Mistakes to watch out for

[bitgolden]

since the social media platform is a trend, most crypto influencers are also deceivers. Sometimes I don't understand them all, but most of them are really just for the views.

The others also pretend to be experts who know a lot about cryptocurrency, but if you know something and you listen, there are also many mistakes in what is said in the video content that they also do, so the result is that the newbies who know nothing about cryptocurrency are misled or deceived. So it's still a good idea to do your own cryptocurrency studies. This is exactly what those planning to enter the crypto space should do.

I think the follower number and the influence they have over people makes them earn more money than what they could in any other way. I think that's a very big shame because the same amount of work could make you a great trader that could make a lot of profit as well. Lets assume that I start today, if I work really hard maybe I can have like 100k followers in a year right?

I mean I probably can't, but I think that's a good example, then I make money from those 100k people slowly and hope that I will not be found out as a fake, whereas if I start today and work for a whole year to learn about trading, I would be able to trade and make money forever, literally until I die, and would not need anything to worry about neither. Influencers worry about everything, like if social media goes down, if their account gets blocked, if they do this or that, constantly living in fear and that's an issue. Whereas, if we are talking about a great trader, he could make money with anything.

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[Mahanton]

since the social media platform is a trend, most crypto influencers are also deceivers. Sometimes I don't understand them all, but most of them are really just for the views.

The others also pretend to be experts who know a lot about cryptocurrency, but if you know something and you listen, there are also many mistakes in what is said in the video content that they also do, so the result is that the newbies who know nothing about cryptocurrency are misled or deceived. So it's still a good idea to do your own cryptocurrency studies. This is exactly what those planning to enter the crypto space should do.

I think the follower number and the influence they have over people makes them earn more money than what they could in any other way. I think that's a very big shame because the same amount of work could make you a great trader that could make a lot of profit as well. Lets assume that I start today, if I work really hard maybe I can have like 100k followers in a year right?

I mean I probably can't, but I think that's a good example, then I make money from those 100k people slowly and hope that I will not be found out as a fake, whereas if I start today and work for a whole year to learn about trading, I would be able to trade and make money forever, literally until I die, and would not need anything to worry about neither. Influencers worry about everything, like if social media goes down, if their account gets blocked, if they do this or that, constantly living in fear and that's an issue. Whereas, if we are talking about a great trader, he could make money with anything.

Reaching out into a point that you are already making a living with trading then it would really be a huge plus or advantage on which this is a skill that cant really be taken away from you and as long there's a market that you can trade on then there's no way that you couldnt really be able to make some money.It is really just that not all would really be that be able to reach out this kind of situation where trading is something that could be considered to be their main income but pretty much sure that there are people or traders who do really make this thing and sustain out because of the skills that they do have.

Somewhat even if the skills could be permanent but we should really be not trying out to avoid nor neglect about the risks involved. This doesnt always talk about making money but rather there are times
which the market is really that too bitter for sometimes on which it would really be causing up that losses too. This is why its never been that good on making yourself that too confident that you could do almost everything.
Trading is a skill that wont really be able to learn up on a few days or weeks but rather it would be taking for lots of years because you could be able to have a good grasps with it.

[adzino]

Their are few mistakes we trader make even when we already knows the craft but we still fall victim to, which are;

-  Trading against the trend: when trading against a trend their is a higher possibilities of you losing that trade, if you spot an uptrend, you should only be looking for a buy opportunities and if you spot a down trend you should only be looking for a sell opportunities simple, you get more winning trade by doing that.

- Too much monitoring of the chart: before you place any trades use a margin you can afford to lose, so that once you place your trade, you set your exit point, take profit or stop loss you wouldn't be checking your chart steadily, because by doing so, you emotions will come into play if it's a margin you can't afford to lose, try as much as possible to trust your analysis, leave it to play out if you want to make good money from the market if it's going your way.

- Entry point - most skill traders I have encountered struggle on this aspect, your entry point determine your risk to reward ratio and that is what keeps you profitable.
if you can get a good entry point by letting the market come too you, even though you loss 60% of your trades, you will still be profitable because 1-3 risk reward ratio will be the least you will get from such entry.

- Too much emphasis on technical indicators: most indicators mostly shows the past data of what have happened in the market, but wouldn't show you what is coming next, that's why it's very important to look at the price action of the chart, you react only to what the market gives you, not by doing what you think.
if you must succeed in trading you must start learning to react to what the market is playing out.

- 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.

- 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.

1. It's so easy to talk about "buying and selling trend", but it is really hard to execute. What if you sold during the "selling trend", but later you realize that the price is going up more? You lose your profit and you will be hesitating when buying. The market is unpredictable, don't forget that.

2. I thought traders had to always keep themselves updated with the market and the charts? If emotions are going to affect your trades, then you should work on your emotions.

3. You are telling traders to follow the trend, and then you are saying them not to focus too much on the technical indicators. Aren't those indicators one of the way to know the trend? So this means you are contradicting yourself here.

4. Not sure what you mean to always calculate your loss before calculating your profit. If you are at profit, how can you be at loss?

[naikturun]

One of the mistakes I do is to trade when a coin has increased significantly in price. If it has increased, I go on short position. This is also what I do if the market price of a coin has decreased significantly, I go long. The mistake is that the market will continue in the direction and no reversal sometimes.  I later used averaging with it and I gain than before but it is very risky.

how can you be calm, some traders may panic and lose again.
My mistake was when I took short and then the price went up and at that time I closed my short position, then I went long and after that the market reversed down.
I really hate being in that position and usually I will spend the capital I brought that day because my mind is carried away by emotions, where I should stop for a moment.

[borovichok]

how can you be calm, some traders may panic and lose again.
My mistake was when I took short and then the price went up and at that time I closed my short position, then I went long and after that the market reversed down.
I really hate being in that position and usually I will spend the capital I brought that day because my mind is carried away by emotions, where I should stop for a moment.

We all make mistakes, and there are numerous trades I've missed out on simply because I was too desperate to accumulate profits and lost the main entry that would have boosted my portfolio. I was opportune to be among the top whales but I ruined my chances due to the mistakes I made earlier on. Dominant in one position doesn't points out any symbol of growth or development, rather its stoods to point to break down in strategy. We're never confident of the market and it's possible outcome. The best trading option is simply to relax and waits for market to come to you and not the other way round.

[GeorgeJohn]

You can agree with me that some mistakes are inevitable, especially when you're not aware of something related to occur, they comes in as a result of what we do, we can try out our best in making sure that we deal with this by taking it to the minimal level, because some may actually cost us than we expect, but when we know what we are doing, we will always ensure we avoid having any kinds due to our own carelessness in what we do.

We know that mistakes can occur at any point in time and I believe that for we to make a mistake maybe we are not informed properly and it's one of the things that causes a mistake occurrence, in a normal circumstances a mistakes is quite real but when we are not informed many people will think that it's something that have to deal with without consciousness, I like your point very well, when you know what you are doing you will not be making a continuous mistakes