Bitcoin Forum

After several years of trading experience, I bought the top of an altcoin again today.

I made a trading mistake, and I wonder how come I haven’t grown past this stage in trading.

I thought I have learnt how not to FOMO, I still fell for it even after been a trader since 2020.

I wouldn’t have bought the top if I took some few minutes to check the chart. At least the daily chart would have given me the signal.

This shows that even masters makes mistake sometimes.

Do you have similar experience like this?

It's easy to be caught up in the hype because Bitcoin was bullish for sure and for those quick profits anybody would have bought...worse off if you are using the DCA strategy it overrides these rules of buying the top, so don't be hard on yourself  ;D

If you are a hodler you can still breakeven sooner or later as price hasn't dipped so deep far from the All Time High, so room to correct this mistake is still present.

Goodluck mate .

You may have a long time experience in trading, but that’s not enough to call yourself a master if you keep making simple mistakes continuously, mistakes that could easily be spotted and avoided. You may be a master at trading for years, but making same mistake over and over again makes you not qualified to be called one. But if such mistakes happens ones in a while, then it can be called a mistake as you prepare to be more careful going forward not to make such mistake again.

Buying at the top is a very big mistake to make, because you’ll never be able to get your initial capital you’ve invested in that token again. This is a very big mistake because if you’d use some amount of money that is too much to be risked, and hope to benefit big from this and it fails, it may take you back to square zero just because of this little mistake of not reserving properly before investing. Every trader makes mistake, but many can be avoided when proper research and approach is make to invest in any type of token or in the case of trading.

All traders are still susceptible to mistakes and losses, as even professionals and expert traders still experience losses at times. And that’s fine, as long as we also take chances to learn from our mistakes and grow.

Whether you chose to trade with altcoins or stick to bitcoin, believe me profitability isn’t on the coin itself. It’s on how you manage your trade, and execute your skills and reliable strategies in order to achieve profits. Those who are still at loss consistently only mean one thing, they aren’t good traders yet in the making.

Waw you have been trading since 2020, thats really nice but by now you should know that mistakes always happen in trading, and you won’t be making profits always, time will come when you are going to lose. You are a trader that has been in the market for 5 years, how will you enter a trade without checking the chart? I will say you are the cause of your problem, you are not suppose to rush into trading, always take your time to do your analysis before entering the market. At least this will serve as a lesson to you, when next you are entering a trade, then you will always take your time to do the analysis.

Thank you brother. Honestely I felt terrible still making this kind of mistake. I won't be hard on myself anymore I promise

I find this comment very insightful and educative. I have learnt from this. Thank you

You are very correct. This king of mistake is very avoidable. I will make sure this doesn't repepat. Thanks

Yes, nothing new. Everyone who claims to be moved on and became a good player would have thought of this. But I don't think that everyone will be at their best shape in trading. We can still feel the FOMO and the mistakes will continue to come for us to grow better. And if we don't learn from these mistakes, we're continue to experience the same ones that we'll always account ourselves for because we have thought that we've learned already even if we're not and we're in denial of that.

It takes time to learn, but eventually, you figure out how to trade the right way. Being a successful trader doesn’t mean you’re right all the time. You just need to be right most of the time, and manage your funds properly to stay profitable in the long run.

Don’t trade with emotions. That’s how people fall into FOMO and FUD traps.

But if you feel like you’re not really improving, it’s okay to step back. You can always switch to long-term trading, like simply buying and holding, or buying during bear markets. That way, you reduce the chances of making costly mistakes.

I think it is an emotional reaction that any human can still be affected by no matter the level they have achieved. The masters too are not free from emotional decisions in times they let their consciousness about it down. To avoid being in such a situation, I think we need to always be watchful and careful of our emotions. To always ask ourselves too before making any decision if it is an emotional decision or a decision made from a logical standpoint.

Are the altcoins you bought really in the top 10 on CMC? At least a little research to narrow down the losses is the easiest way. However when I hear that you have been doing it for years but still buying at the highest price, it sounds like there is no result. Do you learn from your mistakes or keep ignoring the warnings? Because I am quite surprised if it keeps repeating itself at the same point without any important lessons to be learned. Try taking a break to reflect or maybe you are not suited to the crypto trading field.

The market can catch you up at any point even though you took your time to study how the market price is you would still see loses and is still not easily that way to escape while trading. All trader must bear or harbor this at their upstairs that lose is something that remains constant in gambling but you can at least control them to reduce below it could had dump on you. While trading make sure to use different time frame to analyze markets so you would easily detects where there is trap for you as trader.

You are too fixated on your favorite coin, why do I say that the Altcoin you bought is your favorite coin, based on previous experience you still dare to buy even though it is at the highest price. Learning not to FOMO is something that Traders must do, but what happens now, you are still stuck in it without caring about what happened before. Besides, we still have Bitcoin that can survive every shock, so why choose Altcoin?

I don't think you are positioning yourself as a Master. Logically, Masters always learn from their mistakes, but you are still stuck in the same hole by ignoring the basics of trading.

I did make such mistake quite frequently in the past, making decision to buy without looking at the higher time frame and got caught off guard buying at the top.
I think even the most expert trader often do the same mistake, but they move on and trade for another day.

Moreover, you can always cutloss your position if you think it'll go down deeper than it is right now.
Always another chance to make up for your losses.

There's no such thing about being a perfect trader. The main target that we should be pursuing into is to become that profitable or someone who do become that sustainable on longer runs. If you do find yourself that keep on repeating on the same mistakes again and again then you do need to go back into the drawing board and trying out to avoid it on next time. It doesnt matter on how many times that you would be failing on which as long you are trying out hard to get rid of it. There are those times or conditions on which you do feel like on giving up or having that kind of impulsive emotions on the time that you have done it again and again. We do know that trading isnt something a skill that you can learn but since we've been talking about 5 years on here basing up on what you have said then its better to check yourself on whats going on. FOMO usually kicks in when you dont want to get left behind and we are all guilty at this.

For those who had been that long time experience into this market then they do able to get rid with that emotion on which it is completely different when you are doing it into your newbie days. If you do find out that you do commit out on the same mistakes again and again after long years then there's something issue with your emotion because this usually talks or pertain about emotion because if you cant be able to control your emotions then that would be surely be a huge problem on your trading career. If you do sees out this main problem then its just right that you do need up to enhance or solving out or else you would be keeping on the same mistake over again and again and thats not good.

Yes, I have experienced this too. Not even once but several times. It's just that sometimes I make the wrong decision when I force myself to enter trading even though my mental condition is still exhausted from work in the real world. So I trade in a state of psychological exhaustion. Which is actually not very good for traders to trade when tired. Because yes, it can lead us to wrong decisions.

So I understand you. but I'm curious whether you also make this mistake because there are reasons for certain conditions like mine or not?

And yes, in the end, even professional traders sometimes make mistakes and suffer losses. Because that is normal in trading. It's just that we shouldn't make mistakes too often. because what is at stake are our valuable financial assets.

One of most common biggest differences between amateur traders and professional traders is: whether they use stop loss order or not. With professional traders, they have more knowledge and experience so that they are able to make more accurate analyses and decicions for their trading but they never let their confidence resulting in terrible mistakes like ignoring stop loss order. They are experienced enough to know that without a stop loss order, they can lose big fund from trading.

Oppositely, amateur traders are over confident with their trading positions, and ignore stop loss order by feeling like they will not get loss but only get profit from their trading positions. This causes them big losses when market turn to bearish and they don't cut loss early enough or it's worse if they opened a trading position with margin or futures and got liquidation later.

A pro traders sometimes make a mistake, so that is normal if you do the mistake. You need to realize that mistake and fix it in the next trading so you will not make the same thing. That will make you more better than before because you can introspect what happen to you.

Buying in a high price is okay because the price can back to that price and more so you can sell it and make a profit. But that will only work for the coin that have potential to increase. Bitcoin is one perfect example because when you buy at a high price but the price suddenly down and you still hodl, there will be a chance the price increase in the future. In this matter, you need to aware about the analysis in trading so you will always do that before you trade.

Trading is mistaken because of many mistakes when analyzing, and mistakes are very natural because not all traders can always trade properly. From my experience I can say, no matter how perfectly observing, sometimes the money is lost because of the slightest mistake. And if you do not break to make this mistake, it should be learned from it so that it can be traded more perfectly later. Now since you are buying Altcoin then you wait. Because it is possible to make a lot of profit by holding. In this case the situation in the market should always be monitored. If the market is on the downturn, it is most likely to lose. And we choose the wrong altcoin in the desire to make more profit, we always have to keep in mind.

Maybe you're focusing too much on your mistakes.. what about the right decisions you made along the way?

It’s completely normal to mess up sometimes. A lot of us have bought at the top at some point. But with Bitcoin, there’s really no set maximum price since it keeps growing over time.

Of course, it’s a different story if you’re into day trading. That’s something you really need to master. Just like in gambling, the goal is to have more wins than losses. If you can manage that, then yeah, you can call yourself successful.

Well I can attest to this feeling of feeling let down by yourself, and your write up have a lot of emotions in it, which I think is the primary cause of your problem.
In trading it doesn't matter how long you have been in the system, if you can't control your emotions, you are bound to keep making stupid decisions, am saying this because I have been in such a situation before, but the game changer in having an edge over your emotions is by using an amount you can afford to lose, by doing so you have killed any emotional decisions you would have taken if you became desperate.
So it's a good thing that you have realized your mistake, the next line of actions is to pay close attention not to repeat it again.

Trading is not easy at all is what I have known in trading. You can make money today and lose tomorrow. Not just that a trader just lose at times, the trader will later see his mistake and said to himself that I know this and I told myself I will avoid the mistake anytime he wants to trade again but he do it again. I have experienced this very well. Just trade with little amount of money has been the best way of trading.

Exactly there is absolutely no trader that doesn’t make mistakes, the most successful traders today are one of the best losers because they learn from there mistakes, if it is technical analysis error they simply backtest over and over again to actually correct there mistake. But if it is a psychological mistake it is mostly hard to correct because, sometimes just like you said this mistakes are usually predicted by the trader themselves before falling into. That’s why it is always best to trade every time with an amount you can afford to lose and make use of stop loss even when your analysis seems perfect to you.

Why do you call yourself a master if you made such a mistake? In trading, there are whales and there are fishes. When you are a whale, you can control the direction of the market or influence the price. When you are a fish, you have to stay behind whales to not becoming their victim. That's how I see the trading.

I had similar experience when I was new to trading and like you, I started trading in 2020. I was trying to play with the pumping coins and I'd buy a coin that was top on Binance for that day with the hope that it would give me quick 2-3 or 5% profit but there were moments when coins started dumping immediately once I bought and that's where I was FOMOing and lost a lot money.

FOMO is real, it is driven by emotions, and since you have been on trading for a while, you might think that it is an opportunity to get to the top now, and if you missed it now, it is gone; then you made the wrong move. Well this is happening, and it is part of experience because you will hardly repeat such decision without making proper check on your chart.

I take every second very important in trading, I never think that I have made the right decision always that is why I am always checking my open trades to avoid losing money. I prefer to buy coin when the price come down than trade on futures because I am not always lucky.

Don't be sad dude you not the only one person buy altcoin at the top price but also I did it although have several years experienced trading in cryptocurrency, usually trader with typical short term always priority to buy any coins by looking opportunity will raise up to higher price in short term or not although have to buy at higher price. I think fatal mistake for daily or short term trader if not use stop loss feature keep buy back any altcoin during have break out at the top price.

For right now, I change my trading strategies not push buy at the top price although my trading way keep at short term, better waiting when market correction around 5% to 10% and buy back with lower price during take profit in short term around 2% to 5%. Be selective when investing at altcoin always priority top altcoin only such as BNB, LTC, ETH or SOL coin.

Mistakes are possible to be made by anyone including experts but your mistakes was made because you didn't do your research properly and you did not look at the price history of that altcoin. So, don't blame your self, you just need to be more careful all the time, don't be in a rush to invest (especially in altcoins) because of FOMO because there will be a big dump to happen after FOMO. If you are investing with the amount you can not afford to lose into altcoins, you might regret it too.

How do you know it's top from the chart? The chart could change at any time; we really don't know what the exact top is. When the chart is pushed up, the top will change again. However, if you bought a top from the current chart, then you shouldn't worry. You have to wait to move the chart up. Usually before buying a coin, I always check the chart. Always try to avoid the current top, so it's less risky, and we can hope the token or coin will hit the top again.

Trading isn't really easy at all. Even if we are very careful during trading, some mistakes will happen anytime. We have to accept it; if you feel you can lose a lot, then use a stop loss. And wait for another dip that would be a buy zone for you. Don't regret; it doesn't give a solution. Rather, in case you lost something, then try to recover it.

Did you just call yourself a master indirectly? You can't be a master because a master wouldn't forget to check the chart before making a trade, because he would know the market is unpredictable itself, and on top of that, he's trading an altcoin, which means there are more risks in doing that when compared to investing in Bitcoin. You FOMOed because you lacked research, and you definitely didn't analyse the coin or token before making an entry. This usually happens when we get greedy because we see the price going up, and we think we will enter and exit quickly with some profits.

If you ask me, I won't be able to say that I never FOMOed because that will be a lie. Every person who gets into trading initially will make these mistakes because you wouldn't have any knowledge about how things work, what you should and shouldn't do, so you will make mistakes. But once you become experienced, you shouldn't make these mistakes.

More years in trading doesn't mean you will not commit mistakes anymore, and that's what most can't understand.

For some, they think that if you spent many years trading, you will not make mistakes anymore. What I believe is that the more years you spent, the lesser the mistakes that you will be committing with, but not zero. I haven't experience this lately, but I have experience this one back in 2018 when I bought a coin called ENJ token near it's top. I just want to hold it for a few weeks because I want to make a small profit. Turned out that FEW WEEKS became 3 YEARS because I simply held the token, and when it came to it's breakeven price, I just sold it. I didn't lose any money yes, but I lost time.

Getting FOMOed is normal especially if you're a newbie, and I believe that there are times where professionals are getting FOMOed as well. The only difference is that they know when to get out easily if they are into that kind of situation while newbies aren't.

There’s no mastery in trading, no matter how perfect the person is. He will most surely make a mistake one day; that’s how the trading goes. Nobody is above mistakes, and that’s why patience matters a lot in trading. Because always know that one day losses will surely come your way since not all the time will you get time to check up on the trading chart.

You cannot be proud of the experience you’ve had so far about the trading and use of the altcoins. Because there are big risks involved in the altcoins, which you need to do much research about before buying the coins, that’s why most people prefer to invest in Bitcoin alone rather than buying the altcoins, since not everybody wants to do deep research about the altcoins.

Yep, fomo really kicks in this kind of moment but right now, I think fomo is reasonable since your basis are those countries and investment firms that keep buying bitcoins. Buying the top is justifiable sometimes especially in occasions like this where global adaptation is pretty big deal.

But I agree, buying top are countered by DCA, you won't be bother because you have limits that will protect your portfolio, and IMO, this is a great strategy most of the time. If you're very organized on buying bitcoin, it's gonna be an easy trade always, don't pressure yourself, don't be hard on things you've done, just enjoy what you're doing and be practical always.

That's the problem for a short-term trader, I'm even tired of always checking the market price.
But that's pretty normal in trading that everyone experienced, you're not alone on this stage.  Mistakes are part of the learning process and happen to everyone, no matter how skilled you are, because IMO, trading isn't always in a win-win situation.  What matters is that you're aware and learning from itand with your DCA strategy and portfolio limits, you're already protecting yourself well.

Just stand up and don't blame yourself.
Change your trading strategy if the old one wasn't working.

Experienced or not, professionals or not, all traders are still prone committing mistakes, that’s because there is no easy trading nor easy profitability when it comes to trading such an unpredictable market. In fact, everyday becomes more challenging for us, but the more you expose yourself into the trading realities, the more you become inclined and make your trades successful.

It’s okay to lose because of trading uncertainty, but losing consistently without signs of improving or seeing progress, that’s another story to tell. Evaluate yourself carefully if you are really into trading or just settle on plain buying and hodling.

Well altcoins are predictable and some of them died out if theres not much progress and development on their project. Many alts did go down but surely this will recover if we experience that what we called altcoin season. But the narrative is always changing so we dont know for sure if thats gonna happened again so if ever you bought an alt make sure its the worthy one.

Too many altcoins are already overpriced so you have to be careful when trading in altcoins when Bitcoin is bullish, don't think that altcoins will also be bullish, in fact many are starting to fall because investors are starting to take profits. Buying altcoins when Bitcoin is bullish is risky because you have to do a stop loss or become a holder because you are trapped at a high price, so you have to be careful how long we trade is not a guarantee that we will not make mistakes.

There's no perfect trading strategy. Even though we have a lot of experience, mistakes are unavoidable and are part of our trading journey; therefore, we need to learn from these mistakes so that we can make better decisions in the future.

Like what happened to me a few months ago, I don't use stop-loss, and holding a position for too long ends up losing my whole capital. I thought the price would reverse, but the result was against my prediction, and my position got liquidated, and I lost all my assets.
Pretty bad—that's the worst decision that I ever made before. I'm lucky that I can handle my emotions. I stop for a while because I don't want to break my mindset and move on.

I was expecting the other like you will show that buying at the top is not a bad thing like many are telling and the more you can navigate your way out of it if you have a good experience already. Be it trading or investing, it must not be wrong to buy at the top.

What is only important is the coin that we buy is not a bad coin because that gives us more chance to see more increase. Don't beat yourself too much now, OP. You are not the only one that can make a mistake anyway and yes that even others who are not a newbie anymore can still commit it. It is sometimes unavoidable. The reason could be on why you rush is because you are confident about your ability but there is still no guarantees that you can get it correctly even if you analysed longer.

Since it is an altcoin in question, good luck to you, because often ATH are once and done for altcoins. More so if it is some less known less reputed coin. If you bought from the top10 list, then you still have a chance to break even when the market will rise again.

If this was bitcoin I would have been confident to say that you would definitely break even provided you give it time for around a few years or less if you are lucky.

Try not the repeat the mistake again and dont stop trading because of this mistake. There will be lows to buy at.

Affirmative! I do make the same mistake despite trading for so long, which was why I made this post: https://bitcointalk.org/index.php?topic=5540496.0 to advise those who want to take trading seriously.

This is not about what you know or how you can control and coordinate yourself in real life, trading has its own spirit. It's that spirit that triggers our emotions, and we find ourselves doing what we've promised not to do. This is why the context of trading psychology is so important, and if at all we are defeated in that context, let our risk management plan limit the casualty, even as we strive to fight better next time in keeping our balanced trading psychology through unwavering Discipline and Determination to achieve the Discipline.

We can not force to buy especially in FOMO because we will buy at a high price. If the price is dump, that will make us panic and we may sell fast without thinking. If you can learn from your mistakes, you will see how to fix the mistake and not doing the same.

Never stop learning about trading especially if you want to become a pro trader. You will improve your skill in analyzing the market so you will know when the time to trade.

I don't believe this, if you had many years of experience, you can not buy at the top of an altcoin. This is not a common mistake that experts or crypto enthusiast with many years of experience make. It is a mistake that is done especially by crypto newbies who are in eager to make profit. I made the mistake when I was new to the crypto space and that's why I totally avoided altcoins. If you are not new to crypto, you would be very much familiar with this behavior of crypto and you will know how to prevent it.

Yep. There is no end to greatness that may be achieved by those willing to put the work for it, in trading or otherwise.

Mistakes are inevitable and this is something that you should put up on your mind but it doesnt mean that you would tolerate it out. On the moment that you are gaining up experience and knowledge then sooner or later you would be able to lessen up that risks on which this is also inevitable. For those mistakes that we are that still experiencing on which this is normal but the rate or on how often you do is that becomes lesser as we do become knowledgeable and having that experience. We arent that perfect traders or investors on which we do be able to hit up those kind of mistakes. If you are seeing that you do keep on doing the same mistake again then there's something wrong with your emotions on which you would be needing to adjust or you do need up to fix it because once you you wont be able to do so then you would be finding for this to be that totally a hard thing for you to proceed or making yourself that a good trader if you do continue on doing the same mistakes all over again and again. We do know that on the moment that you are that not be able to make out such adjustments then it will be bringing out that huge problem into your trading career. Never ever make yourself having that kind of easy quitting nor banging up the wall just because you had made out on the same mistakes again. We are not perfect beings on which there are those times or moments that you do commit out on the same mistakes all over again and again. The thing here is that you do end up on being profitable in the end of the day.

Altcoins don't always have to be avoided because some altcoins are also quite good at providing profits if you can use them well.
People who enter at the top of the price even though they have been in crypto for a long time are due to FOMO, do not want to miss out on the high price so they buy at that high price and expect the price to continue to rise.

In fact, if we analyze and see how the fundamentals are happening, we can analyze to where the price will rise seeing the formation of resistance, so that we can prepare to buy when the price starts to fall.

If it keeps buying at the peak price, then it is a very careless mistake and too FOMO with the price increase occurring.

Well, people make mistakes due to their emotions, and it is normal. Nobody has that kind of exemption. We could learn from the past, but to commit a mistake again is not what we can call purely a mistake, because we think that our decision is right. Unfortunately, the situation has changed and turned against us, making it wrong.

Disappointing, but yes, we don't have to push ourselves down. Instead, we just think it is a normal mistake. Because the more we keep in mind that we are wrong and committing mistakes again, the more we lose our confidence.

I think there is alot of traders that does buy crypto at high prices. They do this because they want to trade and do not think of what price is for a small time. Alof of the alt coins are overpriced right now.

And alot of themt hink they will make big gains from the trading. So for the traders if they do not get it for cheaper then before it is ok for them. Making profit in the long term is what they want to do.

If you just bought at the moment when the price was on top, it's not too late to sell it. I mean, if you immediately analyzed your mistake and you are sure that the coin's price is going to fall, then just sell it now and be comfortable with 3-4% or whatever percent loss it is, unless it's 20% or something similar.
Also, I'd love to know, why do you call yourself a master? Are you someone with tens or hundreds of Bitcoins regularly making a profit from trading for years?

---

I wouldn't call myself a trader, I'm mostly a hodler but I've made a similar mistake a few years ago. I was learning at that time and that was a good lesson for me. I've failed multiple times in trading but I've also made some success, though, it's so stressful and takes so much time that I started to stick with hodling a long time ago.

If we don't want to think too much about today's losses, when to enter the market, holding is the best way. As long as it is a Bitcoin, for the long term, this way still potential to ended with profit, there are even those who believe that holding is more profitable in total than traders who often cut losses when prices fall.

Then, choosing altcoins and NFTs to hold will be very risky, but that doesn't mean it shouldn't be done. As long as you are able to manage and understand the risks of altcoins and NFTs that will be held, of course this will be fine. (DYOR)

That's a decision that needs to be taken in buying crypto, the price of which is high enough for us to continue, but if it continues to rise, what's wrong with us continuing to try because luck can be on our side. The need to be patient and wait for the next bull cycle, of course, that's a decision that has been observed for a long time, and it would be better for the future to see the strong fundamentals that continue by holding it and understanding the cycle that occurs.

It can happen with the best of us. It doesn't mean we are bad but may be it's just the luck that wasn't in our favor at that moment.
Learning from mistakes is the best way to learn and so I would suggest you to analyse where you went wrong and take it as a lesson.
If you had your stop loss set then may be you would have exited the trade with minimal loss.
If you are still holding then you should probably just wait for the price to rebound and then you can decide how to execute your strategy.

Experience isn't enough to make one not make mistake, even institutional traders do make mistakes sometimes, the only difference will be in the approach with which they react to such mistakes. FOMO does come in mostly when ou aren't trading with a strategy because if you are and you are keeping to the strategy then you will not have a reason for FOMO because you understand the consequences that you suffer as a result but again it does happen to even experienced traders when they do not have their emotions in check and and get on the chart without taking their time to making sure they are in the right place emotionally to handle trades during that moment.  This is actually a very avoidable situation actually but it's not an immunity to mistakes, but the mistakes becomes very minimal when it's been avoided to the best of their strength as much as the trader can.

You will get punished even for a minor mistake, this is how trading works. It is a highly sensitive task which requires 100s of 100 factors to be ticked to escape from the losses. This way, I believe no one could be a master in trading, every trader must be still a learner regardless of their years of experiences. I mean, anyone could make profits from trading but consistent profit making must be near impossible. Still, you may escape if you are good at cutting your losses early and letting your profits grow with trailing stoploss and other techniques.

Yeah profitability depends on multiple factors. You need continuous learning habit to get ready for being a trader. Trading profitably may not be conculcated on every trade basis or daily basis but at least need to be profitable on weekly basis or monthly basis. Otherwise, getting back to paper trading to enhance skills further is highly recommended.

The current situation of the Bitcoin Market I am better silent, sitting, waiting and paying attention to market mobilization, I am not interested in doing trading activities, except: I have 1 or 2 Bitcoin in the new wallet I do it using the spot method.

It is difficult to analyze the current market situation in the margin or futures method with a trading capital of $ 50- $ 100, very beautiful price of $ 103k bought and sold $ 107k for two $ 8k bitcoin already in hand.

I think the current situation the market is only trading activities carried out for those who adopt Bitcoin as did large companies and government, All of that games they imagine the adoption of 100btc at the price of $ 103k they sell at the price of $ 107K = $ 400k in the hands/month, they are lucky, destroyed who committed small scale trade.

It's always better to sit down and rethink twice when you know you're about to make the worst irrational decision ever.
If you want to avoid being misled completely by the chart, simply see the chart from weekly to hourly in order, so you will get a better look at how the market gonna be.
I always do this and can easily avoid being misled.

This holds true in life generally, not just crypto trading. No one is above mistake. People say we should always learn from our mistakes but you can learn from your mistakes and still make the same mistakes. It happens. Your best bet is to limit how many times you make the same said mistake because the less number of times you make mistake, more number of $ gets saved.

I was about to fomo into $HYPE at $39 since I missed the recent run up. Well, I would've shot myself in my foot if I have taken that trade out of fomo. For some context, I've made such mistakes one too many times.

We are bound to make mistakes but how we tend to tackle it, is what matters mostly such that we don't go back repeating the same thing over again. Sometimes they're no clear sign that you'll counter such mistakes even with the charts.Thats why things relating to money should be thought twice before actions taken and moreso I've made mistakes countless times but I learn from them and don't go back to it.

I had a discussion on this with a family member I was trying to convince into trading. I told her that traders are supposed to be the most patient people on earth. Anyone trading without the patient mindset as a virtue will always run into hard times in form of losses. Even if a trader can't wait for trades to get to their TP level, at least they should be able to wait for it to trigger their setup. Don't force trades or FOMO for any. The worse is even to chase price because you've waited enough and it seems it won't get to your limit order. No, don't do that. If price doesn't get to your limit order; let it go. There's always another chance.

Yes, that's true but don't console yourself with that to justify your action. Go back through your trading journal or plan and find out why you FOMOed on that.

I aggree with you, when we set an entry on a coin that has been chosen, when the correction and movement becomes a reversal before our entry target getting touched, it is better not to chase the coin anymore. There are many choices of coins that can be chosen on CEX and DEX. Choosing another coin will be better than chasing a coin that has gone up. If really don't want to move to another coin, just wait the favorites coins come to correction period in later day.

There's no exemption to this on which each trader will definitely be that always having that kind of impulse feeling about on not wanting to miss out the train on which they will be that definitely trying out to secure their entry and doesnt mind off about into the possibilities that they are doing the risky move on which considering that trying to chase up that pump is always been that dangerous and risky. If you arent that good when it comes to balance things off and you do let your emotions control you, then you would be finding yourself into that high chance that you will be ending up on getting caught with the dump. This is the usual case for most traders that they would be able to experience it out on which they are that making themselves that not wanting to get left behind and since that kind of positivity crawls deep inside then it do brings out that kind of possibility that it could be ending up on positive or ending up on a disaster? You will be having that kind of gambling type kind of mind when you do made out such step.

Mistakes do happen and you should that make yourself banging up your head into the wall just because you have done it again. It would be just that too impossible that you cant be able to make out those kind of realizations at the moment that you do keep on making the same mistakes all over again and again. Its part of human instinct that you would be that trying out to get rid with those kind of behavior. Yes, we can be long time traders but it doesnt mean that we would be that immune into those errors and mistakes. We are just that human on which we do commit out mistake for sometime just because of being hopeful that we can be profitable at the moment that we do made out such decision. What matter most on here is that despite of those mistakes is that you do able to learn and still making yourself that remain profitable on which we know that on this trading world then the one who do able to sustain is the one that will be able to go further.

That's to say every little financial decisions comes with it's risks and down pour.Nobody is above mistakes especially in her various fields and financial experiences.So far so good, many persons have successfully outdid themselves because of the feeling and mindset they've assimilated to themselves.

Well, your mistake is not special, I've personally have been in the crypto business since 2016, I got to know about crypto in 2016 and in 2017, I was already trading myself, though I can not remember when last i bought that top of an Altcoin but this is not a mistake that is too hard to make, any body can make such a mistake including the so called masters or gurus whatsoever..

I have alot of Altcoins which I've forced myself to hold as an investment even though when I bought it, it wasn't my intention to hold the token for more than a day, but I bought that top and I can't afford to sell it at a loss, so I have no choice but to hold it as an investment instead, this strategy have worked for me in that past, several times actually, so even if I make same mistake again now, I am not scared, only thing is ensure you are trading a token that is from a reputable and trustworthy developers, one that won't turn into a rug in the near future.

Have not fallen for altcoin since my crazy days of 2017/18. Sometimes I buy a small bit here and there usually only because to pay in some weird currency somebody needs, but then it's just a few dollars to pretend I'll be a moon millionaire in 2050 lol

Its okay to buy at the top, but keep your trading sensibility and don't do what I did in crypto winter after 2017. I kept buying back at 50% drop, at 80% drop etc. I still think sometimes about all the BTC I wasted especially on PoS coins. Shitcoins are shitcoins for a reason :P

No one is perfect in trading and everyone to make mistakes. But there are some mistakes that you ought to have grown past seeing how far you’ve been in that field and have experienced a lot of this mistakes in the past. Buying at the top is actually not a good sign of a trader, especially when it comes to altcoin investment, you need to be very careful and do extensive research before investing in any coin. You have learnt another lesson and hopefully you grow past it this time around and not make same mistake again in the future.

Why is buying at a high price considered bad if this trader knows where to trade it?
Buying high to short on futures is a good option compared to buying high on spot trading. However, futures trading is not recommended for those who do not fully understand how it works and how to minimize the risk, so spot trading is the safer option of the two.

Buying high and losing as the price drops is nothing new, but you don't lose as long as you never sell. You just see your asset estimate go down, while the asset you own remains the same even though the price has gone down since you bought high. The best way to try to recover is to accumulate, but if you don't want to hold on to that altcoin for long, then just wait for it to recover gradually while finding a better asset.

Mistakes happen and buying an altcoin at the top is bad one. But you have identified that mistake and this is important to avoid such mistakes in the future. It is simple enough to look at the past charts and make sure you are buying at a point that does not mean you are going to enter into a losing position. So dont repeat this mistake in future.

Even then you should be happy that you did not go for leverage or margin trading which are gambling only. At least in spot trading you still have some assets at hand which you can sell in some near future.

You need to understand that buying the top of an altcoins is not a sign of trading mistake or investment. We need to be an expert when trading and sometimes the market reaction shake us to make some certain mistakes that will show us that making decisions or analyzing the market can not be done always on accuracy.

The same top that you bought is what another investor sold so you need to know that every trader's decision about the market can not always be the same because we have different view about the market. When we make mistakes, there is always a room for us to adjust and make a better decision tomorrow.

Altcoins are very dangerous for investors and traders as basically they are scam projects. You can engage with them and lose money with pum and dump manipulations or rug pulls. Rug pulls can be done anytime by people behind scam altcoin projects and buying altcoins at top in FOMO time is not the only way of losing your hard earned money with scam altcoins.

You can buy altcoins very deeply below their ATHs but after that they can have rug pulls and prices will plummet more and you lose all money.

Yes you are right, it is important to remember that while trading, it is important to analyze the market. I need to understand what is risky for me. I think I need to study the price of the instrument, if I cannot do this, I may face losses, well, it will force me to put pressure on myself. I think your comment is important, which I always try to do. To be a good trader, I need to remember to avoid traps.

Altcoins are very dangerous for the newbies mainly. Because they do not know much about it, but they do feel like it is not that great neither. We need do see that it is going to be a scam if we are veterans, it's easy to pick what is scam and what is not when you are a veteran who has experience in the market because we have seen it before.

But, when you are a newbie, you do not know what it will do, and that is the most important aspect of it, it's not going to be great at all. We should be considering how things could change, and because of that we are going to end up with complicated results. If we can do this, we are going to be able to say that we have tried our best, and it is going to be a near impossible situation for all of us.

Whether you analyzed the market or not, you can always buy the top which is something anyone can fall victim to and does not have anything to do with whether you understand technically analysis or not. The top bought will always become a bottom as the price of Bitcoin keeps going bullish. We can always endeavor to invest at the right time especially when price goes down. I like buying the dip but when the price of Bitcoin starts pumping. There are people that wouldn't even mine if they are buying the dip or not because they have enough funds to invest in Bitcoin, for those that have smaller funds to invest, following such a pattern is very wrong and can cause lagging.

Yeah, it's okay to make mistakes, like everyone said, we all do it sometimes. I keep making mistakes all the time, I sell to early that is my thing, I have been here for nearly 15 years now, and I still sell too early. I think I fear the price dropping and holding a bag, which happened early on a few times, and a few times along the way, so I fear that I will not sell at the top and that is why I sell too early and then the price keeps on going higher.

We all have our own mistakes, we just need to look at it, see what went wrong and then move to make a better move if possible. It is not that easy for us to make zero mistakes, there are no people who makes no mistakes, so we should be considering how this could be very valid situation to handle and you are okay for making one.

There's no such thing about being perfect trader on which simply means that no matter how good our analysis would be but still it would be still having those chances that you would be able to commit out those mistakes and thats very normal. What matter most on here is that we do able to make learn out of those mistakes and make ourselves that more better as we do make even more trades. Experience do what build us to become a better trader but just we do all know that there's no one to be that becoming that perfect with it no matter what. Dealing up with an unpredictable market does basically means that you would be needing up to be having that kind of versatility and sustain because this what makes you that be able to survive this unpredictable space. It would be always that recommended that you should be that knowing at least on what are the things that you've been dealing on with and if it happens that you do able to sustain for long time, then it do basically means that you are that doing well with that.

Moments on buying up on the peak is that very common specially when you are that being fomo and since we are just that humans then we are that susceptible into this stuff. It would be that turned out that you do basically be ending up on having those probabilities on taking up such action even if you've been here on this market for a while. It would be that up to you on how you would be able to cope up with those mistakes on which it will be that basically making yourself that at least doing fine despite of those loses since you can be able to recover with that.

Altcoins are profitable on their own ways, but they can’t compete with the potentials of bitcoin. So again, it’s never a mistake buying altcoins, but buying those wrong altcoins is certainly a big mistake, something that you can learn from it and won’t do the same mistake again in the future.

Trading is never made for perfection, because if that’s the standard, no one would be trading for long term. The point here is, trade on your potential coins, but always prioritize bitcoin over altcoins. Profits are more secured with bitcoin compared to its alternative coins.

While trading, everyone will make some mistakes, no one can trade on a trading platform with 100% accuracy. Just like you jumped into trading without analyzing the chart, maybe a year ago I made the same mistake as you and started trading with a new altcoin token that came into the market. When it was first listed in the market, the market started trending a lot, maybe I didn't realize it then, I also waited for that trend and jumped into trading, later I suffered a lot of losses that I have not been able to recover till now and I can't even say whether it will recover. That's why I want to tell every trader that it is always better to trade with top coins like Bitcoin and Ethereum because there is a possibility that Bitcoin will recover and Ethereum will recover.

Life is simple, we are all humans, and humans have mistakes in our nature. Even when we know we are about to make a mistake, there is this part of our psychology This is why we can't really consider this as a mistake and not really a good one at all. There are a lot of questionable situations regarding this, so I am not entirely sure if this would work out great. But the simple truth is that we are going to face some issues when we are not careful about our own emotions.

So if you think you made a mistake, then that's fine, nothing is wrong and you will be fine. Focus on the things that matters and you should not be getting any fear. Keep going, there will be some mistakes along the way, but you will be fine overall.

If you know very well the alt that you are dealing with, there's no problem with that as you already know what to do to earn profit. It means, you are not a beginner in the trading market. But if not, better deal with btc first and have a grasp on what's going on within the crypto market. Because every alt has their own unique features and you will those to strategize to earn profit.
Also, if you are a long-time trader, you would indeed still go for top alts because you have already seen that these new alts will just bankrupt your vault. Still, top alts are more reliable than new ones.

It happens with the best of us, trust me. I have made the same mistake few months ago.
We just have to suck it up and take the losses (but only if you sold, so just keep holding until you are in profits).
Volatility is high these days and so setting stop losses might end you with losses.
I am not against stop losses but you should avoid it in high volatility if you really believe that the coin will surge in price sooner or later.

Over curiosity killed the cats, buying the top is a very good signal but the thing is are you on track? This is little mistakes that turn out to be huge mistakes due to lack of insights. We the mindset that we've been into this for so long we think there's greater possibility that we'll get it right but it's the other way round. So to say I've not experience this but I'm learning from y'all experiences.

You can never know an altcoin to that level. Most of them have obscure creators and will face ups and downs that are not predictable. There are people who still value them and buy them hoping to be able make money from price difference. Buying at the top when it comes to alts, it bad, because it might never actually come back to that level.

This is more common with less known alts, newly launched alts - OP should learn from this mistake and try not to repeat it.

You had your reason why you bought this or opened a position. So for me, nothing is wrong here; we can't judge you, especially since it is from your analysis.
There are really some traders who doing like like opens a trade in breakout, or momentum which is for some, they are profitable.

You’re not alone, even experienced traders slip into FOMO. 
The difference between “pro” and “noob” isn’t about never buying the top, 
but having a framework that limits the loss when it happens.

One thing that helped me was automation. If you set predefined rules 
(risk levels, entry/exit logic), the emotional factor drops a lot. 


Mistakes will happen, but minimising losses is what keeps you alive in this game. 

Altcoins in a bullish market but Bitcoin dominance is still high, it would be very risky of a big drop when Bitcoin Dumps suddenly, because Bitcoin will affect everything.
Even about the altcoins you mentioned that don't know who the creator or developer is and how they are developed, it is indeed very risky.

Not to mention the unclear who the developer is, altcoins that are clearly the developers and included in the top 10 CMC List can also be scams in the end like LUNA,
and that is a serious disaster for crypto and results in a lot of losses.

Whatever it is buying at a high price cannot be considered safe even though it is the top coin, there must be a target and for a long term price and preferably the coin can actually potentially go high from that high price, but if it is only going to go deeper than don't try to buy at a high price.

Bitcoin alone still has a lot of interest and is buying at a high price, but some people who buy at a high price are too panicked when bitcoin goes deeper to -70%, but the potential to go higher could happen.
It only needs to do the right management and buy back when the price falls, but only applies to Coins that are really potentially good in the future.

Man I feel you I’ve done that more times than I’d like to admit ;D
No matter how long we’ve been trading emotions still creep in sometimes especially FOMO Its crazy how easy it is to skip checking the chart just because something feels like it’s about to moon
Honestly though that’s where risk management really saves the day even when we mess up it helps keep the damage small
You’re definitely not alone in this

Emotions have a way of slipping into trading no matter how experienced a trader becomes and sometimes FOMO makes it even worse, pushing decisions without really checking the charts or confirming signals, just acting on a feeling that price will suddenly take off. This usually ends with mistakes that could have been avoided with a bit more patience.

That’s why risk management stands as the safety net, because even when errors happen the losses don’t spiral out of control. Setting stop losses, managing position sizes and sticking to planned limits allow trades to remain within control. Instead of chasing every move, building consistency and discipline creates better results over time even when emotions still exist in the background.

Holding is always profitable when you hold project that has good team. I know that all holders care about is to keep seeing the value of the coin they are holding increasing in price but we should also know that for a project to gain more investors, there must be a good news that will attract users to it.
As you trade the market, investing in some altcoins can likewise be very profitable especially holding volatile projects that the price can suddenly surge with little news or reaction in the crypto market.

Such altcoin assets are very risky for trading or holding. Although we can see some people making huge profits from altcoins that pump quite high, this does not happen with every asset. Some traders get too panicked when they see trends like that, and what happens is they buy during the pump and then can sell at a loss shortly after. Trading requires experience, especially when determining which assets to buy.

Your mistake was not buying the top but rather buying an altcoin.

Buying the top (of Bitcoin) and not selling, in the past has always been profitable, no matter how high the price was that you bought in. I cannot say the same about any altcoin or token. They are more of a dangerous investment which have been known to go to 0.

Don't put your faith so much into signals either. Trading is as random a lot of the time as gambling.

If buying Bitcoin is very difficult to reach ATH, and that is the mistake, this can be proven, that Bitcoin always prints new ATH in each cycle.
Unfortunately he is a short trader, it cannot be equated with investors who have a long -term perspective, even though he bought Bitcoin at ATH he will also panic when he decreases and sells it.

His mistake is not to recognize himself and how to respond to the operating market, I am quite confident, the significant decline time he does not have the courage to enter.

And most likely he hears and reads the analysis made by others on social media.

Yeah, if you bought at 19k during 2017, then you could have sold at 60k+ during 2021, or if you bought at 60k+ during 2021, you could have sold now and still be in profit. Buying bitcoin is great at any price, and you can make that profit, and if you end up with something else, like lets say you bought at one level, at the top, but you DCA and make that profit some other time, then you are going to end up with better return.

It should be very important for that and we can make some profit with it. I understand it is not that weird and we should be looking at this in a different approach. That is the most important difference and we can make some profit from DCA and being able to make some profit from it as well. That's the key figure here and we can make it happen.

Why would someone buy to the top, knowing this is the top? Of course, you made a mistake, and you are not alone. Some people buy tokens/coins without checking the chart. I personally always check the charge, daily, weekly, and all-time chart to know the previous ATH and all-time low so I can average the price of the coin before I decide if I want to buy a portion of it.

Yet, most of my altcoin investments are struggling these days, and I am still losing a lot. So, there is little benefit to checking the chart. Just buy and wait for it to pump. If it doesn't pump, just dump it and move on. :D

Altcoins aren't always a good option for trading because they aren't easy to understand their market. Their market don't have a long history to look at to be able to understand what might happen next. Altcoins are bought and sold more with emotions and this causes the pump and dump that we see in the market regularly. Buying altcoins can make you big gains in the future if the altcoins you bought gain attention but in a situation that it doesn't get noticed, you'll be left hodling an altcoins that's decreasing in price very fast. Buying at the top at times doesn't mean you aren't a good trader, you're a human being and mistakes happens to everyone.

Altcoins usually move in cycles too when bitcoin pumps many of them follow and when bitcoin dumps they fall even harder this correlation makes it difficult for traders to stay ahead because even if an altcoin has a strong project behind it the market sentiment tied to bitcoin still controls its movement. A lot of altcoin projects are created just to take advantage of hype with no real use case or future those are the ones that crash fast leaving late buyers with heavy losses research is important but even with research nothing is guaranteed in such a volatile space.
Some traders use altcoins only for short term trades riding the hype for a quick gain and then getting out before the dump others try to hold for years hoping one of their bets turns into the next big project but both approaches carry big risks.Thats why balance matters instead of putting too much money in one altcoin its safer to spread small amounts and still keep the majority in more stable assets patience and discipline are what protect you when emotions try to push you into chasing every pump.

In the end altcoins can be part of a portfolio but they should never be the foundation if you’re serious about building wealth in crypto focus on long term reliable assets and only put into altcoins what you’re prepared to lose completely because the line between big profit and total loss is very thin.

The Op's mistake was precisely that he did not do any analysis when buying. There is no reason to buy such a token, which has already grown in price sufficiently, since the chance that it will continue to move is much lower than the probability that it will fall in price.

Even it is trading, it's important to spend time for doing due diligent research about a project before buying that token. As if fundamentals are good, you can still get kind of safe position after buying with wrong entries. Unfortunately, altcoins are very scam and sensitive to be abandoned by founders, developers as well as are very vulnerable to deaths during a bear market when capital withdrawn out of the market, and demands on altcoins in general drop a lot.

Another risky practice and also dangerous mistake are don't use Stop loss order. People can ignore fundamental research, can open a wrong position, but if they know of Stop loss order, its functions, helpfulness and ready to use it practically, they can be able to avoid big loss. This order magically can help people reducing their losses if they use it.

Its powerful usefulness explains why it is considered as one of best weapons in trading. (https://bitcointalk.org/index.php?topic=5173189.0)

I don't even know why this is called a practice.

If you drive a car that has no brakes, it is not a practice, it is simply that you shouldn't be driving the car.

If you trade without stop loss, without knowing exactly what your entry and exit points are, if you are relying on manual for both ends, and never doing limit orders, then you are not a trader. And what you're doing is not trading. Period.

Yep, I also think he made a mistake by not checking the chart. It is very wrong to buy a token just based on its hourly or last 24-hour performance. You never know how it performed in the last 7 days, 30 days, or all time. You should know the lowest, highest, and average price of a certain token. Let's say the average price was $2. I would never buy that token if the price is over $2 right now. I would consider purchasing a token only if the price is below 1.8 USD. Everyone should do their own research before considering buying any token.

If a coin is growing rapidly in value, it is necessary to find out the reasons for this growth. And as a rule, this reason is any positive news related to the project as a whole and, accordingly, to the token. And if you make purchases when the price is high on the local high, then you need to understand that the next will be dump and the token price will return to its original value.

There are many people who do not know how to check the chart, remember they are not all veterans and there are many newbies in the trading world even if they are old at investing. I think OP isn't someone who checked the charts because he wasn't trading that way, he may have made moves based on their moves in historical patterns.

Honestly, if he has been trading for years, he should have learned chart reading of course, but it is not a must and not everyone does it. No indicators, no charts, no nothing, they just look at something falling, and they buy, or going up, and they buy. And this sometimes works too, not impossible, sure it's wrong, but even a broken clock shows truth twice a day. So he probably did a mistake because of it.

Very true and we can't do without altcoins in the market because newer ones are getting introduced into the market everyday and we can't afford to ignore them that easily because they're everywhere. Today I visited Twitter and saw news about Binance partnering with Ronaldo to introduce a new cryptocurrency and I immediately knew, if the rumours are true then we'll be getting a new meme coin soon. Coins like this will always be introduced since the exchanges aren't going to stop listing them because they're giving them lots of profits from trading fees and other fees the exchange are charging.

Many of all these fan tokens are not to be trusted and many exchanges list many of these coins because of the profits they are going to make from investors and traders. Rather than investing on fan tokens, there are good altcoins we can hold and wait for them to appreciate before taking profits. Altcoins investment also need a bit of consciousness so we don't end up losing more than we can afford in a long run. 
We can trade food altcoins on good exchanges but not those ones that are easily manipulated because they have small market capitalization. Altcoins with huge market cap is better to invest on for the safety.

I would say if you would not have the money to lose and you fear it so much that you might lose your capital with this trade then you would not have fell for FOMO or would you?

The need and wish have differences, some traders trade because that's their need because they have chosen their profession as trading and if they won't make profitable trades they will be needy for money but before making such trades they do all the research, they don't fell for the FOMO because people who can risk their money and can manage to handle things out even if they lost it in that trade.

They go for it and don't think for another second, bro I am not blaming you but I think this could be the reason although you know better you are not newbie have 5 years of experience in trading so you must have known till now where you was wrong.

I think there was a time when almost every crypto newbie searched on YouTube about which token to buy. They followed some random YouTuber and bought the suggested coins without doing any research. I think I did it by myself, and I think I am not alone. You will often see tweets or posts on other social media that some influencers post like "you missed Shiba Inu, you missed Pepe, don't miss this and that," and then people get triggered to buy these coins. At least the crypto newbies do that. I think I did it a couple of times and most of the times I regret the decision. So, I think people who follow crypto influencers regret their decision later.

Many people make mistakes like this despite being said to be old traders, but they don't learn from the many mistakes that occur.
The main problem is not his knowledge but his mentality which really cannot be controlled.

Too FOMO when the price goes up and don't buy again when the price really crashes, even sell at a low price and get a lot of losses.

5 years is not a short time, it is a time that makes a person well shaped by the market and should have good self-control as well as more expert trading knowledge

You are right about the mentality and some are too stubborn to accept that they are wrong and they need to learn more. They think if they have made some trades in profits they are legends but they don't know anything and not accepting their errors can cost them more.

They also fall for every Fomo and they don't care until their wallets liquidated and they got no money, they sell early and don't book profits, for any trader the best practice is to hold coin until the market is good but if we are doing future trading our SL should be placed to save us some money and newbie will be doing opposite, they will be adding more to increase their liquidity range. Still some people don't learn in 5 years and there are traders who became expert only in a year, it depends on the practice, not on the time they have spent.

Acknowledging themselves as legends and only labeling themselves, not from others, is a mistake that makes them arrogant.
Traders who are really professional and know how the market works, they don't do any flexing and don't think of themselves as trading gods,
they consider themselves to have no more knowledge and have a lot of mistakes so they can continue to be vigilant and correct themselves.

Exactly, the mindset is a huge part of trading and many never realize how much their own ego and stubbornness work against them thinking a few profitable trades make them legends is dangerous because it blinds them to mistakes and lessons they need to learn.

FOMO is another killer most beginners chase hype without strategy and only realize too late when their wallets are emptied or profits vanish they sell too early or hold too long without proper risk management the smart approach is to wait for favorable market conditions and for futures trading always use stop losses to protect capital. Practice and discipline matter far more than time spent trading some traders become experts within a year because they focus on learning, analyzing, and adjusting while others can spend five years making the same mistakes over and over it’s about quality of practice not just quantity of experience.

Those who are FOMO will not think to do a review and do risk management, it happens spontaneously and buys at a high price for fear of missing out on an upward price trend,
even though it is a trap as an exit liquidity for those who have entered at the beginning.

I have certainly experienced this kind of situation, becoming FOMO and then panicking by selling at a loss,
it has become a regret that is quite imprinted until now, because being FOMO and panicking it really damages psychology, let alone suffered quite a lot of losses.

I have followed many arrogant traders and they trade and make a profit it is not that their analysis is wrong and they are doing anything wrong but the behavior is what makes other people buy you. Either you are not selling, having good behavior like listening to other before sharing your own high-class knowledge, without getting others' issues first is not good and arrogant.

They don't behave nice even and when they liquidated their accounts they even don't come to their senses but I don't want to talk about someone's behavior here just to point out that traders must have a open heart and willing to accept their mistakes so they could learn more and that's the right thing for any trader either streaming or have any community or not.

They say, "Work hard in silence, and let your success be your noise.".

So, you are right that those who have confidence in themselves and know how they are doing it is the right way to do what they are doing, and that they don't need to seek recognition for it because once they succeed, they will get the recognition they deserve based on their actions and success. You are not doing it right if you are seeking for validation instead of focusing on what you are doing, that's not the right way to do something.

A professional trader, someone who is an expert in trading and knows everything about the market, will not acknowledge himself as a pro-trader, they won't say they are the best and no one can beat them, but they will do their work, they trade, and when they make profit successfully over the course of their trading career, people will say he is the best without him having to ask them to say so. That's how it should be.

A devoted trader and someone who knows about how the bear market and bull function can never make same mistake, this is excluding knowing about technical and fundamentals analysis. Those things are those who are routed into trading, while good investors or someone who has been in the cryptocurrency space should understand how the market function.

The thing is, if you keep making same mistakes for the past 5 years then I must you are not taking trading serious or it's not meant for you, meaning it would be more better you do investment than trading. Just imagine investment of 5 years, meaning right from 2020 you could had made serious profit from your investment than trading.

One thing people don't know is that investment could be good for some people while trading could also be good for some people but everyone wants to venture into trading without knowing that investment could be more better for them.

If a trader can not trade well and make same mistakes over time, it's a bad trader. Making trading mistakes in five years that are very long time possibly causes very big fund loss that can be an ending of that trader in trading career. You can lose all your money even within shorter period than five years if you are a very bad trader and has practice of using all money you have for trading.

It is risky to trade but if a person decides to go with trading, make sure knowing about stop loss order and actually use it in trading. It is very helpful for defending trading capital and reduce loss.

One of the best weapons in trading. (https://bitcointalk.org/index.php?topic=5173189.0)

True, trading can't be for everyone and if one has been making the same mistakes for years, it might be better to reflect on whether trading is truly the right thing for them.

That said, we can also look at it from another perspective. Some traders are very passionate about trading that they stay committed in it even when the results aren't great. That passion can make them   persistent, however it can also prevent someone from pivoting to a strategy that might actually work better for them. But at the end of the day, it’s about being honest with oneself and choosing the path that bring good results.

If you keep experiencing loses while trading why don't you try another different thing than just trading and losing money. For I think trading requires more patients and research to be able to succeed in trading, you can't just succeed in trading with your own knowledge rather putting up more knowledge and ideas together, it would be ideal to have different resource material to educate yourself more better where you learn how to handle the market more better to avoid further loses.

It's true FOMO can really cloud judgment people get caught up in the hype and buy at high prices without reviewing or managing risk often it ends up being a trap providing exit liquidity for early entrants experiencing FOMO and then panicking to sell at a loss is tough it can leave a lasting impact on psychology losing money that way teaches a hard lesson about the importance of discipline patience and sticking to a plan.

Over time, learning to recognize FOMO and controlling emotions becomes crucial in trading without that control even small mistakes can turn into bigger losses its a reminder that mindset is just as important as strategy when participating in the market.

Losing in trading is pretty normal, but getting liquidated isn't normal. It's a part of the trading journey; even I have experienced this before. I thought I would never be liquidated, but at the end, due to revenge trades, I ended up holding a position without stop-loss.
So there's no perfect strategy; even experts still keep learning on the market. The important thing in trading is risk management; always protect your capital. Don't trade too much because if you trade after losing the first trade without analyzing and waiting for the next setup, you'll end up losing more.

You know there are people who doesn't like to take correction or even used what happened to others as case study to mind how to follow same steps or not, I believe op doesn't have a trading mentor and this is where trading mentors do come in while trading, If I am not mistakenly I have created or comes across similar topic like this where people said they don't need a mentor to guide them while trading, in fact most people even said that they can get educated gain all necessary knowledge through online and Youtube. Though everyone with how they believed themselves and even if they can handle it themselves at least they need someone to guide at the initial stage to enable them remains guided. Like I know, when a trader has mentor it becomes that easier for them to reduce the rate at which they could have been losing more money

And the psychological impact is not easy to eliminate, it will even affect a person's normal quality of life which in the end makes him experience excessive stress.

Not just an opinion, but it's a reality I've experienced as well.
Got a lot of losses due to too much FOMO which ultimately affected my mentality for losing a lot of money by selling at a loss price when panicking.

The initial goal is to take advantage of the hype moment to take advantage, but in the end it is just a waste of hard-earned money.

I agree, traders who learn consistently and practice on demo acccount or paper trade they have learned all the tactics and they don't panic and get into FOMO because they remain calm due to the pressure they pratice to bear, when they get into trading with real money they panic and that's for sure but nothing wrong, this is their first time.

They learn to remain calm and understand this is how the cryptocurrency market is because other markts have their own ups and downs but crypto is like more volatile, and to make money here they had to understand charts with not too much complexity thought but the manipulation and volatility increase the risk.

Working on demo accounts or having paperwork has its own worth but practical trading always makes things perfect because with this any trader can gain experience which helps to increase skills in trading by controlling emotions and staying within strategy is a good thing as people often lose their patience which hurts them and increases losses.
Keeping an eye on the latest updates and having good interaction with current affairs is also an important part of trading because these things also have a good impact on trading usually people start panic selling due to rumors which are pretty dumb ideas especially for newbies.

Before entering into crypto trading having a good understanding of risk management also helps because Bitcoin and cryptocurrencies are highly volatile assets that can make you do the wrong thing.

It's a good thing to learn trading first through tools like paper trading simulator or through demo account but you will understand nitty gritty of trading only once you start trading with real money. It's like no matter how much you read about swimming, you can't swim unless you jump into real water. If you are new to trading then don't make mistake of jumping with large capital rather invest small amount first. It's because in start we all make mistakes and smaller is your capital, smaller is your loss.