Topic: Trading mistakes - page 8. (Read 1540 times)

Today there are some people would like to join the world of trading but some of them are going to afraid to lose their money because they don't have enough knowledge. It is not hard to find a lot of information because of the help of the search engines like Google and we have now internet also with the help of the forums and platform that are giving some ideas about the world of trading. I'm not a professional trader I just trade for over a month and here are some of my trading mistakes that the beginners do too.

NOT PREPARED
Sometimes most of us are going into the world of trading without any preparations just the only thing we should know every day is having a profit which is not good sometimes if you would like to make trade also it is better to prepare your self getting too much excited to earn more profit pull us towards to make more mistakes like when the market is going into upward trend more likely we want to get buy and we set aside how to read the graph properly and what are the next movement of the chart upward or downward trend.

There are people who learn trading base on the knowledge they earn through self-study but still, there are some people who gain knowledge depends on their experience if you are a trader like that it is better you prepared your self to have a starting money or capital just to earn knowledge.

Today we have now trading simulations that help you to make a trade with a real-time chart I highly encourage traders who would like to practice.


PROFIT ON TRADING
There are people who really love to make trades and some of them are making a trade for over four (4) times above each day and we called them as the scalpers those are a person who wants to make more profit every time they trade also they are one of the most risk-takers because they have a specific goal each day to earn. Still, there are some people just trade over two times a day as an extra income. Trading is full of risk it depends on your capability to gain more money again we have a favourite statement "Don't trade that you cannot afford".

OVER TRADING
This is commonly happening to us because sometimes we are getting too much greedy don't marry your trades. Most of us already make a huge market profit into the world of trading and we have different sets of goal in terms of profit. Some people want to have 50%, 70% or over 100% profit, remember the market is volatile if you already gained profit and you are not sure what are the next movement of the chart get your profit. For example, you make an entry into a 9800-9900 dollars of the market price of the bitcoin and as getting too much expectation of the market price of the coin the market price is starting to fall that you can see on the figure(2). Also, don't get to be Fear of Missing Out (FOMO) on your trades sometimes we win and lose our trades but the most important is to win a profit.


KNOW YOUR MARGIN TRADE
Margin trading sometimes can be your friend sometimes can be your enemy having a good market long or short. Leverage will help you to make more earning but if you cannot afford the trading margin you request it will cause to your income and balance will be gone. Recently one of the platforms releases that they increase they leverage is binance from 20 - 125x Figure(3). If you win having this leverage it is good the higher profit you will get but if you lose with the huge amount of leverage and reaches the liquidity price prepare your self to have a goodbye to your money.


DON'T BE A FOLLOWER, BE A TRADER
I know some of you are already joined into chatrooms and group pages that are talking about market trading some of them having a conversation that they already earned up to $40-100 profit and as a person that you would like to make earning too you will follow the movement they did just to earn Figure(4). Don't follow them to make your own path, explore what are the coins and strategy that will give you a lot of market profit.