Bitcoin Forum

tell us 3 mistakes you do when you start trading

lets start  ::) ::) ::)

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.

When you are still a newbie;

-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.

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.

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? ;D

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.

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.

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.

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

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.               

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.

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.

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.

This is what it thinks and most common mistakes that I've encounter.

1. Wrong choose of coin
2. High expectation
3. Uncontrollable emotion

I experience losses because of these things and taking me down badly. Having that bad experience gives me a lesson to learn and it helps me to build good market speculation.

#1: Trading based on emotion. This means FOMO buying, letting losses run because I didn't want to take a loss, and things like that.

#2: Using TA to reinforce my own bias (especially when I was already holding a losing position) rather than trying to use it objectively. In other words: seeing what I wanted to see.

#3: Trying to predict market movements rather than react to them. The truth is that markets are quite unpredictable. Consistent profitability comes from recognizing technical events (like breakouts and failures) and reacting to them, not prophesying future events.

up lets learn more from other  experience

Buying and selling too early will be the most mistakes that we often made in trading because we are making a wrong analysis to determine the time to act. We are attracted to buying or selling because we heard or read some news which we don't know the truth and we make a fast decision. The other mistake that we might make is not deciding on how much money we use to buy the coins we want, and we all use all in of the money. We are too greedy to expect bigger profit while we are making a profit from the coins, so we still hold the coin.

When crypto trading was introduced to me, I was too excited to try. It was more of a bullish season but since I was too eager to try despite the warnings of those who taught me, they allowed me to buy a good amount to start with. I was happy because I've made gains. Little did I know that it was primarily because the market was green all over. The bear season came and I was losing big time. That made me realize how hard it actually was to trade. I started hodling after that.

Another mistake would be chasing prices. If possible avoid that. Stick to your price and do the order.

The third mistake is sticking it out with some coins. That has made some damages to my portfolio. Follow the development. If there is almost zero, sell and make money with other coins.

1. greedy
2. impulsive, rushed, without thorough analysis
3. Uncontrolled transactions.
Although I have read about trading books and some advice from my predecessors, I have encountered these fundamental failures in practice.
so I recommend new traders to practice more with enough money. Experience and practice are essential in trading.

1. when bitcoin was pumping: "i missed the boat on bitcoin, better buy something cheaper!"
2. after the market started crashing: "i'll just wait for the price to come back up!"
3. when i didn't use stop losses: "i'll just set a mental stop loss!"

these attitudes led to some pretty tragic losses for me. :D

I did a lot but I will do the usual mistakes I made.

When I first joined trading cryptocurrencies, I thought it would be easy. I don't know how volatile it is that is why I lost a lot at the beginning.

Another one is not being patient. I usually trade quickly when I see the market going down. And the last one is focusing on just one crypto, with a lot of fishes in the sea, I am focusing on one crypto and that limits my profit in that crypto. I am just being careful but my friend told me that if I am not risking some money to smaller cryptos, I might regret it.

1) Making decisions from blind panic rather than cold logic. This is panic-selling as well as buying through FOMO. You should never ever buy or sell just because a coin is rising or falling in price. You need to understand why its price is moving.

2) Not setting an exit point. If a coin starts to rise, it is very easy to hold on too long, and only sell once the price has dropped back. The problem here is that price drops are often quite harsh, so the best time to sell, counterintuitively, is whilst it is still rising. It is important to set yourself a target exit point in advance.

3) Not setting an entry point. This is also important. If you decide you want to buy a coin, you need to assess its current price, and whether this is likely to fall to give you a better buy-in point.

The three mistakes in which I think that I made was;

1. I was controlled by my emotions

2. I became impatience

3. I depend my profit in trading through my luck

Those mistakes was really lesson learned to me, after these things done
I never repeat the wrong deeds on which I made.

1. I signed up to a pump and dump group, it’s a signal group that I have to pay for a fee and I will receive signals from them what coin to buy and when to sell. It’s not a good idea because they will send you signals that are late and they already bought before you buy yours.

2. Listen to random advise from people I thought are experts in trading. No one is an expert that’s what I learned, they may have earned something from their last trade but it doesn’t mean they always earn in every trade.

3. Buy without looking at the charts, graphs and just rely on emotions. It’s a bad idea.

1. I never see the project in very detail and buy the Currency because of raising price.
2. I listen to many social advisors of crypto and buy the Currency without researching it.
3. this is the biggest mistake that I have ever done is when I'm trading I don't put any stop loss.

My three mistakes are

1- Not getting the knowledge of technical and fundamental analysis
2- Follow the top rated youtube channels which provided free signals and predictions
3- Not using stoploss and panic selling

However i realized my mistakes with the passgae of time and become a better trader.

• Sell to fast
• Do not want to buy eventhough it already reach lowest value at that time
• Sell for losses rather than bigger loss

Those are human's fear in trading so by experience they can overcome it one day

I never trade that much before but I still did some mistakes when doing a trade. Mistakes that I made as far as I remember is panic buying and panic selling. Also made a mistake on not using stop loss in my tradings. Panic selling could happen to everyone who has a weak hand but now I tried not to be one and learn more about trading to avoid doing the same mistakes

Setting up a mental stop loss :D this one is so funny because it's so true. Probably half of all traders do it at first and then they wake up one day and see they're 5% on the loss.

"oh shit' i'm already at a loss, I won't sell now and wait for it to recover, it can't be much worse" And then they go -10% and it just makes them more and more miserable until the breaking point comes.

I will say that I have not made much mistakes ever since I started trading cryptocurrency, not because I want to boast or not because I am a pro trader, if you take a look at Forex trading and cryptocurrency trading, it is clear that both of them have similarities, and most of the mistakes that I would have made in cryptocurrency trading was already made when I was trading in Forex and I could remember that one of the mistake that I ever made then was to borrow loan to trade, I mean physical loan and the second one was to borrow platform loan, I mean leveraging and the worst was that I was quite very greedy which I would call the third mistake by leveraging high when I was supposed to leverage low, and that was how I lost y car because I used it as collateral for the loan.

Most traders experienced this until they lost too much and on most new newbie traders gave up because of this.

Well, I experienced that too, most often, that's why when I buy it should be for a long term, well just hodl.

My mistakes were:
+Hoping for a quick profit doing nothing (well, buying, then just waiting how much will I make).
+Not having a patience, because I stopped the trade and couldn't wait more, after that, the price soared and later....
+I was buying the highest price and selling the lowest so it wouldn't go that well for me...

And I should have red some books, watch some educational videos and talked to someone about trading before I started to do so myself.

I think this are the basic mistakes that everyone faces in the initial stage of trading.

• Prioritising emotion over analysis
• Not setting proper stop-loss
• Trusting on signals flowing on social media