Topic: The three biggest mistakes you should avoid - page 11. (Read 11305 times)
Number three is something that I learned to do, following a signal Without risk assessment or stop loss. Investor should have known their risk when jump in and when to stop. But this is not so easy to learn and need time.
In fact, those three mistakes are the most common mistakes done, moreover, the panic sells or buy because of only following the trend without any own analysis. This is too bad, moreover, for the newcomers in the crypto world, it may lead to loss and bad investment. So, be more careful, deep analysis, wiser selling or buying, and also learn the market chart.
mistakes often occur because we cannot control ourselves.if we are calm in facing something, of course we can think positively and be able to take good actions, but sometimes we are in a hurry when taking action.
Crypto has a big risk, so we can make mistakes, maybe we can fail.
In fact, those three mistakes are the most common mistakes done, moreover, the panic sells or buy because of only following the trend without any own analysis. This is too bad, moreover, for the newcomers in the crypto world, it may lead to loss and bad investment. So, be more careful, deep analysis, wiser selling or buying, and also learn the market chart.
This is brief but really insightful for trading. I laugh when I see people follow calls from so-called signal channels. Most of them are pump and dump agents, they are just there to dump on loyalists. See, always try to be good with TA and always set stop loss when you are trading. Do not be carried away by calls from twitter or telegram, so you don't get burnt. To be a good trader, never love a coin, sell when it's necessary, don't hold for the moon, the moon will never come. Let's not apply greed in trading.
This is very right. Don't get too attached to a coin.
Because most of the time, they will betray you with their price.
But maybe, when it comes to bitcoin, it is a different story.
OP's principles are very simple, yet, when it comes to your situation, it is hard to apply because you don't want to let go of your coins or tokens, hoping that someday, it will give you good returns.
This is brief but really insightful for trading. I laugh when I see people follow calls from so-called signal channels. Most of them are pump and dump agents, they are just there to dump on loyalists. See, always try to be good with TA and always set stop loss when you are trading. Do not be carried away by calls from twitter or telegram, so you don't get burnt. To be a good trader, never love a coin, sell when it's necessary, don't hold for the moon, the moon will never come. Let's not apply greed in trading.
- Panic Buy/Panic sell.
In both cases, you will lose your money - Ignore Capital management.
If you ignore Capital management you will be gambler not trader - Following a signal Without risk assessment or stop loss.
You will be like Jumping into the ocean without a lifeline jacket at, before do anything, look at your risk and reward and what your stop level is.
by this way you can set Your Own risk and know what you do.
It all boils down to careful planning and strategizing. Just as it has been stated here, one will end up being a skillful gambler if transactions are nkt well planned. Losses and frustrations will also be inevitable. Times of bumper profits will be limited and one might soon be tempted to give up. So, it is always better to take into consideration the important stuffs so one will not be left at the verge of regrets
- Panic Buy/Panic sell.
In both cases, you will lose your money - Ignore Capital management.
If you ignore Capital management you will be gambler not trader - Following a signal Without risk assessment or stop loss.
You will be like Jumping into the ocean without a lifeline jacket at, before do anything, look at your risk and reward and what your stop level is.
by this way you can set Your Own risk and know what you do.
for one and two, I think this is often experienced by everyone. but for the last, I think it's rare for anyone to do this. believe in trading signals, come on after yesterday's fall, no one else believes this. the signal only makes us lose.
All these mistakes can be made only by people who have no experience in trading. The person who is engaged in this business for a long time so will not be mistaken.
One more great failure is the funds diversification. People often forget to split their portfolio into several parts. I am holding my altcoins on 5 Myetherwallets and all other coins are stored on several exchanges to protect funds.
But it is not safe to keep your money in any coins on the exchange. Exchanges are hacked, liquidated, organizers of exchanges are arrested (MtGox, QuadrigaCX, Cryptopia, BTC-E) and in any case you lose your money. If you don't plan to trade then keep your coin on an hardware wallets.
for one and two, I think this is often experienced by everyone. but for the last, I think it's rare for anyone to do this. believe in trading signals, come on after yesterday's fall, no one else believes this. the signal only makes us lose.
it would be better to do our own market analysis than you have to believe in the signals from other people who might just be a game or trap that could make you trapped in a loss. still be careful. 
I have my other three mistakes of crypto folks that pushes them to their own grave since most suggestions were already said.
- Having no plan. Plain and simple, they just buy whenever they want and they go along with the FOMO which isn't a good move for someone who's already in the market.
- Still investing to altcoins that doesn't really have any plans to emerge and develop. More of being bought by the hype and believes that it will make them millionaires.
- Don't have his own decision, an individual that depends his decision to the crowd.
- Having no plan. Plain and simple, they just buy whenever they want and they go along with the FOMO which isn't a good move for someone who's already in the market.
- Still investing to altcoins that doesn't really have any plans to emerge and develop. More of being bought by the hype and believes that it will make them millionaires.
- Don't have his own decision, an individual that depends his decision to the crowd.
I have been a victim of all and I have learnt through the process, making a stop loss is a very important aspect of trading and not being emotional about any coin. Asset management is one aspect I have not gotten right as I am often caught in between trying to go greedy most times and in such case I lose some part of profit or even capital
- Panic Buy/Panic sell.
In both cases, you will lose your money - Ignore Capital management.
If you ignore Capital management you will be gambler not trader - Following a signal Without risk assessment or stop loss.
You will be like Jumping into the ocean without a lifeline jacket at, before do anything, look at your risk and reward and what your stop level is.
by this way you can set Your Own risk and know what you do.
for one and two, I think this is often experienced by everyone. but for the last, I think it's rare for anyone to do this. believe in trading signals, come on after yesterday's fall, no one else believes this. the signal only makes us lose.
One more great failure is the funds diversification. People often forget to split their portfolio into several parts. I am holding my altcoins on 5 Myetherwallets and all other coins are stored on several exchanges to protect funds.
My biggest ptoblem is capital management. I am ok with strategy, I have vision, I can find right coins and select appropriate time to open position, but I take too big risks and I have nothing to do with it.
Any suggestions for me?
Any suggestions for me?
I think one of the best ways to mitigate this is to give yourself some discipline with dollar cost averaging (DCA). Rather than make a large buy/sell with all or most of your funds keep the capital in reserve and do small regular buys. Example, instead of spending $2000 on one BTC buy and then stressing about the ups/downs, spend $250 per week for two months on BTC, that way you are riding the long term trend, not the short time peaks and valleys. Yes you might miss some opportunity that way but you are protecting your capital, because the downside of choosing a large wrong entry is a far worse problem.
1. Thinking that getting rich is easy.
2. Not doing your own research.
3. Trusting random dudes from Youtube/Twitter/Telegram Group.
By the way, cryptocurrency isn't all about exchanges/trading.
Greediness, one of the seven sins depicted in Dante`s Inferno. Because of our greed, we treat things easy for us. We think that trading is basic. Basic in a sense that we should just timing the lowest price up to highest price. When we are ruined by the price or unexpected movement of the coins. We immediately treat bitcoin as a scam. That is the biggest mistake we committed in cryptocurrrency. 2. Not doing your own research.
3. Trusting random dudes from Youtube/Twitter/Telegram Group.
By the way, cryptocurrency isn't all about exchanges/trading.
How many people can avoid the temptation of greed in the encryption market? There are relatively few people who can do it. The encryption market is changing rapidly. We need to constantly learn and summarize.
Additionally, we should also avoid being too greedy because in the end we might suffer from its ill side effects. In terms of trading, I always observe and conduct a stop-loss plan to protect our assets from the dangerous effects of high volatility of cryptocurrencies. Imho.
- Panic Buy/Panic sell.
In both cases, you will lose your money - Ignore Capital management.
If you ignore Capital management you will be gambler not trader - Following a signal Without risk assessment or stop loss.
You will be like Jumping into the ocean without a lifeline jacket at, before do anything, look at your risk and reward and what your stop level is.
by this way you can set Your Own risk and know what you do.
Excellent and very true
So I recommend;
Instead of panic buy and panic sell, you can dyor and figure out the true details of event
Use an exchange platform for ur stop loss and ensure to trade at a marginal risk
- Panic Buy/Panic sell.
In both cases, you will lose your money - Ignore Capital management.
If you ignore Capital management you will be gambler not trader - Following a signal Without risk assessment or stop loss.
You will be like Jumping into the ocean without a lifeline jacket at, before do anything, look at your risk and reward and what your stop level is.
by this way you can set Your Own risk and know what you do.
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