I'm not a constant trader but with the few times i have traded, there are few things i have learnt and the most important are;
1) Jumping into real trading without testing out in a mock or trail account. Most trader believe that watching YouTube videos or reading articles merely helps but not true. Nothing beats real -life practicing.
2) Watch the market closely. this helps a lot in monitoring the direction of the market.
3) Last is, like others have stated, do not trade with emotions. That's the biggest killer.
Topic: tell us 3 mistakes you do when you start trading - page 2. (Read 312 times)
1. Expecting increased profit percentage without understanding the growth.
2. Selecting of coins for investment on a random manner, where only the lucky user succeed.
3. Investing without considering on trading volume, further when there is growth on the respective coin suffering to do the sell trade.
2. Selecting of coins for investment on a random manner, where only the lucky user succeed.
3. Investing without considering on trading volume, further when there is growth on the respective coin suffering to do the sell trade.
First would probably be not checking current trends and news before I do my rounds. It has costed me a lot when I was a newbie because I only based on current spot prices and not really some reasons behind them.
Second perhaps is my lack of patience. I have, most of the time, ended up losing some of my capital due to being impatient and finding out that had I held for the next hour or so, I would have made a profit.
Finally, anxiety and fear of a greater fall. I didn't know about bear traps at that time that I plunge it with the FUD, losing some of my coins and seeing that it was just a market movement created by whales to make a profit.
Luckily I rarely trade now, only have some set goals to buy and sell at a set % profit. If I am still into trading daily, I would surely avoid these noob mistakes.
Second perhaps is my lack of patience. I have, most of the time, ended up losing some of my capital due to being impatient and finding out that had I held for the next hour or so, I would have made a profit.
Finally, anxiety and fear of a greater fall. I didn't know about bear traps at that time that I plunge it with the FUD, losing some of my coins and seeing that it was just a market movement created by whales to make a profit.
Luckily I rarely trade now, only have some set goals to buy and sell at a set % profit. If I am still into trading daily, I would surely avoid these noob mistakes.
I did many mistakes when I starts trading. I was so confused to which coin I should invest. Then I started taking advice from experts and mostly advised to invest on bitcoin. But I hadn’t much money to spare on trading do that was also a big Problem for me. And lastly, I was scared that time because my money was so valuable for me and always feared to lose it.
So, basically my problem/mistake was confusion, lack of money and fear.
So, basically my problem/mistake was confusion, lack of money and fear.
tell us 3 mistakes you do when you start trading
lets start
lets start
anxiety:
It was very difficult to control myself, when I bought bitcoin, my head is thinking all the time about earning a lot, and that would not let me to concentrate to other daily activities. it was as if I had infinite adrenaline
fear:
Another thing that I had a lot of problems was the fear of losing money and when I lost money I was very disappointed, because I did not have the mental strength not to sell with losses. I should have kept calm. But that's the lesson I learned over time.
lack of basic knowledge:
yes this was undoubtedly a big problem I had and to make it worse I didn't want to try hard to learn the basics
Jumping out too early not understanding the real value of Bitcoin. Bitcoin was the first coin I've traded and this was probably the biggest mistake. I was so eager to close every day with a positive balance that I kept buying in in the morning and selling later on the same day even with low and barely satisfying profit.
My second one was being too nervous and emotional about it.
The third one was probably following someone else's TA blindly.
My second one was being too nervous and emotional about it.
The third one was probably following someone else's TA blindly.
First. Entering a Trade hastily. Since i was very excited to trade before, without thinking I buy coins whenever I feel it is the time to buy. Which is extremely wrong. There are particular basis for an entry and exit. That is Technical Analysis and sometimes news (yes, I do check some good or bad news)
Second. Too Much Confidence. Just because I know some indicators, some strategies, charts, candles doesn"t mean you can win in every trades. There are sideways, sudden changes in the market, misreading indicators. We should always double check. Many times, too much confidence will lead to huge lose.
Third. Emotions. Whenever I gain profits, I want more. That is-GREED which I hate the most. Whenever I sold it early there is-REGRETS. Self control management is really important.
Second. Too Much Confidence. Just because I know some indicators, some strategies, charts, candles doesn"t mean you can win in every trades. There are sideways, sudden changes in the market, misreading indicators. We should always double check. Many times, too much confidence will lead to huge lose.
Third. Emotions. Whenever I gain profits, I want more. That is-GREED which I hate the most. Whenever I sold it early there is-REGRETS. Self control management is really important.
Should it really be three.
I already regretted it twice and you want me to make the mistake again just so I could make it three?
Mostly it was the buying part that I got it wrong but lately it was the selling part.
A sudden spike suddenly comes in whenever I start selling and it ends there for a long time which is hurtful. It is difficult to gain it all afterwards.
I already regretted it twice and you want me to make the mistake again just so I could make it three?
Mostly it was the buying part that I got it wrong but lately it was the selling part.
A sudden spike suddenly comes in whenever I start selling and it ends there for a long time which is hurtful. It is difficult to gain it all afterwards.
These 3 mistakes are only a few, there are too many of them. But to answer your question, those 3 major mistakes are; [1] Wrong speculation [2]Wrong timing that can cause panic selling [3] Lack of research/did not study very well. These mistakes are when I was a newbie in trading and I don't know such thing how it works as long as I know the basic in trading the buy and sell. Then, I found out that you must have knowledgeable enough before you step in the trading field.
tell us 3 mistakes you do when you start trading
lets start
When you are still a newbie;lets start
-Panic sell
-Following others trail
-Bad risk and bankroll management
Experienced one;
-Following to fundamentals which you wouldnt know if such news would impact the price or not
-Away from PC, missing out some good exit point or even entry ones.
-Emotion - specially into this very speculative market.
Buying or selling early the crypto currencies than what we are supposed to do,due to sudden changes in the market which is also called as panic buying and selling respectively.
Expecting huge return from every trade.
Following other predictions.
Expecting huge return from every trade.
Following other predictions.
tell us 3 mistakes you do when you start trading
lets start
lets start
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