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Author Topic: Some Errors We Make In Trading Crypto  (Read 1281 times)
worle1bm
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April 13, 2022, 05:29:46 AM
 #21

There are lot of mistakes that we make as trader even after surviving long in the market but the time gives you experience and knowledge about market conditions and certain rules that can safeguard you in tough times making right choice.At first i also invested some amounts that i was not willing to loose and the choice of coins was not right but as said time will tell you the difference and opportunities to correct it.But don't be emotional and move with full research.

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April 13, 2022, 10:18:58 AM
 #22

I had been badly hurt while trading without a stop loss and trading with high leverage of 10x, with high leverage a drop in the price of the traded amount to a huge loss of my portfolio, I had been able to manage that area by trading with maximum of 5x which is more reasonable with a lower risk, I had also been hunted in with bad trading without a stop loss, I had a mindset of forex trading not knowing that cryptocurrencies tends to have a higher volatility thus tend to move faster than forex.
Finally I also worked my emotions especially avoid greediness after earning some profits.

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tbct_mt2
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April 13, 2022, 01:55:48 PM
 #23

I had been badly hurt while trading without a stop loss and trading with high leverage of 10x, with high leverage a drop in the price of the traded amount to a huge loss of my portfolio, I had been able to manage that area by trading with maximum of 5x which is more reasonable with a lower risk
Stop loss or not, it is hurtful of you use leverage for trading. If you are bad in capital allocation and management for trading, and if you use too high leverage, you will be punished by the market in red days.

Bad capital allocation means you use 100% of your capital for leverage trading. Consequently, in red days, in massacre times, and if stop loss order fails to save you because of Cascade effects, you will lose 70% to 80% of your capital. It's terrible if you all in trading with leverage, and after one bad trade, you lose 80% of it. Terrible nightmare certainly!

Quote
I had also been hunted in with bad trading without a stop loss, I had a mindset of forex trading not knowing that cryptocurrencies tends to have a higher volatility thus tend to move faster than forex.
Finally I also worked my emotions especially avoid greediness after earning some profits.
You have to consider to use Stop loss order and Stop limit order too.

What is a stop limit order?
One of the best weapons in trading
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April 13, 2022, 02:41:52 PM
 #24

 
  • Going all in- it a very bad habit, never ever put all your eggs in one basket. it's a popular saying.
  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.

The list above is derived solely from my own personal observations and experiences, feel free do add yours.
this is the main key why alot traders liquidate easily , they thing  in this market was a place to be rich person only in a night and deny all main rules in trading. and another points is there are still alot futures traders using over leverage and high margin in their open position , honestly this is ever to my self and now i am trying to controlling my psychology to be a little calm and not over trade.
Becoming rich through cryptocurrency trading must be structured and go through a long process, this cannot be done overnight. I feel sorry for beginners who don't understand cryptocurrency, they prefer to imagine getting rich faster, even though there is a big risk in front of them, sometimes they feel sad about what they are doing to sell their property to buy crypto and expect their investment to double soon. from the first step they have made a wrong step, then the next difficult thing can be guessed

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April 13, 2022, 03:30:34 PM
 #25

 
  • Going all in- it a very bad habit, never ever put all your eggs in one basket. it's a popular saying.
  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.

The list above is derived solely from my own personal observations and experiences, feel free do add yours.
this is the main key why alot traders liquidate easily , they thing  in this market was a place to be rich person only in a night and deny all main rules in trading. and another points is there are still alot futures traders using over leverage and high margin in their open position , honestly this is ever to my self and now i am trying to controlling my psychology to be a little calm and not over trade.
Becoming rich through cryptocurrency trading must be structured and go through a long process, this cannot be done overnight. I feel sorry for beginners who don't understand cryptocurrency, they prefer to imagine getting rich faster, even though there is a big risk in front of them, sometimes they feel sad about what they are doing to sell their property to buy crypto and expect their investment to double soon. from the first step they have made a wrong step, then the next difficult thing can be guessed

This is theindset of those who only see crypto trading as a shortcut to success and do not consider its risks. They usually trade by emotions which usually result in losses. They only see profit and gains and disregard the possible amount that they could lose. A proper mindset will be the first thing that we should consider before we trade. Trading is a long process of learning and it's also a long pathway of the the journey and we still have a lot of circumstances to encounter before we reach the target profit that we want.
kamilah147
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April 13, 2022, 06:52:41 PM
 #26

yes your advice really helps us in deciding to open a trade. crypto is not a place for someone to get rich, but crypto is a place where we have to spend capital and get profits if the analysis we do is right, if the analysis we do is wrong then bad luck will come to us.
one more important point in my opinion is "don't be greedy" take profits according to your initial target. because if you want a bigger one, I'm afraid the market will turn down again.

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April 13, 2022, 07:39:56 PM
 #27

 
  • Going all in- it a very bad habit, never ever put all your eggs in one basket. it's a popular saying.
  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.

The list above is derived solely from my own personal observations and experiences, feel free do add yours.
this is the main key why alot traders liquidate easily , they thing  in this market was a place to be rich person only in a night and deny all main rules in trading. and another points is there are still alot futures traders using over leverage and high margin in their open position , honestly this is ever to my self and now i am trying to controlling my psychology to be a little calm and not over trade.
Becoming rich through cryptocurrency trading must be structured and go through a long process, this cannot be done overnight. I feel sorry for beginners who don't understand cryptocurrency, they prefer to imagine getting rich faster, even though there is a big risk in front of them, sometimes they feel sad about what they are doing to sell their property to buy crypto and expect their investment to double soon. from the first step they have made a wrong step, then the next difficult thing can be guessed

This is theindset of those who only see crypto trading as a shortcut to success and do not consider its risks. They usually trade by emotions which usually result in losses. They only see profit and gains and disregard the possible amount that they could lose. A proper mindset will be the first thing that we should consider before we trade. Trading is a long process of learning and it's also a long pathway of the the journey and we still have a lot of circumstances to encounter before we reach the target profit that we want.
When you do make yourself hurrying up on things then you would lost in track where there are really factors which are needed to be done first and would really be needed for you to master or familiarize so that you

would able to sustain this market.Errors cant really be avoided though but could really be lessen out in terms of chances for it to happen, once you d o gain sufficient experience then you would really able to find out
that this market is something that shouldnt be rushed up on making out decisions.It should be done on a careful and making some good analysis on it if you do really like to sustain or survive.

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Kasabus
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April 13, 2022, 08:34:45 PM
 #28

  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.
Of course it isn't, but quite a lot of people do not believe that, i think a lot of problems people have with crypto stems from the fact that they want crypto to make them rich asap, as a result they invest/trade without research, they invest/trade with more than they can afford to lose, they become impatient, they choose 'lottery' coins and end up in the receiving end, etc. People need to take crypto trading/investing as what can produce/provide a secondary source of income, that way they would be patient enough to do their research and make good decisions.

In truth newcomers need to understand that there is no trading guide that can guarantee them profits, all they must do is learn all there is to and make the right choices, but profit and loss remains a possibility, but when you lose, just learn from it and move on.
Most of the newcomers see crypto as a big opportunity to get rich in a quicker way because i believe they are considering the higher value of crypto compared to fiat. Not knowing, that if they instantly invest or trade in crypto without prior knowledge and experience, it will easily lose their funds and they become poorer instead. So those who have mindset that crypto will make you rich instantly is definitely wrong. You will only become rich here if you have the knowledge and skills, the good and proven strategies, and of course patience all the time, but it takes time before you can achieved all of these.

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April 13, 2022, 08:45:07 PM
 #29

  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.
(.....)
I believe this is a common mistake that people made especially at the beginning of their journey in trading cryptocurrencies.
They really thought it is easy especially when they saw someone who are flexing some profits on social media and for sure that's the time they are being lured to trade cryptocurrencies. This should not be the mindset of people who are starting to trade cryptocurrencies.

Unfortunately this is so common that the vast majority of newbies at some point make this mistake at the beginning off their careers, and to be honest this is one of the easiest mistakes to avoid.

The only thing you need to do in order to avoid this mistake is simply to inform yourself before you come to this market, now it is true the volatility is higher and as such the profits can be higher as well, but what many people never mention is that the volatility can play against you as well and produce more losses than what you can get in other markets, if newbies understood something as simple as this and they lowered their expectations then they will not lose as much money as they do now.

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April 13, 2022, 09:44:50 PM
 #30

Entering the world of trading means that we are ready to fail and also the possible profits, but that does not mean that we have come here to fail. Failure is normal and we must learn from it. I agree with some of the important points that are written here about tips to avoid mistakes in trading which will help us to trade well. the way we manage the trading assets that we have will have an impact on the results that we get. therefore we must be able to control our emotions so as not to be affected by the ups and downs of the crypto market. most mistakes in trading are too hasty and panicked, avoid them because it will make our minds more confused in trading.

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April 13, 2022, 10:18:58 PM
 #31

Entering the world of trading means that we are ready to fail and also the possible profits, but that does not mean that we have come here to fail. Failure is normal and we must learn from it. I agree with some of the important points that are written here about tips to avoid mistakes in trading which will help us to trade well. the way we manage the trading assets that we have will have an impact on the results that we get. therefore we must be able to control our emotions so as not to be affected by the ups and downs of the crypto market. most mistakes in trading are too hasty and panicked, avoid them because it will make our minds more confused in trading.
I think if we speak trading itself it's not just about the profit it's also about having a knowledge about of different strategies so you can try different strategies if you think you aren't gaining progress with your trading skills. Entering crypto market is not just all about learning what is this and that it's all about experience and understanding and setting the mindset that not everyday is a profit day. Rest assured that your losing streak is minimal than your winnings.

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April 13, 2022, 11:01:39 PM
 #32

The most thing that we actually find out right now is the wats how so many people only get i to crypto because of hype and also influenced by the influencers, people, and also allpromotions about new coming coins witg high specialty. moreover the coin is issued by influencers or celebrities that have so many fans or followers.
They put the money in the wrong way.

briefly, the pounts that OP underlined are actually true enough,but although have been noticed many times, these errors or mistakes seem not to be ended.

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April 13, 2022, 11:30:16 PM
 #33

In cryptocurrencies trading, we many consider that trading a platform where we can get rich in a short time. So we hold coins without any target... Again some  traders invest some valueless scam projects without any investigation. Some enter the market at the time of bull run.

Above all cases the Major errors in the cryptocurrencies trading.

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April 13, 2022, 11:35:57 PM
 #34

Great points i think over leveraging (or leveraging in general) deserves a spot there, so many people fall into this trap of trading with money you don't have thinking they can multiply their winnings but end up losing their entire capital.
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April 13, 2022, 11:47:54 PM
 #35

  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.
Of course it isn't, but quite a lot of people do not believe that, i think a lot of problems people have with crypto stems from the fact that they want crypto to make them rich asap, as a result they invest/trade without research, they invest/trade with more than they can afford to lose, they become impatient, they choose 'lottery' coins and end up in the receiving end, etc. People need to take crypto trading/investing as what can produce/provide a secondary source of income, that way they would be patient enough to do their research and make good decisions.

In truth newcomers need to understand that there is no trading guide that can guarantee them profits, all they must do is learn all there is to and make the right choices, but profit and loss remains a possibility, but when you lose, just learn from it and move on.
I think there's no way we can change the perception of those who are new in crypto that crypto is a get rich quick scheme, the main reason why they come here in crypto. But until they start to invest and trade without preparations and lose all their capital, then they will come to understand that there's no easy way on making one's life become rich. Everything is done by hardwork, and of some luck. But if they will continue to learn in crypto, despite of all the losses in the past, they will eventually become rich in crypto but the process will definitely takes years.
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April 14, 2022, 02:21:56 AM
 #36

  There are many mistakes we make in crypto trading, crypto newbies as well as those that's been into crypto for a while often make this same mistake.
However, allowing yourself to make too many mistakes in your cryptocurrency trading journey can end up being a source of discouragement, as we all know, the market does not forgive even an honest mistake, and even the smallest mistakes turn out to be very expensive at times, so it is advisable we always advice ourselves, do a proper research before making important decisions, don't depend solely on market signals, it is true that many have made a fortune through market signal, but also alot more have lost everything through it as well.

Few tips I feel will help us to avoid some of the mistakes we make or are likely to make in our cryptocurrency trading journey are - but not limited to -
 
  • Going all in- it a very bad habit, never ever put all your eggs in one basket. it's a popular saying.
  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.
  • Purchasing a coin mainly because it's price is low- many people avoid buying coins like bitcoin, Ethereum, bnb because they feel the price is already too high, so they opt for Shiba inu kind of coins which give them billions of coin for a dollar, only for the developers to abandon the project after few months, and they end up loosing their money- don't do this, it's a very bad habit, and the result of making this kind of mistake can be very expensive most times.
  • Being a victim to scam/con artists- Avoid this at all cost, you can achieve this by educating and enlightening yourself, "when you know what they know, or even more than they know, they won't be able deceive you", its that simple.
  • Using other people's market signal to trade- doing this saves you alot of time and also makes trading very easy -, but remember, "good things don't come easy, if it does, then it comes a child's play", learn to do your own research, analyze the market, technical and fundamental analysis, learn everything you need to be your own boss in your crypto trading.
  • Making use of exchanges with high transaction/withdrawal fees - you don't wanna make all those profits and at the end of the day, loose it all to the exchange due to their exorbitant fees, be it in whatever form "trading fees, withdrawal fees, some exchanges even charge deposit fees", avoid this kind of exchanges, they are the number one joy killers in trading.

The list above is derived solely from my own personal observations and experiences, feel free do add yours.
1. You can go all in as long as you can afford to lose. You can put all your eggs in one based if it is Bitcoin. You won't regret and it is the safest of all options.

2. Unfortunately some people see it as a get rich quick scheme, invest in shitcoins, loses everything and then starts crying.

3. Yep, you are right. People should be looking at the supply and the marketcap, not at the price of the coins.

4. No matter how much you warn people, they will still fall  for those obvious stupid scam due to greed.

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April 14, 2022, 05:45:57 AM
 #37

Quote
Entering the world of trading means that we are ready to fail and also the possible profits, but that does not mean that we have come here to fail. Failure is normal and we must learn from it. I agree with some of the important points that are written here about tips to avoid mistakes in trading which will help us to trade well. the way we manage the trading assets that we have will have an impact on the results that we get. therefore we must be able to control our emotions so as not to be affected by the ups and downs of the crypto market. most mistakes in trading are too hasty and panicked, avoid them because it will make our minds more confused in trading.

Exactly, mean we are ready to experience those two things from crypto trading which are profit and loss. Whenever you are experiencing losses or failure in your crypto trading, is a sign that you need to learn more about crypto trading so that you can be able to improve in the community not to experience failure than to experience profit making from the market. I believe some traders has learned from other traders emotional mistakes, not to be an hurry to sell in the market than to watch the market price very well before releasing them for sale to make a good profit.

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April 14, 2022, 07:00:04 AM
 #38

This is theindset of those who only see crypto trading as a shortcut to success and do not consider its risks. They usually trade by emotions which usually result in losses. They only see profit and gains and disregard the possible amount that they could lose. A proper mindset will be the first thing that we should consider before we trade. Trading is a long process of learning and it's also a long pathway of the the journey and we still have a lot of circumstances to encounter before we reach the target profit that we want.
Before you consider being a trader you have to make sure that you are going into doing what you love. If it’s not something that you love, then you wouldn’t be ready to have patience and dedicate much time that is required to learn it.

A lot of people that I have noticed who do trading today are not doing it because it is something that they love to do, rather they just want to do it because someone have told them that they can make millions of dollars from investing and trading cryptocurrency. That’s why most of them are impatient to learn, they are just chasing the profit and at the end they get frustrated and leave the market with nothing.

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April 14, 2022, 07:30:57 AM
 #39

  • Crypto is not a get-rich-quick scheme- so seeing it as one is a big error and can lead to a lot of other mistakes and loses.
(.....)
I believe this is a common mistake that people made especially at the beginning of their journey in trading cryptocurrencies.
They really thought it is easy especially when they saw someone who are flexing some profits on social media and for sure that's the time they are being lured to trade cryptocurrencies. This should not be the mindset of people who are starting to trade cryptocurrencies.

I know someone who become a trader because of the people posting their profit on social media (specifically on fb). Its not bad to follow the foot steps of those who made it to be successful in their chosen career but it is necessary for us to educate ourselves first before trying to enter and be a trader/investor. Without proper knowledge, he lost his capital after buying a coins that he saw on twitter because of the hype. Now he know the importance of studying and never be blinded by other people's earnings. The experience is really a good teacher for us to realize our mistakes.

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April 14, 2022, 07:41:31 AM
 #40

Errors are common and we often encounter when trading crypto, but the most important thing is to always make sure that the price we set is what we want, especially if we are trading new coins which are usually cheap with lots of zeros after the comma so that if we don't alert then we can lose 1 digit.


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