Common Errors of Trading

[oriontab]

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

[darkangel11]

Haha I do the last one so often. After many years I've started to treat BTC like something familiar. Like that picture you have on your desk that you never want to get rid of. That's why I always trade only a small portion of my coins and hold the rest. I doubt that I will ever sell 100%, even if it goes to 100k USD one day.
Of course the points are good and important to remember.

[dothebeats]

Number 4 is relatable, as I always actively avoid sticking to my plans once I see that there's still a huge room for additional profit and improvisation of technique. It's not really 100% guaranteed that the plan will work, and it's unavoidable to see opportunities along the way and not getting it. Most of the time, not sticking to my trading plan leads me to more profits than I initially visualized but there are also times that I lose instead of gaining something. Much of these errors are somewhat relatable since we've all been there at some point

[frankbeard]

Number 4 is relatable, as I always actively avoid sticking to my plans once I see that there's still a huge room for additional profit and improvisation of technique. It's not really 100% guaranteed that the plan will work, and it's unavoidable to see opportunities along the way and not getting it. Most of the time, not sticking to my trading plan leads me to more profits than I initially visualized but there are also times that I lose instead of gaining something. Much of these errors are somewhat relatable since we've all been there at some point

Funny I have the same issue.  I also have an issue with 5.  I have the tendency to not stick to my plan when it pertains to the amount I'm putting in.  Feels like a punk move not to go all in so I spend most of my day freaking out since I have all my portfolio riding on one alt coin half the time.  LOL

[harizen]

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

1. No it's not a trading error. Didn't you know that trying to get back what our lost is a big challenge for us. But of course, it should be done by proper analyzation and good strategy and not just you want to chase the loss in a short period pf time. Ive always been in the situation like that and Im taking it as one of my good accomplishment if I managed to get back what is loss.

2. It depends.

3. Does people really enter trades without a plan? :0

4. Plans are meant to changed depends on the situation. It will really changed along the way. That's why it necessary to have a backup plan for different "what if" scenarios.

5. This is what Im agree especially in an altcoins. This happened a lot of times now. At most of the cases,when alts experience a tremendous 100%+ increase people still hesitant to sold some. Instead they are buying during that crazy pump without realizing that in a blink of eye, there is chances of sudden fall. And what happened next is rest of history........

6. It's normal. Who doesn't feel emotion when doing trade? What matters here is, we can still think properly and cope with our strategy even how stressed trading is. If not, then that's another story and I suggest to stop trading now.

[strongman8]

The emotions are what I struggle with.  I have full on adrenaline pumps the same as if I was in a car accident or jumping gout of a plane when I get movement.  I have learned to ignore it but the emotional impact happens for me every trade.  I also trade because I love the rush!  SO its a love hate thing.  I have become a better trader once I got myself in check. 

[trigg]

Those are definitely some good tips to keep in mind. I would say especially being too greedy and/or emotionally invested.

[Indrawan77]

Its a good advice, simple but its a a good lesson, chasing the lost in trading is a dangerous move, most of the people thought that a good trader is a trader that never lost money, but the truth is a good trader is the trader that trade using analysis and logic not using hunch, and I disagree with the fourth one, I think trading must be flexible especially with the fast moving market when you see the opportunity you need to grab as fast as you can before you lose momentum

[SaltedCrypto]

You point on number 3 is absolutely correct. First I don't have that and my trading sucks, but after I create "rules" for my own trading I begin to get more profit 

[Lankabc]

correct. we all makes this sort of errors in trading..

[RosieBoyd29]

In particular, greed can create negative habits such as not craving a hole, overtrading or even revenge on the market.

Greed can be compared to alcoholism, which can make you act stupidly and uncontrollably. Overcoming greed also requires a lot of effort and discipline such as alcohol withdrawal, though difficult, the results will be worth it.

[kinamotorami]

It's a slow-moving time, which makes us quite confused when we need them fast, so we get this error often, and do not try to click on the wrong link.

[Baofeng]

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 like number 3. Actually that's been my guide when I enter the world of trading. I always have that Entry and Exit strategy and if I satisfy my Exit strategy then I get out and never look back. Because once you become number 5 (greedy) all your plans will not work and you might end up losing and perhaps doing number 1 (trying to recoup your losses as a result you might not used your logical thinking but becomes number 6 (too emotional).

[Pursuer]

#3 and #4 are the most serious ones that I have been seeing these days specially among newcomers. the result of which is becoming a bag holder. most of them are not trading in truth. they are throwing their money away just because someone random on the internet told them to buy something that can give them profit. then lack of plan means they have no idea what to do. they end up bag holding lots of useless tokens in hopes of a profit that never comes.

[oriontab]

Haha I do the last one so often. After many years I've started to treat BTC like something familiar. Like that picture you have on your desk that you never want to get rid of. That's why I always trade only a small portion of my coins and hold the rest. I doubt that I will ever sell 100%, even if it goes to 100k USD one day.
Of course the points are good and important to remember.

the analogy if an old picture kind of nails how older hands treat bitcoins. Thanks a lot for the gift

[richcorner100]

Number 2 and 5 that i did it many times, and that my big mistake made me loss alot of money. And lesson learned , now i have more experienced in crypto trading. I will never do the same mistake again. I was make better trading plan and hopefully i can make consistent profit.

[Flor1982]

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

These are all applicable indeed and i listed it so that i could use these in case if i will join to become day traders someday but for now i prefer long term because day trading will need to spend a lot of time for these given suggestions to be follow. Anyway gratitude for this share because it will help a lot specially to those who wants to become day traders.

[Zct2002]

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.

3. Not having a plan (Risk/Entry/Exit/Stop)

I don't have a plan at all, is it needed? I have only exit plan.

5. Greed — risking too much/not taking profit

This is what i am very guilty. Instead of taking profit i ended up losing some. We should not always be greedy.

[BTCeminjas]

Proper trading habits are what leads to long-term success in the market, whereas mostly focusing on ‘profits and rewards’ will cause you to lose your focus on proper trading and ultimately will result in you losing money. Like most software, errors detected are expressed in numerical codes.Such frequent trading and shorter holding periods can result in mistakes that can wipe out a new trader's investing capital quickly.

[Cryptokarl]

These are really helpful tips as to how to trade profitably and favourably in my own words. Trading with emotions are one of the worst things that can happen to any trader. Been greedy can kill your trades most times as greed makes you quest for more and you lose your strategy.