5 mistakes every crypto trader should avoid

[syamster]

That’s pretty simple: Patience. Don’t be afraid that you’re going to miss out on the next big thing. The crypto market is constantly growing and changing and there’s more than enough investment and trade to go around for everyone. Don’t invest in altcoins that you aren’t sure about, don’t give into FOMO, and don’t trade above your means.

I will have to agree with this.
But there have been good things also that could happen with impatience.
Sometimes you just hit the right button to sell or buy without even having any clue to what might happen next.
That is how crypto currencies work right?
It is too volatile that you cannot predict the next thing that would happen.

well trading is not the game of luck and chance that you will click the button to buy or sell without having any idea, may be sometimes you get profit but constantly doing this in trading will make you totally loss, look trading is very complicated thing on which you have to think thousand times before taking any decision, your one wrong decision can destroy your whole economy.

[supercanada1]

the thing that always makes me lose is not to put a stop loss, I often patient that the price will recover soon and rise again. until, in the end, I have reached a loss of 80%. from it I learned to put a stop loss every drop below 10%. and From what I learned, stop loss is very important not to lose a lot of money.

That is a big percentage but now that you have learnt what is important, you will be able to recover the loss anyway. I was just wandering about your asset. You expected it to rise again and that way obviously, you would have earned some profits. Either your asset was weak one or you just gave up sooner. In digital coin market, all the potential coins recover well. There is no way you can come across such a big loss with bitcoin or good altcoin.

[jrrsparkles]

The primary mistake of every new trader is setting up high margin as profit,it could be possible but when we aim for high the chances of losing also will get increases so learn the real nature of cryptos and try to make more out of cryptos as soon as possible,don't wait too long or you will regret about it.And no one can make perfect trades so once the trades were closed be satisfied with that,even if the prices increase after you done cashout.

[Best Dreams]

diversification to other good coin is must for me, not all the time you can trade to a certain coin successfully you need to look for other coin that can give you a profit on that day because not everyday bitcoin or eth or ltc is a good coin to trade, with the other coin in the market it will help you to make a profit still.

There are coins that are design to hold since they provide phase per phase development in their product that when it's done it can be fully developed into a successful product that may lead to some pump like when BTC reach it's supply. While other gives hype only on their projects that causes them to pump in just a short time. Depending on what alts we are capable of understanding we should trade. I do diversify as I don't want simply to wait without doing.

And which project you see those one? I never saw any project who already develop a product and pumps so hard since the one I see these days is a struggling condition and all of them didn't rise up even though they already released there main product. That's why it's better to stick on top coins since it can give as an assurance that we are in safe spot since they are the most potential alt's in the market.

This is not mated as so many projects are working so well and they are rising even faster. To search for a good project you must have skillful eyes and make good research so that you will not get scammed. It’s really harmful to get in the fake network for trading it will give you give kind of lose so just don’t lose hope you can use this forum to get information about real and developed projects for trading.

[janggernaut]

the thing that always makes me lose is not to put a stop loss, I often patient that the price will recover soon and rise again. until, in the end, I have reached a loss of 80%. from it I learned to put a stop loss every drop below 10%. and From what I learned, stop loss is very important not to lose a lot of money.

That is a big percentage but now that you have learnt what is important, you will be able to recover the loss anyway. I was just wandering about your asset. You expected it to rise again and that way obviously, you would have earned some profits. Either your asset was weak one or you just gave up sooner. In digital coin market, all the potential coins recover well. There is no way you can come across such a big loss with bitcoin or good altcoin.

Even if you invested in ETH back then when it reached their ATH at $1200 now your asset would be dropped to $186 which is more than 80% lower. ETH is a good altcoin, right? You can imagine if he bought other altcoin which is not popular than ETH, what would happen with his asset now?

[Maslate]

The primary mistake of every new trader is setting up high margin as profit,it could be possible but when we aim for high the chances of losing also will get increases so learn the real nature of cryptos and try to make more out of cryptos as soon as possible,don't wait too long or you will regret about it.And no one can make perfect trades so once the trades were closed be satisfied with that,even if the prices increase after you done cashout.

Yes. We always look for the best opportunity to trade and make the biggest profit but sometimes the more we expect profits, the higher chances of losing. So i think we should learn to trade even if we will just make a minimal profit. What is important is we are making profits everytime we trade. Long term holding is good but the problem is when will you make good profits.

[jrrsparkles]

The primary mistake of every new trader is setting up high margin as profit,it could be possible but when we aim for high the chances of losing also will get increases so learn the real nature of cryptos and try to make more out of cryptos as soon as possible,don't wait too long or you will regret about it.And no one can make perfect trades so once the trades were closed be satisfied with that,even if the prices increase after you done cashout.

Yes. We always look for the best opportunity to trade and make the biggest profit but sometimes the more we expect profits, the higher chances of losing. So i think we should learn to trade even if we will just make a minimal profit. What is important is we are making profits everytime we trade. Long term holding is good but the problem is when will you make good profits.

No one can make profits at every trade if they are doing trading too often,so we have to accept the losses and need to learn how to minimize the losses in future which can help us to increase our total profits which result in net profits.

[OrangeII]

No one can make profits at every trade if they are doing trading too often,so we have to accept the losses and need to learn how to minimize the losses in future which can help us to increase our total profits which result in net profits.

despite being aware of that, some people still trade every day, don't even accept their defeat, and can't control their emotions. This is also something that should be considered for every trader.
some people sometimes feel that they can reach their targets easily. however, due to uncontrolled emotions, they sometimes become hasty, thus placing high orders of the potential coins. controlling emotions can make us predict prices at the right price that the coin can reach shortly.

[jrrsparkles]

No one can make profits at every trade if they are doing trading too often,so we have to accept the losses and need to learn how to minimize the losses in future which can help us to increase our total profits which result in net profits.

despite being aware of that, some people still trade every day, don't even accept their defeat, and can't control their emotions. This is also something that should be considered for every trader.
some people sometimes feel that they can reach their targets easily. however, due to uncontrolled emotions, they sometimes become hasty, thus placing high orders of the potential coins. controlling emotions can make us predict prices at the right price that the coin can reach shortly.

Day trading doesn't mean they were doing without any control even if they knew the risks,day trading can give more profits than other kind of trading methods so they want to get better at it or atleast try to be in net profits at the end of the day.Yes most people chase the losses but accepting it and try to plan strategies with the current market condition is wise men's choice.

[FanEagle]

Previously, for the information you provided is very useful for beginners and crypto traders in general, I think many who have talked about the mistakes made by crypto certainly do not forget that there are many beginners who do not analyze and want to learn before they trade in crypto. everyone is different way of thinking and different ways they trade to make money from crypto without thinking that they will get a loss. Because a professional trader is good at finding opportunities and space to move to increase profits

I think that today has been all dedicated to educating the newbies because I have read several posts today all being directed to what the newbies are doing that is causing them mistakes and losses in their trade which of the post is this one. The issue I found with most new traders is that they want to quickly eat from the cake forgetting that this kind of cake would require them to learn how-to bake it first and make it done before they can eat it.

Traders needs to have a sound and very string education background about trading before they think of taking upon themselves the risks that is associated to trading. There is a need for them to actually do lots of analyses in trading, of which they would not be able to do so without looking out there for someone or something that will make them have the pure understanding.

[iv4n]

Previously, for the information you provided is very useful for beginners and crypto traders in general, I think many who have talked about the mistakes made by crypto certainly do not forget that there are many beginners who do not analyze and want to learn before they trade in crypto. everyone is different way of thinking and different ways they trade to make money from crypto without thinking that they will get a loss. Because a professional trader is good at finding opportunities and space to move to increase profits

I think that today has been all dedicated to educating the newbies because I have read several posts today all being directed to what the newbies are doing that is causing them mistakes and losses in their trade which of the post is this one. The issue I found with most new traders is that they want to quickly eat from the cake forgetting that this kind of cake would require them to learn how-to bake it first and make it done before they can eat it.

Traders needs to have a sound and very string education background about trading before they think of taking upon themselves the risks that is associated to trading. There is a need for them to actually do lots of analyses in trading, of which they would not be able to do so without looking out there for someone or something that will make them have the pure understanding.

Like you said, if you wish to eat a cake you need to learn how to bake it! Its same with doing analyses, you need to learn about how to do it and then to try to do it.
Many people get carried away with idea of profit, except the profit they don't see anything else, and that's the first mistake newcomers make when they start with trading. And lets be real with one thing, trading is not for everyone! At least daily trading is not for everyone. Long term investments are something else, you can invest in coin and just wait, if you don't know in which one just put your money in bitcoin or ethereum, among some other reputable coins.
Its hard to be focused all the time in trading, especially if you have other things to do. To keep that concentration entire time, and to not make a mistake, you need to be very strong personality. I still make mistakes, even I'm trading for years! But its one more skill, to handle the loss and to get up again and continue with trading.

[coinfinger]

Anyone that is putting in too much money on something that they are not about is making a huge mistake. I have seen a lot of newbies that joined cryptocurrency and without having the true idea of what cryptocurrencies are all about they just start investing in more money than they can afford to lose.

From what I've got to know, some of them do this due to what they were told; they heard that cryptocurrency is free money and they don't even think about the risk, thinking that they are going to just make lots of quick money.

People really need to mind the kind of words they put out about cryptocurrency, it is no free money and there are lots of risks involved in it. As the op said, anyone that wants to invest their money in cryptocurrency should always have it in mind that they are taking and putting what they can afford to lose.

[alan2here]

No one can make profits at every trade if they are doing trading too often,so we have to accept the losses and need to learn how to minimize the losses in future which can help us to increase our total profits which result in net profits.

despite being aware of that, some people still trade every day, don't even accept their defeat, and can't control their emotions. This is also something that should be considered for every trader.
some people sometimes feel that they can reach their targets easily. however, due to uncontrolled emotions, they sometimes become hasty, thus placing high orders of the potential coins. controlling emotions can make us predict prices at the right price that the coin can reach shortly.

It is not difficult to control emotions when participating in trading but the psychology of investors is currently unstable because the crypto market is still in a period of decline, so it is difficult to make profits. Sometimes I am in a hurry to trade and anyone will experience this bad time in investing . In my opinion, a specific investment strategy is required and must be carefully considered before making a decision because the crypto market is increasingly unpredictable.

Of course my emotions change often so now I will be patient and wait for a better time to come back.

[dewin]

Such problems have often been discussed, everyone has a different opinion, and every trader has a different trading style, there are many mistakes in trading, especially beginners, they force themselves to enter the market while they do not understand the state of the market, they are very enthusiastic to get profits while not learning the right analysis, and many more mistakes made, especially by beginners.

True words, the worst thing is that now cryptocurrencies are connected with words like 'earn money fast' etc. For many young people who want to start, it could be a trap. To gain needed knowledge you have go through tens of articles and some tutorials, also experience is collected while trading. That stuff is not as simple as many people think. The key is to  earn from our mistakes, however in this case sometimes it is too late.

[conex]

Agree. The point is everyone should take an education course or at least know the basics before getting into trading. FOMO is a big problem and can totally relate to it since i started trading in January 2018 and burned up

[wxxyrqa]

Agree. The point is everyone should take an education course or at least know the basics before getting into trading. FOMO is a big problem and can totally relate to it since i started trading in January 2018 and burned up

Yeah that’s right every trading must learn how to trade well and how to avoid lose in trading. We have so many facilities that we can use to learn trading . Every trading must have high quality of knowledge about trading and he must be informed about all market changes. It’s not good for trader to lose patience or to trade his coins at panic.

I became convinced that today there is a lot of information for beginners to learn how to trade, but not all information is useful for new traders.  I myself constantly study trading using certain YouTube channels, but in most I study this activity in practice, by trial and error.  And I was also convinced that most teachers who expose themselves as professionals do not understand what they are talking about and try to teach someone with a very weak basic knowledge base.

[Webetcoins]

Agree. The point is everyone should take an education course or at least know the basics before getting into trading. FOMO is a big problem and can totally relate to it since i started trading in January 2018 and burned up

Yeah that’s right every trading must learn how to trade well and how to avoid lose in trading. We have so many facilities that we can use to learn trading . Every trading must have high quality of knowledge about trading and he must be informed about all market changes. It’s not good for trader to lose patience or to trade his coins at panic.

I became convinced that today there is a lot of information for beginners to learn how to trade, but not all information is useful for new traders.  I myself constantly study trading using certain YouTube channels, but in most I study this activity in practice, by trial and error.  And I was also convinced that most teachers who expose themselves as professionals do not understand what they are talking about and try to teach someone with a very weak basic knowledge base.

In order to achieve that, apart from learning from online tutorials or articles, the best would be to create a demo account offered by the famous exchanges and practice his knowledge. This way, he will get more experience of real world situations. Not only he should teach himself the essentials of trading but he must choose a good digital asset first and learn it deeply. This is actually more important.

[Kurokonobasuke]

Thank you for sharing your knowledge about that, it is truly helpful among traders. I would like to add some thoughts regarding this “Always avoid over trading”, many traders always did that think because they focused on just earning a big profit, but it is wrong because when we over trader our capital and get lost in trading it is so much difficult to recover our capital so that it may result in quitting in the field of trading.

[MWesterweele]

Thank you for sharing your knowledge about that, it is truly helpful among traders. I would like to add some thoughts regarding this “Always avoid over trading”, many traders always did that think because they focused on just earning a big profit, but it is wrong because when we over trader our capital and get lost in trading it is so much difficult to recover our capital so that it may result in quitting in the field of trading.

I agree, trader should have discipline to avoid over trading because in the end they will coin to trend. I believe the thoughts about " every coins counts" because everytime the trader have urge to grab the opportunity to tradeeverytime they see a chance until to its lasts coin they will tradie it especially when the price hike. Trading is like gambling because of their addiction they do over trading to get huge earning and it is the main reason ti those addicted to trade even they have enough money.

[Blue_oxen]

Thank you for sharing your knowledge about that, it is truly helpful among traders. I would like to add some thoughts regarding this “Always avoid over trading”, many traders always did that think because they focused on just earning a big profit, but it is wrong because when we over trader our capital and get lost in trading it is so much difficult to recover our capital so that it may result in quitting in the field of trading.

I agree, trader should have discipline to avoid over trading because in the end they will coin to trend. I believe the thoughts about " every coins counts" because everytime the trader have urge to grab the opportunity to tradeeverytime they see a chance until to its lasts coin they will tradie it especially when the price hike. Trading is like gambling because of their addiction they do over trading to get huge earning and it is the main reason ti those addicted to trade even they have enough money.

When the coin is down, very few people are interested, but when the coin has risen very high, traders will tend to buy more and that is why they are often stuck in that investment. In fact, I have come across many cases in the past and if you are not careful you will easily lose money here. However, occasionally there will be coins that are easy to trade and if you're lucky you will make huge profits.