Newbie traders - Learn from my mistakes

[Questat]

^[snip]
As soon you do progress or deal with this market the more experience you would get which would really
be helpful for you to sustain in further trades.

Well, you have a point on this post.
More mistake to correct and more experience to learn will make you a better trader -- I believe that the experience and mistake to correct and the best teacher in trading, it seems like a blade that every time you will sharpen it give shine in every edge or every corner you will look. The same goes in trading, shine which means knowledge on trading that we can absorb while we have mistakes and will perhaps be helpful to us.

More experience, more learning we got but it is up to us if we would like to change ourselves and correct all our mistakes. Because not all traders have that kind of attitude, some didn't listen to advice but just believe what they think even it is totally wrong. We have nothing to do with this kind of personality and we are helpless to him.

I have that kind of friend and I am tired enough to speak to him because whatever I do, it still put ignored. That is why he keeps losing.

[BuNga_cute]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

[blockman]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

That's the start when they're too emotional with their trades. And to say that newbies should learn the experience and mistakes of others, not all of them will agree on that. Some of them just want to have their own experiment and learning on their own through the process.
But I agree that if they learn to control their emotion, that will make their decisions wisely and also the experience of others if they will apply it with their trading style.

[tvplus006]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

Mistakes that we make on our own in trading are always better remembered than if we just study the experience of others, because they are always associated with the loss of our own money. Therefore, no matter how much we study theory, all this knowledge will remain only theoretical, without practical application.

[Innerpumper]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses. However, from there we learn to earn even more profit.

[imstillthebest]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

Mistakes that we make on our own in trading are always better remembered than if we just study the experience of others, because they are always associated with the loss of our own money. Therefore, no matter how much we study theory, all this knowledge will remain only theoretical, without practical application.

why do we need to study their mistakes when it was their mistakes and not ours  .
we dont need to help them because they are done with that mistake and they are upgraded now but its our self that we need to help and we can do that best if we start to trade with our own bare hands .
to study from your own or to others , you will soon find a way to apply it  because you are curious if that will work now or not and its useless if you came here to learn but no actions taken .

[isaac_clarke22]

~

Mistakes that we make on our own in trading are always better remembered than if we just study the experience of others, because they are always associated with the loss of our own money. Therefore, no matter how much we study theory, all this knowledge will remain only theoretical, without practical application.

Gonna emphasize this kind of thinking.
It's like feeling like you're the best among the class because you can memorize theories but can't do an application to them.

One of the things wrong with some traders or any other types of learners at some fields is that they believe that more books mean more knowledge and more capability.
They believe that if they simply watch tutorial series, buy course, or even read a lot of books, then they would be a better trader at the end of their study.

[bitgolden]

why do we need to study their mistakes when it was their mistakes and not ours  .
we dont need to help them because they are done with that mistake and they are upgraded now but its our self that we need to help and we can do that best if we start to trade with our own bare hands .
to study from your own or to others , you will soon find a way to apply it  because you are curious if that will work now or not and its useless if you came here to learn but no actions taken .

Well, the logic is that some other person makes a mistake and tells you not to do the same so that you learn from their mistakes and not do that. That is what learning from others mistakes work for, that is how humanity grew bigger than other animals and became humans. We pass along things we learn and teach our kids and share that information with next generations, I have never tried to grab fire before, because obviously past ancestors probably did it, I do not need to do that to learn (big example, could be wrong).

So long story short, we read from past mistakes of others, and put on top of that and our start of trading becomes better than their start of trading, obviously you will get better when you make a mistake of your own but that doesn't mean that you should not focus on anything aside from your own mistakes neither, you should learn from others as well.

[tvplus006]

...One of the things wrong with some traders or any other types of learners at some fields is that they believe that more books mean more knowledge and more capability.
They believe that if they simply watch tutorial series, buy course, or even read a lot of books, then they would be a better trader at the end of their study.

Indeed, it is the combination of knowledge and experience that makes a successful trader. No matter how much theory you get, it will be impossible to use it properly without having experience. In contrast, for us, experience sometimes becomes more important when making a decision, since it is based on a precedent that also takes place in cryptocurrency.

[wiss19]

your decision is already a good one. You don't have to split that $ 80 with any altcoins. because from btc profittalble it is clear. you just hold or sell it, it will still give you a good profit. Instead of giving the entire portfolio to altcoins that you are not necessarily sure of the future benefits. while bitcoin will not discourage you.

Bitcoin is sure the best option for him, selling the $80 worth coins to invest in altcoins wouldn’t make any sense.

Moreover most of the altcoins are seeing a huge increase as Bitcoin, except a few of them that seems to be really wilding out.

I think a few that has been increasing heavily includes Tron, Vechain, and some DeFi. Bitcoin is good and from the look of things Bitcoin might still be going for more increase because it is not going down anymore, it keeps breaking new levels every month and we don’t know to what extent it might reach soon.

[ven7net]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

[AicecreaME]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

This doesn't make any sense at all. I meant every one of us have different ways on how we are handling our trades therefore we have different experiences as well and different approach on how to deal with those mistakes (correct me if I'm wrong) It's not bad to continue the war but sometimes there are people who just don't clicked in Trading but in some point they are still pushing it far because they envy those people who are making great profits on it, but in my opinion, they should know the place where they really fit to earn money because forcing something may lead to more further losses.

[Kelvinid]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

If they don't have the interest to learn and to further enhance their knowledge and skill in trading, I'm gonna say that these noobs are really wanted to lose and throw their money than aiming to make a profit. But probably this is not what I think of them. Obviously, they are prone to losses in trading but I surely know that they are working hard to fully understand the situation and improve their capabilities. It only needs time for them to make it and someday they will show us their huge changes in trading life compared to before.

[Mpamaegbu]

But if you are determined enough to understand the likes of MA, EMA, WMA, KJD, MACD, and many other patterns and technical analysis tools as mentioned

It's dangerous relying on the above mentioned indicators as they all are "lagging". You need "leading" indicators as they tend to point you in the direction before price gets there like Support and Resistance marks, trend line and Pivot Points. These indicators alert you ahead of what price plans to do or go to while lagging indicators only follow price behind.

My humble advice to OP (like I also mentioned in another post today) here 👇

I assumed, that trading was really easy

Add this to your bag of wisdom — Assumption is the highest form of ignorance.

You did what you were supposed to do first on the second guess, and that was getting the basic skill set for trading. Well, good a thing you eventually recognized that you didn't know anything and went for tutorials on trading.

Never overlook the place of learning and acquiring basic trading skill set before venturing into trading. Otherwise, you will severely roast your finances.

[slaman29]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

Nah not really. Veteran traders are known to lose money after a good run too, usually it's all about making 99 good trades and then making 1 bad decision in a really bad month and then it topples over in a series of trying to play catch up and throwing all trading logic and rules out the window.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

[doomloop]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses.

You mean trading by other's signal? That will definitely never let you learn out of mistakes. Because you're not doing your technical part but you are simply buying signal from others then how can you can learn from the mistakes because you are not actually doing mistakes but you are copying other's mistake and you are suffering the actual losses because you are risking your capital with others knowledge.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

Yeah, you can simply accept your losses when you are able to cut them earlier and you can enjoy big profits when you are letting good profits grow with the trailing stop-loss. I believe this is one simple technique which will define best traders.

[Ararbermas]

Actually all of us can't escape doing mistakes even we say we are knowledgeable in such things. because indeed it always happened in many ways wherein sometimes without knowing. and in my opinion its up to us if we really want to do it right or we will gonna learned from our mistakes so that it won't happen again and again . Because for me in my opinion it's not base on our status, wherein i believe it depends on us if we really care the safety of our money.

[blckhawk]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

Nah not really. Veteran traders are known to lose money after a good run too, usually it's all about making 99 good trades and then making 1 bad decision in a really bad month and then it topples over in a series of trying to play catch up and throwing all trading logic and rules out the window.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

I like this answer of yours. Lose is inevitable whether you are just a newbie or someone who has enough experience. There's no hundred percent you can pull through a successful trade because no matter what you do there will be times you will get unlucky or make a miscalculation. Now the important thing is how you will handle that loss. Based on my own experience or what I have read, when someone tends to lose a big portion of their capital they mostly will try to chase it and win it back which is less chance gonna happen. The best way to do in this case is to let it go, accept your loss and learn from it because you will eventually get it back 2 fold or even more.

[jostorres]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses.

You mean trading by other's signal? That will definitely never let you learn out of mistakes. Because you're not doing your technical part but you are simply buying signal from others then how can you can learn from the mistakes because you are not actually doing mistakes but you are copying other's mistake and you are suffering the actual losses because you are risking your capital with others knowledge.

That's right, signals are a bad way to trade if you do not know what they are. I mean you are just doing something that other people suggest you to do, if you learn what signals are and what they really mean, you could get your own signals. It is indicators, like some stuff that go down and up that you should be looking at, if you know what they are, you could do them yourself.

If you are just following other people and buy/sell depending on what they say, it is not going to be good for you. This will almost always result with people losing money because they are only following other people and not doing their own research.

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

[LUCKMCFLY]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses.

You mean trading by other's signal? That will definitely never let you learn out of mistakes. Because you're not doing your technical part but you are simply buying signal from others then how can you can learn from the mistakes because you are not actually doing mistakes but you are copying other's mistake and you are suffering the actual losses because you are risking your capital with others knowledge.

That's right, signals are a bad way to trade if you do not know what they are. I mean you are just doing something that other people suggest you to do, if you learn what signals are and what they really mean, you could get your own signals. It is indicators, like some stuff that go down and up that you should be looking at, if you know what they are, you could do them yourself.

If you are just following other people and buy/sell depending on what they say, it is not going to be good for you. This will almost always result with people losing money because they are only following other people and not doing their own research.

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

The groups of signals are everywhere and they are not really profitable, in Telegram they even put you without your consent (Premium Groups) but they are not the best option, I consciously do not recommend the groups of signals.

Regarding the mistakes that should not be made, I would like to say a very common one, which I also had in my early days, and it is:

Do not trade by action of the news, the news I understood that it manifests itself after the important movements, before it is very difficult for a news to occur and then the event, and the news comes out as possible scenarios that explain the movement. If you make your trading plan and then see news, it is likely that the analysis that you have previously done will change it, because the news tends to manipulate most of the time. In Jesse Livermore's books, he made plans without checking any news, got up very early, analyzed the market, made his decisions and placed the positions, after that, he watched the newspaper and had breakfast and so on. He himself said that he did not watch the news so that he would not distort his analyzes of the market.