Topic: Most common mistakes made by beginner crypto traders! (Read 396 times)

If you are unwilling to study and cannot control your emotion then you are not a trader. If you are not able to manage to read, learn and cannot manage emotion then please do not call yourself. It is the basic requirement.

One of the common mistake I made when I was still beginning to trade is depositing a very small amount of bitcoin or other cryptocurrency assets in an exchange. Basically, what we should do first is to study and know how much would be the trading fee, and minimum trading amount that we need and to balance the profit that we can get. Once I've trusted the platform, I started to deposit better amount and that is the starting point for my trading career. You will have a difficulty in trading for an extremely low deposited amount.

Usually, new traders don't have the patience to wait for the price increase. I have that experience in my beginning started crypto traders. I feel that it is too tired to wait for the price moves to some level price I want, and that makes me desperate. But once my order price filled, I feel happy to see the stress finally release. But then I realize that I need to have patience because the price cannot move for the price I want. If that day, the coin price intends to increase, it will increase, and if it's not, then I need to be patient for more.

I really wish this thread or topic came earlier or  back when I was a beginner in trading cause I lost of count for how many times I've committed mistakes that I regretted big time and all of those were irreversible, like selling at peak prices, getting swayed by my emotions and following my excitement. This will help beginners avoiding the mistakes I wouldn't want them to go through  where I've been. Hopefully neebies will take this advices, more of dos and don'ts, together with them during their trading life and be wiser.

although it's been a long time in the world of cryptocurrency, I'm not very good at trading. although I have followed a few suggestions, but I am always late in getting information about the pump or dump of a coin. Well, that was my mistake.

but, for a long time, people's mistake in trading was "Placing money they cannot afford to lose into trading". when they do that without preparation, and losses occur, they are always angry, saying scam, fraud, and others. Well, I just want to say that when you go into trading, all risks become your responsibility. Well, this information is very useful for traders like me to see weaknesses in trading.

When a newbie begins to trade, I think the last thing that should be on his mind is to become "successful" immediately, that's like a trap that would lead such trader to his or her doom, instead of placing all the focus on success, and how rich you'll become, you need to also think about how to get knowledge, how to learn and how to learn from the mistakes that some other people have probably made.

It took me quite a long time to get into trading, I tested the waters for a very long time, till I decided I now have all it takes, if every new trader can think that way, they probably may stand a good chance of being "successful".

Yes, of course! It would be easy to become a successful trader when the market is very lively because all things seems in your favor. All you need to do is to hit a target price based on how much profit you want to attain and sell. As simple as that, easy money! But the struggle strikes when we are on the bearish market. I know it easy for some of us to say HODL in this kind of situations but there are still traders who lose. Well, I think it's already normal since we can't totally get rid of the scared and panicking ones. But I believe we can used to it as time passes. Like me, I am now more patient and remain calm during the days of crisis unlike before who is also a panic seller sometimes.

I think all these points are very generic points meant for merely those who just invest in cryptocurrency and not specifically "trade" because traders generally make couple of big mistake.

One biggest mistake is poor risk management and it's not that old shit of not putting all your eggs in one basket because if you want to be in pro league of traders you need to have pro rules. Risk Management is assessing stop losses and finding risk reward ratios and making every trade in a very calculative manner by assessing maximum loss you are ready to bear and maximum profit you can reap out of that particular trade. Keep the ratios on your side.

Second biggest mistake is not having a system, setup or strategy. Trading isn't just buying coins because some telegram channel told you to or you just found a news about it. It's about creating a charting or fundamental system wherein you buy or sell those coins which are triggered by your system. These systems can be created only with very comprehensive study which you have to do for becoming traders in a prof league.

Third Biggest mistake is not studying your past trade. Sometimes You trade you win, the other times you trade you lose. But one thing is always constant and that is what you have learnt from that trade. Try to maintain trading journals and keep record of all your trades so that you atleast learn from your losing trades.

Actually your stance is accurate if you are a short term trader but if you are here to accumulate volume and hold then most provably you will win especially with bitcoins in the long run, but if you cannot take a risk then much truly better if you just do trade and sell your profit to fit so that you will secure your profit figures.

Dude good post, I believe FOMO is the greatest threat to all the crypto traders not only begginers.

when i was a newbie trader almost every deal I made I closed with a profit! What was that?! a luck? a super profi trader?
no! it was hot market! almost every coin on the market were pumped! so no prob to be a success trader.
but when market began to fall over 70% of my trades brings me losses!
so be careful to begin your traders career on the low market.

The biggest mistake a newbie trader can make is thinking that he can become rich in few days because of the big volatility on the market.
Also listening to misleading information and following fruitless strategies.
Many join P&D groups and blindly do what they are asked to do then they discover they were manupilated when they lose everything.

• If you have decided to buy some crypto don't believe in all social media news. Explore the market first and then invest in crypto.
• Try to learn from the mistakes which you had done in the past while trading.
• Don't hold maximum funds with you because you don't know when the token will rise and don't sell all your coins at one shot.
• Always calculate how much funds you will receive from your investment.
• Most importantly keep all your wallet details securely.
• Most importantly keep all your wallet details securely.
• Choose the exchange who offers the most trustable and reliable service.
• Remember in this crypto world it is easy to make money but it is hard to keep your money safe so more cautious about this.

The most common mistake beginners make is getting started in the first place. 99% of people do not have the psychological discipline or strength to make a success of it. They are nothing but fodder for the 1% who do.

Whoever framed trading as a breeze that any clueless lump can breeze straight into should have their nipples slit.

Selling at high prices is easy. Determining your profit is easy as long as it's profit that you've made out of your capital. This is the greediness starts when you want to get more, when you want to earn more.

And time will come because of that ambition and discontentment, you'll be making a bad move of not selling at good prices when you are already good to take profit. Don't regret selling if you made profit, that's it.

The fundamental analysis and technical analysis are the main things in trading. You have to learn about those things before start trading. The next thing is you can invest a small amount as a beginner. Another thing is to keep in touch with what's going on the crypto market every day.

Using stop-loss orders to protect balance and potential serious losses in worst cases, but each person has to think of how to set up their stop-loss orders to avoid stop-loss traps that manipulated by whales on market. It is a very big question and valuable thing to learn. It takes time, experience and subtle observations from each crypto trader.
Stop-loss orders when used appropriately will do always show its good preventive effects for traders.

It's not all about putting stop-loss, it's all about where to put it. And why do many newbies avoid using stop-loss? The answer is clear: They see how the price changing its direction after hitting their stop losses a few times and start regretting to put stop-loss there. The main problem is majority comes into market without even basic knowledge. The worst thing is some of them invest the money they can't effort to lose.

One of the worst mistakes that newbie traders usually do is don't use stop-loss orders for their tradings. Consequently, I suggest newbie traders to read that topic: One of the Best Weapons in Trading.
Of course, stop-loss orders don't help traders to correct their mistakes by entering at wrong price points, but at least such orders will do help them to avoid serious losses.

1 and 2 are really mistakes that most people underestimate. They refuse to acknowledge facts and believe that they already know everything leading to them losing or bankrupting themselves in just a short few weeks. Well, you not only need patience but also the knowledge and capability to control yourself properly. Letting yourself get swept up by the wave of people whom might have just spread FUD can be quite damaging when you discover it. Walk on your own pace, decide on your own pace, invest in your own pace!