10 Common Mistakes Beginner Cryptocurrency Traders Do

[Ailmand]

I think those lists don't apply only to beginners but also those who have been trading for a while. It is unavoidable to be emotional when trading, but people must learn that proper research or analysis before trading even if you incurred losses would give you a better chance for a successful trade. Never put your emotion when trading, this makes you create sudden decisions.

[Kyraishi]

I have a couple of own rules I like to apply when it comes to trading. I'm a pretty nervous fella and often check my phone and I always get anxious when you see your money go up or down every minute and it's a bad habit to have.

1. Delete all investment app/price trackers from your phone or set a limit on them. Don't check the prices of your assets too much, check it every 2 hours or so, or set up sell walls in case it drops too low so you don't lose money.
2. Do not have more then 50% of your portfolio in cryptocurrencies.
3. Don't have more then  20% of an asset when you invest (eg if your crypto portfolio is 10,000, don't have more then 2,000 in an investment).

[Aabcde]

I think the beginner traders' mistake is to use so much capital. Then he seeks direction or advice from other people who are not necessarily also true what he said. Because in the world of crypto, anyone can speak whether true or not. And most of the beginners enter the world of crypto to seek big and fast profits. It was based on his friend's income while playing trading. Though all is not as easy as what the advisor says.

[Golftech]

Being a trader is a good one but its not easy as every one think most beginner mistake for doing crypto trading is lack of risk management, no proper know what is crypto and trading platform.
I read the 10 common mistake on the link that OP prpvide and Yes that its right to be honest even I'm trading for 3years I also make some mistake but because I have a risk management I can recover my loss for my next trading.

It's very important to have a good balance with money management, having a great outlook from how you can go further and how you can manage loses if incase things did not workout with your position. If you fall to a bad execution never to panic as a common mistake from inexperienced traders getting desperate after losing and aggressively decide without thinking twice resulting to much further damage from your funds.

[dimox]

my friend is newcomer on crypto, and then he join on btt and start earn own crypto. someday he told me that he convert his salary to eth, than he bought other token (actually thats new token) and try trading. he just sell at high price and buy at low price. but he got stuck because sometime new token doesnt give big move. than he give up and just sell at that price it is.
its not only about skill, but also knowledge, know the risk, money management, when you have nothing you will get nothing

[blckhawk]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

A good read for someone starting in trading. However, it's not enough to only know their mistakes, it's essential that they learn from these and utilize these learnings to lessen wromg decisions in trading. The best way to learn is to fail. But having the same failure over and over won't lead you to success. Takeaways can be summarized to: Do research, know what's in the news, and assess which factors would affect the price, and also learn to allot funds on personal neccessities. Don't go all in.

[lienfaye]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Its normal to commit mistakes if you're a beginner and thats how you're going to learn from that experience.

But its important to gain knowledge first before starting your journey as a trader, in that way you're aware of what to keep in mind when you trade.

So take time learning first and dont rush things.

[bgaf]

It is not common anymore if they keep doing the same mistake on trading and investing. Some newbies here clearly dont understand or afraid to understand how the real deal trading works and ignore such advises from many expert here from forum. I guess the problem lies in the attitude not in the mistake of newbies.

[DabsPoorVersion]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Its normal to commit mistakes if you're a beginner and thats how you're going to learn from that experience.

But its important to gain knowledge first before starting your journey as a trader, in that way you're aware of what to keep in mind when you trade.

So take time learning first and dont rush things.

Yes, and as a trader, every action should be considered as a risk. A beginner is lack of experience and he should take care of every decision he made. Starting with a little capital can be a good start to gain experience, setting aside how much percentage of profit he can get just to start getting experience.

[Fappanu]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

So they must be aware of these common mistakes. To be successful traders, this is often the case with newcomers entering crypto trading without knowing anything and based only on what they see and read on various news and social media.

[alexsandria]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Trading crypto isn't bad if the trader are knowledgeable about trading. It is all fun and game until you start to lose your gains which in fact cannot avoid, but what's take in that is you'll learn from those mistakes and would obliged you to even further expand your ideas in every side of trading tips, strategies, planning, emotional stuff, analysis and whatsoever. In addition is that new comers and specially those who are just betting they'll make fortune out of trading are skipping those ways 'cause they always find out trading is just about buying low and sell high.

[zeze18]

I think those lists don't apply only to beginners but also those who have been trading for a while. It is unavoidable to be emotional when trading, but people must learn that proper research or analysis before trading even if you incurred losses would give you a better chance for a successful trade. Never put your emotion when trading, this makes you create sudden decisions.

Begginers in trading should never jump into investing a bigger amount because they are more prone into committing losses since they are not fully knowledgeable about trading. They should see to it that trading is such a risky thing so they should analyze first the decisions they will take so they won't regret in the end. Emotional trading should always be avoided as this will only cause one's trader more losses in the end.

Yes i think the beginner should choose an exchange that have a demo account, so they're can see their result at the end.
And should repeat using demo account until they have stable profits.
Maybe the feeling would be different when we use real money, but at least we have to know the basic and also wee need experience to trade in crypto because it's differen from trading stocks that can be analyzed by only read the charts

[TanakabZX]

Since trading is all about prediction on up or down its very easy for anyone to jump in but the real issue here is predicting with big money and when lose comes around it will be the end, trading should be based on strategy and carefully analyzing the market movement

[joinfree]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.
What's your take on this?

Lmao , these mistakes are so true mate. I remember when i bought my Binance Coin at $5 and hurriedly sold at $10 thinking i had sold at the peak. Only to see Binance Coin hit an all time high over $40. Damn, i was so mad at myself i nearly went in back again at such a high price but a friend advised me not to as that seem very high. I think i sold earlier out of impatience as clearly stated in the reference article. This post would serve a great purpose if shared in the Beginner's section as well. I would open a thread about it when i have the time

[o48o]

I would add that list that try not to fall in love to any cryptocurrency or forming any kind of emotional ties to it. It's hard to see straight and execute right sell orders when you have either delusional goals for the exit price or you are acting angry because you feel betrayed by it. This also involves trust. Some trust is needed, but it should be based on the track record, not on sweet talk, promises and excuses.

[Samboo]

Cryptocurrency is risky investment and it becomes more riskier when investors and traders fail to have crypto knowledge beforehand. Some think there will not be gain without risks. But I say that risks will give you profits and gains only when you handle risks smartly. So crypto investors and traders are requested to take risks only after having crypto knowledge.

[yulionoo]

to trade safely naturally we must really understand crypocurrency. starting from bitcoin, altcoin and exchanges. we must learn everything before entering the crypto market. and in my opinion there is no harm in asking for advice from people who have long been trading in the crypto market. of course the person I mean is someone who can be trusted and you already know him well. and for beginners if making mistakes is a natural thing to make mistakes as valuable lessons.

[quierx16]

Most newbies dont analyze and just buy and expect for the price to go up, some traders doesnt even know that they can earn profit in decline graph, most of them also dont use stop loss thats why they complain after losing such small amount of money.

[Obito]

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Most risky thing  I guess. It is more like spending your time and money for nothing. Engaging to trading with a bit idea and having lack of knowledgeable behind about buy low and sell high stuff is something more like a investing to fraud projects. Because you'll just end up losing a lot of money out there, and gains are closest to none at all. Newbies and those who are just trying to trade probably do these things, and then will complain later on because they gain nothing.

[Murat]

The beginner has some common tendency of the trading purpose, I think they think the trading platform is very easy to control and make money from here, So they are moving towards trading without thinking the consequence of the future, generally, they don't have much education and research on the trading pattern and they don't take much time in order to start trading, I think it's not easy to make understand about this trading market but they don't any time, most important thing is thier emotion, I think they are not able to control their emotion when they are in, so this could be a great loss for them and it may ruin their interest to continue trading.