Common Errors of Trading

[rickadone]

I think the mistake that often happens is that they are too easy to be affected by bad news so it is very difficult to get a profit. to be a good trader should be able to control the patience that you have to get profits,

Patience is not all you need for trading, but knowing what you are meant to do and what action you should be taking at certain points in time.

What some people do not necessarily understand is that trading is a profession on its own and the last time I checked, there is no profession that you would not require a long period of time to learn and probably get to find a mentor to put your through on certain things and thank God for this day and age of internet where you can easily find resources.

The problem I see however is that people are always too lazy to learn and that is where they usually get it all wrong. Normally, if you cannot learn, then, trading is definitely not for you.

[atjiat]

I think it's great you have summarized them. Trading is not an easy job, but short summary of common errors helps a lot. Atleast this way you are more aware of them and are able to work with them better! Well Done!

all will be easy if we are used to and want to learn from our mistakes. people make mistakes that is natural because we are human, everything will be fine if you are patient and not careless in trading.

even if you do not make special mistakes, the current state of the crypto-currency market will not contribute to the good results of your activity.

[sleekie]

I'm so guilty of number 4 and 6, not cashing out early has turned me to a much stronger holder

[el kaka22]

Exactly, that's the main problem for traders.
I always have problems controlling my emotions so that everything becomes different in direction with the plans that I have made beforehand, especially when I have benefited but always feel lacking and desperate to take greater risks and lead to losses.

Emotion control is normal when you are starting first, but it should be something that would disappear eventually as long as you keep learning and practicing. The only reason why emotions will keep coming forever is if you are not learning and you keep repeating the same set of mistakes over and over again while expecting different results. It is not gamble, it is trading and you require great deal of knowledge to be able to do things right if you want to make the best of it.

I'm so guilty of number 4 and 6, not cashing out early has turned me to a much stronger holder

Holder of what ? Most people here do call themselves as long term holders still they are holding some random coins which must be having very less chances for getting bumped. Probably another common mistake .

[PancherBitCoin]

I think it's great you have summarized them. Trading is not an easy job, but short summary of common errors helps a lot. Atleast this way you are more aware of them and are able to work with them better! Well Done!

all will be easy if we are used to and want to learn from our mistakes. people make mistakes that is natural because we are human, everything will be fine if you are patient and not careless in trading.

even if you do not make special mistakes, the current state of the crypto-currency market will not contribute to the good results of your activity.

I completely agree with you, because we can observe the next minimum of the bottom of the crypto-currency market. There are many forecasts that by the end of 2018 the market will begin to stabilize, but for some reason I do not really believe in it very much.

[charlotte04]

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

All of this statement is correct. But I want to add my personal mistake in trading and that is by trading against the trend. I always lose because of that and I intend to change it.

[voztata]

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 really like this post and it just states out the main problems that are being faced by most traders today, and I don’t mean just newbie traders, but including the old traders  cause most of them still don’t know this. Some people here are trading without plans, and I have also noticed that some are always greedy based on the kind posts they post in the forum.

They are never satisfied with what they have got and are still looking for more. I know a guy in this forum that made a good amount of profit in this forum but decided to go all in with profit and including his main capital cause he thought he would make it big, forgetting that there are risks, he ended up losing everything and had to borrow money to start again.

[puma25]

Trading against the trend is very dangerous and unjustified, I think the main problem of the trader is greed, it is always worth taking into account the risk management, it is much safer to withdraw from the transaction on risk and look for new entry points

[mkhadazz]

I think what you mention is true and this often happens with new traders and eventually makes them very lost because they are too easily panicked and afraid to fight the risks and are afraid to buy coins because of confusion.

[leonix007]

The most common error in the transaction is that the fees and charges are getting higher and if we choose low fees then the transaction will be slow and delayed, so I see that electronic money is becoming more and more expensive. It is more complicated and more difficult to invest and cost

Buddy, you're on trading thread section

The OP referring to Errors on trading not on transfer fees

Crypto is getting lower and lower by now, chance of getting them if you want to

And its not complicated to invest with it

[spartanrules]

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

Also to this list I would add:
1. Not to diversify investments;
2. Do not follow the principles of money management;
3. Open long positions on asset which already has grown up;
4. Buying cryptocurrency according to rumors.

[Reid]

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.

Ergh.
This is one of my weaknesses. One of the mostly used by my brain and it is like a black out moment. Nothing else to think but just to get it back. The losses have been larger for me because of this and I though I could get it back by just a moment and yet nothing comes back, profit or ROI.

Do not let it get the best out of you. Control is a must.
Somehow this is the reason that is why I think trading is also a gamble.

[lushlife]

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

This is true, might be the most dangerous trading mentality. Happened to me
a couple of times.

[Fluer]

I think that when you are mentally able to stick to point 4, there will not be any problem with points 5 and 6:)

[Fluer]

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

Also to this list I would add:
1. Not to diversify investments;
2. Do not follow the principles of money management;
3. Open long positions on asset which already has grown up;
4. Buying cryptocurrency according to rumors.

Can't agree with your point 4. The price is growing on rumours I would say. There is a saying like buy on rumors and sell on fact. This is not my own invention:) however, it works:)

[captaincomet]

Thnx, good info. It's really important to keep track of all trades, journal, analyze and learn from it in order to stop doing the same mistakes over and over again.

[Panunggalan]

General Mistake in Trade is from ourselves, we all never trade in September, it will suffer losses if trading this month, it is a common mistake, if you want to trade you have to wait in October.

[hispout]

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

Lots of crypto trading exchanges these days has the stop loss but I’m surprise that some people don’t make use of it, and when they lose they start looking for who to blame  most especially they start blaming the exchanges and calling them scam lol. This is a kind of business that involves big risk and you will always see the warning on every exchange you visit. This is a good topic and thanks to the op for bringing it up. I just hope that people get to learn from it.

[Yamifoud]

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)

4. Not sticking to your plan

People do engage in trading fields don't have a plan(I'm for sure)  cause only in their mind is to have a quick profit returns which is not really works all the time due to market price fluctuations.
But some also have a plan but they never stick into it cause they might be controlled by their emotions and causes losses in the end.

[ginellis]

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

Also to this list I would add:
1. Not to diversify investments;
2. Do not follow the principles of money management;
3. Open long positions on asset which already has grown up;
4. Buying cryptocurrency according to rumors.

Wait a minute! Are you trying to mislead people into doing the opposite of what they should be doing in the first place? Not diversifying investment means you want to put all your eggs in a basket and who really does that? Not following principles of money management, is like trying to set your own funds on fire and burn them all, and with that, you can be my guest.

Opening long positions on market that has grown up is more like you instigating that FOMO is usually the best thing to do. I do not even need to go further as I just want to assume that at this point, you are just trying to be sarcastic.