learn from my 3 mistakes I made in trading

[Sebastian Michaelis]

Hi Amigos

Mistake #1:
Never engage in medium or long-term trades with shitcoins.
These highly volatile assets can be removed from exchanges at any moment, dropping sharply—sometimes by as much as -50%! They’re unpredictable, defy technical analysis, and swing wildly up and down.
Shitcoins are strictly for scalping or short-term trading, and using a stop-loss is absolutely essential.

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

that's my 3 mistakes , What's yours ?

[freedomgo]

Never engage in medium or long-term trades with shitcoins.

Well, I guess this is one of my mistakes.

I’m talking about altcoins I bought during the 2017 bull run. Back then, I thought the project I was holding had legit potential. But after years of holding, the price is now practically worthless. Turns out, I ended up with a classic case of buying a shitcoin.

So, here’s a question - do you know right away when a coin is a shitcoin, or is it something you realize only after time and experience?

[cryptoaddictchie]

So, here’s a question - do you know right away when a coin is a shitcoin, or is it something you realize only after time and experience?

Every memecoin is a shitcoin mate. If I buy a shitcoin like meme coin, Id already expected my money gone, but I hold them off cause a chance to hit a gem could be there once hype. Thats why I am just buying low price amount for that matter so even it got died at least my loss is minimal. But in anycase it goy hype, youll definitely reap a good money.

[Sebastian Michaelis]

Never engage in medium or long-term trades with shitcoins.

Well, I guess this is one of my mistakes.

I’m talking about altcoins I bought during the 2017 bull run. Back then, I thought the project I was holding had legit potential. But after years of holding, the price is now practically worthless. Turns out, I ended up with a classic case of buying a shitcoin.

So, here’s a question - do you know right away when a coin is a shitcoin, or is it something you realize only after time and experience?

Personally, I believe that aside from Bitcoin and Ethereum, every other coin is a shitcoin.
Of course, there are promising coins with solid projects, but in general:

Always try to focus your trading on the Top 30 coins.
Most of them have high liquidity and are backed by strong projects. You can find their rankings on platforms like CoinMarketCap.

Alternatively, dive into fundamental analysis.
Research and identify high-potential projects that are still in their early stages for long-term investment opportunities. The key is to choose wisely and stay informed!

[Charles-Tim]

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

This is very important. You can be a very good trader, but if you are trading than normal, it will affect your health and also you may later lose all the money that you have won. If you are winning in trading, set a goal. If you reach that goal, stop trading for the day. It can be $10 profit in a day and do not trade if you have won that.

Another problem of traders is that they use too much leverage. This makes them lose always as their money get liquidated often.

[memehunter]

I can see clearly that your post is influenced by my post; 2024: My Mistakes and Learnings. What are yours?. It is good that we are learning from each other . If I may suggest you include some links/ss to make it more sincere and personalized which is a big factor for relatability.  
It is always good to do self-reflection and ask wise members of your field to comment. Regarding short-term trading, you will surely find my post A Death Knell to Short-term/Intra-day Traders quite helpful. Please follow the entire discussion (5 posts afterward) and you will see some important stuff regarding short-term trading.

[Sebastian Michaelis]

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

This is very important. You can be a very good trader, but if you are trading than normal, it will affect your health and also you may later lose all the money that you have won. If you are winning in trading, set a goal. If you reach that goal, stop trading for the day. It can be $10 profit in a day and do not trade if you have won that.

Another problem of traders is that they use too much leverage. This makes them lose always as their money get liquidated often.

Exactly mate! it's all about selfcontroll/Focusing/patience
and i agree on leverage thing.. that's why i only use spot

I can see clearly that your post is influenced by my post; 2024: My Mistakes and Learnings. What are yours?. It is good that we are learning from each other . If I may suggest you include some links/ss to make it more sincere and personalized which is a big factor for relatability.  
It is always good to do self-reflection and ask wise members of your field to comment. Regarding short-term trading, you will surely find my post A Death Knell to Short-term/Intra-day Traders quite helpful. Please follow the entire discussion (5 posts afterward) and you will see some important stuff regarding short-term trading.

Hello, my friend! 🌟

I hadn’t seen your post before, but I just read it, and it’s fascinating! I particularly loved mistake number two, which emphasizes that knowledge is more important than money—a profound truth, especially since money comes and goes. 💡💰

As for the 1BTC idea, I must say it’s intriguing. However, I stand firmly against gambling—it’s just not my thing. 🤔 Instead, I believe working as a freelancer and earning money through hard work would be a much smarter move.

And maybe, just maybe, the 1ETH idea would be a more rational choice, especially now that Bitcoin has already skyrocketed. 🚀✨

anyways thanks for ur advices & Good luck mate.

[moderator's note: consecutive posts merged]

[Text]

I’ve been through that too and made some of those mistakes myself. One of the things that stood out for me was falling for FOMO. Early in my trading journey I would chase coins that were pumping because of the hype only to buy near the top and then watch the price crash. It taught me to always have a strategy and stick to it instead of acting impulsively. Because of those mistakes I eventually learned to stick to spot trading like you and I made it a priority to deeply study a project before diving in.

[bitLeap]

that's my 3 mistakes , What's yours ?

The first point I agree that there are many examples of shitcoin cases that have been removed from the exchange. So it is better to target the top 10-50 on CMC to do futures trading.

The second point must always follow the established trading discipline rules. For example, you have set 10% and you are not allowed to make another entry just because after being sold the price has increased again. Such temptations can be a trap for traders who have no principles.

While the third point buying new coins is not always bad, as long as you enter at the lowest point during the correction. If you buy directly when the price is rallying, it is certainly not recommended.

[Perfectbaby]

Is to hold altcoin for Long term with the mindset to hit about 1-10$ per coin has completely made me lose my precious money. And of course you mentioned something similar as well. We should focused on established coin such as bitcoin or the top 10 coin to hold even if you were trading and you didn't close your market with other coin you wouldn't have that fear to completely have a dump over you if you don't set SL and TP. Trading on established coins gives you that confidence of what you are doing than that which you aren't sure of them especially when they newly listed to exchange as you made mentioned is very tempting and vulnerable for traders and investors.

[mindrust]

If you want to make money in the long run, simply don’t trade. Buy and hodl bitcoin. That’s the biggest cheat you can do against the exchanges. By hodling btc, you simply become the house/exchange. You control your own keys, own funds, and nobody can take it from you.

You think you can make more money from trading but little you know it s a huge noob trap you are getting yourself into.

DCA and HODL and in 5 years, you’ll make more money than you will ever make from trading.

[Lanatsa]

Hi Amigos

Mistake #1:
Never engage in medium or long-term trades with shitcoins.
These highly volatile assets can be removed from exchanges at any moment, dropping sharply—sometimes by as much as -50%! They’re unpredictable, defy technical analysis, and swing wildly up and down.
Shitcoins are strictly for scalping or short-term trading, and using a stop-loss is absolutely essential.

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

that's my 3 mistakes , What's yours ?

#Mistake 1--
On the time that you do jump in into this crypto space then make it sure that you are that wary about those price dumps and crashes specially on shitcoins or meme coins.
I can consider this to be a gamble on which there will really be that a time that you will be ending up on holding dead coins into your wallet. 

#Mistake 2--
This is something which is really that hard to control on which this will really be basing up into someones mindset and discipline on which once that greed and desperation kicks in or simply that talks or implies about emotional aspect, then it will really be just that too hard to consider it out. So it will really be just that up to you on how you would gonna deal up with these things itself.

#Mistake 3--
Newly listed? Find for correction on which this will really be the sweetest spot to take in and not on the 1 or 2 candles at the moment that it get listed. Just like on what you have said that you are really that finding yourself on getting huge negative into your port on this case.

Add..

#Mistake 4--
Lack of management whether on time or money, if you do lack this kind of sentiment then you are just basically that doing gambling. Its normal that we might be having some lapses but on the moment that you've been tolerating or having no progress then it will really be that better ot simply quit up and stop on what you are doing before anything will really be that happening. So its better not to put up yourself into desperate condition because it will really be causing up even more loses on this case.

[LogitechMouse]

Mistake #1:
Never engage in medium or long-term trades with shitcoins.
These highly volatile assets can be removed from exchanges at any moment, dropping sharply—sometimes by as much as -50%! They’re unpredictable, defy technical analysis, and swing wildly up and down.
Shitcoins are strictly for scalping or short-term trading, and using a stop-loss is absolutely essential.

This isn't something that for me considered as "automatic" already because we know how risky these shitcoins are. Unfortunately, there are some who are choosing to hold the coins that they bought because of the hope that at some point, it will go up again and they will end up in profit still. In trading in general, you should always put a stop loss whether you're trading Bitcoin, Ethereum, or shitcoins. This is one of my mistakes in the past and if I don't look at my monitor for a while, I always put a stop loss.

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

One of my biggest mistakes last year when I started trading. There are times where I make 10 trades per day, and it really drains your energy not physically, but mentally. This year. I will make it a habit that I will make only at most 3-5 trades despite on whether I win or lose on my trades. I will also take note that I will learn in every trade that I will make because I believe that "every candlestick" has a sign on whether it's a bullish or bearish.

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

I've seen some traders that are making short positions on newly listed coins that has been listed on futures as well, and it works pretty well with them because as soon as the token gets listed, many will sell their tokens hence, putting the price down and it will be a profit for those who went short. Still, don't touch those newly listed coins like what OP said if you're a newbie, or they will dump in your face.

[shinratensei_]

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

this is the mistake that I did frequently, too lazy finding out the ins and outs of the coin, resulting in me buying these coin where there's still airdrop allocation or team allocation unlock on the way, as a result, easy -30% . learned the hard way now I never trade new coin.

4th mistake is also thinking a coin can go back to its ATH when in bullrun, because that doesn't seem to be the case, plenty of alts out there just dumping forever after reaching ATH never go back up, even in bullrun it goes up a little bit then go down again.

best coin for trade I think, still BTC, ETH, and SOL. the other are just mainly full of speculation.

[Cointxz]

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

Typically, Exchange like Binance usually have a warning message or a quiz in able for newbie to understand what’s the risk they are taking for trading high volatile assets.

Newly listed token is not bad in general to be purchased. It depends on the type of their listing whether they are newly listed on the specific exchange that you are using while it was traded already for a long time from different exchange which means you are buying not a real new token rather just the literal newly listed token.

On contrary there’s newly listed token that is profitable or good buy like the L1 and L2 projects that listed on all major exchange at the same time.

[maydna]

The mistakes are:
Buy the coin when the price is already increase because you never know when the dump comes. If that happen, you will lose your money and needs to wait for some time to see the price reach more than your buy price.

Be greedy to take your profit especially when the market is difficult to predict. That can make you lose the chance to sell your coins at a high price.

Always tempting with others saying buy this coins because this coin is going to explode. You need to research to find the right coins.

Many other mistakes that we always make but if you cannot learn from that mistake, that will only happen over and over.

[Frankolala]

Research and identify high-potential projects that are still in their early stages for long-term investment opportunities. The key is to choose wisely and stay informed!

It's not easy to know which project is solid and of high potential to last long in the market. This is because there are many shitcoins out there that if you are not lucky, you will be rugged pull and run at loss. This is why you should only invest with an amount that you can afford to lose because you are gambling. It's only if you have an insider that you can know better about the project.

[Dr.Bitcoin_Strange]

@OP, if those are your mistakes, I hope you have learned from it because the reason why some traders are not yet profitable is because of the number 1 and 2 of those your mistakes which most of them are making. I was also affected by those two issues and I was actually making profit while I was trading some altcoins but that same altcoin that gave me a huge profit also got me liquidated. Over trading is like riding a bicycle without a brake and without control and that bicycle can only make you to crash. So, those are mistakes that a trader should learn to avoid.

[Fivestar4everMVP]

Hi Amigos

Mistake #1:
Never engage in medium or long-term trades with shitcoins.
These highly volatile assets can be removed from exchanges at any moment, dropping sharply—sometimes by as much as -50%! They’re unpredictable, defy technical analysis, and swing wildly up and down.
Shitcoins are strictly for scalping or short-term trading, and using a stop-loss is absolutely essential.

Mistake #2:
Avoid overtrading at all costs.
Just because you’ve exited a trade—whether it was profitable or not—doesn’t mean you should immediately jump into another one. Sometimes not trading at all is a win in itself.
Excessive trading increases your chances of losses and drains your focus and patience.

Mistake #3:
Don’t buy newly-listed coins on exchanges, especially if you’re a beginner.
You’re at risk of becoming liquidity for early investors or teams dumping their tokens on you. This has happened many times with freshly-listed coins—beware of the hype!

that's my 3 mistakes , What's yours ?

All of this you mentioned are all very valid, most especially the number one mistake you mentioned you one that a alot of traders make and or have made in the past, including my very self.
It's very tempting to hold a position in an Altcoin for a very long time if the price of the Altcoin is not going in the expected direction after the position has been opened, this happens with Altcoins where it is believed that it has a lot of good potentials, but unfortunately, just as you have said, decision to hold such Altcoins most of the time ends to be a big mistake, and some time, the Altcoin will start going the expected direction direction immediately the trader has closed his position and taken the loss.
It's a very good advise to trade Altcoins, most especially the not so popular ones, on short terms only.

[jaberwock]

Typically, Exchange like Binance usually have a warning message or a quiz in able for newbie to understand what’s the risk they are taking for trading high volatile assets.

That's great but it is only sad that at the end, some newbies can still proceed even though they are not really qualified yet. They must be lucky now because I remember on our time before, there is no such thing as that (quiz) before we use the platform.

Newly listed token is not bad in general to be purchased. It depends on the type of their listing whether they are newly listed on the specific exchange that you are using while it was traded already for a long time from different exchange which means you are buying not a real new token rather just the literal newly listed token.

Indeed. The problem is not about if the token is newly or old listed but it is about the experience of the trader that matters the most. If they are well-experienced, they can always utilize any types of tokens. I think the type of listing the OP is referring to, is the fresh one or when the token have just went from their presale because it is already obvious that an older token may not really be shady upon our observation or due to their past performances. There are still fresh tokens that are legit and has a solid perspective but as a typical newbie, they might miss this if they will only rush.