Few Tips I learnt from trading that blew my account.

[Franctoshi]

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.

[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.

[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.

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

[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.

[Fatunad]

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

Main ones that you should really avoid as much as you can or could because this would be the main reason on why you do mess up things or even make the situation even more worst.
Dont chase up for money and dont chase up your losses just like on gambling rules on which you should not rush things up whenever you do make out  trading decisions.
This isnt a race but rather talking about sustainability which is something that you do really need to do as a trader.You would learnt up things along the way because all of us do
start on being a noob so its normal to have these kind of realizations in our way.

[rsbtcpc]

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.

[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.

[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.

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

[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.

Trading is a competitive business. It's safe to assume that the person sitting on the other side of a trade is taking full advantage of all of the available technology.

Charting platforms give traders an infinite variety of ways to view and analyze the markets. Backtesting an idea using historical data prevents costly missteps. Getting market updates via smartphone allows us to monitor trades anywhere. Technology that we take for granted, like a high-speed internet connection, can greatly increase trading performance.

[Captain Corporate]

 Mine was honestly just "get a grip of long term investment ant patience". That was it, the moment I realized that I could simply buy bitcoin, even if small amounts, and few other big name coins and just keep on doing that forever, and in 20-30 years I will %99.99 chance be a rich person was enough to convince me to go down that route. It never really mattered to me what the price of one bitcoin is right now, I could buy it at any price, what matters to me was just getting a good return in 20 years and I believe that most people knows it will be a good return in 20 years, thats good enough to me.

[livingfree]

[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.

Predictions are normal in this market.

You'll always get to see people giving their predictions on how it's going to be look like for the next trend based on what they see in the charts. It's true that trend is our friend and we get to know how to react on it immediately.

With predictions, it's okay to have it as long as you have basis. Baseless predictions, they're the ones that shouldn't be one.

[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.

True.

If you are in profit, take it and don't wait for the market to take it from you.

[crzy]

[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.

Trading is about prediction, you are analyzing the price movement to predict its future trend so I don’t see any reason not to predict because this is very important in trading and we should always analyze to know what to do next. Even if there’s no trend you can still do trading, its all about the risk and if you’re ready for it no one can stop you to trade.

[Franctoshi]

[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.

Trading is about prediction, you are analyzing the price movement to predict its future trend so I don’t see any reason not to predict because this is very important in trading and we should always analyze to know what to do next. Even if there’s no trend you can still do trading, its all about the risk and if you’re ready for it no one can stop you to trade.

What I was taught and also base on my little experience is that market is not predictable, we can only react to market situation.
for instance, You forgot last year that many People were predicting 100k for Bitcoin by December but the market chooses it own way, if it's so predictable ,Bitcoin should have been 100k by now, so for me I react  to a given current market situation.

[wxa7115]

 Mine was honestly just "get a grip of long term investment ant patience". That was it, the moment I realized that I could simply buy bitcoin, even if small amounts, and few other big name coins and just keep on doing that forever, and in 20-30 years I will %99.99 chance be a rich person was enough to convince me to go down that route. It never really mattered to me what the price of one bitcoin is right now, I could buy it at any price, what matters to me was just getting a good return in 20 years and I believe that most people knows it will be a good return in 20 years, thats good enough to me.

What happens is that as Warren Buffett once famously answered to a question of Jeff Bezos about why was not everyone copying him: ‘Nobody wants to get rich slowly’.

The vast majority of those that come to the markets do so with the intention of becoming rich quickly, some are thinking to achieve this in a few years while the most desperate for profits are thinking in terms of months or even weeks, no one wants to take decades for this to become true, and yet this is the safest and the method that will most likely produce those results.

[seleme]

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.

[carlfebz2]

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.

Dont make yourself that too much confident on things specially on handling the market.It may look like easy but once you do step your foot then you would surely realized that it is too hard to predict on where prices

could possibly go and this is where mistakes do start to happen and its true that you should really learn from your mistakes because if you do try to go opposite then you would see it as a big problem.

You would not sustain this market if you do really have that kind of mindset which you should really be changing it off for you to survive.

[GreatArkansas]

(.....)
[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.

[palle11]

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.

This is right. No need to chase the market because you lost and you jump right in again, this is not wise, the market can revert while you are on it. Is better to cool off and wait for another opportunity.

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

I think sometimes we need to close a losing trade if you see it will hit your SL because it won't do you any good to stand on the road while vehicle is approaching. That is the way the analysis is.

[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.

You enter a wrong trend you can be sure of losing your capital. Trading what you see can lead you into the trend.

[crwth]

It's quite weird to see the title as like that. Tips that you have learned that blew your account. Do you mean the following?

• You blew your account to liquidation
• You blew your account to larger amounts

Those tips can help you prevent blowing away your capital. I think you should change your subject.

[wildan88]

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.

[wiss19]

Mine was honestly just "get a grip of long term investment ant patience". That was it, the moment I realized that I could simply buy bitcoin, even if small amounts, and few other big name coins and just keep on doing that forever, and in 20-30 years I will %99.99 chance be a rich person was enough to convince me to go down that route. It never really mattered to me what the price of one bitcoin is right now, I could buy it at any price, what matters to me was just getting a good return in 20 years and I believe that most people knows it will be a good return in 20 years, thats good enough to me.

I do agree that if you are doing a long term investment, your job is easier, but trading is a bit different. In the trading world we are talking about a bit of a different situation where you need to buy and sell and do that quicker in order for it to be considered trading and not investment. What you are doing is called investment and that is a different situation to be in.

In trading, OP is a bit right, obviously those are known and at this period a bit boring situation to be in, and that is really not something that I would be loving to explain further, but anyone who doesn't know what OP talks about, shouldn't trade, and anyone who does but doesn't follow, probably knows why they are failing.

[Johnyz]

~

We must do everything to become more effective in trading, these advices can be more effective if you have self-control especially with your emotion.
Chasing the market, being greedy can't help most of the time, its always good to trade with a perfect timing.

It's quite weird to see the title as like that. Tips that you have learned that blew your account. Do you mean the following?

• You blew your account to liquidation
• You blew your account to larger amounts

Those tips can help you prevent blowing away your capital. I think you should change your subject.

Maybe those tips help his account to become more profitable based on content of the topic.
Common advices for every inspiring trader, which normally affect their trading decision.

[tranthidung]

[1].Don't Chase the market:

It's JOMO: Joy of Missing Out. Opportunity comes and goes, if you miss one, you will still have others in future. Don't chase the market when price already takes off significantly.

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

It is more relevant to investment, not trading. It is very rarely to find traders with enough patience. That is an explanation why 80% or 90% of traders end with loses. Another reason is their undisciplined results in bad high-risk taking portfolio management style.

[3].Don't predict the market ,react to current market situation.

Prediction can be right or wrong but in case your prediction is wong, you must react as fastest as possible.

[4].Don't outsmart the market :

Don't time the market, let it runs. If you pick a solid project, price will take off someday. It's just your responsibility to own it tightly and make sure you don't bet all of your capital in a single asset.

[Wexnident]

Mine was stop trading, it ain't for you (in this case me) . So I just went to DCA. When I tried trading I made a lot of mistakes, overextended my investments, made bad investments (which is natural even when you're already a veteran trader imo). The stress of losing money almost every day was quite heavy, couldn't really handle it even though I earned more compared to what I lost sometimes. It's like a permanent roller coaster of emotions, and well not that I'm saying that's bad or anything, it just doesn't mesh well with me.

[NeuroticFish]

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

Well, a certain amount of greed made you start trading in the first place
So I'd better say: don't be overly greedy and stick to the plan. If you planned to cash in at a certain point, stick to that and plan the next step accordingly, because another opportunity should come.

[Captain Corporate]

What happens is that as Warren Buffett once famously answered to a question of Jeff Bezos about why was not everyone copying him: ‘Nobody wants to get rich slowly’.

The vast majority of those that come to the markets do so with the intention of becoming rich quickly, some are thinking to achieve this in a few years while the most desperate for profits are thinking in terms of months or even weeks, no one wants to take decades for this to become true, and yet this is the safest and the method that will most likely produce those results.

 I understand that it took warren buffet decades to reach where he is, and he definitely managed to do something magnificent. However let us not forget that he was the son of a senator, who helped him get his first stock when he was just a little kid, and Warren Buffet never had any problems finding money to invest even before he was rich.

 However the mindset stands. He did the old long term deal and he stick to it. %20 a year is a very difficult thing to do if you would like to do that for 50 years in a row, he averaged that much, which is awesome and in return people trusted tens of billions of dollars to him. If we could do the same in crypto, just invest for the long term, and keep doing that for 50 years? Boy oh boy, we would get SOOO much more than %20 on average.