Your 10 Worst Enemies! as trader

[decemberends 1881]

this is true unfortunately even we know these type of mistakes it can still happen in which make it for others very annoying as they think like 'we know these mistakes why im doing this?!' something like that as for me if i make these mistakes prob its my problem not realizing things should have before doing something.

 

[Zues 1069]

The points that you created about the enemy of traders here is on point because I think that we should really recognize what might we encounter here in cryptocurrency because you can't really expect anything that might comes ahead in your experiences about cryptocurrency. 

[Dydk007 45]

Emotions are difficult to control in this business, especially anxiety and fear of losing your money. but it is something that must always be taken into account. creating a strong and focused mind is also an important part of being successful with cryptocurrencies.

[Onden 2098]

On 12/18/2019 at 3:46 PM, azmo said:

Here are the biggest threats to a trader:
 

1. Stubbornness:  Failure to cut losses and a continued pattern of staying in trades past their invalidation point.

2. Trading too big:  Once you take on large positions, it's not a question of whether major trading goes wrong, but when. If your risk size is too high, a losing streak will easily empty your balance and create a large draw down that is difficult to climb out of.

 

3. Arrogance:  Believing that, for no apparent reason, you are smarter than most market participants. Expertise has to come before confidence.

 

4. Euphoria:  The riskiest phase in your trading journey is the time you feel like an unstoppable god. Remain grounded in your trading plan. Some major losses are attributed to over-confidence and neglect of proper position sizing.

 

5. Opinion:   Individual perspectives are irrelevant unless you have a fully functional flux capacitor or magic wand. The core factor that contributes to a profitable trader is their reaction to the price action.

 

6. Anger:  An upset trader is a poor trader. Anger skews the expectation of a trader and leads to greater activity while you are poorly operating. Do not act forcefully, remain emotionally cool and trade the plan.

 

7. Adding to a failing trade:  Doubling down on losing traders makes you want to hold it longer, hoping desperately for a turnaround. Trading aggressively against the trend is generally not the best idea, and adding to a losing trade is bound to create losses.

 

8. Bias:  It's risky to get caught in bull-mode or bear-mode and can end in draw downs if you keep playing on a team that loses day by day. Continue your flexible trading and go for the ride. Staying on the losing end of a strong trend is costly.

 

9. Chasing a trade: Unless you miss a great entry spot and then price moves away, it's best to wait out the trade. It's easier to have a strategy and be prepared for the next setup. Most notably, Risk /Reward proportions will be skewed if your entry is too far off.

 

10. Themself:  the willingness of a trader to self-control can decide their long-term success. A successful trading system must be adopted in real-time market conditions after back testing with consistency and correct position sizing. On your path to trading prosperity, the biggest enemy you'll ever face is yourself.

 

Yes I think we can avoid 10 enemies in the trade. We must learn not to be stubborn when trading, because trading is not something that can be done quickly and also get a quick profit. Avoid the 10 habits above so that you can become a successful trader.

[Mella 3680]

Thank you very much my dear. Indeed I am have many of these negativity in my trade and I am acknownlegded and I am think that I am now grow into a better trader by not being haveing a lot of fear or do all the other dangers for my trade, but this is not very easy and need to be very focus with the trading.

[Fixfin 2569]

These are most feelings and we have to be clear when we trade and don't have emotions distruct our attention. I am not trade a lot but I have found myself doing mistakes many times too, so I will have to improve if I want to be most profitable and not make even minor mistakes that will make me lose some money.

[Sykkuno 2887]

My thanks for your excellent and well written advice my friend, this is the reason I am using this forum for the good advice that the excellent members are giving and if there is something in trading we need to learn is to deal with all the above that are emotional and thought process that we need to change.

[percare 3192]

On 12/18/2019 at 10:46 AM, azmo said:

4. Euphoria:  The riskiest phase in your trading journey is the time you feel like an unstoppable god. Remain grounded in your trading plan. Some major losses are attributed to over-confidence and neglect of proper position sizing.

To me it looks that we are very close to this one. I don't know if we are or we are in some short of greed phase as many seem to think that prices will reach a lot higher but the cycle seem to be in a difficult point. Prices can go down a lot just to shake out newbie investors.

[bogdanoff 3173]

Basically all are solved once you trade with a good plan. If you just trade and go without anything in mind like what to do when to exit and when to stop losses you are not trading as you should.

[Gluttony 1775]

To sum up all of the enemies listed to the thread, I would say that the only enemy that the traders have are themselves since it is only a matter of decision making and a good judgment to the scenarios and events you might encounter in the transaction they have in the trade exchange market. I would say that you could be influenced whether it is bad or good because in the end, it is still up to the users to whether follow or not those things that may influence their decisions because after all the drawbacks, aftermaths and result will be delivered and received only by them since those who influence them would not be part of any of the decision you make.

[duncun007 3577]

6 hours ago, hajathava said:

From my experience, over trading is the worst enemy of traders. It can easily increase your risk of losing than earning profits. So therefore there should be a limitation about the money that you are going to use and also a limit of time spending, and know when to stop the trading.

yea a lot of traders fall for this one, this is why most of the old traders will advice you to stay out the market when you make big gains so your emotions and happiness dont make you invest your profits right away and end up losing it.

On 8/4/2020 at 6:46 PM, benalmoh88 said:

you are right, i'm traded in MATIC without stop lose, the buying price was 274 Satoshi and till today i'm holding this quantity and i hope for each time the price will be increase for selling my coins but the price is always down

just a peice of advice to you my friend, never hold a coin that is down more than 10%, or else you will just be holding a bleeding coin that will constantly make you lose money, rather focus on coins with upcoming news and hold it

[ShiNorton 906]

Trading big as a beginner  can result a loss in the cryptocurrency  Trading so better to start  from lower trading  amounts for begginers in the crypto markets. 

[Cryptic 0]

Without the proper knowledge and planning you will more likely to face a loses, don't get sway by your feelings and always focus on your strategies, in that way you could decrease the chances of failure. Yeah it is so frustrating especially if you had always lost, but it was a part of trading, so just keep feeding yourself with knowledge, in that way for sure you would win.

[kryptonick 2659]

On 12/18/2019 at 10:46 AM, azmo said:

3. Arrogance:  Believing that, for no apparent reason, you are smarter than most market participants. Expertise has to come before confidence.

I think this describes all the crypto traders that appear in youtube, twitter and any other platform. I've not seen anyone not been cocky or arrogant enough and it seems it is a style that idiots love and follow them, then buy their courses, then buy their signal groups and they lose their money.

[Brandonsaw 1973]

Creo que solo tengo un peor enemigo y que todos lo tienen, son estafadores que simplemente te engañan para que robes tus criptomonedas, ese es mi peor enemigo, por eso hay que tener mucho cuidado con las plataformas falsas, sitios web, billeteras falsas y Tenga cuidado donde invertimos nuestras criptomonedas.

[Brushless4500KV 4214]

If you ask me, I will tell you the major enemy of any trader at any level is low-volume and unknown coins. Unfortunately, so many traders are in a hurry to get wealthy and they can't tolerate to trade with well-known coins and earn little by little. They want a big earning as soon as possible. To achieve this, they will buy and invest in any coin without finding some information about it. A few of them may reap good rewards but most of them will definitely fail when their coins will disappear or lose value quickly.

Edited October 22, 2020 by Brushless4500KV

[ramonn22 731]

Thank you very much dear friend for contributing this topic to us in a very interesting opinion since you explain very interesting points where all beginners should take note since they are very valuable than the information you provide us
Big winnings and luck for everyone
A big greeting

[cryptovlek 2597]

This was a nice contribution and an excellent list of the top-10 mistakes that can happen during trading. I agree with all and we need to start trading slowly and not make decisions that will cost us. When there is bull run like it seems to have started, do not sell at a loss. Ever.

[zhoutong 2188]

I have traded but found that many exchanges like Binance are not very user friendly. It does not allow you to trade as you want and is created in a way to make you make mistakes. I have quit Binance for this reason and quit trading too. I use yobit now that has the fastest system I can use and not make mistakes.

[cryptovlek 2597]

Thanks for all of this good advice my friend. In addition I would also like to say that it is important to sell at a profit no matter what coin you bought and waiting and patience are important. This is not the top and even if price drops for a week it will come back again so don't make mistake to sell lower.

[Naga 1250]

On 10/22/2020 at 5:38 PM, ShiNorton said:

Trading big as a beginner  can result a loss in the cryptocurrency  Trading so better to start  from lower trading  amounts for begginers in the crypto markets. 

yea because those who start with big amounts of money and start trading without any knowledge will end up losing most of their money and hating crypto as well.

[ShiNorton 906]

1 hour ago, Naga said:

yea because those who start with big amounts of money and start trading without any knowledge will end up losing most of their money and hating crypto as well.

@Naga was your starting in trading with a small amounts?  I tried from Bitcoin and XLM. Both coins were very famous  when I was a novice in the crypto t radings. 

[entrepreneur 634]

I think that bias is the biggest enemy, because there may be some reasons why you want a currency, or a stock and therefore you may be biased in your reasoning.  So ,it's always good to be like a judge and be unbiased when trading, and also TRADE what you can AFFORD to lose only

[Zafarwaheed 0]

On 12/20/2019 at 2:14 PM, bentayebsalah said:

These rules can be considered as the trader's law of success which must be followed to be a successful trader and protect himself

Thanks KS my friend for this explanation. Thsese ten points you mentioned above are truly the kind of obstacle in the trading system. If we don't avoid to them then we have to face a loss in the trading. So keep avoiding them and best of luck for your journey of trading.

[Yomose 3704]

While trading, let us be patient, do not let us be greedy, after losing, do not trade, be careful of weekends, learning and having long term experience before using big amount to trade. These are few I learnt when I wanted to start trading.