Sometimes I think lack of research into these crypto projects is another mistake we make , imagine wanting to trade bitcoin but because there are several bitcoin forked coins out there you buy the wrong coin to trade because one of them offers more coins for the dollar but unfortunately you in for the wrong coin.
The other number one mistake or rather weakness is trading with emotions which costs us a great deal, if we can overcome this then ones trading journey can improve.
Topic: Some Errors We Make In Trading Crypto - page 6. (Read 1284 times)
it is a very good point for traders or people who want to invest. these things are very often done by people who already have experience, or new people, and of course the ones who do the most are new people.
another point is, never follow someone's footsteps in buying assets because they saw them succeed from it. lots of people do that a lot, like when the meme coin hype happened.
However, I also want to emphasize the principle that crypto is not a get-rich-quick scheme. IMO, even when we are not careful in this regard, crypto can backfire on us and deplete our assets in no time. this happens very often to those who just follow the hype. well, the points above are related to each other.
Newbies do make most of the mistakes but the reality is that we do make mistakes as veterans as well. Even though what OP talks about is something I have been familiar with for many years and even though they seem obvious to me, we are all humans and we make mistakes sometimes. The funny thing is, we mostly do not realize that we made a mistake, it looks like we are not doing anything wrong and when we see the consequences, we wonder why it happened and only to be shown by someone else that we did one of those mistakes.another point is, never follow someone's footsteps in buying assets because they saw them succeed from it. lots of people do that a lot, like when the meme coin hype happened.
However, I also want to emphasize the principle that crypto is not a get-rich-quick scheme. IMO, even when we are not careful in this regard, crypto can backfire on us and deplete our assets in no time. this happens very often to those who just follow the hype. well, the points above are related to each other.
Overall, newbies will grow better and be a greater trader, but it will never be a zero mistake zone, every single trader makes mistakes time to time. Some more, some less, but there are none with zero mistakes.
And one of the best tools for this is a stop loss, because even if you happen to make a mistake when you are predicting what you think the market is going to do then the stop loss is going to limit the magnitude of your mistake and you can easily recover from it, however this creates another problem, what if your mistake is related to your stop loss? And without a doubt this is a huge problem as a mistake of that nature in which you fail to activate your stop loss can have severe consequences.
Here are some common habits. As traders we often make these mistakes. I think it will be useful for new traders. I am still pulling that loss by trading under the tendency. Of course, I have learned a lot from the mistakes. A lot of times when the market gives a little pump we start investing and I also think we have to refrain from this type of emotionally trading .
in more in-depth thoughts, people always saying you have to buy cryptocurrency when they are in "dip" price, but no one ever thought you what is the threshold of that "dip" and it could make a misleading advice. Trading is not solely looking on the price but there are some indicators and news that could help you determine which coins to invest next.
This has happened many times, I can't explain to you how many times I have heard people bought doge because "what if it reaches 1 dollar one day!!" and even at the peak it didn't reach there, and it was overhyped as hell, even on the greatest possible ever situation it didn't get there.You know what I am seeing these days? "if shiba is even 10 cents, that would be insane!!" and we all know that it won't be there at all, we are going to see it not even reach 1 cent, but people will invest because the price is very little. They have like zero clue about market cap and only talk about the price of it all and that is why I do not know what to do.
The problem is that there is no safe floor, if we buy Shiba Inu at 10 cents, but if the BTC falls and now it costs much less than those 10 cents, but half or even 1/4 of a dollar, it is something that can be taken into account, the only thing is that the best hope is that BTC at some point will have a good ATH and when it happens, that investment that was made of 10 cents of the dollar will give its good results, because that is how the cryptocurrency moves , more so when they are totally dependent on BTC.
We cannot put aside what the other altcoins can do, but right now any investment that is not in BTC is very insecure, at least I have that criterion.
In fact, in the early stages, traders quite often make mistakes. The main thing is to be able to correct mistakes
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Entering the world of trading means that we are ready to fail and also the possible profits, but that does not mean that we have come here to fail. Failure is normal and we must learn from it. I agree with some of the important points that are written here about tips to avoid mistakes in trading which will help us to trade well. the way we manage the trading assets that we have will have an impact on the results that we get. therefore we must be able to control our emotions so as not to be affected by the ups and downs of the crypto market. most mistakes in trading are too hasty and panicked, avoid them because it will make our minds more confused in trading.
The cryptocurrency recording system that is used to trade here, if used properly, will not allow you to experience both profit and loss, but what about protein if you lose patience when you encounter protein or failure? The reason you can't learn more is that as long as you stay here you can learn about trading and make a profit from it.
- Going all in- it a very bad habit, never ever put all your eggs in one basket. it's a popular saying.
This habit is very bad when trading. Not only newbie traders make this mistake but many old traders also make this mistake. I have been trading for a long time, but I often buy a coin using all the funds in my account. Investing all the funds in one coin often leads to huge losses.
To be a successful trader, you must always look for ways to manage your fund. But large losses are incurred due to not being able to control emotions while trading.
when it comes to your decisions then you would really be ending up on going all in and act that you are gambling out instead of doing trading.
You would only realize when its too late and there's no way you could able to retreive those losses back unless if you do make out some deposits again for some capital.
We know that mistakes are the best teachers but we should really be minimizing it as small as it should be.
- Going all in- it a very bad habit, never ever put all your eggs in one basket. it's a popular saying.
This habit is very bad when trading. Not only newbie traders make this mistake but many old traders also make this mistake. I have been trading for a long time, but I often buy a coin using all the funds in my account. Investing all the funds in one coin often leads to huge losses.
To be a successful trader, you must always look for ways to manage your fund. But large losses are incurred due to not being able to control emotions while trading.
On brighter side it is always better to trade only if we have pretty good balance in our pockets. What I mean is, you should not be even thinking about trading if you don't posses assets which fulfill your and your families dreams in real world. I have seen broken examples of surrounding me. People have lost money which they should never been placing into their trading account in first place. However they did it in the greed, they thought trading is the way to become rich or like have it as perfect income source. But they did it without any proper guidance and lessons. Trading seems easy at first glance but its never like that. So yup, all your points are agreeable and on top of that trading is choice its not perfect way to have your money.
it is a very good point for traders or people who want to invest. these things are very often done by people who already have experience, or new people, and of course the ones who do the most are new people.
another point is, never follow someone's footsteps in buying assets because they saw them succeed from it. lots of people do that a lot, like when the meme coin hype happened.
However, I also want to emphasize the principle that crypto is not a get-rich-quick scheme. IMO, even when we are not careful in this regard, crypto can backfire on us and deplete our assets in no time. this happens very often to those who just follow the hype. well, the points above are related to each other.
Newbies do make most of the mistakes but the reality is that we do make mistakes as veterans as well. Even though what OP talks about is something I have been familiar with for many years and even though they seem obvious to me, we are all humans and we make mistakes sometimes. The funny thing is, we mostly do not realize that we made a mistake, it looks like we are not doing anything wrong and when we see the consequences, we wonder why it happened and only to be shown by someone else that we did one of those mistakes.another point is, never follow someone's footsteps in buying assets because they saw them succeed from it. lots of people do that a lot, like when the meme coin hype happened.
However, I also want to emphasize the principle that crypto is not a get-rich-quick scheme. IMO, even when we are not careful in this regard, crypto can backfire on us and deplete our assets in no time. this happens very often to those who just follow the hype. well, the points above are related to each other.
Overall, newbies will grow better and be a greater trader, but it will never be a zero mistake zone, every single trader makes mistakes time to time. Some more, some less, but there are none with zero mistakes.
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Errors are common and we often encounter when trading crypto, but the most important thing is to always make sure that the price we set is what we want, especially if we are trading new coins which are usually cheap with lots of zeros after the comma so that if we don't alert then we can lose 1 digit.
Errors are something you cannot avoid forever in crypto trading because we learned from our past mistakes to become professional in crypto trading. Many people knew when to buy coins to prepare for a better future through the errors they made some years ago in
Crypto trading, that make them to understood, buy when the price is low and sell when the price is high in the market . Don't allow little errors to make you give up on crypto trading because sometimes those errors happen for you to plan bigger, in away you will never experience errors in crypto trading.
it is a very good point for traders or people who want to invest. these things are very often done by people who already have experience, or new people, and of course the ones who do the most are new people.
another point is, never follow someone's footsteps in buying assets because they saw them succeed from it. lots of people do that a lot, like when the meme coin hype happened.
However, I also want to emphasize the principle that crypto is not a get-rich-quick scheme. IMO, even when we are not careful in this regard, crypto can backfire on us and deplete our assets in no time. this happens very often to those who just follow the hype. well, the points above are related to each other.
another point is, never follow someone's footsteps in buying assets because they saw them succeed from it. lots of people do that a lot, like when the meme coin hype happened.
However, I also want to emphasize the principle that crypto is not a get-rich-quick scheme. IMO, even when we are not careful in this regard, crypto can backfire on us and deplete our assets in no time. this happens very often to those who just follow the hype. well, the points above are related to each other.
Many projects that are released on the market don't last long term because they can't provide returns to investors, don't work as intended, don't get support from the public, or even the projects turn into scams after they're released on the market.
In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
too many scam projects appear in market everyday and unfortunately it become our fault too when pick one of them by didnt observe well about it. our circumspection and less speculation will not trap us into it. maybe existing project could be better investment strategy, there are alot good project with lower price if compare to price in several months ago. In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
I tend to choose a project that is already running and has had good development to serve as my investment.
In my opinion, now is a good time to get into the crypto market and buy some coins from those good projects because as you said, the price is now tending to be cheap because it has gone through a sharp decline.
But don't forget that we must have bitcoin as the main investment in addition to owning altcoins.
Many projects that are released on the market don't last long term because they can't provide returns to investors, don't work as intended, don't get support from the public, or even the projects turn into scams after they're released on the market.
In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
too many scam projects appear in market everyday and unfortunately it become our fault too when pick one of them by didnt observe well about it. our circumspection and less speculation will not trap us into it. maybe existing project could be better investment strategy, there are alot good project with lower price if compare to price in several months ago. In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
I think on the contrary, old coins are more suitable for long-term holding because they are safer and have a large marketcap, but if we rely on daily trading then we have to invest in new listed coins, this is because the chances of new coins to skyrocket 10x in a short time are easier than old coins.
it is more profitable and safe too so when people invest long term they are not afraid,
when it comes to daily trading, it's also not an easy thing to find the right coin, especially since there are lots of new coins and we have to do some research first
Many projects that are released on the market don't last long term because they can't provide returns to investors, don't work as intended, don't get support from the public, or even the projects turn into scams after they're released on the market.
In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
too many scam projects appear in market everyday and unfortunately it become our fault too when pick one of them by didnt observe well about it. our circumspection and less speculation will not trap us into it. maybe existing project could be better investment strategy, there are alot good project with lower price if compare to price in several months ago. In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
I think on the contrary, old coins are more suitable for long-term holding because they are safer and have a large marketcap, but if we rely on daily trading then we have to invest in new listed coins, this is because the chances of new coins to skyrocket 10x in a short time are easier than old coins.
Many projects that are released on the market don't last long term because they can't provide returns to investors, don't work as intended, don't get support from the public, or even the projects turn into scams after they're released on the market.
In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
too many scam projects appear in market everyday and unfortunately it become our fault too when pick one of them by didnt observe well about it. our circumspection and less speculation will not trap us into it. maybe existing project could be better investment strategy, there are alot good project with lower price if compare to price in several months ago. In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
Great points i think over leveraging (or leveraging in general) deserves a spot there, so many people fall into this trap of trading with money you don't have thinking they can multiply their winnings but end up losing their entire capital.
This is without a doubt a problem, but what happens is that people tend to overestimate the possibilities of a positive outcome and underestimate the possibilities of a negative outcome happening to them.This is why they see leveraging as a way to reduce the time they need to wait in order to see huge profits not understanding the massive risk they are taking, and regardless of how good a strategy could be if the risk you are taking is consistently high then sooner or later massive losses will eventually come and your capital will suffer as a result of this mistake.
Many projects that are released on the market don't last long term because they can't provide returns to investors, don't work as intended, don't get support from the public, or even the projects turn into scams after they're released on the market.
In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
In choosing a new project, we must be very careful and observant in analyzing because not all new projects or those that are already on the market can last for a long time.
The toughest test of these projects is when the market is in a bear market mode where all prices are dropping sharply and there are no definite signs of a rise.
Only projects that really have a solid team can survive and you can see that projects that have been on the market for a long time can survive in the market.
Most of the people who recently know cryptocurrency because of their friends who are earning a lot of money in Trading thinks that it's that easy, that's why they do it with haste with mindset that if they invested big or even small, they could multiply it in no time, but that's wrong.
That wrong conception to anyone who has such interior mindset, many of them do lost their money because of not understanding the methodology of investment of cryptocurrency and most especially those that have no idea of trading, making money via trading, is base on your knowledge and also luck attributes to that, but it become more simple when you understand the concept first before venturing into it.Trading take a lot of time, money, and frustrations before you could attain the level of trading knowledge that gives you mostly profits than losses. It's normal to lose money on trading in exchange of experience or for you to know if it's really for you or not.
that's what some people don't know concerning trading, what trading needs is attention and consistency, before you become perfect trader their most be occurrence of mistakes from your trading, so with the experience of frequent lost, it will make you to be smart via the industry.
Wow, this thread is really useful. I have made similar mistakes in the past including buying cryptos that were lower in cost hoping they would rise someday, and avoiding popular coins like bitcoin and ethereum.
I think it’s okay to make mistakes because humans learn through their mistakes. And what is a better teacher than losing money. Apart from all the points listed in this thread, there are many other mistakes that we make unknowingly, these are the mistakes that separate us from billionaire traders.
I think it’s okay to make mistakes because humans learn through their mistakes. And what is a better teacher than losing money. Apart from all the points listed in this thread, there are many other mistakes that we make unknowingly, these are the mistakes that separate us from billionaire traders.
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