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yvesp110
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October 14, 2018, 03:33:41 PM |
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Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
I think the 6th point is the most common mistake in trading activities, that is too emotional about trading. because in my opinion the most important trading activity is self-control which must be a benchmark because emotional attitudes will lead us to the wrong mindset. You are right it is very important to hold our emotion being a trader and not to be so emotional, as it is good to hold when you see the price f bitcoin is down and it is getting bigger day by day so better to hold, it never happens as I never saw any crypto currency getting down forever, so wait when you see price of bitcoin is getting low and holding is the best way to reduce your risk and earn profit. |
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josephdd1
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October 14, 2018, 03:49:27 PM |
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Most of the traders fall in greed trap they buy in price pump mostly this mistake is done by newcomers
It is particularly hard to rule out this greed trap since its an inbuilt mechanism. But I do agree that for many people this was the common mistake that caused them to lose money. Since this is such a trading underlying problem one way to deal with it is by acknowledge the its possibility, then at least you was aware of it. |
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KorakPawon
Member
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Activity: 350
Merit: 11
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October 14, 2018, 04:50:14 PM |
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exactly what you said, the things that you mentioned earlier we should avoid if we are successful, the most important thing we should pay attention to is what kind of follow-up plan if we are out of plan then what will eventually be chaotic 50% will achieve according to expectations, which in the end is not a success that you can regret instead.
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Vaculin
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October 14, 2018, 06:00:10 PM |
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Most of the traders fall in greed trap they buy in price pump mostly this mistake is done by newcomers
It is particularly hard to rule out this greed trap since its an inbuilt mechanism. But I do agree that for many people this was the common mistake that caused them to lose money. Since this is such a trading underlying problem one way to deal with it is by acknowledge the its possibility, then at least you was aware of it. Yes.So don't be greedy in everything you do particularly in trading.You will never make profit in this,instead you will only lose more.Good things will happen in its own perfect time.Just be more patient to wait for the right timing to trade. |
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Yusuf77
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October 14, 2018, 06:08:12 PM |
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Most of the traders fall in greed trap they buy in price pump mostly this mistake is done by newcomers
yes because newcomers are too lustful of money and don't think about the risks that will occur. Greed is the stupidest thing in trading because it will plunge someone into loss. |
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naruto7676
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Activity: 318
Merit: 1
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October 14, 2018, 07:11:04 PM |
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Some exchanges have a good potential if you gonna pick a good profit at good time will know how to resolve some errors from tradimg.
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kissme09
Full Member
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PayAccept - Worldwide payments accepted in seconds
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October 14, 2018, 07:40:48 PM |
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5. Greed — risking too much/not taking profit Greed is making every investor cry, while many are laughing at the big profits. Those who control the greed of the body will always have success and achieve what they want in Cryptocurrency. But those who can not manage it will be drowned out by failure. |
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KrishaBitcoin
Member
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Activity: 350
Merit: 11
W12 – Blockchain protocol
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October 15, 2018, 02:47:59 AM |
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Here are some interesting facts about trading I stumbled across from CryptoCred which I think may be helpful
Common error to avoid when you day trade, I modified some to reflect my own opinion.
1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.
2. Never using a Stop
3. Not having a plan (Risk/Entry/Exit/Stop)
4. Not sticking to your plan
5. Greed — risking too much/not taking profit
6. Being too emotional about a trade.
Plug these equity drains & increase your odds of being profitable.
You could add to the list and make better trades
In addition, parience is a virtue that without patience then losing will be more than earnings as we really need patience so that we could surely avoid all of these errors in the future and exhibiting patience means that you can be persistent and stay in something for the long run. |
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Benebit
Newbie
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Activity: 8
Merit: 0
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February 26, 2019, 07:22:04 PM |
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Can relate to #1 - trying to get back what you lost... crazy stressful and not smart. Becomes #6 - emotional, not carefully considered/planned and executed.
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Cherylstar86
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February 26, 2019, 09:59:15 PM |
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Awareness is the first step towards improvement. Making mistakes is not bad at all as it is part of the learning process, but when mistakes are made repeatedly, bad and unprofitable habits are formed. The common errors in trading that I considered are not having a trading plan, not being prepared, and not expecting the unexpected. Trading is risky, so it's important that we possess traits that can help us survive, learn to control emotion, have mental toughness, never stop learning, and be patience,. The more bad behavior we can eliminate from trading, the better.
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Finestream
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February 26, 2019, 10:35:12 PM |
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Awareness is the first step towards improvement. Making mistakes is not bad at all as it is part of the learning process, but when mistakes are made repeatedly, bad and unprofitable habits are formed. The common errors in trading that I considered are not having a trading plan, not being prepared, and not expecting the unexpected. Trading is risky, so it's important that we possess traits that can help us survive, learn to control emotion, have mental toughness, never stop learning, and be patience,. The more bad behavior we can eliminate from trading, the better.
I agree.There's nothing more important in trading than your own knowledge onhand in trading and your own expertise.And trade only for profits and not with emotional satisfaction because if you try to trade with emotions,you might only lose in the end.And when you trade,make sure that you have your own plans in trading because it will be your guide to minimize losses and maximize profits. |
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Webberson
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February 26, 2019, 11:25:09 PM |
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To be a successful trader, requires acquiring the right knowledge and skills of trading. There are so many errors traders make on a daily basis and even repeatedly. For one to become a successful trader, you need avoid the common errors of trading - most especially not trading with emotion and the application of risk management on trades.
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