Mistakes to watch out for

[Frankolala]

Trading is something that is very risky and no matter the strategy that you use, you have the high probability of losing because it is hard to predict what happens next with bitcoin price movement. Another thing that i noticed is that the strategy that works for you might not work out for the other person.

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

[1714963349]

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[1714963349]

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[TelolettOm]

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

This is a wise thing to understand when to stop, when we feel we need to stop because we lose more often than we make a profit when trading. This is realistic and logical. When we are aware and before it is too late, it is better to stop. This may be different for some people who are obsessed with trading and are still optimistic about winning the next trade. This may not only be about obsession but overconfidence. And we must avoid this, at least we can manage ourselves to know when to enter and when to exit, and when to stop or start again.

A professional trader doesn't mean that he always wins and never loses, right? indeed, but they can evaluate and can carry out various tactics at the right time so that they can minimize losses and quickly replace losses with other trading pairs. They can take advantage of every moment to take profits, but are still under control.

[boyptc]

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

That's what they need to remember when trading, content creators make it look like that trading is easy and everyone can make money from it.

Regardless of the strategies that you learn, when you apply it to yourself. It doesn't guarantee anything because that's the hard part of it, you keep on running backtesting, etc.

But at the end of it, you're uncertain and most likely will get a loss. It is the reason that the best thing is to stop and start accumulating. It is one mistake that many don't recognize too early so they end up committing more mistakes.

[shinratensei_]

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

That's what they need to remember when trading, content creators make it look like that trading is easy and everyone can make money from it.

Regardless of the strategies that you learn, when you apply it to yourself. It doesn't guarantee anything because that's the hard part of it, you keep on running backtesting, etc.

But at the end of it, you're uncertain and most likely will get a loss. It is the reason that the best thing is to stop and start accumulating. It is one mistake that many don't recognize too early so they end up committing more mistakes.

with infleuncers they make it look easy just because they want people to get into their course or sign up using their refferal link where probably they'd profit off the people's lose since usually refferal gives certain percent of loss towards the influencers.
there's always ulterior motives in every those so called infleuncers movement, otherwise they won't waste their time making some video to make other people rich because they themselves wanna become rich out of this.
thats why sometime the influencers demonstrate how easy it is to trade, meanwhile sometime there are also some manipulation going on if they are advertising some random platform where they are given some account that could be used for demo but with rigged and modification towards the account that make them always winning, never take financial advice from strangers.

[libert19]

- Always calculate your loss before profit: when you trade with what you can afford to lose, it is near impossible for your emotions not to be in check.

This is true, whenever I traded with amounts that I was not willing to use, I was emotional about the trade, and was constantly looking at it , and those shivers if pnl was in minus 

Meanwhile,

whenever I open trade with amount I could afford to lose, those trades stay open for long. For example, just yesterday I closed my ethereum position which was open for more than 6 months.

[kentrolla]

Trading is something that is very risky and no matter the strategy that you use, you have the high probability of losing because it is hard to predict what happens next with bitcoin price movement. Another thing that i noticed is that the strategy that works for you might not work out for the other person.

I have used many strategy to trade but I still run at loss and that was why I decided to stop trading because of the risky involved in it. Professional traders don't make profit everyday even upon that they understand the market more. Bitcoin market is too complicated for anyone to understand it all and that is where traders make mistake at loss because they think that they have understand the market fully. Only trade with the amount that you can afford to lose.

In my opinion tradin can be profitable, provided you know how to set take profit and stop loss. I have fair share of trading experience of running into both profit and loss, whenever I have lost a trade it's purely because of my mistakes like selecting some shit coin just because it pumped or becoming too greedy and not setting stop loss. But if you trade in Bitcoin the risk of running into sudden loss is very minimal unless it's a sudden dip which happens very rarely in Bitcoin. Full time trader has their own strategy and as you mentioned even they may not achieve profit everyday but they do definitely earn profit even if it's a week long, month long hodling which we don't forecast.

It's simple that follow certain rules by creating them like percentage of risk taking, when to take profit and which coins to invest, number of traders per day. These are hygiene metrics of trading because most of us losse due to not following it

[Franctoshi]

In as much as it is advisable to allow trades to run to avoid attaching emotions without often checking on it,  however, it shouldn't be applied to all the trades because there are certain conditions where the market can suddenly change direction because of a news event, and if you are monitoring the trade you can take quick action by closing in a small loss or profit, one of my mentors did tell me that I should see trading as my office or shop, that if can't leave my shop to run on its own, same is applied when it comes to trading because of the constant changing market conditions.

[boyptc]

That's what they need to remember when trading, content creators make it look like that trading is easy and everyone can make money from it.

Regardless of the strategies that you learn, when you apply it to yourself. It doesn't guarantee anything because that's the hard part of it, you keep on running backtesting, etc.

But at the end of it, you're uncertain and most likely will get a loss. It is the reason that the best thing is to stop and start accumulating. It is one mistake that many don't recognize too early so they end up committing more mistakes.

with infleuncers they make it look easy just because they want people to get into their course or sign up using their refferal link where probably they'd profit off the people's lose since usually refferal gives certain percent of loss towards the influencers.
there's always ulterior motives in every those so called infleuncers movement, otherwise they won't waste their time making some video to make other people rich because they themselves wanna become rich out of this.
thats why sometime the influencers demonstrate how easy it is to trade, meanwhile sometime there are also some manipulation going on if they are advertising some random platform where they are given some account that could be used for demo but with rigged and modification towards the account that make them always winning, never take financial advice from strangers.

Yup.

They're going quickly and convincing people that's why they're making it look like trading is easy. That's the first mistake of the viewers and not the influencers.

It's because the influencers is just feeding anything to their audience and for the viewers, we need to always meticulous with the contents that are being fed to us.

If we're not verifying or curious, then we always end as the victim of these influencers where they did their job to refer or advertise. While they get money from us through that successful advertisement they just did.

[Oshosondy]

As a trader you have to monitor your trade because monitoring of your trade will help you not to lose, their is no apparatus or tools you will use in trading that will not permit you or give you the privilege of not monitor your chart of trading, because in a trading irrespective of your tools you will not hesitate to be observate  and also be conscious in a trading to ensure you have to make a profit, either you use stop loss or not and without observations in trading you will lose, so therefore trading requires monitoring.

This depends on the type of trader that you are. It also depends on if you use take profit or not. If you are a swing trader, you may not bother yourself looking at the chat, but if you are a scalper, you may prefer to watch the chat. If you are scalping or a day trader, and you set stop loss or take profit, you may not bother to check the chart until certain time has passed. Not watching the chart is better if you use good strategies.

[Nrcewker]

OP got some good points to be honest. These do affect the results when we trade big amounts. Moreover one thing a trader should always keep in mind that, they need to set small targets and achieve it in regular basis. If you don’t set a goal and trade frequently, then definitely a point will come where you will face losses. So it’s better to be attentive, do good analysis and trade in limit in order to make the most profit out of it.

[Dickiy]

As a trader you have to monitor your trade because monitoring of your trade will help you not to lose, their is no apparatus or tools you will use in trading that will not permit you or give you the privilege of not monitor your chart of trading, because in a trading irrespective of your tools you will not hesitate to be observate  and also be conscious in a trading to ensure you have to make a profit, either you use stop loss or not and without observations in trading you will lose, so therefore trading requires monitoring.

This depends on the type of trader that you are. It also depends on if you use take profit or not. If you are a swing trader, you may not bother yourself looking at the chat, but if you are a scalper, you may prefer to watch the chat. If you are scalping or a day trader, and you set stop loss or take profit, you may not bother to check the chart until certain time has passed. Not watching the chart is better if you use good strategies.

Yes that's right, in general, people think that if you enter the profession as a trader then inevitably you have to put a lot of time to pay attention to what is happening in the market through the charts that are being formed, that's good but I would not fully consider that action correct because of course as you said that it would apply if they did not use take profit and stop los which would be very useful to use when you cannot directly pay attention to market movements that are happening because there are other things you have to do.

Every trader does have their own way of looking for profits in the market, as you said swing traders and scalpers, for scalpers themselves really have to keep an eye on market movements when their trading session has started because only they can decide to make the right decision and wait until the results are answered whether it's profit or loss, but with you always in front of the screen then you can minimize the risk you take. Of course, it is true that basically for the way they use it depends on the comfort of each person, we can only hope that they will remain fine in planning and managing their trading.

[BitcoinTurk]

Generally many traders lose money because they make the mentioned mistakes. There are many factors that need to be taken into consideration in order to be a successful trader and if these factors aren't managed well simultaneously they will cause negative results.

In general, when we examine the mistakes made by many traders we see that making transactions against the trend, constantly examining the chart movements and making wrong decisions accordingly, not analyzing the SL and TP points well, not knowing the exact expectation from the current position, choosing the right entry and exit level. We can make a list as follows: not using SL and TP, not using high leverage and making transactions based on only one or two indicators.

Finally, I would like to finish my comment by pointing out the most important mistake made by many traders. Establishing an emotional bond with a cryptocurrency or a position and controlling the position with emotions based on this bond is a serious mistake often made by many traders. Moreover, regardless of their experience level many people lose money or lose their some profit for this reason.

In summary, trading and making money in the financial markets is definitely not as easy as it seems. For this reason it is important to always be careful and pay extra attention to avoid making such common mistakes.

[gunhell16]

Learning is really the first step for us to succeed as long as what we learn and acquire is correct, because if the information we acquire is wrong, it can also put us in a bad situation here in the crypto business for sure. Like, what we sow is what we will reap.

So we as individuals must also know how to choose the right thing to study and what we want to know too. Most of them want to learn trading, so if they usually make a mistake with the platform they enter, instead of the legitimate trading platform they go to, others are stranded in different group channels on Telegram, which are often and still are used as a place by pundits to cheat. So be a little careful so that the things we do do not go to waste.

[Hypnosis00]

- Always calculate your loss before profit: when you trade with what you can afford to lose, it is near impossible for your emotions not to be in check.

I don't think this is necessary as we are just spending and wasting our time on a thing that won't help us.
Because we probably know what is the possible outcome when trading and we certainly lose if lose control of our emotions. It is very important that we know how to manage our emotions as this is the main reason why many traders have failed. It is a big challenge for everyone but it is a must if we want to gain success and achieve our goal and it was not impossible either if we are too determined about it.

[tygeade]

with infleuncers they make it look easy just because they want people to get into their course or sign up using their refferal link where probably they'd profit off the people's lose since usually refferal gives certain percent of loss towards the influencers.
there's always ulterior motives in every those so called infleuncers movement, otherwise they won't waste their time making some video to make other people rich because they themselves wanna become rich out of this.
thats why sometime the influencers demonstrate how easy it is to trade, meanwhile sometime there are also some manipulation going on if they are advertising some random platform where they are given some account that could be used for demo but with rigged and modification towards the account that make them always winning, never take financial advice from strangers.

Yup.

They're going quickly and convincing people that's why they're making it look like trading is easy. That's the first mistake of the viewers and not the influencers.

It's because the influencers is just feeding anything to their audience and for the viewers, we need to always meticulous with the contents that are being fed to us.

If we're not verifying or curious, then we always end as the victim of these influencers where they did their job to refer or advertise. While they get money from us through that successful advertisement they just did.

This is such a terrible way to lose money as well, it would definitely feel like you got fooled by someone. I mean influencers could end up with saying whatever they want, they could even lose their own money with the same investment, there is nothing stopping them from being wrong, and as long as they have a lot of followers, they can apologize for being wrong, some will leave, some will be mad, but there will still be a lot of followers and they will continue to make money.

With the new method at twitter, they could even make money from ads and subs too, and that will be something totally different. I believe that's a difficult situation for them because they won't lose much money, whereas they will make you lose your money.

[Husires]

I would like to add that psychological trading, which depends mainly on you looking for a quick profit without specifying the amount of profit, is destructive to trading. The most important thing in trading is that the profit is the moment of purchase. Make a clear plan for the profit percentage and sell as soon as you get your profits. Trying to be greedy or accumulating more money is what often makes you lose money, and there is no trading with 100% profits, but sometimes you achieve profits and sometimes losses.

[Bitcoin_people]

I think this advice of yours is very useful for newbies and following these a trader will never face loss again. The tips you have given here are many things about trading that a newbie can have a good experience if they try. But if you follow these tips and trade and get profit then definitely good and if not then it's not worth it. Controlling Emotions is Valuable in Trading Only a person who can control his emotions can survive in the trading field. And if you don't have trading experience then you can trade well by following these tips. And if you forget all these things then surely you can face loss while trading so you should always trade by these valuable tips.

[Fuso.hp]

In trading we should take utmost care in every aspect. Those of us who are trading should have two types of thinking that if I trade I can gain as much as I can lose. Trading will never be self-sustaining if trading is done with only profit in mind. 

Everyone has their own trading strategies. Some follow one day trading and some follow weekly trading whoever feels comfortable with trading conducts his trading. If a newbie wants to succeed after seeing someone else succeed in his trading strategy, chances are he won't succeed there. 

Every trader should have his own trading strategy. When each of us has our own trading strategy then we can get success by trading according to that trading strategy. Patience is very important in trading, so if we claim ourselves as traders then we must be a person with enough patience.

[taufik123]

I would like to add that psychological trading, which depends mainly on you looking for a quick profit without specifying the amount of profit, is destructive to trading. The most important thing in trading is that the profit is the moment of purchase. Make a clear plan for the profit percentage and sell as soon as you get your profits. Trying to be greedy or accumulating more money is what often makes you lose money, and there is no trading with 100% profits, but sometimes you achieve profits and sometimes losses.

Buying at the right time and price will give you a better profit ratio than simply entering without knowing if it's the right time or not.
And vice versa, there are profit limits that should not be violated when you have a strategy, so use the strategy.

If it is profitable and reaches the set price, then take profit, or just need to set an order at the specified sales price.
To keep the capital in good condition, use stop loss to stop losses at a certain decline, it can maintain the integrity of capital with only a small loss, if indeed the market does not go as predicted.

Trying to be greedy does have a bad impact when prices suddenly cannot be predicted.
Going beyond what has been determined and then falling at a deeper price will cause considerable loss and regret.

[Zigabel]

Their are few mistakes we trader make even when we already knows the craft but we still fall victim to, which are;
- Avoid trading consolidation: traders that fall victim to this one are people that takes many trades, trading consolidation is very dangerous because it can go anyway, at such point, the market have no clear direction.

This advise is very vital because some persons fail to understand that consolidating markets have no direction and are sometimes almost unpredictable as to how they will eventually turn out after much consolidation so it's usually much safer to avoid trading such until it's clear that the market is now moving in a certain direction.

Taking too many trades at same time could be very risky and dangerous especially when you are simultaneously taking traders on different pairs at the same time. You find it almost difficult managing all of them at the same time, it will be much safe if you do just a pair and probably have multiple entries on them and if you must do more than one pairs at a time then it shouldn't be more than three pairs so you can be able to effectively manage them.