Few Tips I learnt from trading that blew my account.

[maydna]

From what @OP said, it's all true for anyone because those are some things that will help traders profit. Maybe there are many more that we do not know due to lack of knowledge about it. But I agree with numbers one, two, and five because we don't need to chase the market if the price has gone up by half. After all, there is no guarantee that the market will keep going up. In addition, if you can be patient in trading or analyzing the coins you want to buy, you will find the right coins to buy. And number five, don't be greedy to withdraw the profits already in front of you because they might disappear in the next minute.

[Yamifoud]

These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

I still remember my newbie days in trading. I'd always think about losing an opportunity once I miss buying coins at a lower price so what I did is to still buy them even during the hypes. That is why I'd suffer more losses than getting some profit. And from that, I learned that it was no need to chase the market, prices may go up and down, and what we need is patience.

That is why I'd love the volatility of the market. If we miss this time, there is still a chance in the next round. Or, just to look for other coins that aren't yet in the surge.

[MFahad]

2]. Always be patient with your trading set ups:

This is very important. Some days ago I give signal of Near token in WhatsApp group. One if my friend bought at 14.2 but suddenly market down little and Near hit stop loss of 13.5. After that Near token hits 17$. If he had Patience he would get profit. So patience Is main key for taking profits.

[5]. Don't be greedy:The master of it all.

This is another big problem in investors. Profit booking is very important. Most of people go for loss because of greed and did not sale on ATH.

[suzanne5223]

On the contrary, being greedy is never the real enemy of every crypto trader but a lack of knowledge because being greedy is one of the best decisions only when applied at the perfect time which is when people dump or when their fear in the market you can greedily buy. However, buying good crypto is needed and this is one of the reasons why I said lack of knowledge is the major problem of crypto traders.

There is pros and cons of being greedy which you are definitely right that it isnt everytime in talks about negative of someone being greedy because it all matters with the timing.

This is the reason why they say time is everything in the cryptocurrency market and I make this point cause some people believe being greedy is something really bad.

If you do know on how to balance everything and have some good control of emotions in regarding with your actions then you would really be finding  this beneficial.
You would definitely blow your account if you dont set out proper risk management which is really very that common.

Honestly, in the crypto market, no one really knows how to balance everything cause we dealing with a high volatile market that can present a trend even when we're not ready.
Crypto trading is like gambling and good emotional control will never work if the trader doesn't understand the fundamental concept of trading.

[milewilda]

From what @OP said, it's all true for anyone because those are some things that will help traders profit. Maybe there are many more that we do not know due to lack of knowledge about it. But I agree with numbers one, two, and five because we don't need to chase the market if the price has gone up by half. After all, there is no guarantee that the market will keep going up. In addition, if you can be patient in trading or analyzing the coins you want to buy, you will find the right coins to buy. And number five, don't be greedy to withdraw the profits already in front of you because they might disappear in the next minute.

Its understandable that we do really commite out mistakes because we are just newbie or doesnt have that much knowledge or skills which is understandable but on the time that you had acquire such

skills and knowledge then this is where you do able to have a good grasps on the market and this would really be taking some time and you shouldnt rush up just like on what noobs do usually do.
YOu wont really be able to enhance or improve yourself if you wont really realize on things on what you should gonna need to handle out.

[Strongkored]

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

waiting for a new opportunity to come is not easy as well as when you see an existing opportunity just disappear without having a trader take part in it, but yeah you're right don't force yourself to follow every opportunity that exists especially if you know the time is too late

[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.

follow the trend will only be profitable if you join it at the beginning not after it declines, for example memecoin if you enter the market at the beginning it will be very profitable but when join in middle or in the last period don't expect profit otherwise only become a long holder or do a cut loss if you don't like looking at assets keep dropping

[maydna]

~snip~

Its understandable that we do really commite out mistakes because we are just newbie or doesnt have that much knowledge or skills which is understandable but on the time that you had acquire such

skills and knowledge then this is where you do able to have a good grasps on the market and this would really be taking some time and you shouldnt rush up just like on what noobs do usually do.
YOu wont really be able to enhance or improve yourself if you wont really realize on things on what you should gonna need to handle out.

The most important thing is how we can respond to what is happening in the market and not rush into making decisions. With calculations and analyses that are not in a hurry, you can make decisions that may be right based on the circumstances.

And at number one, it can be a turning point for us in looking for every next opportunity because whatever happens in the market will give us an opportunity to enter or stay waiting for a while.

By using analysis, we will know what we have to do. And coupled with calm analysis, we can know if the time has come for us to enter the market and buy the coin or is it better to hang on and wait some more.

[palle11]

[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.

follow the trend will only be profitable if you join it at the beginning not after it declines, for example memecoin if you enter the market at the beginning it will be very profitable but when join in middle or in the last period don't expect profit otherwise only become a long holder or do a cut loss if you don't like looking at assets keep dropping

You are quite true to follow trend because you start making profit early before the market even get to the way where it starts slow move because more people have entered and some whales have pulled out but how to catch the trend is the real issue. Some meme coins only get popular around when it has already had ATH and entering such times is risky.

[Assmosis]

Imo, all of this has to do without a trading mindset. We all want money, but in hope of that, we undermine the risk of trading and fail to trade carefully. Our goals should be realistic and to achieve that we should have a plan and a set of trading rules beforehand.

[Finestream]

(.....)
[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.
(....)

I believe this is the common problem of traders that are starting, even me before I can admit this. The feeling of like you FOMOd and you insist on finding a good entry even you already know that it's already too late.

Not all the times you can open a trade, whether it's a short or long position.
Always remember that there are millions of opportunities ahead, capital preservation is the key.

If you are a newbie, there is always that feeling of eagerness to make more profits as much as you can even if you know the market is not at its best. It's like making a race over the market, and you know that you can't win over it. Patience is always the key. The market has its own best entry and best exit so you should always be aware when is the right timing. And to think that the market brought a lot of opportunities, you just have to patiently wait for it and seize it when its already in front of you.

[sulendra12]

[1].Don't Chase the market:
There is always a next opportunity in the market,

True, it's okay to failed at first, there is always a next chance for us.

[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.

Believe it or not, people trades by following the trend have achieved more profits than regular trade in most cases. Look at when Doge and Shiba went up to the moon, I have seen people in my place were getting good profit from there and stop it when they have enough, it's surprisingly a great method to earn something really big in one sitting.

[4].Don't outsmart the market :
market does whatever thing it wants to do, so don't be too smart wait for confirmation.

True, sometimes if you think you have enough informations  to decide what to do in trading, but in the end the market does the opposite for you. It's not going to hurt if you wait patiently and wait for the right moment,  chasing for bigger profit is fine but you have to do it in the right conditions.

[Kasabus]

Don't outsmart the market, it is most common mistake my winning traders who keep doing same things and expect same trading performance over the years. Market behavior may change, adopting a new rules can take a while while traders keep chasing losses which shouldn't happen at first place according to book. Chasing losses and fighting back market trends never bring good consequences for pro traders, better to learn from your mistakes before it is too late.

Always know your limits. The market will always be smarter than us, and we will never win over it. We need a plan and we need to stick with it and simply not chasing over our losses. Although we always become emotional because of some unexpected losses, but we will never make profits unless we never loss. So better we'll just learn from our mistakes and move on. Sometimes all we need is trial and error method so we will know which way will work.

[Vaculin]

They are good tips especially this kind of tips weren't teach in the courses or books since they are tips from actual experience of the trader and can only be experience through actual trades. You blew your account and you learned your lesson, I hope this lesson was enough not to repeat the same mistake. I would like to add the leverage but I think it fits in the 5 which is the greed part.

That would be easy to tell, but definitely hard to do it and perform. I guess no matter how often we end up doing mistakes and commit losses, we still fall doing the same mistakes again because we tend to become emotional most of the time. But that is part of our training in trading, learning it the hard way. But if we still end up making frequent losses at the end of the day, maybe we should start to think if trading is really our passion.

[dunfida]

Don't outsmart the market, it is most common mistake my winning traders who keep doing same things and expect same trading performance over the years. Market behavior may change, adopting a new rules can take a while while traders keep chasing losses which shouldn't happen at first place according to book. Chasing losses and fighting back market trends never bring good consequences for pro traders, better to learn from your mistakes before it is too late.

Always know your limits. The market will always be smarter than us, and we will never win over it. We need a plan and we need to stick with it and simply not chasing over our losses. Although we always become emotional because of some unexpected losses, but we will never make profits unless we never loss. So better we'll just learn from our mistakes and move on. Sometimes all we need is trial and error method so we will know which way will work.

Know your limits and set stop losses and be contented on what are the possible profits that you could make. Dont tend to be impulsive because this kind of emotion would be the reason on why you would really be ending

up with mistakes and its a very common scenario that do happen to everyone.Its inevitable actually but somewhat can be controlled once you do already gained that sufficient experience.

You could really blow your account easily if you dont mind on setting out risk management and other factors needed.

[Benefactor]

This isn't a race yet rather discussing supportability which is something that you in all actuality do truly have to do as a broker. You would learnt up things en route since us all do
begin on being a noob so having these sort of acknowledge in our way typical. Regardless of whether there's no pattern you can in any case do exchanging, its about the gamble and on the off chance that you're prepared for it nobody can stop you to exchange.

[19Nov16]

These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

I think this is an important factor because most investors will continue to chase the market because they think now is the right time to enter, if we continue to chase the market then we will get a high price so that after we buy the price will drop and we regret for chasing the market and getting high price.

[molsewid]

This isn't a race yet rather discussing supportability which is something that you in all actuality do truly have to do as a broker. You would learnt up things en route since us all do
begin on being a noob so having these sort of acknowledge in our way typical. Regardless of whether there's no pattern you can in any case do exchanging, its about the gamble and on the off chance that you're prepared for it nobody can stop you to exchange.

You're certainly right mate, in trading, we shouldn't have to take it as a race of who should be the one to earn faster because believe me those traders who successfully earning good profit now they are waited for this time to come. They invested their time to learn the rules of trading, to learned from their mistakes and continue dreaming and taking action on how to perfectly trade without losing a lot. Like we always heard from a saying there's always a perfect timing for everything, so if your trading strategies and techniques didn't work perfectly now then time will come you will master it and you can be good at it.  

[Zilon]

These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

There are always new opportunities everytime in the market. Patience for a new signal is always the best for successful trades.

[2]. Always be patient with your trading set ups:
 Sometime it takes you up to a week or more for a trading set ups to get complete before executing a trade.
Secondly, sometimes it's good to wait for your stop lose and take profits to get triggered and don't close them yourself out of fear.

If the analysis is right hold on to your trades. Most times retracement can be very deceptive. But this is only applicable to trading account with good funds not a $100 account

[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.

We don't predict the market we analyze. And for analysis it takes more than one confirmation to establish a trade decision.

[4].Don't outsmart the market :
market does whatever thing it wants to do, so don't be too smart wait for confirmation.

Knowing when to use a particular trading type will best suit this. Different market condition have different trading pattern. Knowing which to use at every point in time saves your trade

[5]. Don't be greedy:The master of it all.
Greediness can reap you off all your profits already gained from the market when you're trying to gain it all. Be comtempted with the profit you've got and have plans for profits taking.
This is one the biggest challenge I faced during my early time of trading and even now but it's reduced and controled.

Greed is the key killer of good strategies. Not even the best trading technique survive a greedy trader.

[Silberman]

I think the reason why most retail crypto traders fail is either investing in low cap alt coins or using high leverage.

We all heard what happened with Doge and Shiba, so people are buying any low cap alt coins thinking they will score a 100x and instead they get rugged.

Or they use 100x leverage or even 20x leverage trading perps and they get liquidated whenever there is a decent sized move.

Correct, however if we look a little bit deeper we can see that both of those scenarios are caused by unrealistic expectations, basically people come to this market thinking they are going to make a fortune and once they try to put into practice the strategy they have selected to reach their goals, whether this is investing in high risk altcoins or using leverage, they realize their mistake and see how their capital disappears from their account, this could be avoided by actually learning how difficult it is to produce the profits they want, but very few people stop to consider how realistic their plans really are.

[carlisle1]

They are good tips especially this kind of tips weren't teach in the courses or books since they are tips from actual experience of the trader and can only be experience through actual trades. You blew your account and you learned your lesson, I hope this lesson was enough not to repeat the same mistake. I would like to add the leverage but I think it fits in the 5 which is the greed part.

That would be easy to tell, but definitely hard to do it and perform. I guess no matter how often we end up doing mistakes and commit losses, we still fall doing the same mistakes again because we tend to become emotional most of the time. But that is part of our training in trading, learning it the hard way. But if we still end up making frequent losses at the end of the day, maybe we should start to think if trading is really our passion.

I'm going to follow you with your statement. It's true that emotion makes us suffer from doing the same mistake over and over.

If we don't allocate extended time to learn, the chance to repeat is very possible,
learning things the hard way will strengthen our understanding. It's a must that each traders needs to have.
Look always from different angles before taking your position, from one mistake to another. Make sure that
you already adjust and trying to improve your strategy.

improve your emotions from both greed and fear while you are inside the market.
It will help you in succeeding from each goal you have during your trades.