote from: Yamane_Keto on November 08, 2023, 07:57:43 AM

-snip-
I can tell you that this method of trading is bad and you may understand my words, but the implementation may be completely different when you fall into this problem yourself. To reduce your losses, trading using a demo account will solve this gap.

Whether a trading method is bad or not depends on how you utilize every opportunity given.
When you say it's bad then you can't master it well.

The application of strategies to trading will indeed look different when you just do a theory,
but it will not be much different if you understand the concept and understand how the market works.

To reduce losses, you should study harder, use a strategy that suits you, and make sure to follow the market trend well.

The solution of using a demo account as a suggestion to overcome the gap, will not work.
A demo account will only take away the emotionality of trading and will not be the same as real trading.
I have tried it and in the end, real-time trading will teach us more about how to manage emotions properly.

lixer

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Quote from: Doan9269 on November 08, 2023, 02:48:46 AM

You can agree with me that some mistakes are inevitable, especially when you're not aware of something related to occur, they comes in as a result of what we do, we can try out our best in making sure that we deal with this by taking it to the minimal level, because some may actually cost us than we expect, but when we know what we are doing, we will always ensure we avoid having any kinds due to our own carelessness in what we do.

I agree. This is why we are advised to prepare and continue doing the known things that can help combat or at least lessen the effects of those mistakes. These types of mistakes are not related on what we are doing. Can't you see that we already did the right thing earlier? If some mistakes can cost us more, there are also positive results which are more than what we expect.

So, we shouldn't feel bad because we can still recover it all. When we know what we are doing, I wouldn't say that we are care less. Yet, like we said earlier, there are still mistakes that can come to us. I think they are naturally created for a reason so we should learn to get used to it.

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Trading against the trend is such a silly move, trends in crypto goes very long, and it doesn't turn that quickly after just a month, when we are in bear run, it took us 2 years to get out of the bear run and start going up, and just as we started bull run right now, I am sure that it will keep on being higher and higher for at least another year, maybe two years. That's the important thing, investing right now, and going against the trend means you will sell, and that makes no sense.

I can understand the others, like checking the charts all the time is bad too, but if you do nothing about it then you should be fine and all, or failing to find entry point, as long as you get in, that's what matters. But the one thing that is very very dangerous is trend chasing, if you do not chase the trend and go against the waves, you are going to end up losing a lot of money and you should be careful about what you are doing and could be taking a useless risk.

Yamane_Keto

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Almost all the failures of my attempts at trading were the exit point, as I calculate the profit according to the selling price and not the buying price. This is a problem that every trader faces, which is that profit is achieved when you buy at a low price and not when selling.

I can tell you that this method of trading is bad and you may understand my words, but the implementation may be completely different when you fall into this problem yourself. To reduce your losses, trading using a demo account will solve this gap.

Dimitri94

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Every trader make mistakes in trading. However, even if some mistakes do not have much effect, many investors are exposed to big losses due to some others mistakes. I myself made some mistakes in the beginning of my trading life due to which I lost a lot. I think newbies usually make those kinds of mistakes. One of those mistakes is that when the market is bullish, we get impatient to invest without doing any research. After investing, when the market starts to correct, I sell again despite the loss so that i can reduce the loss. It is difficult for new traders who have such knowledge to take profit from the market. Trading market is risky so before investing one must observe deeply and always be patient without taking any decision by getting excited.

Uruhara

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Indeed, there are many things that we have even mastered in theory but it turns out that we still cannot master them when trading directly. One of them is going against the trend. And lately I see many traders who trade in the Future market are liquidated. Because they buck the trend. Well, they placed Short when the market was experiencing a fairly rapid increase. And finally their position was liquidated. And the liquidated amount is not a small amount but is very large by my standards. I took lessons from reading the market. And makes me always avoid trying to trade against the direction of the market trend. Because when we go against the direction, we are just speculating and hoping that the market will reverse direction according to our imagination. Even though we need references or reasons or fundamentals or technical matters to determine when the market will likely reverse direction. Impulsiveness and such are actually the problem in this case. Or many traders experience losses because they cannot eliminate their impulsive nature.

Topic: Mistakes to watch out for - page 4. (Read 771 times)