Common Errors of Trading

[el kaka22]

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.

I am afraid I have done this one one with waves, when it fell I kept buying more and more and more and now I am left with very little amount. I have followed all the bad things here I have not also used a stop and I have not created a plan for it (although I had a plan for when it went up but I did not had a plan for when it dropped) and of course I couldn't follow a plan that I did not had, I wasn't greedy.

I was just trying to make a decent return but I also liked waves itself and not just got in for money reasons, which comes to the last one, I was emotional about the coin because I supported it, I was basically a "shill" of waves because I really liked the coin itself and didn't consider it as a "trade" but more like investment.

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[Saichoukyushin]

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.

Instead of making my own opinion i have the same idea to this reply while im not totally doing it all the times.

Every trader has a different style of trading and this numbers doesn't mean its an error
1. Revenge trading is normal

3. Have no plans when trading.

4. No plans

5. Greed is good (if it was use properly)

6. Normal as well.

In though times there you need to take its positive side.

[iv4n]

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.

Instead of making my own opinion i have the same idea to this reply while im not totally doing it all the times.

Every trader has a different style of trading and this numbers doesn't mean its an error
1. Revenge trading is normal

3. Have no plans when trading.

4. No plans

5. Greed is good (if it was use properly)

6. Normal as well.

In though times there you need to take its positive side.

Day trading isn`t type of work where you just repeat one same things over and over again, it`s hard to sell on top and buy on bottom every time, the way how you come to the point to sell or buy is making a lot of difference in everyday choices. You need to have some style, each of us, but being positive is helping all of us, without we are doomed. Being positive, practicing, finding what suits you and take it to another level is what everyone should do. There are things that can hurt us in trading, financially I mean, but that is trading we can`t win all the time, so positive attitude is necessary for all traders and wanna be traders.

[triciaa478]

Revenge trading is the most pitfall of most newbie traders in cryptocurrency. The desire to regain all what was lost in a single trade can force traders to make a wrong trading decision.

[entrepmind23]

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.

There are times when you bought a coin and then sell too early that's why you bought again when it already has a high price so you end up sometimes holding the coin because it already went down when you bought. You should have been in profit if you just let it go.

2. Never using a Stop

This is the most common mistakes of traders especially in bear market when the price just continue to go down until such time the value already lost more than half and then you will think of selling it then. If you have a stop when you just lost 10% then it should have been better.

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

One should always have a trading plan upon buying a coin. The problem is that when you get emotional, you just buy or sell a coin immediately without thinking of a target price and most likely end up at a loss being too greedy.

[StephenieDuong]

I think these errors can lead traders to many other errors. For example, if you use stop-loss, then whales will push the price throw stop-loss price to get yours coins. You can check the charts, lots of long candle come out with low volumn.

[juperos]

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

That's really what new traders and veteran traders do. The fourth thing is that most traders suffer the most.
They set up a two-year holding plan, but after the market fell, they decided to sell them and thought their thinking was wrong. That is a terrible thing to happen and I highly appreciate this article.

[oriontab]

#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.

I had my fair share of those in my earlier days, it helps to stick to a plan so as to avoid jumping from one failure to another. Thanks for the gift

[freaksee24]

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

The 4th point is tricky to obey when extremely good or bad emotions come into play.

[Findingnemo]

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

Yes almost all the points you mentioned were common mistakes made by the trades even if they are experienced enough.But they also have to learn themselves to avoid these mistakes to make more profits,most important thing is not having a strategy or plan will leads to other errors.

[LadyNymeria]

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

Yes almost all the points you mentioned were common mistakes made by the trades even if they are experienced enough.But they also have to learn themselves to avoid these mistakes to make more profits,most important thing is not having a strategy or plan will leads to other errors.

I've violated most of those rules being a noob at trading. I just simply follow the buy low and sell high technique. I know I have to step up my trading and have a plan. What plan can you suggest for newbies in trading?

[1Referee]

Day trading isn`t type of work where you just repeat one same things over and over again, it`s hard to sell on top and buy on bottom every time

The focus with day trading isn't to sell the top and buy the bottom. It's just to book profits within each range whenever you can. In other words, if your trade means a 1% gain, you dump. If your trade means a 2% gain, you dump. Wasting time waiting for the price to go up in most cases means that your potential 1-2% gains could easily vanish in a market like this. I rather secure a 1-2% gain than sucking on a loss.

Being positive, practicing, finding what suits you and take it to another level is what everyone should do. There are things that can hurt us in trading, financially I mean, but that is trading we can`t win all the time, so positive attitude is necessary for all traders and wanna be traders.

Being positive is meaningless, just as much as practicing is meaningless when it comes to trading. People are emotional roller coasters when money is exposed to a crazy volatile asset class. They shouldn't trade. It's not for nothing that bots have taken over the market in the last few years.

[berrygood]

I think both using stop always and never using it are an error in trading, it is only beneficial if you can use it at the right time so it is for professional traders.

[bbcolex]

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

This is funny , almost everything in this list was me  Well, base on my experience all of this list is correct for newbie who want to do day trade better control first your emotion as the tide in this market is very volatile.

[olalaMaty]

When dealing we lose some basic common mistakes like we forget about the address or we forget to save the transaction so that we can easily address the wrong address and many other problems. incurred

[dadabosade67]

You will never know about the surprise of trading if you don't try to take risks. Be a man and everything will be ok. Lost is the gain. You lose money but you get some lessons

[Findingnemo]

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

Yes almost all the points you mentioned were common mistakes made by the trades even if they are experienced enough.But they also have to learn themselves to avoid these mistakes to make more profits,most important thing is not having a strategy or plan will leads to other errors.

I've violated most of those rules being a noob at trading. I just simply follow the buy low and sell high technique. I know I have to step up my trading and have a plan. What plan can you suggest for newbies in trading?

I am not an active trader but still I can suggest you to some basic strategy you need to follow,actually buy low and sell high strategy is enough for the newbies just wait for the time to come if you are a long term trader and never invest more money than you can afford to lose and don't try day trading until you have enough experience since which is very riskier.

[Barbut]

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

Yes almost all the points you mentioned were common mistakes made by the trades even if they are experienced enough.But they also have to learn themselves to avoid these mistakes to make more profits,most important thing is not having a strategy or plan will leads to other errors.

I've violated most of those rules being a noob at trading. I just simply follow the buy low and sell high technique. I know I have to step up my trading and have a plan. What plan can you suggest for newbies in trading?

I am not an active trader but still I can suggest you to some basic strategy you need to follow,actually buy low and sell high strategy is enough for the newbies just wait for the time to come if you are a long term trader and never invest more money than you can afford to lose and don't try day trading until you have enough experience since which is very riskier.

I noticed that most of this topics are the same, op didn`t wrote about trading mistakes he wrote about life mistakes. What ever you do in your life you need to be careful or you will hit your head many times and depending how you hit it that much it will hurt.
You need to have strategy, you need to have plan, you need to make good preparation, better prepared you are less mistakes you can make, and even if you make some you need to be ready for them and to have a solution in case something goes wrong.

[carlfebz2]

1. Revenge trading, trying to get back a trade that has been lost or chasing a trade.

This is part of emotion where you would really need to chase up or tend to break even your loss which causes for you not to think up carefully already.

2. Never using a Stop

Stop loss would be suggested but this wont be applicable on short or day active trades.

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

If you dont have any plans on the very first place then you should not do any trades at all on the very first place.

4. Not sticking to your plan

Stick only to you own trading style that do make you profitable.You might do some alterations which is normal because of very unpredictable market.

5. Greed — risking too much/not taking profit

Main reason why most trader or investor why lose up money.Instead of taking profit on a certain best time but still tend to hold up because of greed for more.

6. Being too emotional about a trade.

If you do let your emotions control you on doing trades then it will be a factor or reason for you to lose up on each trade you would made since you would easily panicked.

[Findingnemo]

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

Yes almost all the points you mentioned were common mistakes made by the trades even if they are experienced enough.But they also have to learn themselves to avoid these mistakes to make more profits,most important thing is not having a strategy or plan will leads to other errors.

I've violated most of those rules being a noob at trading. I just simply follow the buy low and sell high technique. I know I have to step up my trading and have a plan. What plan can you suggest for newbies in trading?

I am not an active trader but still I can suggest you to some basic strategy you need to follow,actually buy low and sell high strategy is enough for the newbies just wait for the time to come if you are a long term trader and never invest more money than you can afford to lose and don't try day trading until you have enough experience since which is very riskier.

I noticed that most of this topics are the same, op didn`t wrote about trading mistakes he wrote about life mistakes. What ever you do in your life you need to be careful or you will hit your head many times and depending how you hit it that much it will hurt.
You need to have strategy, you need to have plan, you need to make good preparation, better prepared you are less mistakes you can make, and even if you make some you need to be ready for them and to have a solution in case something goes wrong.

Those were most common errors made by lot of mistakes so we can consider it as life mistake or trading mistake as you want,strategy and backup plan is very important in trading because as you said anything may goes wrong even if we do it with most perfection.And also the experience will give those the strategies you needed once you got familiar in trading.