How to Overcome and Handle Your Mistakes in Trading?

[Kez1817]

Mistakes is inevitable and impossible to avoid but you can use it as motivation to manage it properly especially in investing and doing trade. Most of us specially a newbie sometimes do a mistakes in the beginning and later on they are going to quit because they can't handle it properly.
How to overcome and handle your mistakes?
Trading is not an easy money making job without any fear of losing and wrong trading.
Learn from your mistake- Use it to step forward and don't stack to it.
Focus on your mistakes- If you're worried about your mistakes,what will you do to avoid it?Focus on what you've done and you'll be taking a
                                    productive action.
Risk Management- A trader must be a risk taker and with positive mindset.But a trader might be so highly focused on making profit and they don't
                                    realize that they might lose also. Always accept your loses and learn to avoid it next time.
Trading Education- If you learn a basic of trading and develop a reliable trader skills,you will not afraid of having mistakes,instead it will be a lesson
                                    for you to improve and to develop another trading strategy to earn profit and avoid loses.
In trading or investing,you should have an ability to convert your mistakes into learning and development in order to become a successful trader and investor in crypto space.

Additional(EDIT): Those who have experience on how you become successful in trading after some mistakes ,kindly tell your story here so that those who can read will be encourage and learn from different experience and could gain knowledge that they can be use also or apply on their life as a trader.Thankyou

[Yamifoud]

I hope you see this https://bitcointalk.org/index.php?topic=5250292.0 before creating this one.

I think there is no need to continue this topic instead of giving your opinion to the one I posted above. It's all been there and that it looks like we are repeating this several times. If you don't mind please lock this thread or it might be deleted soon by MOD as a duplicate thread.

That is why it is very important to make some search first for we know that a lot of topics/thread similar to this and to avoid duplication.

EDIT: I've found out that you have changed the topic. Well, It is a good thing to do mate.

[ChrisPop]

Learning from mistakes is applied in all jobs and industries. The only difference is that in trading & investing there are a lot of emotions linked to being wrong and losing your money. Frustration is the main reason that makes traders give up in my opinion. It is not an easy job indeed, it requires quite a lot of mental flexibility and also one needs to be able to control his emotions and know what he's doing.

I'd say that if anyone is looking for a great challenge - he/she should take on trading.

[Sanugarid]

I hope you see this https://bitcointalk.org/index.php?topic=5250292.0 before creating this one.

I've been seeing a lot of this thread lately, I hope we can discuss another topic so we can have a broader sense of idea.

I think there is no need to continue this topic instead of giving your opinion to the one I posted above. It's all been there and that it looks like we are repeating this several times. If you don't mind please lock this thread or it might be deleted soon by MOD as a duplicate thread.

I think this is okay if the last thread was created about a month ago so we can freshen up the discussion, or if the last reply to the thread is a month ago some sort of that. I mean we can have duplicated threads but not consecutively posted, I know these are prone to newbies so please do a simple search through keywords to avoid unnecessary deletion of the post.

[dunfida]

Learn from your mistakes!

You would discover anything if you do really learn up from your mistake.It would able for you to realize on what are the efficient things
that would really be needed into your trading career.Of course mistakes are inevitable since no one do really start from being pro thats why
its just normal.It would really just depend on how people would deal up with things and how they do discipline out theirselves on what
they are doing.

[fullhdpixel]

There are multiple threads regarding the same discussion and while I don't mind learning new things but the points you made are actually very common and obvious.

Risk Management- A trader must be a risk taker and with positive mindset.But a trader might be so highly focused on making profit and they don't realize that they might lose also. Always accept your loses and learn to avoid it next time.

Yes, the point is important but anyone who is trading seriously must be aware of the risk and trading is actually a better form of gambling where you can hold your asset as long as you need while there are gambling websites that offer markets on what will be the price of bitcoins in next 1 week or so.

I would appreciate if someone can combine all these threads and make a list of all possible points for traders.

[bitbunnny]

Well, it's impossible to trade without making mistakes, we all make them sooner or later. Especialy at the begininig, after all you need to get some knowledge and experience.
The most important thing is that you learn from your mistakes and don't repeat them. It's also very important that you don't become greedy and too emotional, that will definetely lead you into troubles and losses. Balance in trading is very important.

[GreatArkansas]

Risk Management- A trader must be a risk taker and with positive mindset.But a trader might be so highly focused on making profit and they don't realize that they might lose also. Always accept your loses and learn to avoid it next time.

This is also one of the best important for me in trading.
Risk Management is a must of every trader.
One of the best in risk management is to study the risk/reward ratio and apply it on your trading ; Risk/Reward Ratio.
This will help every trader on risk management, I hope for those traders who are starting there, they should study about this.

[milewilda]

There are already lots of threads in relate into this topic:

https://bitcointalk.org/index.php?topic=5193643.0
https://bitcointalk.org/index.php?topic=3572889.0
https://bitcointalk.org/index.php?topic=5195239.40

No need to post up another similar thread talking about handling out mistakes in trading.

[Latviand]

Risk Management- A trader must be a risk taker and with positive mindset.But a trader might be so highly focused on making profit and they don't
                                    realize that they might lose also. Always accept your loses and learn to avoid it next time.

This strategy in trading is very effective cor you to minimize the risk of losing your money. In risk management, you need to deal with the market situation and so that you know if it is the right time to trade or not. Risk management will make you aware about the risks in trading as you are learning what to do to reduce the losses in your assets.

Trading Education- If you learn a basic of trading and develop a reliable trader skills,you will not afraid of having mistakes,instead it will be a lesson
                                    for you to improve and to develop another trading strategy to earn profit and avoid loses.

In trading education, you need to know how trading works in the market. You need to deal with those struggles, mistakes, and losses in trading because that will help you to become better and grow your assets. By that you will become more effective in trading once you know the basic fundamentals that you need to know before you do trading.

[AniviaBtc]

How to overcome and handle your mistakes?
Trading is not an easy money making job without any fear of losing and wrong trading.
Learn from your mistake- Use it to step forward and don't stack to it.
Focus on your mistakes- If you're worried about your mistakes,what will you do to avoid it?Focus on what you've done and you'll be taking a
                                    productive action.

This is the most effective and important for me, I think. Mistakes will help you grow as a trader, especially that it will help you become more prepared, wise, and have a good decision making in many transactions. I know that it is not that easy to do trading especially if you are new to it. But once you experience losses and you try to minimize them, that's the time that you are becoming effective and you are applying all the experiences that you have. You just need to practice and practice trading, you need to explore how trading works and how can you deal with that. Mistakes are normal so don't be afraid of that, just make sure that you are going to fight and reduce them so that you can also have losses in your future transactions. Strategies are really importance once you are making your self prepared and ready, just always perform technical analysis and become confident about your mistakes.

[GelsoAM]

First of, When it comes to trading you must know what you are doing before you place an order. Just a slight mistake or miscalculation can cost you thousands. Remember that. I know it's scary. You can loose hundreds or thousands of dollars on mistakes but that's good. How is that good? Because you have gained experience from your mistakes and know how to avoid it. So when there is a trade that can potentially earn you millions then you know what to do.

[spike420211]

Trading is the balance between your mistakes and the right decisions.
Mistakes lead to monetary losses, your task is to get the maximum benefit out of any mistake - this is an investment in your training.

The more mistakes the more money and the more experience you should get.
However, for this you need to regularly analyze your own actions, several hours a day. For an hour of practice, 2 hours of theory should come.

[sujonali1819]

The first way to recover after loss is to learn from those mistakes. But if you always make some unique mistake and loss your capital thus once you will your total holding. So what is the solution then? the solution is you have to learn more about trading before starting it for full time.

And yes a trader must have the capability of loss management what they can afford. Otherwise, they will not control their emotion.

[beerlover]

Actually losing money in trading is one of the best teachers in the world. Whatever you are doing in life, not just in trading, if you keep trying and learning and practicing, you will fail a lot. Nobody picks up a guitar and suddenly becomes slash, you start by learning and making mistakes and you sound horrible and you do not play anything meaningful until you reach to that level. Is there a point where you know that maybe you are not a trader material person? Sure there could be, not everyone has to be a great trader.

But, no great trader became one on the first day neither so you need to keep trying and trying and trying. Sad thing is, some people leave after their first loss, on contrary that first loss actually means he was one loss closer to actually being a good trader before they gave up.

[LUCKMCFLY]

I think that in order to manage failures and successes in trading a great financial education is necessary, because when failing in any operation the trader must know why it happened, and when you win the same, otherwise it is because you are gambling and that is not It is useless, because tradind must be seen as a profession, every day you learn and apart it must be seen as a business.

[cytpoway121]

Overcoming mistakes in trading is a very easy thing to do, the first thing you need to do is identify the mistakes; accept and admit the fault on your side; develop a solution to the mistakes; fix the mistake and master that act such that it does not repeat itself anylonger. Remember there cannot be any form of pride when it comes to crypto currency trading, because crypto currency trading humbles everyone.

[sweetbet]

Also, who you follow and pay attention to on social media can make a world of difference. When I first started trading, I was following and listening to complete scammers (not aware that they were scammers). As a result, I nearly lost all my money. Since then, I've unfollowed them and listen to quality traders, and have almost recouped my losses.

[harizen]

Overcoming mistakes in trading is a very easy thing to do, the first thing you need to do is identify the mistakes; accept and admit the fault on your side; develop a solution to the mistakes; fix the mistake and master that act such that it does not repeat itself anylonger.

Easier been said than done. It's not as easy as you think. If it does, we should see fewer traders now losing their position.

Mistakes are normal and even the top, best, good, experienced, and professional traders still experiencing mistakes today. Even a trader knows it's a mistake to do "something" they will still proceed because they want a better return.

Risk-management is the key. It's fine for me to push for an obvious mistake by any chance "as long as I understand the risks".

[The cure]

I believe that mistakes are part of success. You will never learn if you do not make a mistake.But the most important thing there is you learn how to accept it and learn from it. In trading we always have to be careful in every move we do, because if you always do the same mistake your capital could be depleted. Don't get tired of doing research this will help you become a good trader.