Psychological Mistake of the Beginners Traders - page 3.

Lorence.xD

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Quote from: alan2here on December 01, 2019, 04:26:12 AM

Quote from: Triffin on November 30, 2019, 03:21:17 PM

Quote from: aardvark15 on November 27, 2019, 09:24:07 AM

I know that when I began trading Bitcoin, I made lots of mistakes. I would fomo buy at a high price and the panic sell when it dropped. It’s easy to fall into that mindset.

The main reason behind this behavior is lack of knowledge. A bitcoin trader needs to hold understanding of two subjects; his asset which is bitcoin and his profession which is trading. Listening to others can be informative but following them in order to make decisions is not a wise act. After knowledge, perseverance and courage are essential traits to gain. In the beginning, a demo account must be used too.

Before trading, it is necessary to have knowledge and always use a demo account to know exactly your potential when participating in this market. I think one way or another, we have to know how to manage the capital in investment and if you feel not good, it is best to leave this market. In my opinion, the crypto market is not an easy place to make a profit and requires you to have a lot of knowledge to survive in the bear market.

Personally, I have been trading here for many years and always try to find more new ways to make money because this is the only place that gives me financial freedom that no one can control.

Today the traders are just too much greed to earn more profit immediately, but they cannot handle too much pressure when is the right time to trade their coins. In trading, there is too much to earn one is the short trading this is when you want to gain profit every time this is good for altcoins because this may not cause too much lose. But if you're going to have a massive amount of income better to use the long term trading but it takes a few months before to earn. You must have enough self-confidence too you can not doubt any trade because you are afraid to lose your money, trading is all about risking your self to earn money.

Amel

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Quote from: Oilacris on November 30, 2019, 03:50:28 PM

Quote from: Triffin on November 30, 2019, 03:21:17 PM

Quote from: aardvark15 on November 27, 2019, 09:24:07 AM

I know that when I began trading Bitcoin, I made lots of mistakes. I would fomo buy at a high price and the panic sell when it dropped. It’s easy to fall into that mindset.

The main reason behind this behavior is lack of knowledge. A bitcoin trader needs to hold understanding of two subjects; his asset which is bitcoin and his profession which is trading. Listening to others can be informative but following them in order to make decisions is not a wise act. After knowledge, perseverance and courage are essential traits to gain. In the beginning, a demo account must be used too.

Persistence and accepting trial and errors on which things i do like to add up.it wont really be a simple career to take but if you do have these traits you can still have the possibility to last or survive with this volatile market.

Mistakes are inevitable but you should learn from it instead on thinking to quit directly because of experiencing hardship.Following others wont really be that ideal on which if you lost up a certain trade
you would really have that kind of regret in the end.

Hmm yeah that's right, those traits will provide strong experience and consistency when trading. It is undeniable that everyone has experienced mistakes in trading, but at the same time we experience an increase in the level of knowledge, that's what people do not realize and sometimes they even choose to leave.

alan2here

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Quote from: Triffin on November 30, 2019, 03:21:17 PM

Quote from: aardvark15 on November 27, 2019, 09:24:07 AM

I know that when I began trading Bitcoin, I made lots of mistakes. I would fomo buy at a high price and the panic sell when it dropped. It’s easy to fall into that mindset.

The main reason behind this behavior is lack of knowledge. A bitcoin trader needs to hold understanding of two subjects; his asset which is bitcoin and his profession which is trading. Listening to others can be informative but following them in order to make decisions is not a wise act. After knowledge, perseverance and courage are essential traits to gain. In the beginning, a demo account must be used too.

Before trading, it is necessary to have knowledge and always use a demo account to know exactly your potential when participating in this market. I think one way or another, we have to know how to manage the capital in investment and if you feel not good, it is best to leave this market. In my opinion, the crypto market is not an easy place to make a profit and requires you to have a lot of knowledge to survive in the bear market.

Personally, I have been trading here for many years and always try to find more new ways to make money because this is the only place that gives me financial freedom that no one can control.

Oilacris

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Quote from: Triffin on November 30, 2019, 03:21:17 PM

Quote from: aardvark15 on November 27, 2019, 09:24:07 AM

I know that when I began trading Bitcoin, I made lots of mistakes. I would fomo buy at a high price and the panic sell when it dropped. It’s easy to fall into that mindset.

The main reason behind this behavior is lack of knowledge. A bitcoin trader needs to hold understanding of two subjects; his asset which is bitcoin and his profession which is trading. Listening to others can be informative but following them in order to make decisions is not a wise act. After knowledge, perseverance and courage are essential traits to gain. In the beginning, a demo account must be used too.

Persistence and accepting trial and errors on which things i do like to add up.it wont really be a simple career to take but if you do have these traits you can still have the possibility to last or survive with this volatile market.

Mistakes are inevitable but you should learn from it instead on thinking to quit directly because of experiencing hardship.Following others wont really be that ideal on which if you lost up a certain trade
you would really have that kind of regret in the end.

Triffin

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Quote from: aardvark15 on November 27, 2019, 09:24:07 AM

I know that when I began trading Bitcoin, I made lots of mistakes. I would fomo buy at a high price and the panic sell when it dropped. It’s easy to fall into that mindset.

The main reason behind this behavior is lack of knowledge. A bitcoin trader needs to hold understanding of two subjects; his asset which is bitcoin and his profession which is trading. Listening to others can be informative but following them in order to make decisions is not a wise act. After knowledge, perseverance and courage are essential traits to gain. In the beginning, a demo account must be used too.

Negotiation

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Quote from: Serco on November 27, 2019, 11:35:30 AM

Quote from: Negotiation on November 27, 2019, 11:28:06 AM

Agree with you beginner trader losses using rumor you are right that "Fundamental and Technical" analysis are strongly working on trading but few time work money management and others news i thing new trader follow pumping group and signal. so nothing have idea Crypt trading so beginner are loses trading.

pumping signal group useless for us. It give late signal and we have to understand this group setted for owner advantages, he buy coins and give signal to buy it. So ofcourse he will get profit when sell order fullfilled by his member. Its better to spend our time for usefull thing. And learning technical or fundamental anslisys will help us to survive in market without depend to signal from some one else.

Exactly saying to same think problem when we are fulfill depend on signals or pumping all group are all prediction are not correct so we said that using pumping group and signal are not every time to not safe for trading. i think need learning first and use signals.

FanEagle

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Even as a newbie I never made the mistake you mentioned in number seven. I never for once though that tokens that are priced lower would bring more profit than those with higher price. Price is never what I consider, even if I don't have enough money to buy the coin in bulk (for example - buy one Bitcoin) I decide to to be buying it bit by bit until I have gotten what I need. And since I started investing in cryptocurrency, Bitcoin has always been my main focus and the profit gotten from it is okay for me.

I have never been a person that is afraid of losing, since I already know that Bitcoin is legit and I can never wake up and hear stories like - Bitcoin disappeared. The only thing is that I have to invest an amount that I can afford to risk and that's it. So my advice to newbies (since I know that anyone who is starting is likely to experience these things that have been mentioned), is that they should always trade or invest what they can afford to risk.

Harlot

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Well to sum this up losing in your trade without external factors won't happen if you just follow on your own and basically have your own trading plan which of course is being backed up by what you know in analyzing a chart. That's basically the newbies mistake right there they don't what to do so they just look up someone else's analysis for the crypto and follow it blindly without even doing a background research of their own.

Serco

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Quote from: Negotiation on November 27, 2019, 11:28:06 AM

Agree with you beginner trader losses using rumor you are right that "Fundamental and Technical" analysis are strongly working on trading but few time work money management and others news i thing new trader follow pumping group and signal. so nothing have idea Crypt trading so beginner are loses trading.

pumping signal group useless for us. It give late signal and we have to understand this group setted for owner advantages, he buy coins and give signal to buy it. So ofcourse he will get profit when sell order fullfilled by his member. Its better to spend our time for usefull thing. And learning technical or fundamental anslisys will help us to survive in market without depend to signal from some one else.

Negotiation

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Agree with you beginner trader losses using rumor you are right that "Fundamental and Technical" analysis are strongly working on trading but few time work money management and others news i thing new trader follow pumping group and signal. so nothing have idea Crypt trading so beginner are loses trading.

redsun114

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There is one simple method available to eliminate all your mistake from your crypto trading; that must be holding. Yes, you never need to worry about all the problems associated with beginners and professional traders as well. You may simply buy and hold and sell after years to make considerably big profits out of zero efforts.

If you notice, all the hassles of trading are applicable only for short-term traders. When you decide to hold you are ignoring all those hassles but without compromising your profit levels yet in long duration.

Psychological mistakes are happening for all level of traders and getting rid of those mistake is not easier because it is happening even with professional traders so even after years of trading you get all the chances to commit those mistakes. But, simply adopting method of holding way of trading, you can solve all those mistakes.

aardvark15

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I know that when I began trading Bitcoin, I made lots of mistakes. I would fomo buy at a high price and the panic sell when it dropped. It’s easy to fall into that mindset.

Jating

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Quote from: Cherylstar86 on November 27, 2019, 07:33:31 AM

Quote from: Savemore on November 27, 2019, 03:18:04 AM

Quote from: leowonderful on November 26, 2019, 05:17:48 PM

An extension of trading based on your emotions is trying to chase losses which a lot of traders end up doing, even more experienced traders sometimes. It's sometimes hard to accept losses, especially if you've risked and lost more than you initially planned through something like a fault in calculations, but cutting losses is an extremely important part of trading and something you should learn quickly. Things could always be worse, but be glad they aren't.

Before you even enter a trade, determine where you're closing a trade and where your stop is located and only change things when market conditions significantly change or when your initial technical analysis is invalidated (you should close in this case). This should help with closing too early or too late; I highly suggest using stops if they're offered on the exchange of your choosing.

Discipline is the best way to control our emotions. Beginners traders doesn't have plan when they are trading and it is the reason why they are keep losing. They do not know when they will enter or exit in the market, there are also doing FOMO and it is a factor why their portfolio is red. If they have plan where they have discipline to follow it, they can improve their trading skills and strategies.

It's easy to say to other users that the best way to control our emotions is discipline but it's not east when we in actual situation. Well, base on my own experience when I was a beginner I have a lot of mistakes even I try to ask by those have a lot of experience than me but in the end my decision should be grant in which just the same by those users that needs experience rather than by asking others.

Exactly, when we're all beginners back in the days it's really hard to control our emotions and I admit that made this mistakes. But as I grow and gain so much experience, I've learn to really think logically before pushing the sell button.

So for newbies out there, it will be really hard at times, but if you persevere and throw your emotions out of the window, sooner or later you won't be trading based on emotions and you don't know, maybe you could be one of the most successful traders here in cryptosphere.

Yaunfitda

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I guess it really shows that crypto is not for everyone. Because if you have that mentality that you will always win here, then you are wrong.

There are a lot of psychological mistakes like what the OP has posted. And it's really hard to overcome it specially if you're a beginner here and if you have that mindset that you can get rich quick here. Just look any other 'job', you really need to have a strong mentality and should always gets up and think of it as a journey and not a marathon.

Cherylstar86

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Quote from: Savemore on November 27, 2019, 03:18:04 AM

Quote from: leowonderful on November 26, 2019, 05:17:48 PM

An extension of trading based on your emotions is trying to chase losses which a lot of traders end up doing, even more experienced traders sometimes. It's sometimes hard to accept losses, especially if you've risked and lost more than you initially planned through something like a fault in calculations, but cutting losses is an extremely important part of trading and something you should learn quickly. Things could always be worse, but be glad they aren't.

Before you even enter a trade, determine where you're closing a trade and where your stop is located and only change things when market conditions significantly change or when your initial technical analysis is invalidated (you should close in this case). This should help with closing too early or too late; I highly suggest using stops if they're offered on the exchange of your choosing.

Discipline is the best way to control our emotions. Beginners traders doesn't have plan when they are trading and it is the reason why they are keep losing. They do not know when they will enter or exit in the market, there are also doing FOMO and it is a factor why their portfolio is red. If they have plan where they have discipline to follow it, they can improve their trading skills and strategies.

It's easy to say to other users that the best way to control our emotions is discipline but it's not east when we in actual situation. Well, base on my own experience when I was a beginner I have a lot of mistakes even I try to ask by those have a lot of experience than me but in the end my decision should be grant in which just the same by those users that needs experience rather than by asking others.

AniviaBtc

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Quote from: zhekinsp on November 26, 2019, 12:08:49 PM

So most of the mistake's root cause will be lack of knowledge and self confidence about crypto trading.If they are not sure about something then they should try to learn the things more as possible before doing it in the real life.Get more experience by trying simulators by applying all the learning strategies lot of them offer free for certain amount of level which is more good enough to learn the things.

What do you expect from the beginners? They aren't experienced as us professional traders. Let's help them and give them strategies or tips for them to enhance their trading skills. Maybe they are too young for trading but let's give and contribute in what we can share to them.

Simulators aren't enough when you don't perform it practically. You should also try to trade at a minimum amount upto maximum amount that you can if you able to adapt on what js happening inside the market.

drlukacs

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Yes, these are the things that often lead to the failure of a new trader. I like a ratio like this about the success of traders, which is 25% of knowledge, 25% of risk management, 25% of psychology, the remaining 25% is flexibility. When we are good at knowledge, our win rate is only 25%. That means that to become a true and successful trader, that trader must have a combination of the four elements on smoothly, at least more than 3-5 years.
The average figure showed that Americans in the first 3 years of trading in the foreign exchange market lost over 15 thousand dollars. Therefore, we need to persevere in practice and maintain our position to learn more. and nobody else then Mr. The new market is your best teacher.

Savemore

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Quote from: leowonderful on November 26, 2019, 05:17:48 PM

An extension of trading based on your emotions is trying to chase losses which a lot of traders end up doing, even more experienced traders sometimes. It's sometimes hard to accept losses, especially if you've risked and lost more than you initially planned through something like a fault in calculations, but cutting losses is an extremely important part of trading and something you should learn quickly. Things could always be worse, but be glad they aren't.

Before you even enter a trade, determine where you're closing a trade and where your stop is located and only change things when market conditions significantly change or when your initial technical analysis is invalidated (you should close in this case). This should help with closing too early or too late; I highly suggest using stops if they're offered on the exchange of your choosing.

Discipline is the best way to control our emotions. Beginners traders doesn't have plan when they are trading and it is the reason why they are keep losing. They do not know when they will enter or exit in the market, there are also doing FOMO and it is a factor why their portfolio is red. If they have plan where they have discipline to follow it, they can improve their trading skills and strategies.

DeathProxy

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One of the biggest physiological mistakes beginners traders make is that of buying when the price is already high, most are deceived by the pump they see and to their thought they think it will continue to have an upward trend forgetting the possibility of retrace in price and correction, they jump into an already pumped coin for the fear of missing out (FOMO) and at the end it does not always end well, because the coin will dump due to price retracement. Every beginner trader to try to avoid this physiological mistakes if they want to start up their trading activity on a good start

SamanthaJones

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Quote from: normajames on November 26, 2019, 04:56:32 AM

Quote from: sugarfree565 on November 26, 2019, 04:56:08 AM

Quote from: doubletrouble775 on November 26, 2019, 04:55:45 AM

Quote from: blackcoffee44578 on November 26, 2019, 04:55:27 AM

Speaking about productive trading, it is worth remembering the fact that investing in cryptocurrencies is not your ticket to a happy future. This is not a saving, but a cost. The best trading strategy is to realize that you need to learn how to find the best ways to reduce costs. That's when your income will be able to get used to your spending.

The ability to cut costs is just as important as the need to choose the right project or find the right time to start investing. For many beginners, these are significant difficulties. I agree that we need to develop own trading scenario, but learning from the strategies of other traders, as the taklimakan platform offers, is also a great idea. First, you use other people's moves to understand how the process is generally built, then you begin to see the difference in positions and find the most profitable ones. Learning by harnessing other people's experiences is our instinct

For many, day trading will not be as effective as weekly or monthly. Here you need to really build a strategy based on your capital and capabilities. Understanding the technical analysis, you have a 50 to 50 chance that you will be left with a big profit.

Profit in trading is not the main thing. Traders fail, but this should not stop, since the percentage of failures should be significantly less than the percentage of successful transactions. Losses can always be compensated. There should be no excitement in trade. Only analysis, only rational action. Especially now, when rumors are beginning to spread again that miners are cutting back on work or that bitcoin is decreasing its purchasing power. Select facts from lies and then you can move to success

The percentage of manipulation in the crypto market is always high, but it is really worth learning how to set up automated trading, learning to see indicators that help with opening and closing a transaction. This is not just a buy and hold strategy. Here are the same rules as for the stock market. Therefore, studying the financial system globally, you can make a profit in the crypto market

Topic: Psychological Mistake of the Beginners Traders - page 3. (Read 718 times)