Seven mistakes you make while trading cryptocurrencies

[SuperCrypto 7193]

Trading cryptocurrencies is not difficult, but there are some mistakes you can make that make it a bad idea and the market completely rejects. These mistakes is :

 

1. You have no plan or rules to abide by, enter, stop, and exit deals.
2. FOMO can lead you to make awesome business decisions.
3. Do not trade with large leverage.
4. Don't let fear or greed make you make bad decisions.
5. Watching bitcoin 24 hours a week will upset you.
6. Be patient in the cryptocurrency market.
7. Trade with the Bitcoin trend, not the opposite.

 

You can discuss each of these mistakes and how to overcome it.

 

Edited March 8, 2020 by SuperCrypto

[BrolySSJ 7899]

I have a major problem with letting fear and greed control my decisions and that has resulted in me making major losses over the last couple of weeks to be honest. I hope to control my emotions better in the future so that i can earn a profit, because at the moment i am losing 5 to 10 dollars daily which is way out side of my means as i am just a student.

[bliznec 22267]

Defining your mistakes is almost impossible. It needs to be asked for help, and maybe it will be good. The main thing in trading with cryptocurrencies is not to repeat your mistakes. 

[Rickso 768]

On 3/8/2020 at 9:26 AM, SuperCrypto said:

Trading cryptocurrencies is not difficult, but there are some mistakes you can make that make it a bad idea and the market completely rejects. These mistakes is :

 

1. You have no plan or rules to abide by, enter, stop, and exit deals.
2. FOMO can lead you to make awesome business decisions.
3. Do not trade with large leverage.
4. Don't let fear or greed make you make bad decisions.
5. Watching bitcoin 24 hours a week will upset you.
6. Be patient in the cryptocurrency market.
7. Trade with the Bitcoin trend, not the opposite.

 

You can discuss each of these mistakes and how to overcome it.

 

i think there is another common mistake, made by most of the people. 

trading without having 0 trading knowledge, even in this forum you see people entering in the trading world and losing money because they literally don't know how to trade

[SuperCrypto 7193]

1 hour ago, Rickso said:

i think there is another common mistake, made by most of the people. 

trading without having 0 trading knowledge, even in this forum you see people entering in the trading world and losing money because they literally don't know how to trade

I agree with you, before you start trading cryptocurrencies, you must be very familiar with this market, Bitcoin BTC, and alternative digital currencies are money found online, so you must have a great knowledge of this matter before you go into trading.

[Ms.o 3322]

Right! Mistakes is what teaches us but many losses their money in crypto due to those mentioned above and especially being impatient. That is why,to be successful we must know how to manage the risks in investing crypto.

[Brushless4500KV 4214]

Quote

Watching bitcoin 24 hours a week will upset you.

This is not something to upset anyone, it is an essential part of digital currency trade. It is not necessary to watch prices 24 hours a day but you should keep an eye on them as soon as you can because sometimes golden moments in trading will happen and end only during a few hours. We can't be sure about the future but by checking prices regularly, at least we know what is happening at the present time.

[Beromnia 733]

Welcome with me
you are creative about your subject, my friend, I liked this valuable advice "Watching bitcoin 24 hours a week will bother you."
Indeed, increased attention will create depression and frustration over time

[SuperCrypto 7193]

Stress is not beneficial for you You should be able to relax if you set stop points, do not use a lot of leverage, stick to the electronic currency trading plan, and do not risk what you cannot afford.

[SuperCrypto 7193]

One of the mistakes that a trader makes is poor numbers and planning. When you enter the market square, it is best to be prepared with all your tools and capabilities, yet few traders are the ones who strive the right way before moving to the markets.

[scorpiali 5626]

It's useful to know all this mistake because we need to learn from others mistake and dont do the same, and there is more than seven it's just a number 

[rekter 8129]

On 3/8/2020 at 10:26 AM, SuperCrypto said:

Trading cryptocurrencies is not difficult, but there are some mistakes you can make that make it a bad idea and the market completely rejects. These mistakes is :

 

1. You have no plan or rules to abide by, enter, stop, and exit deals.
2. FOMO can lead you to make awesome business decisions.
3. Do not trade with large leverage.
4. Don't let fear or greed make you make bad decisions.
5. Watching bitcoin 24 hours a week will upset you.
6. Be patient in the cryptocurrency market.
7. Trade with the Bitcoin trend, not the opposite.

 

You can discuss each of these mistakes and how to overcome it.

 

Good list, although trend depends on your time frame. Like right now when we had such a crash and some could have argued that we were on a bull run already and i didn't see anyone predicting that.

 

But i like the rule nr1 in altcoins as it's hard to remember to stick with the plan. Higher the price does, greedier i get and when it dips under my planned exit level, i start to think that i am selling on bottom, when i really know it can now drop 99%

[korazon 589]

OP must mean 24 hours a day. Yeah watching the market 24/7 is going to be tiresome and you will drop dead in few days. Crypto is very tiresome in many ways since the market works 7days a week, its not like forex where the market stops a weekends.

 

Being greedy is good at some point unless you lose in the end because of greedyness. 

[Calvinpriva 17296]

Thats true, those are some of mistakes which many traders are repeating them and thats why they keep lose their money. Its very not that good to start with a large amount in trading, just start with small and your capital will grow.

[vajines 30]

Да, в крипто-мире есть много новых трейдеров. Многие из них даже не знают основ торговли. Поэтому все должны знать о ловушках, стоящих за торговлей.

[SuperCrypto 7193]

To avoid mistakes you must learn to maintain your trading discipline and judgment on trading, and this is what successful traders have done and what you must strive to achieve.

[Honny143 13612]

Your seven trading tips are really interesting all traders and new Comer's follows this tips, they can't loss their amount but we have also some information, when we entire in trade and when leave its also matters, but its comes only when we do some little trade's, are do some demo trade's when we gain some experience then start with real money.

[SuperCrypto 7193]

Trading is great. But, as with any other business, you need to be aware of what you are doing in order to have a chance to succeed. Trading, as with other businesses, is full of risks. Bad trading habits can wipe out traders who are not taking appropriate precautions.

[SuperCrypto 7193]

When suffering a loss, you must develop a psychological state that enables you to deal with the losses as they are, by analyzing them automatically and with cool nerves. You have to study it regularly, and then move on to the next process.

[LifeLine2k20 43]

Stock trading is lovely. Nonetheless, like almost every other business enterprise, you've got to be mindful of just what exactly you're up to so that they can currently have the opportunity to make money. Stock trading, like alternative enterprises, is stuffed with threats. Terrible stock trading patterns might erase potential traders who sadly are never consuming best-suited guidelines.

[SuperCrypto 7193]

One of the most important trading errors is the neglect of the stop loss mode, since many traders, especially beginners, do not define the stop loss area properly. A stop-loss order must be placed in an area where the reason for entering the deal becomes null and void, and if you do not know where to place it, the deal does not interfere.

[iloveyobit 6599]

Thank you for this topic, which I am sure will help many members. Also, it is dangerous to always trade. It is okay to take some days to rest away from trading.

[SuperCrypto 7193]

Things may become risky when trading cryptocurrencies quickly, if you use leverage as novice traders fall behind in terms of discipline in financial management. A combination of these two leads to high risk and expensive trading errors.

[jacker 1095]

Thanks for sharing. These 7 mistakes are quite common and I believe many people will make them. I have also made a mistake, which is to work on inspiration, without any plans. I was confused a lot.

[scorpiali 5626]

All those mistake that you mention in your post are true and more and the problems is we all know that we dont have to make those mistake and again we fall in it