5 mistakes every crypto trader should avoid

[carlisle1]

This fear of missing out (FOMO) is part of the reason that traders lose because most times, it is wrong timing for you. But you can't learn from it if you have not been a longtime trader who has built emotions on trade over time. You must be good at controlling your emotion on trade before you can avoid FOMO. Nice thread from OP.

This is the reason why most newbie traders fall from their emotions because of their weak hands also as the Fear is interfering the situation and has no full control of it.

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.

overtrading is only for the professionals ,those who can handle the situation even there are movements on all the currency Bought at the same time,if you are not a Pro then surely you will succeed to the first and will lose the next and so on.

[maydna]

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.

But for people who already buy when the coin price is down, they will gladly sell the coin at a higher price. They will make a profit when the coin rise very high, but that will only happen for some traders who already use the opportunity to buy the coin at a low price. The common mistake that traders do is when the price gets a pump so high, they are panic, and they are buying instant without thinking about how long the pump will still happen. They don't want to miss a chance to get the pump, but they already miss the opportunity to buy at a low price before. We should not follow what they did because that will cause us to get lost without a chance to make a profit.

[ufaiz50]

This has all been discussed in various topics, then what often becomes the problem now is the way it works to avoid these mistakes. We give examples about learning liquidity, because many do not know how and where to learn it appropriately.

Moreover, this FOMO has more to do with self-control and knowledge, in order to avoid cases like this in cryptocurrency that is having more experience and FOMO has the same case or criteria so it will be easy if you have experience.

[beerlover]

I agree that mistakes has always been talked about but success stories are all different and that is pretty much the difficulty of trading. When you look at everyone who has failed you will see the common stuff, there are few ways you could fail and everyone who has failed has done some sort of ways of it, either it is just dealing with emotions or not researching enough or basically stuff that are derivatives of that.

However, when you check out people who made a lot of money by trading you will see that all of them have their own systems and ways which is why it is very hard to copy them since what they have done could work at that moment but could be a fail at any other time as well. I was there was 5 things every crypto trader should do instead of mistakes that should avoid.

[rexxarofmoknathal]

The advise is all great but most of us already are aware of these rules, the only problem though is standing by them as emotions can often drive our actions much more than we anticipate. One aspect is that no one really knows for certain when and how much to go in and so inevitably there will be times when one makes a loss but at least its all part of the experience and one hopes that these mistakes get minimised overtime.

And this is the thing, though, although we hear and know what to do when it comes to trading it's like we don't respect those unless we experience the pain - funny isn't it!

[Mahanton]

The advise is all great but most of us already are aware of these rules, the only problem though is standing by them as emotions can often drive our actions much more than we anticipate. One aspect is that no one really knows for certain when and how much to go in and so inevitably there will be times when one makes a loss but at least its all part of the experience and one hopes that these mistakes get minimised overtime.

And this is the thing, though, although we hear and know what to do when it comes to trading it's like we don't respect those unless we experience the pain - funny isn't it!

We have read up countless suggestion and advises like this on things that should really be avoided when trading up.Its already common but people do still fail on following even these basic things.I agree that the greatest factor that affects a certain trader is into its emotion.This is a strong force that would really mess things up if you dont able to control it.Experience is one of the most needed things because as a human being its just normal for us to react when we lose money or even win towards the market, so being emotional is always there, the thing here is that we should know how to deal and react on things according to any situation.

[0zero0]

Always avoid overtrading

This is something that I didn't had control on. When I started trading, I used to keep on checking the prices to see if I had made any profits. Whenever the price used to go low I would panic and start selling which eventually resulted in loss in most of my trades. This is why I left trading.

[mico.serge]

FOMO is the number one reason of why most traders lose their assets.

[coin_1122]

Always avoid overtrading

This is something that I didn't had control on. When I started trading, I used to keep on checking the prices to see if I had made any profits. Whenever the price used to go low I would panic and start selling which eventually resulted in loss in most of my trades. This is why I left trading.

It is very bad habit that we need to eliminate them because some time panic will create a lot of loss. We shouldn't sell them immediately, we should wait for the price recovery in this way, we might recover the lost balance. Most of the panic traders will experience this type of problem in their trading.

[barbara44]

Always avoid overtrading

This is something that I didn't had control on. When I started trading, I used to keep on checking the prices to see if I had made any profits. Whenever the price used to go low I would panic and start selling which eventually resulted in loss in most of my trades. This is why I left trading.

Absolutely vital to hold yourself in bearish market and making sure you don't get over excited and over-trade during the bullish market. I have had the same problem when I was new because I was a BTC price trader initially and I used to get so excited that I would buy more and more bitcoins during a bullish run and then obviously at some point the bullish market will stop and I would panic and sell the coins.

This also had to do with faith because when I was new to the bitcoins world I never knew if bitcoins would be 0 tomorrow morning and hence when it started to fall down I was so worried that oh no the time has arrived. Now, with time I have realized that bearish rounds will come and bitcoins is never going to be zero ever.

[blckhawk]

FOMO
This was the common mistake of traders in crypto market and  that was inevitable unless you can able to control your emotions in which I think seems impossible because no matter what we try we will not manage it fully well. If we have seen the markets growth especially Bitcoin admit that we the urge to sell always come knocking on our emotion that is why I think FOMO is just normal mistake but shouldn't be tolerated.

[imstillthebest]

FOMO
This was the common mistake of traders in crypto market and  that was inevitable unless you can able to control your emotions in which I think seems impossible because no matter what we try we will not manage it fully well. If we have seen the markets growth especially Bitcoin admit that we the urge to sell always come knocking on our emotion that is why I think FOMO is just normal mistake but shouldn't be tolerated.

i think this is not consider a mistake  because  i think every fomo is correct  . like for example people do fomo when btc price pump   , and who wouldnt want to sell thier bitcoins for profit ?  this is our primary plan here anyways   . its useless and will not make sense if you will only hodl and hodl and you will miss the bull run . whats worst can happen to you is that you will only sell on bad times or when the market in down because you accidentally need the money or you are afraid because you think the market will go down more  .

[Janation]

FOMO
This was the common mistake of traders in crypto market and  that was inevitable unless you can able to control your emotions in which I think seems impossible because no matter what we try we will not manage it fully well. If we have seen the markets growth especially Bitcoin admit that we the urge to sell always come knocking on our emotion that is why I think FOMO is just normal mistake but shouldn't be tolerated.

i think this is not consider a mistake  because  i think every fomo is correct  . like for example people do fomo when btc price pump   , and who wouldnt want to sell thier bitcoins for profit ?  this is our primary plan here anyways   . its useless and will not make sense if you will only hodl and hodl and you will miss the bull run . whats worst can happen to you is that you will only sell on bad times or when the market in down because you accidentally need the money or you are afraid because you think the market will go down more  .

It is a good thing if you will be the only one falling for it, but it will not be just you.

The reason it is called FOMO is that because you are having these feelings that you want to also earn like the others, you feel you are missing out. Then people would just immediately buy and the timing would not always be better and just go down losing your profit badly.

[sana54210]

One mistake I can never make is overtrading. I have never tried that shit before and I know the risk. There are times I will come back home and start trading, after some few trades I would notice that things are not really going the way I want it I just stop trading and look for something else to do, because I know for sure that it’s not worth it and if I continue for sure I’m just going to keep on losing my money and nothing else, so it’s best for me to just stop trading at that moment.

Greed is something else I try to avoid, there are people who would get lucky and make some good profit from their trade and instead of stopping they will then put in everything they have got to make more profit and end up losing it.

[Dr.Osh]

I want to add one thing, and that happened to me. try to target a price. however, sometimes traders always think that prices will continue to rise and continue to grow. it makes us not take advantage of conditions that are good. many people regret this, it happened when they did not sell their bitcoin at a price of $ 10k in February, and kept it.

[Twinkledoe]

I want to add one thing, and that happened to me. try to target a price. however, sometimes traders always think that prices will continue to rise and continue to grow. it makes us not take advantage of conditions that are good. many people regret this, it happened when they did not sell their bitcoin at a price of $ 10k in February, and kept it.

Because even if we are targeting a specific price and we see that it is still going up, we are hoping that maybe we can get more if we will wait more. And that I think is the common mistake of most of us and still happening again and again because it is our nature to want more. Very seldom that we will be happy for what we have. I guess that's human nature.
But when it comes to alts, I really set a certain level when to let it go. And then when I finally sold it, I never looked back. So I don't want to see any change in price, so as not to regret or anything. It is really a headache if you will see it increasing, that's stressful for me.

[Zemomtum]

These are very good points not for newbie alone but also for both intermediate and experienced traders. Impatient, fear of missing out, too many indicators are often taken good trade out of the upward momentum.

[Kasabus]

These are very good points not for newbie alone but also for both intermediate and experienced traders. Impatient, fear of missing out, too many indicators are often taken good trade out of the upward momentum.

Yes. We all do mistakes but the difference is that every trader has it's own way of handling the pressures. If we trade also with greed inside, we will never turn to be profitable. Trading with emotions too is really a big NO even if we say that is too impossible. One thing for sure, the more time you spend in crypto trading, the more experiences you will gain, making more learnings you will discover.

[GreatArkansas]

I also want to share my experience before when I started to trade. I really laughing when I remember those experiences. Most of the 5 mistakes indicated in the first post are I experienced.
And also not putting stop-loss before, like I am over confident on every my trades before, but lesson learned.

[Lecam]

I also want to share my experience before when I started to trade. I really laughing when I remember those experiences. Most of the 5 mistakes indicated in the first post are I experienced.
And also not putting stop-loss before, like I am over confident on every my trades before, but lesson learned.

Every traders have mistakes we can not avoid that every one experienced that 5 mistakes but the good are once they experienced that in the next trade they know what they are doing. Traders need to experience that all so that in the next trading they know what they are doing to avoid it.