Topic: What are the usual mistakes that newbie traders usually do? - page 13. (Read 1961 times)
Most newbies sometimes think they can be rich overnight while they invest in cryptocurrencies. Some tend to put in more money and expect huge return shortly; a little dip shakes them to the bone and they begin to sell so cheaply.
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
When I started trading following mistakes were observed after sometime,
I started trading very first day without doing any research about the market, what are the trends etc.
I did not set any goal with specific crypto currency. (set a proper goal that I will buy at and sell at....)
But after sometime I came to know these things, now I do proper market analysis for at least one week then do any trade. One important thing that every new trader should learn is "PATIENCE" which is the main key in crypto world.
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
Following are some of the common mistakes which are made by many traders:
Not maintaining trading discipline
Trading without a plan
Failing to adapt to the market
Learning through trial and error
Having unrealistic expectations
Poor risk and money management
I think the common mistakes every newbie do, As I was a newbie one time, Newbies always wants to make huge money by seeing other big wallets, They got emotional and takes a big decision without any proper knowledge about the bitcoin and other crypto coins. I invested money to trade in an exchange without any knowledge, and then I lost as usual and then I gave up! 
Newbies always believe in fake news, fake hypes. That is a big mistake for them.
Newbies always believe in fake news, fake hypes. That is a big mistake for them.
There are many mistakes that new traders make. From the top of my head is.
1) Lack of Capital - People want to be millionaires and trade from a $3000 account
2) Naive - They spend $10000 on software and courses which promise them financial freedom
3) Emotion - They take profits usually right away and they are afriad to take a small loss so they either get margin called or sell at the bottom like the sellers at $5700 last month.
4) Greed - Instead of trading 1x they start trading with 50x or 100x on Bitmex and are surprised they keep blowing up their account over and over again.
5) Patience - They trade the 1 Minute charts instead of trading the Daily and Weekly charts like most professionals
1) Lack of Capital - People want to be millionaires and trade from a $3000 account
2) Naive - They spend $10000 on software and courses which promise them financial freedom
3) Emotion - They take profits usually right away and they are afriad to take a small loss so they either get margin called or sell at the bottom like the sellers at $5700 last month.
4) Greed - Instead of trading 1x they start trading with 50x or 100x on Bitmex and are surprised they keep blowing up their account over and over again.
5) Patience - They trade the 1 Minute charts instead of trading the Daily and Weekly charts like most professionals
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
Getting started with the trading immediately after hitting the crypto space is the biggest mistake new people do. In reality they should never start trading until the time they dont learn basics of projects, ICO's, how the market behaves and what are the coins and what are the different coins!
If you by any chance start trading then there is chance that you will end up having lot of confusion where you dont know how that coin will behave in the market with its different factors changing all the time. So learn, gain some knowledge and then get started with it.
What are these usual or common mistakes that newbies commit?
In fact, it's not just the beginners who make mistakes, the pros and the experts also make a lot of mistakes. It is important to realize that no one knows when high is high and when low is low. I'll simplify for you to understand, you're seeing this:
https://www.tradingview.com/symbols/BTCUSD
How many of those guys in the tradeview can hit their prediction of bitcoin prices? how many professional analysts made bitcoin price prediction and got their prediction right? investigate that you will have the answer to your questions
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
Following are some of the common mistakes which are made by many traders:
Not maintaining trading discipline
Trading without a plan
Failing to adapt to the market
Learning through trial and error
Having unrealistic expectations
Poor risk and money management
- Research the coins that you are going to hold for the trades.
- Never invest in the coins which has got just listed over the exchanger, Give sometime to it and let the investors jump in with big guns.
- Do not go for under ranked coins at all
- Never be greedy while trading and dont try to get too much profits. Its always harmful and your trade can turn upside down.
I guess this is good for the start up people and eventually you can learn more.
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
There are lot of topics about this but here is the snapshot for you to go through he safe tips.
- Research the coins that you are going to hold for the trades.
- Never invest in the coins which has got just listed over the exchanger, Give sometime to it and let the investors jump in with big guns.
- Do not go for under ranked coins at all
- Never be greedy while trading and dont try to get too much profits. Its always harmful and your trade can turn upside down.
I guess this is good for the start up people and eventually you can learn more.
I remember that I focused on one single indicator. I started with RSI - whenever it fell below 20 I went all in.
Of course this is not a good idea when you're in a bear market.... yeah.... I learned the hard way ;-)
Of course this is not a good idea when you're in a bear market.... yeah.... I learned the hard way ;-)
I remember when I first started trading (just for fun) with really small amounts of money. The first 2 trades I made were actually successful, but the funny part is I did the trades in a totally random fashion, without any understanding. Then, on the third attempt the market moved in the wrong direction from what I had been anticipating. After a while I panic sold and lost a lot in relative percentage. So my first mistake as a newbie was panic selling. If only I had waited a couple of days, the market would have turned around and I would have been fine. Lesson learned never to panic sell again.
First mistake usually do by newbie is that they starts when they are not ready to trade. They starts because they only hear good news from others that doing trading is profitable. They should starts after they are ready and fully understand about trading activity especially about cryptocurrency trading. It is my own experience to be honest, I started trading crypto just because I read some facebook posts about trading profit with small capital. Indeed, there is a saying "learning by doing", but learning trading by doing requires some money and it can be very risky for newbies if they did not learn it first.
In my experience, a lot of newbies mistakes are they are credulous to the FUDs and FOMOs. Some of them also got scammed because of the "trading signals" that created from irresponsible parties, so they can take profit by spreading those "fake" news.
Another mistake is when they can't differentiate their brain from their emotion, by falsely read the chart and eventually choose a not-so-good coin to invest/trade.
Another mistake is when they can't differentiate their brain from their emotion, by falsely read the chart and eventually choose a not-so-good coin to invest/trade.
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
First and foremost thing the newbies do is panic selling.Due to lack of cryptocurrency knowledge,they may get panic .Whether the price of cryptocurrency will increase or decrease.It will depend on cryptocurrency you had choosen.You can expect the huge raise in bitcoin in short term.Considering the altcoin,you have to be patience for long period.Altcoin is only best for long term investment.
The greed mistake can be take up into two things: Either greed in buying some other coins that leads up to investing in such shitcoins, or greed in selling that leads up to regret in the end, because of the obvious reason that the trader misses out another bull run after he or she sold he or she currently holds. It is gonna keep repeating though if such awareness in these kinds of cases isn't gonna be done.
I think one of the biggest mistakes of newbies and many traders is buying at the wrong time, so when you buy at the wrong time you would also sell at the wrong time which end up with big loss 
The commonest mistake by far is buying during a pump or bull run only to realize 24hrs later that prices have corrected.Basically same as the Fear of Missing Out(FOMO).
Another mistake is greed,trying to make huge profits within a short time and this placing highly risky trades.
Another mistake is greed,trying to make huge profits within a short time and this placing highly risky trades.
I think, emotional trading and non-targeting specific as well as fund coordination and speculation options are fundamental mistakes for newcomers to the trade. I experienced these lessons in the last 3 months.
As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?
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