Hello my friends today i want to talk with you about most common mistakes in trading from my experience (any market but specially in crypto) And after reading this i hope you will avoid them 1- Not Patient Enough : I think this is one of top major reasons for failure in cryptomarket Most newbies in this Field are thinking they will be rich in few days thats completely wrong ...Any old trader here will tell you how the patience will paid off
2- More Than You Can Afford To Lose : only risk what you can afford to lose ... more than that will lead to alot of mistakes and you may close your position after any small drop before reaching stoploss point and thats wrong my friends
3- Not Using Stoploss : Stoploss is important but i recommend manual stoploss by candles closing not automatic one to avoid manipulation in market.. if you dont know difference between manual and automatic read my previous idea about it
4- Over Trading : Alot of trades every day wont make more money ...instead, it will make you more stressful and staring at charts all day resulting in more mistakes 👉Fewer in numbers and higher in quality trades per week or even month are enough sometimes best thing you can do is not trading at all when market is uncertain
5- Emotional Trading : Both fear and greed play big role in the market movement When you see most of people are greedy you should start taking profits partially ..and also try to avoid selling during panic sells
6- Revenge Trading : Like using all wallet to buy one coin (all in) or doing high leverage postion to recover losses fast usually end in liqudation or big lose and leaving market completely This market need you to be flexible
7- Ignoring Your First Plan alot of very good plans and managements from start but you continusoly change it by listening to other random people opinions trust in your self and trust in chart no problem from taking advices from more experience people but you should trust in yourself first by have your own view and own plan
How many mistakes you find yourself doing it ...choose the number from above and tell us in comments
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in continuous green days ..always take profits partially and set stoploss above entery point for rest after target 2 hit and dont use all wallet ..must some free USDT to buy deep in situations like this
I am in the market four years but I made a life mistake again. I had a lot of ADA in 2019, than it dropped a lot, after two years I sold all and try to make some recover with other coins. On 14 March 2020 after Corona panic, I listened other "old traders" and I made more loses, ... in that time with ADA I could have $1,5 million, than I was in XRP and the SEC bad news same, my small portfolio went 60% more drop. Life mistake and still didn't get a new job for living. So, every dude could be a hero for the past analyzing.
Babenski
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@tomazs oh i sorry for your lose ..but best thing is you have learned to believe only in your self as i said you can take advice but first of all must be your own view and your plan
tomazs
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@Babenski, Thanx, yeah, the hardest battle is the battle with myself and all distraction. My brother made a similar mistake in 2017, he got XRP at 0,003 made someprofit, than it drop and he sold all his 660.000XRP, two months after that XRP went on $3.8 and he missed almost $3 millions. Life is not fair :-)
Babenski
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@tomazs take it as lessons my friend not losing ...it give you more experience to how to deal with market
tomazs
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@Babenski, Yes, great notices for each one. Thanx!
mahdibland
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Thanks for sharing with us
my biggest mistake was to take revenge from the market
when I fail a trade I want to recover it fast that cause putting a lot of emotion and big losses :' )
and also not putting stop loss and hope that someday it will back :) it's funny how we not put stop-loss and hope that price even back to that level again to close our position (but still I don't like auto sl it can easily hunt)
@Babenski, just curious what do you mean by manual stop loss? Like stopping when you notice it a certain time or? Only issue is it drops a ton when I don’t notice!
appface
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i dont want remember how am falling from 0.1 to 0.01 btc