Common mistakes by unskilled traders

[Kara3]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,

_ Not planing there trades: there is a popular saying that he who fail too plan, plan to fail.
   Before entering a trade, an entry point and exit point must be spotted if you want to succeed.

_ Don't make emotional driven decisions: Emotions like fear and greed can cloud our sense of reasoning and leads to impulsive action, just stay calm and stick to your plan.

_ Not managing risk properly: this protect your capital, by using stop loss other, It minimize potential losses.

_ Not doing enough research: knowledge is key in trading , knowing the craft is very important, take your time to study the market, analyse chart pattern, and stay updated to news that can impact your trade.

Remember trading requires not just strategy, but discipline

[Oshosondy]

_ Not planing there trades: there is a popular saying that he who fail too plan, plan to fail.
   Before entering a trade, an entry point and exit point must be spotted if you want to succeed.

What if a trader has an exit point but the price of the traded coin not gotten to, as the market went in another direction

_ Don't make emotional driven decisions: Emotions like fear and greed can cloud our sense of reasoning and leads to impulsive action, just stay calm and stick to your plan.

To overcome emotion, you have to trade with the amount of money that you can afford to lose.

_ Not managing risk properly: this protect your capital, by using stop loss other, It minimize potential losses.

This is what traders commonly refer to, but I as a trader with 1x or averaging technic, I prefer not to use stop lose. There are times that the market do reverse, but this may not favor people that are using high leverage, and in that regard, using stop loss can be good.

[jeraldskie11]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,

_ Not planing there trades: there is a popular saying that he who fail too plan, plan to fail.
   Before entering a trade, an entry point and exit point must be spotted if you want to succeed.

You really need to have a trading plan because if you don't, don't expect to be profitable. This is very important because you can expect a market setup that is in line with your plan. You will not be confused if you have a trading plan.

_ Don't make emotional driven decisions: Emotions like fear and greed can cloud our sense of reasoning and leads to impulsive action, just stay calm and stick to your plan.

Trading emotions are normal because you're trading with real money. Your emotions will get worse and might control you if you are not confident in your trades, so you must have backtested your strategy.

_ Not managing risk properly: this protect your capital, by using stop loss other, It minimize potential losses.

There is no strategy that has a 90% to 100% win rate, so risk management is needed. There are many traders who even have a 40% win rate but they managed to be profitable because they have risk management.

[agustina2]

It's just normal to commit mistakes while trading. Mistakes are the best foundation in order to become a good trader.

Repeated mistakes should be taken as a priority and always find a way to solve a mistake or problem.

Newbies should not be discouraged by their losses. Even professional traders are losing nowadays. They just need to remain focus and disciplined.

[Heartilly]

The best and professional traders nowdays also started on several mistakes. Since what OP mentioned are common mistakes, it should also have a common solution but the problem is, it's hard to execute in the actual trading. Those who left trading are not really just they lose but rather they just lose interest in trading.

Look at those who experience terrible losses even for years. They don't give up and able to bounce back on those losses and now seen as a successful traders today. Practice might not always can turned into perfect but what matter here is, the consistent win over losses.

[Zaguru12]

Newbies should not be discouraged by their losses. Even professional traders are losing nowadays. They just need to remain focus and disciplined.

The biggest trick that separates the experience traders with the newbies is the fact that the newbies do not actual learn a single thing from their losses which is what professionals use to make them self perfect. The newbie is always fixed to his strategy and even when they continue to lose they don’t switch but the professionals usually navigate through many strategies even those that were originated by them and this where a loss is doesn’t matter to the professionals because he is learning a thing or two from it.

_ Not doing enough research: knowledge is key in trading , knowing the craft is very important, take your time to study the market, analyse chart pattern, and stay updated to news that can impact your trade.

Remember trading requires not just strategy, but discipline

Follow up a strategy you learn or read about with practice because it is only in experience that you will gain the proper knowledge, the strategy might look ok on paper and but in reality it is not the best strategy to use in trading.

Lastly there is no time frame to Learn a trade, it is a continuous process some people take just little time to reach or near the perfection point while some take a very long time before they get professional, so continue trading even if you lose but with a little amount. Do not go on and trade same way that gamblers do.

[Awaklara]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,

I think losing at the start of trading is normal, and it all depends on the interest and willingness of the beginner to develop from his trading experience.
It is true that some people end up leaving trading because they continue to lose money. but that means they don't develop their trading skills even if it is for a long time.
they definitely don't learn from mistakes and in fact keep repeating them over and over again which makes novice traders frustrated with their trading.

but I'm sure there are many who ultimately succeed because bad initial experiences provided meaningful lessons and experiences. it becomes a motivation to learn more rather than try more.

[Bananington]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,

Another common mistake made by new traders who just start trading and begin experiencing failure in trades is that some of them never settle down to really understand and see why they failed in their trade. If you as a new trader do not find out why you have been unsuccessful in your first live trade even after successfully trading on demo, you will be making a huge mistake. Another mistake a newbie trader can be making is to have too many mentors that you are learning from or studying their pattern. Too many mentors will lead you more to confusion and can make simple things more complicated to understand. Choose a few good mentors, learn from them and study their style and strategy.

[wxa7115]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,

I think losing at the start of trading is normal, and it all depends on the interest and willingness of the beginner to develop from his trading experience.
It is true that some people end up leaving trading because they continue to lose money. but that means they don't develop their trading skills even if it is for a long time.
they definitely don't learn from mistakes and in fact keep repeating them over and over again which makes novice traders frustrated with their trading.

but I'm sure there are many who ultimately succeed because bad initial experiences provided meaningful lessons and experiences. it becomes a motivation to learn more rather than try more.

Making mistakes is inevitable when people begin to trade, but many of those same people refuse to learn from those mistakes and instead they keep trading the same way and hope for different results.

Not realizing that they are just wasting their money by doing something like this, and the only ones which can obtain any benefits from their strategy are other traders, as they are basically giving their money away by trading the markets with such a low level of skill while they refuse to learn.

[edmundduke]

The mistakes usually come down to not understanding the market, you cant trade when you do not even know how the market reacts. The 2 largest pitfalls for new traders are bankroll management and chasing losses (i have done this aswell, went as expected). It is essential to stick to a plan when choosing a bet size, what ever that plan may be (usually done based on riskiness). And never, ever chase losses (same as gambling), that type of emotional trading only ends in disasters.

[Beparanf]

The mistakes usually come down to not understanding the market, you cant trade when you do not even know how the market reacts. The 2 largest pitfalls for new traders are bankroll management and chasing losses (i have done this aswell, went as expected). It is essential to stick to a plan when choosing a bet size, what ever that plan may be (usually done based on riskiness). And never, ever chase losses (same as gambling), that type of emotional trading only ends in disasters.

I do experience this kind of chase loss thing whenever I open small margin futures trade then suddenly the price fluctuates on other direction of my position while I still have a lot of capital to DCA on my position so that I can average my buy price to the current price.

This kind of trade usually makes me liquidated since I never stop adding margin even though the trend is so strong that time. I learned this important lesson and never add my margin aside my initial margin on my trade.  Using a stop loss and take profit feature makes trading more convenient and less emotional error whenever there’s price action.

[AprilioMP]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,

_ Not planing there trades:
_ Don't make emotional driven decisions:
_ Not managing risk properly:
_ Not doing enough research:

Uncontrolled emotions, without planning, without knowledge of the negative risk results — loss.
Thank you for sharing, but I have found too much advice like the one you shared which came from the owner of the article regarding trading advice.

Trading risks need to be taken into account in every strategy implementation in every type of trading carried out, whether spot or future trading, including daily trading types.
There are many demands in it even though the pronunciation as written in various theories looks easy. Every time the market situation changes, it requires additional strategies that are not explained in theory. Only experienced traders can review it well beyond the trading theory as written in your topic.

[irhact]

_ Not planing there trades: there is a popular saying that he who fail too plan, plan to fail.
   Before entering a trade, an entry point and exit point must be spotted if you want to succeed.

_ Don't make emotional driven decisions: Emotions like fear and greed can cloud our sense of reasoning and leads to impulsive action, just stay calm and stick to your plan.

Any individual that wants to succeed at trading need to be a skilled trader, if you're an unskilled trader you have set yourself up for failure. Yes when you don't plan you have planned to fail therefore planning is very important and you would be confused in the market by not knowing when to take profit or keep on staying in the market when you don't plan. As you know your entry price when you want to buy a coin, you should also know when you want to book profits and that's how you stay profitable.

As a trader, you have to let go of your emotions as emotions will never make you a profitable trader, emotions makes you unstable and your decision won't match with the market but how you're feeling. As a professional, the first thing to let go of is your emotions, discipline yourself and you can always make the right decisions.

[shivansps]

I would add that you should never use money that you cannot afford to spend.
Also about regrets about an allegedly missed opportunity, when you think that you could have gone out earlier/later and earned more - no, you couldn’t, if you could, you would have done it.
It is said very accurately and appropriately about discipline. This applies to all aspects of life, not just trading.
I absolutely agree about the entry and exit points; without this it is now very difficult to imagine trading, especially on margin.
I won’t say anything at all about trading on emotions and while intoxicated or under the influence of substances.

[edmundduke]

The mistakes usually come down to not understanding the market, you cant trade when you do not even know how the market reacts. The 2 largest pitfalls for new traders are bankroll management and chasing losses (i have done this aswell, went as expected). It is essential to stick to a plan when choosing a bet size, what ever that plan may be (usually done based on riskiness). And never, ever chase losses (same as gambling), that type of emotional trading only ends in disasters.

I do experience this kind of chase loss thing whenever I open small margin futures trade then suddenly the price fluctuates on other direction of my position while I still have a lot of capital to DCA on my position so that I can average my buy price to the current price.

This kind of trade usually makes me liquidated since I never stop adding margin even though the trend is so strong that time. I learned this important lesson and never add my margin aside my initial margin on my trade.  Using a stop loss and take profit feature makes trading more convenient and less emotional error whenever there’s price action.

I used to do something like that a lot. There were times when i tried to martingale chase my damn losses. So both increasing amount i bet and the leverage and it usually ended with x100 leverage Kind of funny now that i look back at it. When it was happening to, wasnt that funny lol

[lombok]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.

A newbie trader's fatal mistake is entering a pump trading group or non-VIP trading signal group. In many cases they get trapped and lose funds because of misleading signal instructions

Being lazy about studying or having minimal literacy just enters an altcoin pair without reading about important event updates - developments on these coins are also very important to expedite trading activities in seeking profits.

Trading is not as easy as newbies see. Many pro traders spend their time all day following news events related to coins, politics, economics, development, technical and fundamental analysis. The bitterness and sweetness of a trader is not measured by profit, but by how tough you are in carrying out the tough routine of collecting analytical material.

[DVlog]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.

A newbie trader's fatal mistake is entering a pump trading group or non-VIP trading signal group. In many cases they get trapped and lose funds because of misleading signal instructions

Being lazy about studying or having minimal literacy just enters an altcoin pair without reading about important event updates - developments on these coins are also very important to expedite trading activities in seeking profits.

Trading is not as easy as newbies see. Many pro traders spend their time all day following news events related to coins, politics, economics, development, technical and fundamental analysis. The bitterness and sweetness of a trader is not measured by profit, but by how tough you are in carrying out the tough routine of collecting analytical material.

Some people are just trying to follow the shortcut which causes financial damage through their poor trading skills. All these paid singular groups usually emerge in the bull market when most of the projects start rallying following bitcoin. You won't find any of these groups in the bear market because their predictions are based on their emotions.

Some people think trading is all about technical and fundamental knowledge about the market which prevents them from recognizing the importance of other factors like new events, development, politics etc. They got easily attracted to some flashy ads on social media and some self-proclaimed YouTubers.

[Queentoshi]

There are common mistakes they usually makes which are,

From what I have noticed, an example of a common mistake by unskilled new traders is them starting to depend on the skilled traders for signals so they can be making some profit instead of concentrating on become better and graduating from unskilled to skilled, so they do not need depending on others to make profit in trading. An unskilled trader should not be in a hurry to start trading profitably, they have to take their time to master the skills, so they can become long time traders who are well seasoned.

[tjtonmoy]

Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.

I don't see what's the problem here. you are never meant to always win your first trade. there are no rules that in order to become a successful trader you need to win your first trade. and with all that you have said you missed out a very important point. it is to learn to lose. The basics rule of trading is to trade with something that you can afford to lose. The second is emotion control and the third is to learn to lose. there is no certain order in which this should be done, but these are the basic rules that we need to follow in the beginning.
so what is learn to lose? you start with a small amount for trading, and you do all your analysis based on what you have learned and set your goal such as opening the thread and choosing a closing point and also using stop loss or take profit.
no matter what happens you should never change anything on that first trade. if you lose the trade then you lose it. there is nothing you should do about this trade. you are following the analysis, and you should stick to it. if you lose this trade, then you just close it and move on to your next one. when you learn how it feels to lose and if you can conquer that feeling of losing then emotion would never influence you.
losing is not a bad thing if you are learning. and the key is to keep doing it and not give up. people who quit always put all their money in one trade and lose it on their first trade. and they keep on doing the same mistake over and over again. this is the thing we need to solve not losing trades. diversifying your trade is also a good idea.

[royalfestus]

It's just normal to commit mistakes while trading. Mistakes are the best foundation in order to become a good trader.

Repeated mistakes should be taken as a priority and always find a way to solve a mistake or problem.

Newbies should not be discouraged by their losses. Even professional traders are losing nowadays. They just need to remain focus and disciplined.

I believe that some people tend to equate cryptocurrency trading with gambling, which isn't entirely accurate. Gambling typically isn't structured for players to consistently win, whereas cryptocurrency trading offers a more structured pathway to potential profits. With the right timing and responsible management of greed, it's possible to multiply your investment in a good cryptocurrency. In fact, many investors in Bitcoin, for example, have historically seen returns that eventually recoup their initial investments.