Don't do this mistakes in trading

[Mr. Magkaisa]

        -  Hey guys, good day! In this topic, I want to share things that others may already know and others don't yet. And these are the mistakes that bitcoin and crypto traders make in the industry we belong to. Especially when you are just starting this business.

I made these reasons because you know we are stubborn, but here I am now, and I hope you will not imitate me or follow this, especially when you are just starting in this field of crypto trading. And for those who can relate, just give a comment or let's laugh about it. Now we are okay, we know the cruel strategies in bitcoin and crypto trading, and we are making money.
So let's write about the first mistake:

1. Trading money that you can't afford to lose

Often the capital we trade is our only savings; if it doesn't grow, we're done or we're broke, or hopefully it's not what we pay bills for every month like electricity or enrolling in college. Of course, let's never use it in crypto trading. Why? Is it because you will lose? It's not that you will lose, because crypto/bitcoin trading is not just a simple strategy; it's all about emotion, mind tips, and being relaxed, calm, and logical. Because once we put emotions into trading, like, for example, the words "I need to win" or I need this because I need to pay the electricity  bill," there is a big chance that we will lose in trading. Because there is a big chance that greed will hit us here or fear will hit us, these are the things we don't want to happen.

So what we want to happen the most is to follow our strategy in crypto trading. And for this to happen, we must not have an emotional attachment to our capital, especially when we are just starting out and we can lose just one bubble. Not necessarily that you will spend the money, but because we don't want to have an emotional attachment to it. We don't want to be nervous; we don't want to be unable to sleep, as long as we want to relax. Just think that in crypto trading, as some say here, when you chase the money, it will get further away from you, which for me is true. So we should just be real, and it will come to you too. As long as, instead of chasing money or profit, you attract success.

2. Greed

It is very important that we avoid being like this or having it. If words like 2% per month profit is okay, then we will say that it is not possible. I want 100% per week; these are just examples. Especially when we see someone who takes a profit of 100% per week, that's okay; it's just that the risk is too high. And it doesn't always happen like that; as long as our goal is "sustainability," we don't just rely on luck or maybe get lucky. Of course, we don't just want luck; instead, we want to have a monthly profit or passive income.

So it's also true what others say: crypto trading is difficult if you don't have another source of income or you only have one source; you should still have at least two sources. Because when, for example, you suddenly make money, that's where the get-rich-quick scheme comes in. We think that maybe my income will grow even more. If I continue to do this, maybe after 2 months my profit will be x10 or more. .  These are just some of the mindsets of people who want to make money quickly. That's why there's really nothing like that in any business industry we go to. Everything has a process, and everything is studied. So stop thinking like a rich quick scheme; this is just a piece of sh*t.

And often, when we have greed, we just gamble, and it's hard like that because we think, "It looks like it's going to go up, so I'll hold first" or "It looks like it's going to go down, and I'm going to sell." That's how we think, right? ?  Sometimes we even say, "I hope it goes down; I hope it goes down, then all of a sudden it will go up," or something like that. So these thoughts are called gambling, or no strategy, no exit strategy, or when to enter the purchase, as in just hoping for luck. So never gamble with crypto trading.

Those are my experienced when I was starting here in this field industry...
 

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[Oshosondy]

The most reason traders are losing is because of greed. They will make profit but still keep the position opens but later the market might go another direction and they may lose. The second thing is that they can be using high leverage which will be resulting to liquidation. But a trader needs good strategies to make profit than loss while patience and low leverage are important. Also not to be trading shit coins is important.

[Catenaccio]

Trading money what a trader can afford to lose is right but in trading practice, a more important rule is protection of your trading capital.

You can afford to lose it before you start your trading with actual money but you need to protect your capital. You must avoid to lose your trading capital as without it, you are emptied hands and your trading career ends at that time.

So use stop loss order, stop limit order to defend your capital and minimize risk to lose all of it.

[Awaklara]

all trading goals are of course for profit. even though we know we can't be sure whether we can make a profit in our trading or not. especially for those of us who are just starting in trading. Using money that is within our means is the best choice. or we can allocate a certain amount of capital for our trading. and try to remain consistent in not violating the boundaries you have created for yourself.
but I don't know for those who are already professional traders. Moreover, if someone says that they trade daily, I don't know if they allocate a certain amount of money that is not part of their money needs. but I'm sure there are still traders who use money that exceeds their previous allocation in their trading.

[deathcode]

people become greedy when they see opportunities for greater profits. it usually happens to traders and I think almost all traders have experienced a situation like that.
even though in trading we make plans for the profits we get. but when we saw better growth potential, we changed our initial plans. and that can be good or bad. It's like you are risking profits that are already in your hands for greater profits.

[lionheart78]

Traders should also avoid emotional trading. It has a huge impact on the decision of the trader.  One should be calm and not overly hyped or negatively depressed when trading.  Here is the important key points why traders must control their emotion when trading.

• Trading emotions and psychology play a significant role in performance, with traders experiencing a range of feelings that can impact decision-making.
• Emotional trading could lead to cognitive biases, impulsive decisions, and loss aversion, potentially resulting in reduced trading performance.
• Techniques such as mindfulness and meditation, journaling, positive self-talk, taking breaks, and seeking peer support could help traders manage emotions effectively and maintain emotional resilience.
• Acknowledging and controlling emotions is crucial for successful trading, as it enables traders to make better-informed decisions and optimise their performance in the financial markets.

This is explained in this article.  It also give guide on how to control one's emotion.

[Taskford]

     
1. Trading money that you can't afford to lose

Some people don't understand that trading is so risky activities that they are participating and they always think that they can play around since for what they know its easy for them to earn since trading is buy high and sale low so its better if they buy all the money they have so that they can take home a lot of profit. But they encounter a hard slap of reality where they lose everything they have and doubt for what they have done so to avoid this scenario they must think about what they wanna achieve on trading and always use the amount they can afford to lose so they can avoid to get depressed if they lose on the trades they made.

     
2. Greed

Usually this occur when they are trading some coin and a pump is ongoing then they want for more profit that's why those people decide to hold more but caught up with correction and instead they earn they are experiencing of heavy decline of that assets they are trading. To avoid such scenario then we should act according what can give us more ideal look and always secure the profit we get and step out of thinking to be more greedy since this can cause us to lose our hard earned money which we use as capital on our trades.

[Hypnosis00]

No matter how many discussions talk about "common trading mistakes" this still won't change everyone. Because what I observed is the more we talk about this, the more newbies fall into committing mistakes. Honestly, it is difficult to change someone who already fell in love with money because even if they know greediness is wrong still it lives in their mind. And no matter how many times they suffer losses, that won't change their behavior. Maybe, just maybe, if they stay cool this time but can't ensure they remain cool for a long time.

We fail trading, not because of the lack of knowledge but it is due to our wrong actions and approaches.

[livingfree]

Greed is one factor that many does a mistake. Whether they're traders or investors of meme coins or any hype tokens nowadays if they are greedy and don't take profits, they're likely to miss opportunities of profiting and will miss selling at the right time.

Actually, it doesn't have to be a right time. As long as they have already made some profit and depends on what kind of percentage you've made, then it is for sure possible for you hit your targets as long as they're achievable.

But when you have started to make such high assumptions and targets then that's going to make it hard for you to achieve them and will show how greedy you are.

[Frankolala]

Trading money what a trader can afford to lose is right but in trading practice, a more important rule is protection of your trading capital.

You can afford to lose it before you start your trading with actual money but you need to protect your capital. You must avoid to lose your trading capital as without it, you are emptied hands and your trading career ends at that time.

So use stop loss order, stop limit order to defend your capital and minimize risk to lose all of it.

To be on the safer side when you are trading, it is good to use the money that you can afford to lose, so that even when you lose it, it does not mean anything to you, but instead you have learnt something new about the market. It is when you trade with the amount that you cannot afford to lose that ends your capital.

Trading is similar to gambling as it deals with emotion and when to close your trade. If any trader can control his emotion, be satisfied with little profit amd close the trade at the right time, the risk in trading will be limited. Don't allow greed get all over you, because it leads to great loss.

[moneystery]

1. Trading money that you can't afford to lose

trading using money that you cannot afford to lose is a mistake that traders often make. they often think that trading their savings or their only money can make them rich overnight, when what actually happens is that they lose all that money, because their mindset is wrong from the start and they tend to trade using a gambling system. they don't use analysis and the strategies that make them lose all the money they have. and therefore, if you can't afford
 to lose money when trading then don't use it, because why trade if you end up regretting it.

[Zaguru12]

The most reason traders are losing is because of greed. They will make profit but still keep the position opens but later the market might go another direction and they may lose. The second thing is that they can be using high leverage which will be resulting to liquidation. But a trader needs good strategies to make profit than loss while patience and low leverage are important. Also not to be trading shit coins is important.

I have to agree with you that most traders especially this period are greedy and that’s shown by the high number of liquidations we see recently. First mistake some traders make is not taking profit from a running a trade because of the greed, Atleast if you don’t want to half your position size you can simply move your stop loss up to lock a trade; it’s a manual strategy some traders do to avoid change of trend.

Another thing you point out is the trading of this shitcoins, memecoins to be precise is a thing of concern. Many people trade this volatile coins with high leverage, it sometimes pays off and most at times doesn’t

[kentrolla]

Greed is one factor that many does a mistake. Whether they're traders or investors of meme coins or any hype tokens nowadays if they are greedy and don't take profits, they're likely to miss opportunities of profiting and will miss selling at the right time.

Actually, it doesn't have to be a right time. As long as they have already made some profit and depends on what kind of percentage you've made, then it is for sure possible for you hit your targets as long as they're achievable.

But when you have started to make such high assumptions and targets then that's going to make it hard for you to achieve them and will show how greedy you are.

True, even I have made such mistakes out of greed and people will be surprised I have lost thousands of dollars in future trading in the past just because I was not taking profit and rather waiting for more profit without SL and as a result I have learn my lesson and it's little bit difficult to manage greed unless we make a strategy which should have a process of taking profits regularly. I have overcome that with great difficulty and now aims for little profit but multiple instances of taking profit instead of waiting for huge and ending up with nothing.

[Hamza2424]

After a long time something constructive and natural in this section which is an exception to those of the tips & tricks posts, OP this is a very serious concern people use to lend money and trade with them which is a destroying action, it can put someone in serious financial crisis even if he's stable on the instant. I know some of people personally who started trading with other's money just in greed of making 2x and 3x overnight and in the end having nothing in their hands.

Its really sad that people neglect the rude nature of the market and they ignore most of the things by taking them in the list of unnecessary its not about the greed and red candles or black and white candles its about making the decision after understanding the phycology of the market.

[Natalim]

snip...

Its really sad that people neglect the rude nature of the market and they ignore most of the things by taking them in the list of unnecessary its not about the greed and red candles or black and white candles its about making the decision after understanding the phycology of the market.

We mostly fail because of our wrong decision-making. But there is one reason why it goes like this (failure/mistakes) and that is because we are all not able to carry our emotions well which highly affects our minds and making bad calls. That is why I don't say trading is for everyone nor it was for those who have the desire to do it but it is clearly for those who are willing to understand the situation and change their behavior. In fact, to imagine everything we need to use in trading - analysis, chart, etc are available but still, most of us never succeeded. This is probably because we have emotional problem that triggers everything.

[boyptc]

1. Trading money that you can't afford to lose

I have to agree with this and it's good that it's on the number one. It is because many of the traders, new or not have thought that just because you're engaged in trading means taht you're going to profit.

And the logical thinking that many of us have is when they invest more money or start with a better capital, they have more edge in the market but little did they know that they can be beaten by itself when they don't know what to do.

So, trade only with specific amounts and start small for the beginners.

[Assface16678]

1. Trading money that you can't afford to lose

I have to agree with this and it's good that it's on the number one. It is because many of the traders, new or not have thought that just because you're engaged in trading means taht you're going to profit.

And the logical thinking that many of us have is when they invest more money or start with a better capital, they have more edge in the market but little did they know that they can be beaten by itself when they don't know what to do.

So, trade only with specific amounts and start small for the beginners.

But sometimes what makes new traders to use a lot of their money for their first trading experiencr is because of those deposit bonuses, I don't blame trading platform for that, its just that many new incoming traders wannabe are being too amzed and attracted to those bonuses thinking that if they deposit the minimum amount is that they will have more funds to trade and yes they will as they will have more equity, but the thing is there's nk catch in every bonuses, if you will be more observant you will see that the spread on some trading platform is too high and it means you will be having a hard time to earn from a trade unless you are an experienced and very goo at trading but if you aren't then it will be like a trap that will make newbies in trading trade aimlessly. 

And because they experience losses at first, they could either stop or try to recover their losses, and that's when they lose more money in trading.

[boyptc]

1. Trading money that you can't afford to lose

I have to agree with this and it's good that it's on the number one. It is because many of the traders, new or not have thought that just because you're engaged in trading means taht you're going to profit.

And the logical thinking that many of us have is when they invest more money or start with a better capital, they have more edge in the market but little did they know that they can be beaten by itself when they don't know what to do.

So, trade only with specific amounts and start small for the beginners.

But sometimes what makes new traders to use a lot of their money for their first trading experiencr is because of those deposit bonuses, I don't blame trading platform for that, its just that many new incoming traders wannabe are being too amzed and attracted to those bonuses thinking that if they deposit the minimum amount is that they will have more funds to trade and yes they will as they will have more equity, but the thing is there's nk catch in every bonuses, if you will be more observant you will see that the spread on some trading platform is too high and it means you will be having a hard time to earn from a trade unless you are an experienced and very goo at trading but if you aren't then it will be like a trap that will make newbies in trading trade aimlessly. 

And because they experience losses at first, they could either stop or try to recover their losses, and that's when they lose more money in trading.

Well, those deposit bonuses aren't that much but if that's what they are for then they should just hunt all of those deposit bonuses from different exchanges.

If they can't afford to lose them all, it's best for them not to get into those type of bonuses and just do trading as is so that they won't have any troubles at all.

As for these exchanges, it's part of how they attract more customers so that's a basic promo that they have in their features.

[livingfree]

Greed is one factor that many does a mistake. Whether they're traders or investors of meme coins or any hype tokens nowadays if they are greedy and don't take profits, they're likely to miss opportunities of profiting and will miss selling at the right time.

Actually, it doesn't have to be a right time. As long as they have already made some profit and depends on what kind of percentage you've made, then it is for sure possible for you hit your targets as long as they're achievable.

But when you have started to make such high assumptions and targets then that's going to make it hard for you to achieve them and will show how greedy you are.

True, even I have made such mistakes out of greed and people will be surprised I have lost thousands of dollars in future trading in the past just because I was not taking profit and rather waiting for more profit without SL and as a result I have learn my lesson and it's little bit difficult to manage greed unless we make a strategy which should have a process of taking profits regularly. I have overcome that with great difficulty and now aims for little profit but multiple instances of taking profit instead of waiting for huge and ending up with nothing.

In the beginning, the difficulty is there but once you have passed on for so many trades that you do and you're able to control your greed.

That's where you're doing the right thing and step by step you'll be able to see how effective you are in controlling your emotions.

Not everyone is at their best in managing greed at the start but with experience and time, everything can be learned.

[Lida93]

No matter how many discussions talk about "common trading mistakes" this still won't change everyone. Because what I observed is the more we talk about this, the more newbies fall into committing mistakes. Honestly, it is difficult to change someone who already fell in love with money because even if they know greediness is wrong still it lives in their mind. And no matter how many times they suffer losses, that won't change their behavior. Maybe, just maybe, if they stay cool this time but can't ensure they remain cool for a long time.

We fail trading, not because of the lack of knowledge but it is due to our wrong actions and approaches.

Talking about greed all of the time doesn't mean people will no longer fall for it, of course people must fall except there are no trades anymore but in as much as trades are made a portion of traders must fall into trade victims of greed. Everyone must not win their trades, an error must set in either by an act of greed or something else otherwise we won't have course to be treating the discussion all of the time.

Humans we are wired to seek for more after initial target has been attained and that insatiable nature is what create that greed in us while we trade and when a trader lack a conscious control of that innate inclination for more in his trading life you see he keeps making more losses than profits. Even in times he should make profit greed set in to take more and from taking more a collateral loss is incurred. Everyone of us has greed it is how we manage it that matters.