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Topic: Mistakes to watch out for - page 6. (Read 747 times)
try as much as possible to trust your analysis, leave it to play out if you want to make good money from the market if it's going your way.
if you must succeed in trading you must start learning to react to what the market is playing out.
A big contradiction dictated. You advised that we should trust our analysis and allow it to play out if we want to make big money. Not advisable to keep visiting the screen to twerk our emotions by doing the wrong thing. This is understandable, but the second advice, you said we should learn to react to what the market is playing out. This also means that we can let go our strategy and react with the market. Are you not sensing contradictions here?
Biggest mistake of traders is Do not use Stop Loss or Stop Limit orders. Those order types can help them to avoid big loss when the market moves very quickly, crashes with very panic selling from other traders and liquidations from exchanges.
I have had a very bad experience with the stop loss. It is a nice tool to mitigate losses and it is also a good tool to prevent wins. At times I feel that someone watches to see where you place your stop loss and trigger it and after which the market will reverse to profit immediately.
Another mistake from trader is they use Margin, Leverage. They believe they can get rich quickly with margin, leverage, futures but they get poorer or bankrupted.
I'll rather trade with 1k without leverage than $100 on X10 leverage 
- Too much monitoring of the chart: before you place any trades use a margin you can afford to lose, so that once you place your trade, you set your exit point, take profit or stop loss you wouldn't be checking your chart steadily, because by doing so, you emotions will come into play if it's a margin you can't afford to lose, try as much as possible to trust your analysis, leave it to play out if you want to make good money from the market if it's going your way.
Biggest mistake of traders is Do not use Stop Loss or Stop Limit orders. Those order types can help them to avoid big loss when the market moves very quickly, crashes with very panic selling from other traders and liquidations from exchanges.One of best weapons in trading, Stop loss order.
Stop limit order, what it is and why investors use it.
What is stop limit order.
Another mistake from trader is they use Margin, Leverage. They believe they can get rich quickly with margin, leverage, futures but they get poorer or bankrupted.
One of the mistakes I do is to trade when a coin has increased significantly in price. If it has increased, I go on short position. This is also what I do if the market price of a coin has decreased significantly, I go long. The mistake is that the market will continue in the direction and no reversal sometimes. I later used averaging with it and I gain than before but it is very risky.
In such situation before thinking that their will be change a of trend, if it's an uptrend, you look at the price chart to know if the buying pressure have subside and to know if there are more sellers in the market to push the price down. In trading it very important to be thought before venturing into the market, so that your will know how to react to the market by it actions 
One of the mistakes I do is to trade when a coin has increased significantly in price. If it has increased, I go on short position. This is also what I do if the market price of a coin has decreased significantly, I go long. The mistake is that the market will continue in the direction and no reversal sometimes. I later used averaging with it and I gain than before but it is very risky.
Their are few mistakes we trader make even when we already knows the craft but we still fall victim to, which are;
- 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.
- Too much monitoring of the chart: before you place any trades use a margin you can afford to lose, so that once you place your trade, you set your exit point, take profit or stop loss you wouldn't be checking your chart steadily, because by doing so, you emotions will come into play if it's a margin you can't afford to lose, try as much as possible to trust your analysis, leave it to play out if you want to make good money from the market if it's going your way.
- Entry point - most skill traders I have encountered struggle on this aspect, your entry point determine your risk to reward ratio and that is what keeps you profitable.
if you can get a good entry point by letting the market come too you, even though you loss 60% of your trades, you will still be profitable because 1-3 risk reward ratio will be the least you will get from such entry.
- Too much emphasis on technical indicators: most indicators mostly shows the past data of what have happened in the market, but wouldn't show you what is coming next, that's why it's very important to look at the price action of the chart, you react only to what the market gives you, not by doing what you think.
if you must succeed in trading you must start learning to react to what the market is playing out.
- 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.
- 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.
- 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.
- Too much monitoring of the chart: before you place any trades use a margin you can afford to lose, so that once you place your trade, you set your exit point, take profit or stop loss you wouldn't be checking your chart steadily, because by doing so, you emotions will come into play if it's a margin you can't afford to lose, try as much as possible to trust your analysis, leave it to play out if you want to make good money from the market if it's going your way.
- Entry point - most skill traders I have encountered struggle on this aspect, your entry point determine your risk to reward ratio and that is what keeps you profitable.
if you can get a good entry point by letting the market come too you, even though you loss 60% of your trades, you will still be profitable because 1-3 risk reward ratio will be the least you will get from such entry.
- Too much emphasis on technical indicators: most indicators mostly shows the past data of what have happened in the market, but wouldn't show you what is coming next, that's why it's very important to look at the price action of the chart, you react only to what the market gives you, not by doing what you think.
if you must succeed in trading you must start learning to react to what the market is playing out.
- 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.
- 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.
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