Common mistakes by unskilled traders

[bettercrypto]

Mistakes are a part of individual traders growth in the crypto space. Then it's also true that trading is not easy; other newbies just think it's just buying and selling, but they don't think that these are things that should be considered in reality to achieve the desired profit.

And most of us already know that passion is really needed in crypto trading or in anything we want to know and learn. Apart from this, the only thing that is often done by others is that, due to a lack of knowledge, they base their trading on luck, while others become emotional and make rash decisions in their trading activity.

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[BigBos]

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

Come with minimal capital and then push yourself to get big profits from betting. Meanwhile, the initial basis for becoming a trader, apart from needing capital, we also need knowledge. Usually beginners come to the market based on references from seeing the results of the achievements of successful traders. So that the level of understanding is still minimal, try to keep forcing yourself as if trading is only about buying and selling. Missing important factors such as knowing what crypto is being purchased, its long-term potential and the community's interest in the crypto itself. I think what you say is correct. Regardless of the results obtained from trading, beginners must have deeper knowledge. Learning will not make him lost. The mindset of wanting to get rich instantly needs to be put aside first.

[Ruttoshi]

As human we are bound to make mistake in life, because without mistake we are not going to learn. Trading is something that one must have the proper knowledge before jumping into it because the market is a risky one since we are dealing on cryptocurrency.

It is better that as a newbie, one should only invest with the amount that he can afford to lose, when trading as this will make you have a good experience of the market so that gradually, you can have your own trading strategy after you have learnt from your mistake.

Risk management is very important as this will enable you know how to manage your losses. One mistake that every newbie does, is for them to believe that trading is a get rich quick thing, this have led so many of them to great loss.

[Lakai01]

Come with minimal capital and then push yourself to get big profits from betting. Meanwhile, the initial basis for becoming a trader, apart from needing capital, we also need knowledge.
-snip-

You are right, this sounds like a fairy tale story from a wannabe trader on Youtube ... and is still used to catch lots and lots of unskilled traders. Something along the lines of "Look, I turned $100 into $100,000, you can do it too!".

Unfortunately, the reality is that especially newcomers to the market have gambled away all their capital in a very short time:

However, it can be a frustrating and costly experience for many new traders, leaving them with little to show for their efforts. Based on several brokers' studies, as many as 90% of traders are estimated to lose money in the markets.6 days ago

Source

This chance must be used and the lost money seen as a lesson, rookie mistakes will not happen so easily (for example, to want to "save" runaway trades again by investing more money in the trade).


However, I agree with you on the rest of your post. Trading has a lot to do with experience and especially as a newbie you would do well to stick to experienced traders.

[stomachgrowls]

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

Come with minimal capital and then push yourself to get big profits from betting. Meanwhile, the initial basis for becoming a trader, apart from needing capital, we also need knowledge. Usually beginners come to the market based on references from seeing the results of the achievements of successful traders. So that the level of understanding is still minimal, try to keep forcing yourself as if trading is only about buying and selling. Missing important factors such as knowing what crypto is being purchased, its long-term potential and the community's interest in the crypto itself. I think what you say is correct. Regardless of the results obtained from trading, beginners must have deeper knowledge. Learning will not make him lost. The mindset of wanting to get rich instantly needs to be put aside first.

Dont rush up yourself on which this would really be the key for you to be able to avoid possible mistakes and errors on which you would really be able to encounter along the way on which it would really be just that normal that it would really be taking for long for you to be having that good grasps towards the market and on the time that you've seen on other traders then dont tend to mimic out because we dont know
on how long those traders have been here on this market before they do able to get those good trades. Experience does matter and this could really be could be acquired with real engagement and time spent out into this market. Dont ever make yourself in a rush on doing things because it would really be just make you desperate on which this is really a negative thing to be done by a certain trader.

Dont make yourself that trying to copy on what their result is because it would really be just making you desperate and this is something that must avoid. Take the pace slowly but surely kind of approach and never rush yourself on making money because it would really just follow through if you have just done on the right thing .Dont make yourself that believe that traders are indeed guaranteed on becoming that rich because
not all traders do really end up on being successful and this is something that you should really be removing into your mind so that you wont really be anticipating on something which it isnt
true.

[JunaidAzizi]

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

I think mistakes are sometimes good to understand efficiently, On research it is clear that when you teach a person a whole day and understand him, will not leave any print on his mind nor gain any experience but when he gets any losses he takes a lesson from it and tries to not doing it again as it wastes his money and through this gain a lot of experience as practicality always give better results. And for emotions, you need to accept them before going to trade whay i lost or win I will not allow anything above my emotions when you win a lot of money control your grades and when you lose or expercienced dump then make yoirsekve as much as possible to tolerate the loss.

[batang_bitcoin]

Remember trading requires not just strategy, but discipline

That's right, it requires discipline too and even you have a lot of capital for trading but you have no patience. It's likely that you're just going to waste all of the money that you have. And this also applies to the new traders that have just been trying out to trade. Because many of them hurries a lot and think that trading is an easy game that they'll make money without the need to be patient. But it's all about being patient and you have to have that as in, a lot of it.

[Mpamaegbu]

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...

Nobody who's profitable today at trading that doesn't have a sad story of losses on their trail. It's a crucial part of the learning process, though we hate to witness it. You've to burn that account/capital to buy emotional stability. That's the way I see it. You pay for that experience, then see if you move on from that. Incidentally, not everyone moves on after frying their capital. They refund and repeatedly make the same mistakes.

_ Don't make emotional driven decisions:

_ Not managing risk properly:

Those two trounce other skills in trading. If anyone gets a good hold of them, it's as good as having everything under trading on control.

[taufik123]

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...

Nobody who's profitable today at trading that doesn't have a sad story of losses on their trail. It's a crucial part of the learning process, though we hate to witness it. You've to burn that account/capital to buy emotional stability. That's the way I see it. You pay for that experience, then see if you move on from that. Incidentally, not everyone moves on after frying their capital. They refund and repeatedly make the same mistakes.

Gained a lot of loss and profit experience on the first trade I made.
It was indeed an experience that would be a driving force to be able to change and learn how to trade properly.

But not everyone will do that.
Usually, the first trade as a beginner will get a profit and they start to get addicted so put a lot of money into trading.
But they don't realize that they don't have proper trading knowledge, and end up losing the money and regretting it all.

Now do not have to face bad experiences that are too extreme to experience a lot of losses.
Learning from other people's experiences, and doing research is a smart decision, especially now that there is a lot of education about trading for beginners to be able to get profits more easily, but not as easy as imagined.

And trading in the end will also be influenced by the level of emotion or trading psychology of each person, it will determine the final decision.

[poodle63]

Remember trading requires not just strategy, but discipline

That's right, it requires discipline too and even you have a lot of capital for trading but you have no patience. It's likely that you're just going to waste all of the money that you have. And this also applies to the new traders that have just been trying out to trade. Because many of them hurries a lot and think that trading is an easy game that they'll make money without the need to be patient. But it's all about being patient and you have to have that as in, a lot of it.

thats right, finding the best oportunity is all about patient and emotion control a trader cant succeed without these two, even more so those newbies that are still kinda greedy when it comes to making decision.
many thought its simple thing, everyone can become millionaire from trading, they don't know that its those big capital owner that make profit usually.
if there is any trader that become millionaire its because their discipline that is enormous as well as their capability of analyzing.
its not just putting order and gain profit, thats such massive understatement and minsunderstanding.

[BitcoinTurk]

Many traders who haven't gained full experience generally make similar mistakes. Clichéd mistakes such as emotional decisions, failure to determine buy-sell prices and stop loss points, lack of adequate research, and incorrect budget management are mistakes generally made by traders who don't have much experience.

However, it shouldn't be forgotten that financial markets change every day. For this reason, even if a person considers themselves experienced they must always continue their development and strengthen their experiences by obtaining results from their mistakes. Sometimes, an experienced trader can also act emotionally and make various mistakes. For this reason, it is absolutely very important for a person to improve themselves by always obtaining results from the mistakes made.

[TakeItEasy]

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

Usually, the newbies, are new to trading. If they make a mistake they always focus on quitting, even if they fail to make a profit they must be focused on their mistakes where the mistakes of loss have been made. They should learn from their mistakes which can only give them strategies for trading. As trading is all about learning, the more strategies someone learns, he can have more abilities he has to trade smoothly.

Another thing is emotional instability, I never want to give a newbie that advice if he is emotionally unstable he can trade. No, when someone is emotionally Unstable, he doesn't have to trade unless he learns and admires that there must be some losses coming his way and he will be ready for it. Only then he can get to his morals.

[Mpamaegbu]

Usually, the first trade as a beginner will get a profit and they start to get addicted so put a lot of money into trading.

Yeah, it's more of thrill and euphoria as depicted in the picture you shared up there than addiction that make beginners over shoot themselves, and into losses. There's often that excitement from a first win that makes newbies arrogate the tag, "I'm a trader" to themselves and then throw caution to the wind. The market has a way of humbling such mindset with evidence of blown accounts to show for it. We all learn, either the hard or the soft way. Thanks for sharing that picture.

[Dickiy]

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

Usually, the newbies, are new to trading. If they make a mistake they always focus on quitting, even if they fail to make a profit they must be focused on their mistakes where the mistakes of loss have been made. They should learn from their mistakes which can only give them strategies for trading. As trading is all about learning, the more strategies someone learns, he can have more abilities he has to trade smoothly.

Another thing is emotional instability, I never want to give a newbie that advice if he is emotionally unstable he can trade. No, when someone is emotionally Unstable, he doesn't have to trade unless he learns and admires that there must be some losses coming his way and he will be ready for it. Only then he can get to his morals.

Yes it happens because maybe there is fear from themselves that arises when making mistakes that cause losses, but I think it's not always like that, there are also some of them who end up being carried away by their lust because as we know they are newbies still very vulnerable in mental and psychological problems and of course they will be easy to get emotional, and well it is not uncommon for some of them who have just come to experience a lot of losses and then quit because they are not strong with all the losses that always befall them. For those who always learn from mistakes and look for what causes them to make mistakes then I say they are beginners who are on the right track, as we know if we make mistakes in any field then we have to look for the essence of the problem so that one day it does not happen again and will certainly make progress.

That's right, the point is if you enter the profession as a trader then you have to keep learning, there is no time not to learn because you have to balance your abilities with the nature of the market that is always difficult to predict, none other than the goal so that we can balance the benefits with the risks that come. I think the most difficult to learn is mental and psychological, especially for those who are easily provoked will be very easy to get emotional when experiencing losses and of course after that it is not uncommon for them to spend all their balance in one trade and well they experience MC. So in this case you must really be able to train yourself to stay calm in order to reach the right decision when you want to open a trade and also to deal with conditions when you lose.

[batang_bitcoin]

Remember trading requires not just strategy, but discipline

That's right, it requires discipline too and even you have a lot of capital for trading but you have no patience. It's likely that you're just going to waste all of the money that you have. And this also applies to the new traders that have just been trying out to trade. Because many of them hurries a lot and think that trading is an easy game that they'll make money without the need to be patient. But it's all about being patient and you have to have that as in, a lot of it.

thats right, finding the best oportunity is all about patient and emotion control a trader cant succeed without these two, even more so those newbies that are still kinda greedy when it comes to making decision.
many thought its simple thing, everyone can become millionaire from trading, they don't know that its those big capital owner that make profit usually.
if there is any trader that become millionaire its because their discipline that is enormous as well as their capability of analyzing.
its not just putting order and gain profit, thats such massive understatement and minsunderstanding.

I wouldn't go that far thinking that I'll be one of those millionaires. I'm not just as good as they are but it's true that it's like the opportunity is endless in trading when you know how it works. I'm not belittling myself as I am also aiming that but not through trading but through investing in Bitcoin.
There's a similarity but trading is more active than holding and investing and that's why I'm moving forward to that as both of them requires a lot of patience.

[Finestream]

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.

Whether skilled or unskilled, everyone makes mistakes especially that you are trading in an unpredictable market. Yes, it’s normal and everyone starts from a scratch, which means committing mistakes is not new in trading. However, the challenge here is not to commit mistakes, but how you deal with the lessons you learned from all your mistakes. Trading is a mental and emotional challenge. And as long as you trade by not repeating the same mistakes again and by overcoming all those mistakes and grow as a trader, then successful trading will always be possible and certain.

[Hamza2424]

Remember trading requires not just strategy, but discipline

Hmm, Op What I think is discipline while trading also comes under strategy, I totally agree that to be a good trader discipline is the key, it helps in making more confidential decisions. The most important part is saving the wicket,. capital is important, loss is important but losing the maximum capital is total destruction. Stay in the market save the wicket and wait for a perfect entry time, Consistency in the market and small losses are priceless experiences to make good profits.

[kamvreto]

Mistakes in the world of trading are fairly normal, especially for those who are still beginners, but from these mistakes, we can learn, because success also starts from mistakes. Many people leave trading because they always experience losses and they give up and don't want to learn and develop, because learning trading is not easy to learn and it takes a long time to understand it, it takes a strong intention and desire to understand trading. Even professional traders have experienced mistakes, but they continue to learn and develop from these mistakes. Yes, in short, there is no instant trading capability.

[Renampun]

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

there is something you are missing, that is a community that supports each other, I have noticed for a long time that the role of the community in encouraging other traders is very large, you can get the latest information about the assets you are trading (the information you get will be unlimited), seniors or professionals in trading have a community as a forum for them to exchange information and knowledge in trading, it can even be a means to strengthen each other among fellow traders when the market is uncertain..

[noormcs5]

Mistakes are a part of individual traders growth in the crypto space. Then it's also true that trading is not easy; other newbies just think it's just buying and selling, but they don't think that these are things that should be considered in reality to achieve the desired profit.

And most of us already know that passion is really needed in crypto trading or in anything we want to know and learn. Apart from this, the only thing that is often done by others is that, due to a lack of knowledge, they base their trading on luck, while others become emotional and make rash decisions in their trading activity.

Almost all the traders will make mistake, it is very rare that any trader will never make any mistake in trading. Sometimes in a trade, we get a emotionally involved and take decision based on our emotions which eventually result in loss.

For example some traders follow the money management principle but at sometimes they get greedy and put more money into a single trade and if that trade goes in the wrong direction they will lose money.

I usually make mistake of not putting a stop loss in my trades and thus keep holding those trades for a longer duration.