Some Errors We Make In Trading Crypto

[Viscore]

• 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.

Since new comers always see trading as an opportunity to get rich quick, then they never take more time to learn and study first about trading, instead they go on trading without prior knowledge and experience. The reason why most of them never succeed in trading, and some end up quitting. However, this wrong mindset is not only happening for newbies, but even those who are ahead of them. But the good thing is, they never quit from trading because every time they commit losses, they always learn from them and become more motivated to trade again.

[Mahanton]

• 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.

Since new comers always see trading as an opportunity to get rich quick, then they never take more time to learn and study first about trading, instead they go on trading without prior knowledge and experience. The reason why most of them never succeed in trading, and some end up quitting. However, this wrong mindset is not only happening for newbies, but even those who are ahead of them. But the good thing is, they never quit from trading because every time they commit losses, they always learn from them and become more motivated to trade again.

Cant deny to have this kind of impression when we are still a newbie or noob into this market on which we do think about getting profits on easy manner but on the time you had able to experience with your own hands then this is where you do realize that these things wont really be that easy as it looks and you would really realize for yourself that you do need skills and experience on handling it out.
Its not a quick rich scheme and this is a business or investment on where you could really make profits in long term or lifetime if you do able to done it well.

[doomloop]

Making use of exchanges that has high transaction and withdrawal fees can really be frustrating for someone who is a trader. You manage to make profit from trading and the next thing you are losing a huge part of the profit you have made because of the fees you would have to pay on the exchange for withdrawal and transactions.

So, it’s really important that we choose exchanges with the possible lowest fees so that we wouldn't have to be paying all that much and losing a big chunk of our profit that was made trading on the platform.

But you need to consider the reputation of the exchange itself. Not only look for lowest possible fees but the liquidity itself. Yes, there are exchanges that are charging cheaper fees. But do you think you can execute your orders according to your targets? Because some problem with exchanges is the liquidity, the gap of buy/sell order, also look at the trading fees as well. Better secure your assets by using reliable exchanges rather than look for cheaper fees and you are in doubt if you can ever get out your funds safe.

Paying that extra fee is better than to lose all what you made because the exchange is scam. Yes safety must come first not the fee. There are exchanges that use that excuse because they know that there are bargain traders that is after them.

I think there are legit and famous exchange that has a less fee. The goal to save fee is to trade only on bigger amounts if that's possible and trade only assets that are surely profitable. In case of withdrawals, you might need to save them all first and don't do frequent withdraws so that you will only pay less. There's so many things or hacks that we can do to save when doing crypto trades.

[lixer]

Errors are something you cannot avoid forever in crypto trading because we learned from our past mistakes to become professional in crypto trading. Many people knew when to buy coins to prepare for a better future through the errors they made some years ago in
Crypto trading, that make them to understood, buy when the price is low and sell when the price is high in the market . Don't allow little errors to make you give up on crypto trading because sometimes those errors happen for you to plan bigger, in away you will never experience errors in crypto trading.

There are always errors in everything we do. For someone who is a trader, it is good to have a relaxed mind, do your research and try to learn from the past experience of people who have been on the platform and trading years before you. It’s really going to be helpful and also we shouldn’t be in a hurry when we are making a decision while trading.

It’s always good to know the right time for us to trade and when we shouldn’t be trading in the market. There are times that the market would be in the worst condition, and if you try to trade. it wouldn’t really end so well. So it’s always best to know all these things so that we wouldn’t fall for it.

[Sammy4547]

   In order to avoid some of this problem in trading crypto we need to always take orientation from the people who specialized in the crypto trading and also get legit info from then time to time in other to guild us with enough research info about crypto trading online..

[Smartvirus]

There is something I've come to understand about human nature and somehow, we get to bring it to our trades. Most times, we tend to trade based on our loses. By that I mean, in our early days in trading, we are sure to encounter lots and lots of loses and somehow, the idea is always about getting those back right.

That's not entirely wrong, to wish or want to get your money back and by that, you've probably kept records to ensure every penny is accounted gor and as such, you could pin point the point where you gained in or your loses and started making profits. Its a good plan but most times, we fail to realise these recovery process could spam through a long time. We go for shorter and that could be some huge mistake.
It becomes a drive towards some aggressive trading with an experience we do not have and a strategy that is yet to be perfected and the nextvwe know it, we get everything wrong and blame it on the exchange or the market.

On this, patience and consistently learning is the key. You learn from everything put before you!

[Franctoshi]

Mistakes are part of life from mistakes we learn but it's very much better if we learn from other persons mistake as you have listed,
Though literally you can't totally take away mistakes because some do come as result of thinking that what you're doing is right and at the end it end up being a mistake.
Too, making mistakes sometimes is good because mistake is part of learning and some mistakes taught you what you know today.
In General it's good we avoid mistake in our trading career as much as we can so we don't end up losing our hard earned money and mostly learn from other people's mistake.

[tippytoes]

Mistakes are part of life from mistakes we learn but it's very much better if we learn from other persons mistake as you have listed,
Though literally you can't totally take away mistakes because some do come as result of thinking that what you're doing is right and at the end it end up being a mistake.
Too, making mistakes sometimes is good because mistake is part of learning and some mistakes taught you what you know today.
In General it's good we avoid mistake in our trading career as much as we can so we don't end up losing our hard earned money and mostly learn from other people's mistake.

Based from the list of the OP, I believe, most of us had experienced a thing or two from the list. Like using exchanges with high withdrawal fees. Sometimes, we can't avoid to use a specific exchange if they are the only trading platform that has trading pair for your coin. So you will end up using that exchange because you have no other option. Not all projects can accommodate to list in several exchanges. Usually, at the start, they will only list it to one exchange that they can afford to pay the fees. But of course, if you have other ways, you can always opt for much better trading platform. This is why for me, I don't consider it as a mistake because most of the time, it is your only option to take.

[Fivestar4everMVP]

Mistakes are part of life from mistakes we learn but it's very much better if we learn from other persons mistake as you have listed,
Though literally you can't totally take away mistakes because some do come as result of thinking that what you're doing is right and at the end it end up being a mistake.
Too, making mistakes sometimes is good because mistake is part of learning and some mistakes taught you what you know today.
In General it's good we avoid mistake in our trading career as much as we can so we don't end up losing our hard earned money and mostly learn from other people's mistake.

Based from the list of the OP, I believe, most of us had experienced a thing or two from the list. Like using exchanges with high withdrawal fees. Sometimes, we can't avoid to use a specific exchange if they are the only trading platform that has trading pair for your coin. So you will end up using that exchange because you have no other option. Not all projects can accommodate to list in several exchanges. Usually, at the start, they will only list it to one exchange that they can afford to pay the fees. But of course, if you have other ways, you can always opt for much better trading platform. This is why for me, I don't consider it as a mistake because most of the time, it is your only option to take.

Yes, its true what you said and I've been in that situation too, but there is a line to read in between in this point, that is, there different between full time trading and partial trading, when making the post, the category of persons I had in mind was full time traders and not partial traders.

Partial trading is (just as you said above), when you invested in a coin in their ICO or whatever type of fundraising process they used, and are just getting the coin listed for on the first exchange, you probably would want to sell your stash, and buy back at a lower price and sell again and buy again at a Lower price and sell again, one can keep doing this for as long as he or she wants, provided he or she is making profits, This is partial trading to me.

But full time trading is trading on already established coins that are listed on almost every exchange you can come across,  this usually requires the trader to do some work like, researching, technical and fundamental analysis to determine whether price is gonna go up or fall, people in this category are called full time traders, they have trading as their primary profession. This are the set of people I had in mind when I made that point of "not to trade on exchanges that take high fees.

[Kimonoe]

Mistakes are part of life from mistakes we learn but it's very much better if we learn from other persons mistake as you have listed,
Though literally you can't totally take away mistakes because some do come as result of thinking that what you're doing is right and at the end it end up being a mistake.
Too, making mistakes sometimes is good because mistake is part of learning and some mistakes taught you what you know today.
In General it's good we avoid mistake in our trading career as much as we can so we don't end up losing our hard earned money and mostly learn from other people's mistake.

Based from the list of the OP, I believe, most of us had experienced a thing or two from the list. Like using exchanges with high withdrawal fees. Sometimes, we can't avoid to use a specific exchange if they are the only trading platform that has trading pair for your coin. So you will end up using that exchange because you have no other option. Not all projects can accommodate to list in several exchanges. Usually, at the start, they will only list it to one exchange that they can afford to pay the fees. But of course, if you have other ways, you can always opt for much better trading platform. This is why for me, I don't consider it as a mistake because most of the time, it is your only option to take.

like what I just did yesterday, when I was about to sell, it turns out that it requires a high slipage, so this can lead to a higher cost, but because I have no other choice then I do that, and as a result now the token price is down, so there is no disappointment for now, because that is the way to go. for me as long as we are still reaping the benefits then it doesn't matter, and it's not a mistake that should be regretted

[Alisha-k]

It is disheartening that scam projects are everywhere at the moment. To avoid making careless mistakes research is the anidote to mistakes. Investing outside research is a poor investment strategy. No good project is known outside research. It's greed that makes one pick up projects blindly

[strunberg]

It is disheartening that scam projects are everywhere at the moment. To avoid making careless mistakes research is the anidote to mistakes. Investing outside research is a poor investment strategy. No good project is known outside research. It's greed that makes one pick up projects blindly

it is gambling if we pick any coins meanwhile we didnt research on it first. at that moment maybe alot influencer shill coins and we trapped on it. our effort in analizing coins must improve well to find good project that will occur in market. research and observation be the key our successfull.

[wxa7115]

Sometimes I think lack of research into these crypto projects is another mistake we make , imagine wanting to trade bitcoin but because there are several bitcoin forked coins out there you buy the wrong coin to trade because one of them offers more coins for the dollar but unfortunately you in for the wrong coin.

The other number one mistake or rather weakness is trading with emotions which costs us a great deal, if we can overcome this then ones trading journey can improve.

Another quite common mistake is to underestimate the markets, and I think most of the other mistakes come from that one.

After all many newbies think that making money in the markets is as simple as buying low and selling high, however they do not see what goes behind closed doors for traders to be able to do something like that, so they come to the market thinking about all the easy money they are going to make only to be surprised by the high level of difficulty thy are facing.

[so98nn]

This is the very same stunt that different questionable trades use, they draw beginners by saying that they have commissions that are a lot of lower than those of huge trades. We generally to realize that no one knows where the market will move to in the following candle hour so having this on a basic level will let you know you need to figure out the exchange yourself.

No man, it does not really work in that sense. I agree crypto market is drastically volatile and unpredictable but it’s not impossible to workout the math behind it. This is why we have technical analysis support. Moreover, these days fundamentals are also influencing it a lot. Whether it’s war donations, school to college fees acceptance or some country accepting it as legal tender or Elon musk buying Twitter anything can literally change the course of bitcoin these days.
It’s needed to study in all the senses.

[lablab03]

 I have a lot of errors to be honest and that is because of panicking when placing order especially stop loss that always common reason of being stop out.
And mostly my errors are on altcoins because they're too fast especially if there's a break out and bulish candles because it's to hard to catch that sometimes i didn't notice, especially when it comes swing trading that it's already the end of the progress and time to reverse. Haha

[Inspiron14]

It is disheartening that scam projects are everywhere at the moment. To avoid making careless mistakes research is the anidote to mistakes. Investing outside research is a poor investment strategy. No good project is known outside research. It's greed that makes one pick up projects blindly

it is gambling if we pick any coins meanwhile we didnt research on it first. at that moment maybe alot influencer shill coins and we trapped on it. our effort in analizing coins must improve well to find good project that will occur in market. research and observation be the key our successfull.

That's true and automatically the risk is also greater because after all doing research is important at least to minimize the risk,
indeed it takes time and effort and we should really take the time for it,
It seems that nowadays more and more people are aware of the importance of doing research

[Mpamaegbu]

• Going all in- it a very bad habit, never ever put all your eggs in one basket. ^{it's a popular saying.}

To be sincere with you, there are times I regretted not going all in. Those were times when tokens I invested low did extremely well. There have been several instances like that and it hurts to know that one could've made a kill out of it but missed because one wanted to observe the not putting all eggs in one basket thing. How would you feel if a token you saw at $2+ and you only threw $20+ at it. A few months later that same token went up as high as $370+. That is my story with CiFi. So, sometimes it's good to break out of the box and stereotype. Do the unthinkable sometimes but make sure you don't get deeply hurt if it goes awry.

[Luzin]

There have been several instances like that and it hurts to know that one could've made a kill out of it but missed because one wanted to observe the not putting all eggs in one basket thing. How would you feel if a token you saw at $2+ and you only threw $20+ at it. A few months later that same token went up as high as $370+.

Good idea, but it takes a belief for it. People who have asset management will certainly consider many aspects. I think many people would prefer to use part or part of their assets to buy. Because they don't want big losses. But it should be balanced by the feeling of the consequences of his choice if the one he chooses goes up so great. Too bad many people don't have that feeling. In contrast to people who were purely speculating perhaps he would even be bolder.

[Mate2237]

Your second point is essential but, most newbies are tricked into joining the trading scheme with the promise of the lucrative nature of Bitcoin. So the truth about Bitcoin investment as a not get rich quick scheme will help . And what you did is commendable.

[Oilacris]

Crypto is not a get-rich-quick scheme-

When you are a noob then this would be the main or primary thing that you would really be thinking off about being a get rich quick scheme on to this market
specially when we are still new or first encounter on this market.

If you arent that mindful about making use of your own common sense then you would really be ending up on lots of problems ahead
but somewhat it would make you learn at the same time.