Topic: your worst mistake - page 20. (Read 3578 times)

It is difficult to control emotions in yourself. Because at that time I was trading and suffered a lot of losses. Finally, my emotions were hooked and wanted to quickly return the lost capital. It was not that my capital could return, but what was there was even more losses and I had to stop trading for a few weeks. It felt like I wanted to stop and was traumatized to do it again, but after I thought this was my own fault and it needs to be fixed.

After that, I started trading again, and encountered the same problem, even though at that time the losses were not as big as yesterday. There I also started to panic, and thought will this incident happen again? Is this fate? all impure thoughts take over the emotions. Finally I tried to pause for a moment to calm my mind. After returning to my top condition, I haven't started again. However, I was still thinking about what was wrong with my trading technique, and finally came to a meeting point (solution) to the problem.

 Therefore, it requires patience and good emotional control in trading. If we are provoked and panic, it will only worsen what you are doing, it's better to take a moment for yourself, calm yourself down, after calm down, start to find solutions to problems, and start trading again after the conditions feel like they are back to prime ( good).

The worst mistake I made was holding some coins that become shitcoins. Especially my earning in bounties few years ago, it had some value before but now it's equivalent to nothing.

The worse mistake I did from the very beginning is relying all on trading. Because you know not all the time that you win all your position in the market and sometimes there are just coins you just want to hold especially when you got in early where its prices is very cheap. So don't just rely on the earnings you make in trading. Get a job while you also have the chance to keep trading.

Everyone seen to have made the same mistake. They got greedy or sold at the wrong time. I won't deny, I did the same thing. Kind of got greedy and tried investing in shit coins. Did work out well at the beginning, but was a disaster at the end. And I also did sell at the "wrong" time. Loses weren't huge though, but was kind of very draining mentally and physically (spent so much time being obsessed lol).  Biggest mistake is, I knew about bitcoin earlier, was really interested but never invested.

My worst mistake was greed and not deciding quickly enough to take profit when there was an opportunity. All I was thinking about was getting rich quickly by waiting a little more. The price of the asset would later drop by almost 80-90% and during that period, I become desperate for cash and ended up selling at a very low price. To sum up my mistake, a few weeks later, the asset started spiking in price and I was just left to regret.

Being doubtful and leads me to the wrong decisions.

It finds really hard when your mindset is not already clear and when you don't have a plan to follow. It is to realize that we need to have a strong faith in what we do as it gives us strength even we suffer losses. I'd never had this before until such time that I started to read books and watching online tutorials and from that, it changing a lot. It is sometimes we need time to educate ourselves to find where we are wrong and to correct it.

I'm still scared for that anyway. Trading isn't very easy. It involves lots of risk and not every body can take up such risky venture. What I can only do is to buy and hodl. This is a process that can teach you the way. As to hodling , I have had a mistake where I didn't know the coin I had couldn't go high anymore but to go bear till it became shit investment.

Yes, I can relate to that as I think many traders on here can. Emotions can play a major role in your trading behaviour AND not playing in ont hem can massively improve your gains. It is hard to detach from emotions but it will save you in the long run.

I wil give you an advise from my experience; in trading there are 2 categories of token, shit coins and good projects ofcourse;

Ensure that your crypto currency portfolio has more of long term tokens and not shitcoins.
Ensure that most of your big sells (profit taken) above 100$ are converted to busd or usdt.
Always remember that no coin would pump forever, never allow greed to deter or prevent you from taking profits
Always take profits of 100$ , 200$, 500$ 1000$ e.t.c as at when due

Finally, remember that the bearish market is your frind, prepare for it and use it to your advantage always

FOMO and FUD. These are the two biggest mistakes I have done and I still do sometimes. Patience is the greatest thing to learn for any trader. It's very common for a trader to fall in Bear Trap or Bull Trap. For example, initially, traders buy when a coin is already 10-20% up thinking that they would take some quick profit in the wave. But this is highly risky and most of the time you will see the market going a little south where you would sell your position and when you sell it market would take a U-turn back again in the upward direction. You will feel that you are useless and you can't trade. These are the types of mistakes that I used to do in the very first year of my trading.

My biggest mistake 3years ago is investing in projects without any research and many of then died with time. With a bit of research I could have done so good since I was in good time to invest in crypto.

Brought my emotions into trading.
One would say that they want to earn but then when the market doesn't go into their favor, they would just panic that easily and lose it all.
That was my worst, but my "best" mistake because I learned how to rationally trade not emotionally.

Welcome to the forum!

In my honest experiences, my first mistake in crypto is that I don't really spent enough time to educate myself with it. Hence I tried to trade with simple Buy low sell high and lost it all as I only let my intuition be my guide on when to buy and therefore with no risk management and no fundamentals about cryptos that I buy, I always panic sell. I mean, wouldn't that be the common mistakes that everyone did? 

welcome to the forum buddy
all of them had an error when they first started crypto trading. My first mistake was selling at a price lower than what I bought. because looking at complicated charts, sharp falls and it all makes panic and confused seeing the balance in the portfolio decrease. To be honest, what I experienced was what coins should I buy, how to buy and how to take profit.

My worst mistake without a doubt was that in 2017 I invested in an ico thinking that I could get the same benefits that seemingly at the time everyone was getting, as you may guess I lost an important part of the capital that I invested but fortunately for me it was a small amount compared to the rest of my capital, however it is without a doubt my biggest mistake and since then I have concentrated on being invested in bitcoin and bitcoin only as I do not really see the point of taking a risk with other coins.

My worst mistake was sell early. Lots of worst mistake I had mad in the past.
I will try to learn from my mistake and take it easy

Selling early. That's the common mistake that would be experienced by every trader.
If that won't happen to you then you are a lucky dude or it's just that you don't really trade but rather just holding the coin.

Jumping in too early without knowledge is also one.
It's true that experience is the better teacher of all but it wouldn't hurt to read some experiences/lessons from other traders and maybe add it to your basic information and who knows, it might come in handy in the future. Good luck.

Allocating a huge percentage of my total bankroll to one single trade; either to hopefully win a lot of money(greed), or to hopefully make up for a previous bad trade.

In summary, trade with huge amounts of emotion, and you're dead.

Not buying when bitcoin and most of the altcoins were cheap. Another worst mistake that I did was when I did panic sold. If I'll sum up those mistakes, it's hard to accept that the value has risen and the amount is no longer a joke.
But that's it. We learn from those mistakes and hardships in this crypto market and luckily, I'm still here and standing holding for the future.

Warm welcome in this bitcoin forum.

Yes, all we have some mistake at the beginning. If I share my worst first mistake in crypto life is I was very impatient and can not hold any coin, Thus I have lost the chance of getting some good profit. Still I am facing that issue but yeah it's lower than previous.