Some Errors We Make In Trading Crypto

[CaVO32]

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.

These noobs will learn their lessons fast once they got screwed their hard-earned money. Somewhere, they will learn their lessons. Because some won't read the pieces of advise given because they thought they can handle the situation. Come to find out that this is not a walk in the park. But once they got their lessons, they for sure will be cautious the next time around. So we don't need to shove what needs to be learned because it is much better if they will learn it on their own.

[BuNga_cute]

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.

These noobs will learn their lessons fast once they got screwed their hard-earned money. Somewhere, they will learn their lessons. Because some won't read the pieces of advise given because they thought they can handle the situation. Come to find out that this is not a walk in the park. But once they got their lessons, they for sure will be cautious the next time around. So we don't need to shove what needs to be learned because it is much better if they will learn it on their own.

Sometimes our bad experience when trading crypto becomes the most valuable lesson that will not be forgotten and make us better.
It's true for some people sometimes they are too selfish and too confident when trading, that's what caused them to end up at a loss.
But not everyone when they experience a loss can get up, I even found a few people who were traumatized to trade crypto after experiencing
huge losses. It all depends on each of us how to deal with the mistakes we make when trading crypto. Should suffer losses due to our wrong
decisions when trading crypto is not the end of everything, we must be able to see the positive side of every failure that we experience.
Even all successful traders have experienced losses, they can be successful because they learn from every mistake they make. So don't give up
if we make mistakes and result in losses, correct every mistake we make, then success will come naturally.

[jossiel]

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.

That's the first impression of newbies when they see a successful person who's into crypto. They don't even wanna know if that person is an investor or just simply trading.

And even they know if that person is an investor and consistently accumulating and doing the DCA strategy, they're not going to recognize it. Because one thing is on their mind, "that person became rich because of crypto". So everything they does will come to stick into their minds and will also try it even they have no background.

When they fail, they'll come to realize that it's not an overnight success.

[DoublerHunter]

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.

That's the first impression of newbies when they see a successful person who's into crypto. They don't even wanna know if that person is an investor or just simply trading.
~snip~

^ Through this impression or belief many newbies have been misleading and thought that there is an easy way of making money in trading, they thought that it is a quick scheme that will give you a benefit even if lack knowledge of it. But that is not their burden, they keep learning and those mistakes make them stronger. Sad to say they need to lose huge money before they will learn how crypto space work either investment or that is trading that aims the same face, making a profit. I hope many newbies will comply with knowledge first before doing this because this is not easy money-making, it also consumes your time studying a lot of techniques.

[stomachgrowls]

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.

That's the first impression of newbies when they see a successful person who's into crypto. They don't even wanna know if that person is an investor or just simply trading.
~snip~

^ Through this impression or belief many newbies have been misleading and thought that there is an easy way of making money in trading, they thought that it is a quick scheme that will give you a benefit even if lack knowledge of it. But that is not their burden, they keep learning and those mistakes make them stronger. Sad to say they need to lose huge money before they will learn how crypto space work either investment or that is trading that aims the same face, making a profit. I hope many newbies will comply with knowledge first before doing this because this is not easy money-making, it also consumes your time studying a lot of techniques.

Wrong beliefs like;

1. Trading is easy
2. Money or profit making is easy
3. Not that too hard or technical
4. They can handle themselves well in terms of risk and emotion

Once you do step your foot or experience the real thing then you would be finding out that you
are really in trouble.

[jossiel]

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.

That's the first impression of newbies when they see a successful person who's into crypto. They don't even wanna know if that person is an investor or just simply trading.
~snip~

^ Through this impression or belief many newbies have been misleading and thought that there is an easy way of making money in trading, they thought that it is a quick scheme that will give you a benefit even if lack knowledge of it. But that is not their burden, they keep learning and those mistakes make them stronger. Sad to say they need to lose huge money before they will learn how crypto space work either investment or that is trading that aims the same face, making a profit. I hope many newbies will comply with knowledge first before doing this because this is not easy money-making, it also consumes your time studying a lot of techniques.

Yes.

Many were truly misled.

I've been there and have talked to several of my friends and thought that it's easy money if they get into crypto. I've told them like that and frankly said that it's not easy as they think.

Well, they got in without my knowing and they didn't inform me that they've bought shitcoins during the peak. They only talked to me when they've already incurring losses.

[judaspriest]

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.

That's the first impression of newbies when they see a successful person who's into crypto. They don't even wanna know if that person is an investor or just simply trading.
~snip~

^ Through this impression or belief many newbies have been misleading and thought that there is an easy way of making money in trading, they thought that it is a quick scheme that will give you a benefit even if lack knowledge of it. But that is not their burden, they keep learning and those mistakes make them stronger. Sad to say they need to lose huge money before they will learn how crypto space work either investment or that is trading that aims the same face, making a profit. I hope many newbies will comply with knowledge first before doing this because this is not easy money-making, it also consumes your time studying a lot of techniques.

Yes.

Many were truly misled.

I've been there and have talked to several of my friends and thought that it's easy money if they get into crypto. I've told them like that and frankly said that it's not easy as they think.

Well, they got in without my knowing and they didn't inform me that they've bought shitcoins during the peak. They only talked to me when they've already incurring losses.

Regardless of whatever happens to your friend I think such an experience is good for your friend,
it seems like it sounds heartless but if they learn from those mistakes I think they will grow,
what is clear is that it is very important to have prior preparation regarding knowledge and skills so as not to make the wrong decision

[jossiel]

Yes.

Many were truly misled.

I've been there and have talked to several of my friends and thought that it's easy money if they get into crypto. I've told them like that and frankly said that it's not easy as they think.

Well, they got in without my knowing and they didn't inform me that they've bought shitcoins during the peak. They only talked to me when they've already incurring losses.

Regardless of whatever happens to your friend I think such an experience is good for your friend,
it seems like it sounds heartless but if they learn from those mistakes I think they will grow,
what is clear is that it is very important to have prior preparation regarding knowledge and skills so as not to make the wrong decision

It's like they don't trust those words that I've told them. But yes, it's about the lesson that they've gained and they went through the situation that I've been in as well.

That's why I've talked to them when they've asked about crypto so that they can avoid that experience I've got. Well, they chose to experience it and they're good right now.

And we're still taking on how things are working with the market and mostly when it's on the bloody days.

[Pamadar]

It's like they don't trust those words that I've told them. But yes, it's about the lesson that they've gained and they went through the situation that I've been in as well.

That's why I've talked to them when they've asked about crypto so that they can avoid that experience I've got. Well, they chose to experience it and they're good right now.

And we're still taking on how things are working with the market and mostly when it's on the bloody days.

Hard learning as it is, those kinds of people will only realize that the market is not an easy venue to earn money.

It's true that if your friend learns something and takes that as a one step forward, they will be able to manifest ideas on how
they can probably earn the right way.

But, if they will not do anything to do better, the chance is just to repeat that same mistake and will continue to lose
more money, it's an own decision that will give opportunities to those who really seek for the betterment of success.

[jossiel]

It's like they don't trust those words that I've told them. But yes, it's about the lesson that they've gained and they went through the situation that I've been in as well.

That's why I've talked to them when they've asked about crypto so that they can avoid that experience I've got. Well, they chose to experience it and they're good right now.

And we're still taking on how things are working with the market and mostly when it's on the bloody days.

Hard learning as it is, those kinds of people will only realize that the market is not an easy venue to earn money.

It's true that if your friend learns something and takes that as a one step forward, they will be able to manifest ideas on how
they can probably earn the right way.

But, if they will not do anything to do better, the chance is just to repeat that same mistake and will continue to lose
more money, it's an own decision that will give opportunities to those who really seek for the betterment of success.

At last, they've learned that it is the reality in the market.

They're able to experience it and it has validated their own thoughts that it's not an easy going market. Just as the other businesses and investments.

There's the same risk that it has and that's why it's profitable because it has a higher risk that they should also go.

[LastKiss]

~snip~
 

• 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
• Purchasing a coin mainly because it's price is low
• Being a victim to scam/con artists 
• Using other people's market signal to trade-
• Making use of exchanges with high transaction/withdrawal fees - 

The list above is derived solely from my own personal observations and experiences, feel free do add yours.

It's 100% agreed by me, many things we will face that make us not get profit but instead lose our capital. Choosing the right exchange or trusted exchange is included because we should know that when we trade in an exchange there's a guarantee our funds are safe and covered by the exchange itself in the case when the exchange got hacked.

[ningrum]

~snip~
 

• 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
• Purchasing a coin mainly because it's price is low
• Being a victim to scam/con artists 
• Using other people's market signal to trade-
• Making use of exchanges with high transaction/withdrawal fees - 

The list above is derived solely from my own personal observations and experiences, feel free do add yours.

It's 100% agreed by me, many things we will face that make us not get profit but instead lose our capital. Choosing the right exchange or trusted exchange is included because we should know that when we trade in an exchange there's a guarantee our funds are safe and covered by the exchange itself in the case when the exchange got hacked.

Sometimes indeed some people forget that choosing an exchange is also one of the important things,
actually there are now many popular and trusted exchanges such as Binance, Huobi, and others,
the exchange is much more secure and has a good level of security

[cheezcarls]

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.

I can relate to this one as I’m in a habit of doing that and feel that I am already too late. I did bought ETH last early 2020 when it was still around $180 to $200 until it grew more than 15x. But of course, I bid goodbye to my ETH because my wallet was hacked due to the malware that I accidentally clicked. Now I am trying to build myself back up again to raise amounts of money that was lost during the hack.

However, we can’t just say that the rest of the altcoins in the market are useless. If you look at GALA, I have seen a post that a seaman bought GALA tokens around $300 worth during it’s early stages. But as he returned several months from the ship, his GALA tokens grew multiple fold. 

DCA (dollar cost averaging) is one of my plans these days when I can finally afford to put an amount of funds every month in BTC regardless of the price.

[Agbe]

This is a very nice information. I have been on demo account to practice the Trading and I was thinking that knowing the market Signal with the candle sticks is the best way to start trading and close Trading but with your information I have known that it not the best method of bitcoin or Crypto Currency trading. And also using another person signal for Trading is a detrimental to one Trading. I support all your six points. That means I have to restructure my mindset to avoid all the strategies you mentioned.

Now that you have said all what will the methods or the strategies to enter a trade or to close a trade. Since you have told us the mistakes what should the solution to the problem so we can do well in our Tradings. Although I am going to make a rigorous research to have more knowledge about Trading. In Trading I Discovered one thing. The more you enter Trading the more it complicated.

[sklopan]

Unfortunately, we often make mistakes in the process of work. In general, I believe that mistakes, to a certain extent, are experience, the path to success. So, it is more important to analyze your mistakes.

[taufik123]

Unfortunately, we often make mistakes in the process of work. In general, I believe that mistakes, to a certain extent, are experience, the path to success. So, it is more important to analyze your mistakes.

mistakes are still normal as long as we can learn from them.
Doing analysis or research first is very important to do.
it takes good planning and management to be able to make profitable trades. Errors are also based on mental strength, because when trading it is not only strategy and technical analysis that plays a role, but mental also determines what to do when the analysis is not as expected. Mistakes made while trading can be a lesson not to repeat the same mistakes.

[AakZaki]

This is a very nice information. I have been on demo account to practice the Trading and I was thinking that knowing the market Signal with the candle sticks is the best way to start trading and close Trading but with your information I have known that it not the best method of bitcoin or Crypto Currency trading. And also using another person signal for Trading is a detrimental to one Trading. I support all your six points. That means I have to restructure my mindset to avoid all the strategies you mentioned.

Now that you have said all what will the methods or the strategies to enter a trade or to close a trade. Since you have told us the mistakes what should the solution to the problem so we can do well in our Tradings. Although I am going to make a rigorous research to have more knowledge about Trading. In Trading I Discovered one thing. The more you enter Trading the more it complicated.

Not using other people's trading signals is a good choice, if you already understand how to determine or predict trading prices well. because if you depend on others it will not always be good. Knowledge of technical and fundamental analysis is very necessary.
Doing research strictly is certainly the method that must be done, because if we don't do research we will not know what is good to invest or not.
Implementing all the rules properly and avoiding some of the mistakes mentioned by the OP will be very helpful, the important thing is to be disciplined with the strategy that has been made from the beginning.

[kapalmabur]

Unfortunately, we often make mistakes in the process of work. In general, I believe that mistakes, to a certain extent, are experience, the path to success. So, it is more important to analyze your mistakes.

mistakes are still normal as long as we can learn from them.
Doing analysis or research first is very important to do.
it takes good planning and management to be able to make profitable trades. Errors are also based on mental strength, because when trading it is not only strategy and technical analysis that plays a role, but mental also determines what to do when the analysis is not as expected. Mistakes made while trading can be a lesson not to repeat the same mistakes.

Basically, there are many things that must be considered in trading because trading is not just buying and selling coins,
it is important indeed to have skills in analyzing market movements and that will help us to make a profit,
having a lot of experience is also good to make ourselves develop

[CryptoYar]

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

Absolutely, never put your all your money in one token or coin. Rather, fill your portfolio with different tokens and categories of tokens. For example, x% for DeFi, x% of metaverse, x% of btc and eth.

• 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.

Yes!
You can't trust someone else's signals, whether it's a telegram group or a YouTuber. If you want to trade then gotta learn Technical analysis.

[Yamifoud]

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

Absolutely, never put your all your money in one token or coin. Rather, fill your portfolio with different tokens and categories of tokens. For example, x% for DeFi, x% of metaverse, x% of btc and eth.

...

If ever I'll be choosing 1 coin and putting everything on it that would be Bitcoin. But of course, splitting our investment into 3-5 coins at least will give us some confidence that whatever it happens to other projects we still have the chance to recover from others. It is a way we strategies, yet must be planned well.

60% - BTC
40% - altcoins

Well, mistakes can just be the main reason because we choose the wrong coins but also due to improper fund management. A lack of experience is also a big factor.