How to Overcome and Handle Your Mistakes in Trading?

[bitgolden]

^ I would say taking a note. Because if you take note of your trading, you would have a notebook filled with all of your trades, where did you get in, where did you get out, which coin, at what time, how was the situation like, why did you get in, why did you get out.

Basically, if you write all of this down for each trade, you would have a huge spreadsheet of your trades that tells you your wrongs and rights. This is exactly the way to see when you do a mistake, what was going through your mind when you bought it, this means you will learn from it and not do it again. Or works vice versa as well, you would see what has worked for you so far and you would say "hmm I have done this before, I should try to do it again" and chase that profit once again. It has always helped me out a lot.

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[South Park]

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.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

Those that succeed at trading are the ones that take a defensive approach to it, many people began their trading career thinking about all the profits they can make and they lose all their money in less than a year, in my opinion someone that is able to trade the markets for months and only lose a small amount of his capital has way better chances of eventually becoming a good trader since it is obvious this person should have learned the correct usage of different tactics like money management and stop loss orders, after that the only thing such a person needs to do is to wait for the market to go up significantly and get some easy profits.

[Savemore]

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.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

Those that succeed at trading are the ones that take a defensive approach to it, many people began their trading career thinking about all the profits they can make and they lose all their money in less than a year, in my opinion someone that is able to trade the markets for months and only lose a small amount of his capital has way better chances of eventually becoming a good trader since it is obvious this person should have learned the correct usage of different tactics like money management and stop loss orders, after that the only thing such a person needs to do is to wait for the market to go up significantly and get some easy profits.

A good trader have a mindset like this "I trade to win and not to avoid losses". There are traders who doesn't want to lose and that is why they are not also winning. We should accept that losses are inevitable and it is part of the process of success. If we avoid to not lose, we will not learn because there are a lot of lessons that we can get if we lose in trading. I do not say that it is better to lose, I just want to clarify that losses is also a good thing for us.

[tbterryboy]

A good trader have a mindset like this "I trade to win and not to avoid losses". There are traders who doesn't want to lose and that is why they are not also winning. We should accept that losses are inevitable and it is part of the process of success.

Yes, accepting losses must be one of the effective way to handle your mistakes in trading. Because, you are not wasting your time by worrying on your mistakes but you are finding opportunity to learn something out of your mistakes that will definitely help you to grow in your trading at least in skills wise. Whenever you are developing your skills required for your trading then definitely you will start minimizing the number of occurrence of mistakes.

If we avoid to not lose, we will not learn because there are a lot of lessons that we can get if we lose in trading. I do not say that it is better to lose, I just want to clarify that losses is also a good thing for us.

I agree. We should not be afraid about losing; because only when we are taking the risk to trade regardless of profits or losses, we can learn something which will be definitely helping in some other occasion where market will be more wild in terms of fluctuations. Yes, all the traders who are more focused on not to lose may not learn new techniques of trading. They will trade as per their usual formula which may not help all the times.

[lixer]

I believe there are some periods in trading where you have to make a loss, not just because it is good for you, but because it is trading and there is no world where you just make a profit 100% of the time without ever losing, even the greatest traders in history has made some losses in their time, so that means everyone has to lose one way or another.

Look Warren Buffet bought berkshire hathaway and that company lost, and by god lost so much that he had to buy it all out and that company is now his investment company instead, he owned up to his own mistake and made everyone who lost money on that company whole again (and by a huge margin). So, just realize that you will eventually make a mistake, or already did, that is just how the life works and that is why trading is not a sure fire thing.

[divina marine]

Risk management is the way to handle your mistakes. Overall, plan your trades. Planning is crucial on which execution is based. Thus effective planning can work for yo to handle mistakes.

[darewaller]

I think most of these mistakes can be avoided if you take your time to learn from other people’s experience. Come to think of it, no matter the experience you have in trading cryptocurrency, someone else must have had that same experience, so it’s really important that you take your time and learn from those people that have been here before you and with their experience you can learn and avoid those mistakes they have made.

You don’t have to wait until you make the same mistake before you take correction. If you fail to correct yourself from not repeating same mistakes again and again then you may not be a suitable person to continue in trading. This is something like a bitter fact but we need to realize this and must move on so that we could save our capital from future losses.

[South Park]

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.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

Those that succeed at trading are the ones that take a defensive approach to it, many people began their trading career thinking about all the profits they can make and they lose all their money in less than a year, in my opinion someone that is able to trade the markets for months and only lose a small amount of his capital has way better chances of eventually becoming a good trader since it is obvious this person should have learned the correct usage of different tactics like money management and stop loss orders, after that the only thing such a person needs to do is to wait for the market to go up significantly and get some easy profits.

A good trader have a mindset like this "I trade to win and not to avoid losses". There are traders who doesn't want to lose and that is why they are not also winning. We should accept that losses are inevitable and it is part of the process of success. If we avoid to not lose, we will not learn because there are a lot of lessons that we can get if we lose in trading. I do not say that it is better to lose, I just want to clarify that losses is also a good thing for us.

Losses are inevitable and even exceptional traders will lose from time to time but that is not my point, my point is that people are too reckless when they trade because they are only thinking about winning and they do not think at all about the possibility of losing, if instead you accept this possibility and you are able to limit your losses to reasonable amounts then it is just a matter of time until the market circumstances change and now you have the opportunity to make money in the markets.

[chip1994]

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 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.

Before trading, I had 3 big courses to learn about important indicators and the highest probability of winning. I have learned and understood it well but when I practice it is not like that. When the opportunity came, I hesitated again and when the opportunity was gone I regretted it. It seems that knowledge will not help us too much unless we have prepared a losing mentality. I always fear when opening an order, how do I fix it now?

[Renampun]

...

I like what you write, very true...
maybe you have read that trading without preparation such as skill and mental is just like playing gambling. before actually trading it is better to read a book, join training first and start trading with small capital, this will shape your mentality and is very important so that the decision you will make is right on target.

[Mumbeeptind1963]

I think most of these mistakes can be avoided if you take your time to learn from other people’s experience. Come to think of it, no matter the experience you have in trading cryptocurrency, someone else must have had that same experience, so it’s really important that you take your time and learn from those people that have been here before you and with their experience you can learn and avoid those mistakes they have made.

You don’t have to wait until you make the same mistake before you take correction. If you fail to correct yourself from not repeating same mistakes again and again then you may not be a suitable person to continue in trading. This is something like a bitter fact but we need to realize this and must move on so that we could save our capital from future losses.

If we continue to think that we had done that mistake and we can never go on for that? Honestly, it will ruin everything. We need to keep in mind that mistakes are good teacher, in trading it is normal to be lose. Not all the time we can get a  profit or a higher profit. Sometimes we will miss our chance as well.

[BuNga_cute]

It's not easy to overcome and handle our mistakes in trading, the most important thing we must have strong intentions and desires first.
After that, do the 4 tips that have been mentioned in the opening post, which are learning from mistakes, focusing on the mistakes we
have made, risk management and trading education. Then don't ever give up in trading, even though we can't overcome and handle our
mistakes.Stay patient and keep trying, because in order to succeed everyone has a different processing time. Some are fast, but some
are slow.

[Savemore]

It's not easy to overcome and handle our mistakes in trading, the most important thing we must have strong intentions and desires first.
After that, do the 4 tips that have been mentioned in the opening post, which are learning from mistakes, focusing on the mistakes we
have made, risk management and trading education. Then don't ever give up in trading, even though we can't overcome and handle our
mistakes.Stay patient and keep trying, because in order to succeed everyone has a different processing time. Some are fast, but some
are slow.

Desires are important, whenever we feel trading is not for us where we keep making mistakes; I want you to remember why are you trading after all? Mistakes are part of the process so we should not be discouraged after all, we should accept mistakes because it is a way for us to become more better trader that we can be. We can succeed as long as we love what we are doing and we are not afraid to make mistakes.

[Insanerman]

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

For me the before you proceed on trading specific coins, you must first have to know if that is worth risking for, balance the risk and the profit. If the risk is so high, while ending profit is very low, then do not continue on that trade. Move on to that and look for some pairs to trade for. Also most of those beginners on trading do have a lot if trust on most of coins. And they didn't realize that most those coins are shitcoins. It will just have a very low volume in the near future then you'll find it hard to sold those coins that you bought. It is a big loss.
Choose the right coins to trade do not just pick any coin, atleast study first it's history and how it is doing in the present time.

[spike420211]

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.

I did not understand anything from what you wrote.

People who are lacking funds should take advantage of what is happening on the cryptocurrency markets, which now look extremely unpredictable, what would they profit from?
I remember people who sold their homes several years ago, got into debt and bought bitcoin, which soon collapsed.

In dealing with mistakes, the only important thing is to quickly get out of negative thinking. Until you have done this, you may not see ways out of the situation and what you should do next.

[jostorres]

There are risks in trading and that we can correct the mistakes as long as we will move forward avoiding the risks.

The risk and mistakes are interlinked but you need to work on both of them even you will be having more experience in trading. I'm saying this because even professional traders are known for committing mistakes sometimes but they will not let their capital suffering by huge losses. It means they will have only small losses and they will overcome that by very next trade itself. Whenever you are following technical analysis then you can easily avoid mistakes because technical analysis will help you handling risks in more effective way.

In dealing with mistakes, the only important thing is to quickly get out of negative thinking. Until you have done this, you may not see ways out of the situation and what you should do next.

Yes, you must come out of a losing situation which is caused by a mistake but you should go for analyzing what went wrong which made that mistake. Because, that will definitely help you to find out where was the actual problem so that you will not repeat the same mistake.

[KnightElite]

All of us do not want to fail for sure but failure and mistakes are inevitable, many traders and investors are becoming helpless whenever they fail or whenever they did a mistake and for me it is wrong move because it distorts your perception of your abilities. In order  for us to handle and overcome the mistakes in trading the first thing that we should do is to understand our self, we should know why we did such a mistakes. The next is to do action with determination, the mistakes will only repeat again if there is no action that we will do. Then the last is we should have strong belief in our inner self that you can do it. If you will think negative, for sure you will reap negative. If we think that we will become successful then it is good because success is something that we attract.

[akram143]

All of us do not want to fail for sure but failure and mistakes are inevitable, many traders and investors are becoming helpless whenever they fail or whenever they did a mistake and for me it is wrong move because it distorts your perception of your abilities. In order  for us to handle and overcome the mistakes in trading the first thing that we should do is to understand our self, we should know why we did such a mistakes. The next is to do action with determination, the mistakes will only repeat again if there is no action that we will do. Then the last is we should have strong belief in our inner self that you can do it. If you will think negative, for sure you will reap negative. If we think that we will become successful then it is good because success is something that we attract.

They can feel okay when they losses in trading if they are keep trading inside their limit, the things will change only if we are trading with the amount which is not affordable for us.Yes we need to analyze the mistakes in our trades and try to change what went wrong it it or the things keep happening again.

[lienfaye]

Mistkes is all people do that even they did not want because they have times that we don't know wihat will happen.
But the importnat of every mistakes is we should learned from it and we better and now once we encountered again we can avoid it .
Don' t afraid to have mistake if you are beginner because it is a step of learning be farid if you do a lot of mistake even you are old trader.

Indeed its quite normal to commit mistakes but the important thing is the lesson we learn from it.

Improve your knowledge, never stop learning even you're an experience trader already. Because it can help us to be successful here because trading is not as easy as it seems.

[Rebisco]

Education and experience are important and this is should be our priority when we do trading. Mistakes are normal because there is no trader who can fully predict what will happen to the price that he/she trading. Handling mistakes are sometimes hard for other people because they keep doing the same mistakes over and over again. For those traders out there, you can easily overcome it by accepting it as a lesson and learn from it. If you will ignorr your mistakes, for sure you will do it over and over again.