- Prioritising emotion over analysis
- Not setting proper stop-loss
- Trusting on signals flowing on social media
Topic: tell us 3 mistakes you do when you start trading (Read 312 times)
I think this are the basic mistakes that everyone faces in the initial stage of trading.
My mistakes were:
+Hoping for a quick profit doing nothing (well, buying, then just waiting how much will I make).
+Not having a patience, because I stopped the trade and couldn't wait more, after that, the price soared and later....
+I was buying the highest price and selling the lowest so it wouldn't go that well for me...
And I should have red some books, watch some educational videos and talked to someone about trading before I started to do so myself.
+Hoping for a quick profit doing nothing (well, buying, then just waiting how much will I make).
+Not having a patience, because I stopped the trade and couldn't wait more, after that, the price soared and later....
+I was buying the highest price and selling the lowest so it wouldn't go that well for me...
And I should have red some books, watch some educational videos and talked to someone about trading before I started to do so myself.
"oh shit' i'm already at a loss, I won't sell now and wait for it to recover, it can't be much worse" And then they go -10% and it just makes them more and more miserable until the breaking point comes.
Most traders experienced this until they lost too much and on most new newbie traders gave up because of this. Well, I experienced that too, most often, that's why when I buy it should be for a long term, well just hodl.
tell us 3 mistakes you do when you start trading
I will say that I have not made much mistakes ever since I started trading cryptocurrency, not because I want to boast or not because I am a pro trader, if you take a look at Forex trading and cryptocurrency trading, it is clear that both of them have similarities, and most of the mistakes that I would have made in cryptocurrency trading was already made when I was trading in Forex and I could remember that one of the mistake that I ever made then was to borrow loan to trade, I mean physical loan and the second one was to borrow platform loan, I mean leveraging and the worst was that I was quite very greedy which I would call the third mistake by leveraging high when I was supposed to leverage low, and that was how I lost y car because I used it as collateral for the loan. 1. when bitcoin was pumping: "i missed the boat on bitcoin, better buy something cheaper!"
2. after the market started crashing: "i'll just wait for the price to come back up!"
3. when i didn't use stop losses: "i'll just set a mental stop loss!"
these attitudes led to some pretty tragic losses for me.
2. after the market started crashing: "i'll just wait for the price to come back up!"
3. when i didn't use stop losses: "i'll just set a mental stop loss!"
these attitudes led to some pretty tragic losses for me.
Setting up a mental stop loss
this one is so funny because it's so true. Probably half of all traders do it at first and then they wake up one day and see they're 5% on the loss. "oh shit' i'm already at a loss, I won't sell now and wait for it to recover, it can't be much worse" And then they go -10% and it just makes them more and more miserable until the breaking point comes.
I never trade that much before but I still did some mistakes when doing a trade. Mistakes that I made as far as I remember is panic buying and panic selling. Also made a mistake on not using stop loss in my tradings. Panic selling could happen to everyone who has a weak hand but now I tried not to be one and learn more about trading to avoid doing the same mistakes
- Sell to fast
- Do not want to buy eventhough it already reach lowest value at that time
- Sell for losses rather than bigger loss
Those are human's fear in trading so by experience they can overcome it one day
tell us 3 mistakes you do when you start trading
lets start
lets start
My three mistakes are
1- Not getting the knowledge of technical and fundamental analysis
2- Follow the top rated youtube channels which provided free signals and predictions
3- Not using stoploss and panic selling
However i realized my mistakes with the passgae of time and become a better trader.
1. I never see the project in very detail and buy the Currency because of raising price.
2. I listen to many social advisors of crypto and buy the Currency without researching it.
3. this is the biggest mistake that I have ever done is when I'm trading I don't put any stop loss.
2. I listen to many social advisors of crypto and buy the Currency without researching it.
3. this is the biggest mistake that I have ever done is when I'm trading I don't put any stop loss.
1. I signed up to a pump and dump group, it’s a signal group that I have to pay for a fee and I will receive signals from them what coin to buy and when to sell. It’s not a good idea because they will send you signals that are late and they already bought before you buy yours.
2. Listen to random advise from people I thought are experts in trading. No one is an expert that’s what I learned, they may have earned something from their last trade but it doesn’t mean they always earn in every trade.
3. Buy without looking at the charts, graphs and just rely on emotions. It’s a bad idea.
2. Listen to random advise from people I thought are experts in trading. No one is an expert that’s what I learned, they may have earned something from their last trade but it doesn’t mean they always earn in every trade.
3. Buy without looking at the charts, graphs and just rely on emotions. It’s a bad idea.
tell us 3 mistakes you do when you start trading
lets start
lets start
The three mistakes in which I think that I made was;
1. I was controlled by my emotions
2. I became impatience
3. I depend my profit in trading through my luck
Those mistakes was really lesson learned to me, after these things done
I never repeat the wrong deeds on which I made.
tell us 3 mistakes you do when you start trading
lets start
lets start
1) Making decisions from blind panic rather than cold logic. This is panic-selling as well as buying through FOMO. You should never ever buy or sell just because a coin is rising or falling in price. You need to understand why its price is moving.
2) Not setting an exit point. If a coin starts to rise, it is very easy to hold on too long, and only sell once the price has dropped back. The problem here is that price drops are often quite harsh, so the best time to sell, counterintuitively, is whilst it is still rising. It is important to set yourself a target exit point in advance.
3) Not setting an entry point. This is also important. If you decide you want to buy a coin, you need to assess its current price, and whether this is likely to fall to give you a better buy-in point.
I did a lot but I will do the usual mistakes I made.
When I first joined trading cryptocurrencies, I thought it would be easy. I don't know how volatile it is that is why I lost a lot at the beginning.
Another one is not being patient. I usually trade quickly when I see the market going down. And the last one is focusing on just one crypto, with a lot of fishes in the sea, I am focusing on one crypto and that limits my profit in that crypto. I am just being careful but my friend told me that if I am not risking some money to smaller cryptos, I might regret it.
When I first joined trading cryptocurrencies, I thought it would be easy. I don't know how volatile it is that is why I lost a lot at the beginning.
Another one is not being patient. I usually trade quickly when I see the market going down. And the last one is focusing on just one crypto, with a lot of fishes in the sea, I am focusing on one crypto and that limits my profit in that crypto. I am just being careful but my friend told me that if I am not risking some money to smaller cryptos, I might regret it.
1. when bitcoin was pumping: "i missed the boat on bitcoin, better buy something cheaper!"
2. after the market started crashing: "i'll just wait for the price to come back up!"
3. when i didn't use stop losses: "i'll just set a mental stop loss!"
these attitudes led to some pretty tragic losses for me.
2. after the market started crashing: "i'll just wait for the price to come back up!"
3. when i didn't use stop losses: "i'll just set a mental stop loss!"
these attitudes led to some pretty tragic losses for me.
1. greedy
2. impulsive, rushed, without thorough analysis
3. Uncontrolled transactions.
Although I have read about trading books and some advice from my predecessors, I have encountered these fundamental failures in practice.
so I recommend new traders to practice more with enough money. Experience and practice are essential in trading.
2. impulsive, rushed, without thorough analysis
3. Uncontrolled transactions.
Although I have read about trading books and some advice from my predecessors, I have encountered these fundamental failures in practice.
so I recommend new traders to practice more with enough money. Experience and practice are essential in trading.
tell us 3 mistakes you do when you start trading
lets start
lets start
When crypto trading was introduced to me, I was too excited to try. It was more of a bullish season but since I was too eager to try despite the warnings of those who taught me, they allowed me to buy a good amount to start with. I was happy because I've made gains. Little did I know that it was primarily because the market was green all over. The bear season came and I was losing big time. That made me realize how hard it actually was to trade. I started hodling after that.
Another mistake would be chasing prices. If possible avoid that. Stick to your price and do the order.
The third mistake is sticking it out with some coins. That has made some damages to my portfolio. Follow the development. If there is almost zero, sell and make money with other coins.
Buying and selling too early will be the most mistakes that we often made in trading because we are making a wrong analysis to determine the time to act. We are attracted to buying or selling because we heard or read some news which we don't know the truth and we make a fast decision. The other mistake that we might make is not deciding on how much money we use to buy the coins we want, and we all use all in of the money. We are too greedy to expect bigger profit while we are making a profit from the coins, so we still hold the coin.
up lets learn more from other experience
tell us 3 mistakes you do when you start trading
lets start
lets start
#1: Trading based on emotion. This means FOMO buying, letting losses run because I didn't want to take a loss, and things like that.
#2: Using TA to reinforce my own bias (especially when I was already holding a losing position) rather than trying to use it objectively. In other words: seeing what I wanted to see.
#3: Trying to predict market movements rather than react to them. The truth is that markets are quite unpredictable. Consistent profitability comes from recognizing technical events (like breakouts and failures) and reacting to them, not prophesying future events.
This is what it thinks and most common mistakes that I've encounter.
1. Wrong choose of coin
2. High expectation
3. Uncontrollable emotion
I experience losses because of these things and taking me down badly. Having that bad experience gives me a lesson to learn and it helps me to build good market speculation.
1. Wrong choose of coin
2. High expectation
3. Uncontrollable emotion
I experience losses because of these things and taking me down badly. Having that bad experience gives me a lesson to learn and it helps me to build good market speculation.
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