Mistakes need to avoid in day trading

[deisik]

More points about mistakes need to avoid are welcomed here for the newbie to learn.

In fact, successful trading is not that difficult

But conceptually it has little to do with trading itself as it is more about your approach to life as a whole. A long story short, you should back off immediately as soon as you feel something is wrong, as soon as you see that things are not developing according to your plan. And while in life going down that hole instead of jumping out of it doesn't necessarily bring a lot of negative consequences and sometimes can even be a winning strategy (though your mileage may vary), this is not the case with trading as each step in the wrong direction bleeds you dry

That's also the reason why "I know better" types are losing monumentally in trading even if they may in fact be objectively smarter than the rest of the pack. Simply put, they are not willing to accept being wrong, and it is not even so much about consciously accepting being wrong as about acting accordingly in an instinctive manner without any unnecessary reflection on that part (i.e. without ever forcing yourself to act in that way)

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[whirlcoin]

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade only if you don't understand it.

More points about mistakes need to avoid are welcomed here for the newbie to learn.

surely will be followed by most of the good experience traders because if you don't have this type of qualities in you then you will definitely be not stay in this field for a long period of time and not only these qualities will important but also there are some of the other points are to be followed by us.

[Savemore]

We need to avoid day trading itself. Yes for crypto markets and its volatility, day trading is not at all suitable for any trader.
Unlike most other markets, crypto market is having a specialized way of easy money making method which must be long-term holding. When we are having easiest and assured way of money making with the cryptos then why should risk in day trading.

There will be no compulsion to close the open position within a day in crypto market then why should we consider about day trading whereas position based trading or long-term holding based  trading is fetching almost 99% times getting us profits.

The only requirement for position based trading is, we must trade only highly reputed crypto coins. For day trading, you may choose any coin and at the same there will be guarantee for making profits.

Not all of traders are fit in day trading so if you think that you do not have enough skill for it, then you should now stay away from it for you to not experience loss. The volatility of the cryptocurrencies are so risky to face so it is better if we will do long term investment than day trading.

[iqlimasyadiqa]

That's why it is so important to have adequate knowledge when trading because if not we were merely just trading based on our own feelings. There is no assurance that you will gain a profit because everything else was just based on feelings and this might be the reason why most traders lost except to those weak-handed people. They were just nothing selling their coins because of FOMO.

Doing day trading is basically an easy thing, we only need to monitor the market situation at any time. Little price movements will not be a problem, because we can benefit from the intensity when doing day trading. but sometimes situations are difficult to predict and create unexpected situations. we must really be able to take the momentum as well as possible and we must be able to make decisions as quickly as possible.

[tenakha]

3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.

The other article options make sense, but the third option seems "raw". Would not the price prediction be difficult? It Is one of the things that works as a prediction tool. Less use of this method may be after having sufficient experience. Otherwise you will go as far as your luck goes.

[Best Dreams]

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade only if you don't understand it.

More points about mistakes need to avoid are welcomed here for the newbie to learn.

  
Those words you have mentioned above is very useful mate and  definitely a big help for those beginners who are searching for a guide to prevent such issues.  I hope everyone can read this before jumping into risk situation.  Cheers

Yeah all those are useful and helpful for new traders also for old traders of the market. I really learnt allot from about discussion because its informative and having information is really a power for a trader. Emotions really make us suffer because there is no place for emotional person as he will lose after falling price of crypto in market.

[Oilacris]

That's why it is so important to have adequate knowledge when trading because if not we were merely just trading based on our own feelings. There is no assurance that you will gain a profit because everything else was just based on feelings and this might be the reason why most traders lost except to those weak-handed people. They were just nothing selling their coins because of FOMO.

Doing day trading is basically an easy thing, we only need to monitor the market situation at any time. Little price movements will not be a problem, because we can benefit from the intensity when doing day trading. but sometimes situations are difficult to predict and create unexpected situations. we must really be able to take the momentum as well as possible and we must be able to make decisions as quickly as possible.

I wish that is how simple is that just like watching a movie but the truth is it is not because trading is not so simple just like buying some foods in your supermarket. You do have to wait for a couple of minutes or even hours before you see what you are looking for. TA is a big help in this because it's just like your cheating book but not exactly.

[Indrawan77]

Day trading is for more experience traders, and you need to trade based on the news and trend, not based on the fud and fomo news, trading need to be logic not based on feeling, and indicators could be very useful as a tool to help you decide, and always set the limit for your lost and your profit in trading

[XbladedThanos]

My addition here is only trade coins that have been released recently and has a very good fundamentals Something like a week release can get you some profit if you analyses the coin very well

[JRoa]

That's why it is so important to have adequate knowledge when trading because if not we were merely just trading based on our own feelings. There is no assurance that you will gain a profit because everything else was just based on feelings and this might be the reason why most traders lost except to those weak-handed people. They were just nothing selling their coins because of FOMO.

Doing day trading is basically an easy thing, we only need to monitor the market situation at any time. Little price movements will not be a problem, because we can benefit from the intensity when doing day trading. but sometimes situations are difficult to predict and create unexpected situations. we must really be able to take the momentum as well as possible and we must be able to make decisions as quickly as possible.

It is not easy as you think because the market is too volatile and the price of the cryptocurrencies are unpredictable. It is also hard to monitor the prices of the coins because you need to allocate many hours in analyzing and understanding the chart.

[Kay4ace]

 Could you explain no4 better. Because I really don't understand

[sweetbet]

Don't listen to "influencers" because 99% of the time, they're being paid to influence traders in a certain direction.

[mapanlah]

Noobs shouldn't even try to daytrade anyways, they should just buy buying and holding.  For someone to make money in trading someone has to lose.  If your new you will get eaten up by the pros that have been doing this for years.  The only people that win in the end are the exchanges with their trading fees.

Daily trading is the smallest trading risk, besides we can earn daily income, we can also monitor prices from time to time, but this also allows the perpetrator to always focus on price movements, common mistakes sometimes we are carried away by emotions, if there are not many benefits we each wants to let go of our coins, also if the price drops a little we also don't want to buy, buying and selling bitcoin requires patience and not getting carried away by getting a lot of profit.

[sedahan13]

I want to add one more thing, dont forget to use stop loss for each trade. Did not use stop loss is my biggest mistake in crypto trading and because that, i has been loss more than 90%. High fluctuacion of crypto can be offer huge profit but also will be have very high risky.

[wildey]

I want to add one more thing, dont forget to use stop loss for each trade. Did not use stop loss is my biggest mistake in crypto trading and because that, i has been loss more than 90%. High fluctuacion of crypto can be offer huge profit but also will be have very high risky.

well, maybe I want to add to take every opportunity when you're in a state of profit, don't be greedy, small profits don't matter either. sometimes, even though we have benefited from daily trading, we are still waiting for a higher price. well, avoid things like that.

[Nonie]

a good topic is indeed difficult to trade with the condition that the bear market now needs to be careful because the price can go down very quickly and it will take a long time to rise

[Findingnemo]

Could you explain no4 better. Because I really don't understand

There is a typo in it,now edited to right.

If you still want to understand it,day trading is like a job so you need to be available all the time and also it is simply not based on the hope it needs to be lot of analysis involved to make the daily profits and also you need to understand the fact that day trading is not profitable all the days you need to face losses as well.

[FUD Expert]

I think the mistake is day trading itself. Because seriously, how can you make a decent returns in this calamity that we are currently suffering in crypto? I see some coins still get pumped but I know it was manipulated only by some pump and dump groups in telegram.

[TalkStar]

Don't listen to "influencers" because 99% of the time, they're being paid to influence traders in a certain direction.

Exactly...you are right. Honestly its tough to predict about a crypto. Some guys just being paid to influence traders. Real traders never believe on this but they can observe projects upcoming announcement.

Trading is always a mind game. Put your mind calm & trade with your own strategy.   

[Xising]

In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.

1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade only if you don't understand it.

More points about mistakes need to avoid are welcomed here for the newbie to learn.

Somehow, I agree with your list. I think there are many people who wants to be in the market, especially the day trading market, who only wants to wing it without actually knowing or learning what they're getting themselves into. The problem with the day-trading market is that even if you can get good returns from it, it can also bite you right back from behind if you leave it unmanaged and without enough knowledge, one would find it actually more disastrous than a jackpot.