How to Overcome and Handle Your Mistakes in Trading?

[harizen]

People are not afraid of losing and that is the scariest thing to me. You should be afraid of losing, you should not get into a trading with "I am going to make so much money!!" type of mindset, you should go into it with "what if I end up losing a lot of money?" mindset. That would allow you to be protected against horrible loss and you would always be careful.

I disagree on that approach. Putting that "afraid of losing" in our mindset will just make things worst. Not good recommendations or advice for those newbies who wants to enter the world of trading. It neither won't protect you against horrible losses.

Having a "winning mindset" is different from having a "quick-profit mindset". Having a winning mindset will make traders do anything to minimizes losses as much as possible. You should face the risks and do anything to make your trades always win.

You won't be able to make a good strategy if on your mind, you are afraid to deal with "what if".

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[Salauddin1994]

Trading Education is the best to point we know that less skilled people in trading are always trying to make more profit because they want to know how to make more profit with less service. But if you have ever made a mistake while learning to trade would be wise to try to resolve it. Since we usually make a lot of mistakes a lot of the time, we need to master trading well.

[Golftech]

Trading Education is the best to point we know that less skilled people in trading are always trying to make more profit because they want to know how to make more profit with less service. But if you have ever made a mistake while learning to trade would be wise to try to resolve it. Since we usually make a lot of mistakes a lot of the time, we need to master trading well.

Adjust and keep trying to make it much better, all traders needs to understand that there's always changing pace that needs to work with, it's not that easy to always win your positions, there's bad days that you need to reassess your mistakes.

Especially with so much volatilities, you need to make sure that you are open with any adjustment. Mistakes is not uncommon though you can avoid
if you plan according to how you understand your investment. You can adopt and turned things into your favor if you know how to adjust.

[Savemore]

There are a lot of traders who are usually making the same mistakes over and over again. And the main reason why they keep doing it is because they do not journal their past trades. We should be aware on how journalizing can help us to make better trader. Journalizing our trades can improve our skill and also to find out the mistakes that we keep doing over and over again. Mistakes are normal in trading, what is not normal is if we will keep making the same mistakes when we executing our trades.

[MCobian]

Everyone has made mistakes when trading, and so have I who have made mistakes several times when trading. Fortunately, I was able
to realize and overcome the mistakes I had made, in the end it could generate substantial profits. The mistake that I often do is not have
patience, several times I sell coins too fast. Then I overcome with more patient ways to wait for movement in the market, I will not sell
coins before reaching the target sell.

[coinfinger]

Adjust and keep trying to make it much better, all traders needs to understand that there's always changing pace that needs to work with, it's not that easy to always win your positions, there's bad days that you need to reassess your mistakes.

Especially with so much volatilities, you need to make sure that you are open with any adjustment. Mistakes is not uncommon though you can avoid
if you plan according to how you understand your investment. You can adopt and turned things into your favor if you know how to adjust.

Yes, traders must need to do two important things here in order to handle their mistakes in trading in more effective way.

The first one must be, they need to ease their feeling against losses so that they will not get broken emotionally. It means you must need to accept your losses like how you are facing profits; there should not be any big differences facing between these two.

The second one must be, try to understand what went wrong to cause that mistake. It means you must need to understand the root cause of your mistake so that you will never repeat them. This way you can avoid your future mistakes this will help you maximize your profits chances compared to the losing moments.

[carlfebz2]

Everyone has made mistakes when trading, and so have I who have made mistakes several times when trading. Fortunately, I was able
to realize and overcome the mistakes I had made, in the end it could generate substantial profits. The mistake that I often do is not have
patience, several times I sell coins too fast. Then I overcome with more patient ways to wait for movement in the market, I will not sell
coins before reaching the target sell.

We cant get rid of mistakes but at least we do able to lessen it up as we do gain experience and learn up something on the process yet we do realize on what are the things should really be done

on a particular situation and since we are just starting up or just new then we arent aware on how it do moves but when we do gain experience then thats the time we do know on how to deal with it.

Mistakes should really be overcome and try to improve as best as you can if you do want to succeed here on crypto trading.

[FanEagle]

no trader could win on every trade they do make and all the failures while trading should not be considered as mistake but may be accounted as lack of knowledge on technical analysis. I mean when your sound in technical analysis then the chances for making mistakes in trading will be very less. Only the traders who are not experienced in making good signal out of their technical analysis must be facing frequent losses and may consider them as mistakes.

Indisputably frequent losses and failures are the consequences of either limited knowledge or little experience in cryptocurrency trading. But it seems to me that it is not always possible to make such an accurate technical analysis as to constantly have 100% accuracy of the forecast in relation to a particular coin. Even the most professional analysts can make a forecast with an accuracy of no more than 75%. Therefore, it seems to me that it is impossible to always be in the black.

Yes, fail, fail again, fail better, fail until you succeed. you only need to succeed on the last try. And many more sayings like these. The main topic of this is if you are trading and making mistakes, that's fine, if you are making mistakes and not learning anything from it that is a mistake, if you traded and failed and gave up, that is the worst in all of them. You have to realize that you have a power to turn things around and make yourself richer by actually learning how to trade instead of quitting, but of course you need to study your own mistakes very well to avoid doing it again.

It is actually a great advantage to be able to fail early on, because if you fail early on you know that you are learning at the low levels and you will get better when it matters, instead of profiting a ton of money early on but not learning anything so lose them all in the end when you fail for the first time.

[rathaha10]

Learning from ones mistakes is a sure way to improve ones trading skill, i believe everyone has had to do with making mistakes a point in time in their trading adventure, even the expert traders in the market today because it is part of trading journey which can only be avoided by learning from it's past happenings and improving trading skills constantly

[semobo]

Everyone has made mistakes when trading, and so have I who have made mistakes several times when trading. Fortunately, I was able
to realize and overcome the mistakes I had made, in the end it could generate substantial profits. The mistake that I often do is not have
patience, several times I sell coins too fast. Then I overcome with more patient ways to wait for movement in the market, I will not sell
coins before reaching the target sell.

We cant get rid of mistakes but at least we do able to lessen it up as we do gain experience and learn up something on the process yet we do realize on what are the things should really be done

on a particular situation and since we are just starting up or just new then we arent aware on how it do moves but when we do gain experience then thats the time we do know on how to deal with it.

Mistakes should really be overcome and try to improve as best as you can if you do want to succeed here on crypto trading.

Learning from our mistakes will be really effective on increase our skills so we should have to analyse trade after trades, just regretting will not help at any point.So we should keep tracking our all the trades on a spreadsheet or with tools available for it, so we can be able to find total profits from time to time.

Most exchanges have options to track our trades and also we can export out data in CSV file format so make sure we use all the things effective.

[olamidey]

I disagree with your first point because in trading, if you make a mistake and loss, making that same mistake again might be exactly what you need to scale. It all comes down to you following your guts. The only mistake you can make as a trader is to trade with little information about what trading entails.

This brings us to your third point, a trader without trading education will give up trading eventually after losing continually. So, for every newbie, or amateur; the first step should be to get proper trading education, take calculated risks, and then follow your guts.

[el kaka22]

Desire should lead to more studying shouldn't it? I mean if you really want to make more money with trading you should study it and learn about it, that part is definitely true, but if you really desire to be great at something and have fun with it, you probably would have some desire to study it as well. I do not think people just focus on the money making side and not focus on the studying part. I personally love few things in my life, but I do not just focus the doing the deed part of them, I also study them a lot as well.

For example I love politics, but I do not just check out current things or participate anyway I can, I also study the previous politicians and even read books about them starting all the way from plato to this day, which is why I think if you really desire something, you would probably study it as well.

[CHENIEN]

It defends upon the standing of life.Since the pressure is in due to the mortality of pandemic many people is being lack of confidence to continue in trading ,take advantage is booming around into the crypto market which is actually the effects of panic movement.But finally those kinds of mistaken has been giving us a power and technically to survive.

[Kelvinid]

You can surely feel pressure in trading that makes you even struggle in decision making and the most reason of having mistakes. Could we have a way to minimize this thing? It certainly there is and that also depends on your adjustment and on how you control your emotions. There is no perfect way in trading, usually, all traders had suffered such thing but that is not a reason to quit nor to think that we are not meant for this (unless we never changed). Or unless if you are like this https://bitcointalk.org/index.php?topic=5255174.msg54608410#msg54608410

How does trading works for you if you just keep making mistakes rather than to correct it. It is all about you approach trading and on how you manage the risk.

[jostorres]

You can surely feel pressure in trading that makes you even struggle in decision making and the most reason of having mistakes. Could we have a way to minimize this thing? It certainly there is and that also depends on your adjustment and on how you control your emotions. There is no perfect way in trading, usually, all traders had suffered such thing but that is not a reason to quit nor to think that we are not meant for this (unless we never changed). Or unless if you are like this https://bitcointalk.org/index.php?topic=5255174.msg54608410#msg54608410

How does trading works for you if you just keep making mistakes rather than to correct it. It is all about you approach trading and on how you manage the risk.

Yes and makes me wonder why gambling is so addictive for people while trading is not because in gambling you loose money and that makes you chase loss while in trading when you loose you feel hopeless and pressured.

Maybe the reason is that trading has no fun since you have to read the market be alert of news and make decisions based on that which sometimes feel like so boring and frustrating while gambling is just using no brain and hence feel stress free.

Just remember one thing: When you trade and make any orders you are investing money into the asset but at the same time you are also investing on your mind as you learn something new every time and become a step smarter from last one.

[justdimin]

Learn from your mistake- Use it to step forward and don't stack to it.

I would say learn from others mistakes and that saves time and loss, for example a new trader can learn how to avoid panic selling by looking at others and how they suffered.

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.

If you know your mistakes in advance why would you even make them? So mistakes can only be worked upon after you have committed them and so I don't think there is a realistic way of avoiding mistakes unless you see someone else do it or you yourself do it.

The points you mentioned confuse me a little but I have a simple answer for the thread's title

"How to Overcome and Handle Your Mistakes in Trading?" I have a 3 step solution for that

1- Don't make the same mistake again, someone who does the same action and expects different outcome is anything but not a trader.

2- Avoid copying others and distance yourself from copy trading.

3- Implement what you learnt yesterday and do this vigorously until you make a habit of it.

[Savemore]

Learn from your mistake- Use it to step forward and don't stack to it.

I would say learn from others mistakes and that saves time and loss, for example a new trader can learn how to avoid panic selling by looking at others and how they suffered.

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.

If you know your mistakes in advance why would you even make them? So mistakes can only be worked upon after you have committed them and so I don't think there is a realistic way of avoiding mistakes unless you see someone else do it or you yourself do it.

The points you mentioned confuse me a little but I have a simple answer for the thread's title

"How to Overcome and Handle Your Mistakes in Trading?" I have a 3 step solution for that

1- Don't make the same mistake again, someone who does the same action and expects different outcome is anything but not a trader.

2- Avoid copying others and distance yourself from copy trading.

3- Implement what you learnt yesterday and do this vigorously until you make a habit of it.

I like what you said, there are a lot of people who are losing in trading because they are making mistakes again and again which caused them to have anxiety where they are making more bad decisions. If we want to avoid the same mistakes that we are doing over and over again, be sure that we journalizing all of our trades. What do I mean by journalizing? it is simply means recording all of your trades in order for you to have an idea what will you do in the near future whenever there is a familiar setup that will form

[nelson4lov]

These mistakes in the OP are so common that you could easily noticed them in new/beginning traders. The first mistake they make is setting their expectations and goals so high –

I will make $1M in 6 months from my $1K capital

While it's possible to make money with crypto trading , it's important to know that a lot goes into being successful at trading. You don't just throw up some dollars and expect 1000x returns. In a market, there's always people at the both ends – losing and winning. The goal should be getting on the winning side, the right way. No:

1. Usage of copytrading platform (You don't learn since you only copy)
2. Trading based only on trading signals.
3. Chasing pumps
4. Fomo into trades – because a coin is up 70% in 24hrs doesn't mean you should get on the trend. It's better to catch trends early and riding it out.

[jrrsparkles]

Before looking for profits, everyone should have strategies to minimize there losses. Most of the traders never use features like stop loss which can save them from huge loss if the market get hits hard dump.Once we are good at minimizing the losses the total overall profits made from all the trades will end up in net profits which is the key of trader's life to be successful.

[Salauddin1994]

The wise thing to do in order to be successful in trading is to start with a small amount of capital. If the market goes down the loss will be less. There are many traders who invest more capital in greed to make more profit later in case they lose everything and cannot survive in the market for long. Therefore, to correct your mistake you should try to analyze the trading course or trading charts. You can understand the difference between the signals through trading charts.