Some Errors We Make In Trading Crypto - page 2.

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Quote from: TimeTeller on May 23, 2022, 04:45:19 PM

Quote from: RealMalatesta on May 22, 2022, 04:01:54 PM

Quote from: livingfree on May 20, 2022, 06:59:36 AM

Quote from: Glossy_Katie on May 20, 2022, 06:46:02 AM

one of my greatest mistake as a trader is going into a Bullish market for a sell instead of maintaining my Buying position , when my indicator signified pull back in a lower time frame Sad

......later got hit by my stop loss

If my understanding is correct, bullish seasons are the right time to sell and buying by that time isn't really that good unless there's a higher price during that bull.

As for setting stop loss, that's really the purpose of it.

That's going to minimize the potential losses that you'll get instead of no stopping as the market plunges so it's still a good thing that has happened to you.

Stop loss is basically the motor stop of all crypto trading. It means that you are going to get out if something scary happens, prevent a crash and keep you alive. I keep saying that stop loss should be used in a way where you could be crashing so hard that it would be an idiotic move not to sell. Like for example Bitcoin dropped recently didn't it? You didn't need to do a stop loss there, you could make a long time purchase and just DCA that to recover in the quicker return time period. However when you see Luna, you understand why you need a stop loss, because if you did a stop loss even at 99% drop, you could have saved yourself and make more profit.

But most traders won't use that strategy because they thought they know the market well.
Who would have thought that LUNA will crash this badly?
Aside from few Youtubers who predicted about this Luna catastrophe, a lot of holders were actually hoping to gain from this investment.
But I do agree with the use of stop-loss strategy, it may be your savior in some of your trades.

there are many stories about saving assets by stoploss, which actually cannot be underestimated, especially for us trading in the long term, for example like yesterday's luna, just put our stop loss at 30%, of course terrible things don't happen. with a sudden decline in the market indicates something is not healthy for the market. therefore we must be able to minimize risk, although sometimes we are deceived when the stop loss is picked up and the price goes up again

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Quote from: TimeTeller on May 23, 2022, 04:45:19 PM

But most traders won't use that strategy because they thought they know the market well.
Who would have thought that LUNA will crash this badly?
Aside from few Youtubers who predicted about this Luna catastrophe, a lot of holders were actually hoping to gain from this investment.
But I do agree with the use of stop-loss strategy, it may be your savior in some of your trades.

Perhaps, this strategy works so well and has been used by most traders. The market crash seems unpredictable, but the use of the stop-loss strategy has big helped to protect our funds. Understanding the current situation, I'd found this is really needed for us traders. We can really appreciate how this works if we try which I think that many just neglected.

However, this is not just the reason why we often suffer losses it is also how we make decisions. Buy low and sell high still the strategy to follow but somehow, it turns opposite we buy high and sell low.

TimeTeller

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Quote from: RealMalatesta on May 22, 2022, 04:01:54 PM

Quote from: livingfree on May 20, 2022, 06:59:36 AM

Quote from: Glossy_Katie on May 20, 2022, 06:46:02 AM

one of my greatest mistake as a trader is going into a Bullish market for a sell instead of maintaining my Buying position , when my indicator signified pull back in a lower time frame Sad

......later got hit by my stop loss

If my understanding is correct, bullish seasons are the right time to sell and buying by that time isn't really that good unless there's a higher price during that bull.

As for setting stop loss, that's really the purpose of it.

That's going to minimize the potential losses that you'll get instead of no stopping as the market plunges so it's still a good thing that has happened to you.

Stop loss is basically the motor stop of all crypto trading. It means that you are going to get out if something scary happens, prevent a crash and keep you alive. I keep saying that stop loss should be used in a way where you could be crashing so hard that it would be an idiotic move not to sell. Like for example Bitcoin dropped recently didn't it? You didn't need to do a stop loss there, you could make a long time purchase and just DCA that to recover in the quicker return time period. However when you see Luna, you understand why you need a stop loss, because if you did a stop loss even at 99% drop, you could have saved yourself and make more profit.

But most traders won't use that strategy because they thought they know the market well.
Who would have thought that LUNA will crash this badly?
Aside from few Youtubers who predicted about this Luna catastrophe, a lot of holders were actually hoping to gain from this investment.
But I do agree with the use of stop-loss strategy, it may be your savior in some of your trades.

RealMalatesta

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Quote from: livingfree on May 20, 2022, 06:59:36 AM

Quote from: Glossy_Katie on May 20, 2022, 06:46:02 AM

one of my greatest mistake as a trader is going into a Bullish market for a sell instead of maintaining my Buying position , when my indicator signified pull back in a lower time frame Sad

......later got hit by my stop loss

If my understanding is correct, bullish seasons are the right time to sell and buying by that time isn't really that good unless there's a higher price during that bull.

As for setting stop loss, that's really the purpose of it.

That's going to minimize the potential losses that you'll get instead of no stopping as the market plunges so it's still a good thing that has happened to you.

Stop loss is basically the motor stop of all crypto trading. It means that you are going to get out if something scary happens, prevent a crash and keep you alive. I keep saying that stop loss should be used in a way where you could be crashing so hard that it would be an idiotic move not to sell. Like for example Bitcoin dropped recently didn't it? You didn't need to do a stop loss there, you could make a long time purchase and just DCA that to recover in the quicker return time period. However when you see Luna, you understand why you need a stop loss, because if you did a stop loss even at 99% drop, you could have saved yourself and make more profit.

FanEagle

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This is much, very, very much – several errors we make while trading crypto are numerous but I actually think there are a few that are very common, and people keep on doing it probably, maybe out of ignorance or impatience.

First of all, I believe people go into trading thinking it’s a get rich quick kind of thing – that feeling alone is totally wrong, and once the feeling is wrong, your decisions in the market are bound to go wrong too.

Trading requires lots of patience, which also leads to another error people commit, which is going all in error. Most people literally put all their savings into it, expecting a miraculous and speedy turnaround or magic – at this point I am lost. I feel you’re actually being greedy for going all in and as a punishment, you most time lose all your investments in just one trade.

Again, people has the perspective of the which coins to buy, the feel that they are supposed to buy just any kind of coin just because it’s low and expect to sell high… What if that coin never grows? Or what if it diminishes??

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Quote from: livingfree on May 20, 2022, 06:59:36 AM

If my understanding is correct, bullish seasons are the right time to sell and buying by that time isn't really that good unless there's a higher price during that bull.

As for setting stop loss, that's really the purpose of it.

That's going to minimize the potential losses that you'll get instead of no stopping as the market plunges so it's still a good thing that has happened to you.

Your understanding is in line, the thumb rule for trading is clearly stated, you buy low and sell high. By now, anyone in the crypto space is supposed to know the rule, I don’t think anyone should have any regrets making sales in the bullish season, because during that time, the prices of tokens are high, so you sell and take your profits and when it gets to the bearish season, you simply maintain your position, just hold your coin and wait for a subsequent rise, though most bearish seasons come with losses, even the coins you hold may tend to drop value and the exact amount you invested goes down the drain right before your very eye. You just need to stay vigilant and follow the market so as not to be kept in the dark.

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Quote from: kryptocanon on May 20, 2022, 04:00:18 PM

Quote

Repeating the same mistakes in trading is even a bigger mistake

As said, mistake are meant to be make. But for a man to be making the same mistakes over and over simply means he's protecting his beliefs instead of learning from them mistakes and changing his beliefs in response to conflicting evidence. However, greediness causes most of these mistakes.

True. If you are trying to make things work on where you do really believe that it could really happen or succeed is a signal or shows that you arent accepting mistakes or learning from it.
Yes, it would really be that hard to make yourself progress if you do really have this kind of mindset.Errors is inevitable but if you are really that mindful about on making yourself sustainable
then you would really be avoiding on things which you had experienced that it wont work but well it might be precise but at least you are already been aware
and knows potential things to happen.

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Quote

Repeating the same mistakes in trading is even a bigger mistake

As said, mistake are meant to be make. But for a man to be making the same mistakes over and over simply means he's protecting his beliefs instead of learning from them mistakes and changing his beliefs in response to conflicting evidence. However, greediness causes most of these mistakes.

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Going all in is a very big one. A lot of people know the rules of trading but sometimes they tend to go against it.. Indiscipline.Now indiscipline is another one .Repeating the same mistakes in trading is even a bigger mistake

livingfree

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Quote from: Glossy_Katie on May 20, 2022, 06:46:02 AM

one of my greatest mistake as a trader is going into a Bullish market for a sell instead of maintaining my Buying position , when my indicator signified pull back in a lower time frame Sad

......later got hit by my stop loss

If my understanding is correct, bullish seasons are the right time to sell and buying by that time isn't really that good unless there's a higher price during that bull.

As for setting stop loss, that's really the purpose of it.

That's going to minimize the potential losses that you'll get instead of no stopping as the market plunges so it's still a good thing that has happened to you.

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Quote from: LUCKMCFLY on May 14, 2022, 10:34:11 PM

When a person reaches the level of understanding the market, he is capable of doing any type of negotiation and being able to have all kinds of profit, but you have to know how to do it because there are feelings such as panic or overconfidence that can affect our decisions, in fact, sometimes it is better to make trading decisions without seeing the news or any other means of communication, because it would interrupt our analysis, and sometimes the news itself does not predict, but rather accommodates everything to try to find the explanation for a certain market movement.

I think when trader have reaches with level understanding with market condition will try carefully when entering some altcoin for trading, not panic when buying or selling assets because have understood about price could be drop drastically without predicting before. I think have several kinds of trader why losing money on cryptocurrency, some of them really panic when buying coin on higher price and later when price drop most panic for selling although price have been drop and waiting for recovery or back to higher price.

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one of my greatest mistake as a trader is going into a Bullish market for a sell instead of maintaining my Buying position , when my indicator signified pull back in a lower time frame Sad

......later got hit by my stop loss

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Quote from: taufik123 on May 07, 2022, 01:20:59 PM

Quote from: sklopan on May 07, 2022, 11:27:44 AM

Unfortunately, we often make mistakes in the process of work. In general, I believe that mistakes, to a certain extent, are experience, the path to success. So, it is more important to analyze your mistakes.

mistakes are still normal as long as we can learn from them.
Doing analysis or research first is very important to do.
it takes good planning and management to be able to make profitable trades. Errors are also based on mental strength, because when trading it is not only strategy and technical analysis that plays a role, but mental also determines what to do when the analysis is not as expected. Mistakes made while trading can be a lesson not to repeat the same mistakes.

If you are a true trader then you need to be very careful about the things that a trader should keep in mind for trading. Time and what will help us to talk if we have knowledge about it, but there is a lot of experience here, I think those who have been chatting for a long time have a rough idea.

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Quote from: jossiel on May 07, 2022, 02:52:13 AM

Quote from: Pamadar on May 06, 2022, 05:41:01 AM

Quote from: jossiel on May 06, 2022, 05:27:25 AM

It's like they don't trust those words that I've told them. But yes, it's about the lesson that they've gained and they went through the situation that I've been in as well.

That's why I've talked to them when they've asked about crypto so that they can avoid that experience I've got. Well, they chose to experience it and they're good right now.

And we're still taking on how things are working with the market and mostly when it's on the bloody days.

Hard learning as it is, those kinds of people will only realize that the market is not an easy venue to earn money.

It's true that if your friend learns something and takes that as a one step forward, they will be able to manifest ideas on how
they can probably earn the right way.

But, if they will not do anything to do better, the chance is just to repeat that same mistake and will continue to lose
more money, it's an own decision that will give opportunities to those who really seek for the betterment of success.

At last, they've learned that it is the reality in the market.

They're able to experience it and it has validated their own thoughts that it's not an easy going market. Just as the other businesses and investments.

There's the same risk that it has and that's why it's profitable because it has a higher risk that they should also go.

When a person reaches the level of understanding the market, he is capable of doing any type of negotiation and being able to have all kinds of profit, but you have to know how to do it because there are feelings such as panic or overconfidence that can affect our decisions, in fact, sometimes it is better to make trading decisions without seeing the news or any other means of communication, because it would interrupt our analysis, and sometimes the news itself does not predict, but rather accommodates everything to try to find the explanation for a certain market movement.

sklopan

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Unfortunately, mistakes in trading are quite common. But do not forget that in the end this leads to quite positive results, because the trader thus gains experience.

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Quote from: Altryist on May 12, 2022, 02:45:42 PM

Quote from: Webetcoins on May 12, 2022, 03:35:41 AM

If they are a day trader then yes but for the other type of traders mistakes can rarely occur on them most especially if they mastered it already. It's fine to make mistakes as long as you can correct them as soon as possible and make more than what you have lost due to your mistakes.

Traders who are hurrying can be a newbie trader because experienced traders are organized and will execute things more calmly. They know that rushing cant do good on them. I think you define FUD wrongly. It must be FOMO where people rush and buy at the top but FUD can cause for someone to sell at lows because they are too scared and thinks the price will dump more according to what they heard.

It all depends on the situation, maybe sometimes you need to sell on a fall in order to save at least part of your funds, this may apply to force majeure cases, like the fall of Luna, but this is really an exception to the rule. A trader who trades for a long time and receives a profit from this can be called an experienced trader, which means he follows the rules, and knows how to do it. If for a long time the trader has only losses, then this is just a gambling and it will not last long.

But how you would really be able to determine if a certain coin would fall just like on what happened to Luna? No one could able to determine that which people would simply hold because we do believe that zero

value isnt really that commonly happen into this market which simply means that people would really love to hold because there are really chances for us to recover which is a common thing.

Errors made or mistakes are that common but we could reduce out the odds if we are really that able to learn up things and avoid as much as we could.

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Quote from: Altryist on May 12, 2022, 02:45:42 PM

Quote from: Webetcoins on May 12, 2022, 03:35:41 AM

If they are a day trader then yes but for the other type of traders mistakes can rarely occur on them most especially if they mastered it already. It's fine to make mistakes as long as you can correct them as soon as possible and make more than what you have lost due to your mistakes.

Traders who are hurrying can be a newbie trader because experienced traders are organized and will execute things more calmly. They know that rushing cant do good on them. I think you define FUD wrongly. It must be FOMO where people rush and buy at the top but FUD can cause for someone to sell at lows because they are too scared and thinks the price will dump more according to what they heard.

It all depends on the situation, maybe sometimes you need to sell on a fall in order to save at least part of your funds, this may apply to force majeure cases, like the fall of Luna, but this is really an exception to the rule. A trader who trades for a long time and receives a profit from this can be called an experienced trader, which means he follows the rules, and knows how to do it. If for a long time the trader has only losses, then this is just a gambling and it will not last long.

@Webetcoins Well said but there's a difference between being an experienced crypto trader and having emotional control. There are a lot of traders that understand the situation of the market but lose their intelligence due to the buzz created by the market.

@Altryist Luna is a community supported crypto and if it experiences a 99% dump in price due to an attack it doesn't mean it won't see some bullish again and when it storming it's better to wait for the sea to be clear than jumping into concluding if no stop loss strategy is implemented before the dump occurs it better not to sell.

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The absolute biggest mistake you can make, from what I believe and my years of experience in trading crypto, is to sell. Especially if that decision to sell came from a moment of emotional distress. That panic selling is exactly what whale market manipulators are trying to achieve. They want to buy your coins at a cheap price and they will try to put fear into you to achieve that goal.

If you have done your research and decided to invest in crypto then let it rest in your wallet and don't flip flop everytime it goes up or down.

I have made this mistake more than I can count. It always ends badly and I always regret it.

Altryist

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Quote from: Webetcoins on May 12, 2022, 03:35:41 AM

If they are a day trader then yes but for the other type of traders mistakes can rarely occur on them most especially if they mastered it already. It's fine to make mistakes as long as you can correct them as soon as possible and make more than what you have lost due to your mistakes.

Traders who are hurrying can be a newbie trader because experienced traders are organized and will execute things more calmly. They know that rushing cant do good on them. I think you define FUD wrongly. It must be FOMO where people rush and buy at the top but FUD can cause for someone to sell at lows because they are too scared and thinks the price will dump more according to what they heard.

It all depends on the situation, maybe sometimes you need to sell on a fall in order to save at least part of your funds, this may apply to force majeure cases, like the fall of Luna, but this is really an exception to the rule. A trader who trades for a long time and receives a profit from this can be called an experienced trader, which means he follows the rules, and knows how to do it. If for a long time the trader has only losses, then this is just a gambling and it will not last long.

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Quote from: endut15 on May 12, 2022, 12:55:43 PM

Quote from: BobK71 on May 09, 2022, 01:51:34 PM

Constantly we are making errors in trading platform which are increasing our losses. We make error in buying and we also make error in selling as well. Most of the time though we buy good price but can not sell proper time. Can't hold good coins even in case of holding. We have to take the risk in proper time but can not do it, there is no end to all these kinds of errors. If we can manage these errors through a proper guideline hope we will success.

not a few people who repeat the same mistakes. because some mistakes that occur are not intentional, but because of several factors that make us have to take action. some of the experiences I've had in the past serve as lessons for the present, but I have to repeat the same mistake of talking about need and time for too long so I have to let it go. I always wanted to be consistent so as not to sell if I was still losing money, but circumstances made me do it.

Mistakes cant really be avoided but somewhat it could really be lessen out in terms of experience that you would really be having.Errors are inevitable thats why experience would play a big factor
for us to handle out this very hard situation specially in trading.This isnt something that could be handled out well or in precise manner.
One thing you should be minding off is about on how you would gonna sustain or survive this market despite of the errors you are experience.Dont think or trying out to have that perfect trade
because it cant just be possible but somehow we could really handle it out.

Topic: Some Errors We Make In Trading Crypto - page 2. (Read 1359 times)