What are the crypto trading mistakes that you've made?

[Soaib khan 1035]

On 2/22/2020 at 2:46 PM, Tomas2020 said:

A common mistake many traders make is underestimating the importance of protecting capital, which is one of the things that makes a lot of traders lose their money quickly.

I agree with you this mistake is very common in cryptocurrency trading or any other kind of trading because whenever any person starts trading he always thinks that he will make good money in short term 

Edited June 10, 2020 by Soaib khan

[Jaysen0104 536]

I choose a wrong and scam platform and all of my funds i  deposit there was gone. And i choose also a wrong asset that leads me to loose everything and by that i can't manage my stress and emotion. But i never stop i continue my journey in trading cryptocurrency and all my failures before i turned into strength and now i get back all my fund loss.

[yato987 2811]

actually i didn't make any mistake yet and the reason of that is i didn't trade yet , i joined the forum late when they disabled linking new accounts but i am happy for that because it gave me time to read and learn from people experiences in the forum , maybe if i got paid when i was new i could have invested on a dead coin and lost all my money

[Rubayat02 4]

I am doing lot of mistakes in the crypto trading because i am new trader, i am still in the learning stage so mistakes are our best teacher and i always learn from them so i become happy when i do mistakes.

[Guru2050 8284]

I am still a beginner in Crypto world, patiently and carefully handle the trading and learning as well every day. So to say till date I haven't make any mistake/ errors related to my trading so far now. 

[gbfisher 1815]

I have made many mistakes in crypto trading but the big mistake is i have no patient. Somedays ago i buy trx coin at 0.033$ and then 2 or days and i sell it same 0.033$. Thats my mistake because next day trx value rise up to 0.05.$. So choose right time is the main mistake i have ever made. But now i have patient. 

[Sugibengi 390]

On 10/18/2019 at 9:40 AM, jewelettes said:

All of us have been noobs to cryptotrading at some points in time. I still consider myself as a newbie, I'm still learning . But cryptocurrency is still a young industry and there are plenty of room to learn. Mistakes are part of the learning curves.

As noobs, I have made several trading errors and looking back, those made me laugh. Those include sending to an exchange with wallet on maintenance, sending to a coin to a different coin address, sending coins to a closing exchange, and just abandoning a coin that was delisted on one exchange. I didn't know about qt wallet before 😜

How about you? Do you have some cryptotrading mistakes to share?

Yes, that's right, as a beginner I also made a lot of mistakes in trading, for example I didn't know what coins to buy and in the end I bought coins that were worthless, I also sold at the wrong time, I have ETH but sell when the price drops so I lost because the purchase price was higher than the price I sold.

[Solex 2262]

Mistakes are not failure and i will suggest you consider it as a blessing because that is when you will get to know some of your lapses in trading field and by that you can be able to make corrections. I am not yet a trader but i have the plan of becoming one in the future and in order to avoid making silly mistakes I have decided to work on this forum so that I can learn trading properly and earn some btc and talk token that i will use to begin my career in the future, wish me well friends.

[Projectcrypto 4382]

Well no one is above mistake in this life especially in cryptoworld because even the expert do lose in trading some coins but despite that they are much better than us th begginers because they know the basic strategies ahead of us. The biggest mistake one can make in trading is being impatient with the market because that will make you lose out on chances of earning better profit after the coin rise later in the market. So be patient because it is the major key to success and it will make use reduce your chance of making more mistake.

[bogdanoff 3173]

I have recently tried to sent ethereum from my wallet to an exchange and instead of posting the exchange address I used the same as the wallet. Paid 2 dollar fees for a transaction that was send to my wallet. There are may mistakes we make and most happen when we are tired. So remember when you are tired not to make big trades or transactions because the risk of an error is higher.

[cryptovlek 2597]

Mistakes happen what matters is to avoid them when it has to do with money. Trading requires a lot of experience and to know how to use fibs Elliot waves and other tools to succeed. I remember reading about all these a lot and trying to trade too but the failures were many and had to stop so I wouldn't lose my money and quit, so I only hold now.

[khan22 3478]

Crypto trading is so much easy but if you are doing margin trading than you need to be start that from 10% to 25% and i hope you make good profit through this. So many peoples select the 100% direct in margin trading and they loss their money.

[hihellowb 19]

Trading with out any knowledge of the market that i am trading on, trading without a proper strategy, chasing losses , placing big sized trades which eventually led to a big loss, trading on the wrong exchanges those are some of mine in the past.

[Emilio Jose 42]

I am starting in this world of the market and if I have made mistakes like everything but from mistakes you can learn lately I have been winning, but one makes mistakes, for example, a real example between the BNB at 24 and it went up to 29 and I did not want to sell with the hope that it would reach 30 because I go down and lost a lot of time.

[valvaltv 252]

I think the biggest mistake I've made is that I succumbed to fear when the market spiked. I was selling cryptocurrency when the number of sales increased slightly. And very often, after just a few minutes, the course became even larger than I bought. This was especially true when I was trading with leverage. I think I lost about $ 500 on this experience.

[Mahmoud Sabry 15]

There are many mistakes a trader can make in crypto - and with other assets, too - but the ones we most often see at DueDEX probably fall into three categories.

 

Trading without a plan

 

Be it because many retailers get into trading as a hobby, because life is busy, or simply out of laziness, there are plenty of traders out there who enter into positions without a proper plan.

 

This includes a lack of analysis on multiple timeframes, relying only on the one and only indicator a trader knows how to use, and having no exit plans.

 

It is, of course, a recipe for disappointment.

 

Given the market’s unpredictability, making detailed plans, backtesting their effectiveness, and experimenting before trying them out with a real account is essential. Jumping in without knowing what to do next will leave a trader exposed to the wrong kind of volatility.

 

Having a plan and not following it

 

This is a category of issue, but they come down to the same denominator - letting your beautifully crafted plans be swept away by contingencies.

 

A typical example is a trader who, having prepared a proper strategy, working out its risk-reward ration and win rate, gets cold feet as the price starts to move in the desired direction and pulls out long before reaching the original target, even though the analysis behind it remains valid. This inevitably leads to a change in the parameters he/she had set and over the long term completely alters the underlying strategy.

 

In other words, you have crafted plan A, but end up following plan B because you do not dare to stick to your original strategy. Which really means you have no plan anymore.

 

Not managing your risk properly

 

Especially when one is starting out, it is easy to get swayed by the lure of profits and forget about your downside. But preserving your capital should always be a priority. Again, this is due to the fundamental unpredictability of markets, which are always prone to surprise you - even if your technical analysis and timing are right to the point, protecting your account remains a necessity.

 

Sticking to the 1% - or 2% - rule, never risking more than a tiny part of your trading capital, working out a proper combination of win rate and risk-reward ratios is a good start. As is remembering to always put a floor under your loss by placing a stop-loss order when entering a position.

 

Notice that this material is purely educational and does not constitute financial advice. Trading involves significant risks. You should only be trading what you can afford to lose.

[Mella 3680]

My dear trading is about mistakes everybody does. This is nothing to fear and a trade can be go wrong or good even if you are made mistakes. I am not think it is posseble to excplain trading mistakes in a comment but these that you are disgust are most problems not about trading about mistakes in selection.

[annayks 2314]

We all make many mistakes and some are those you discussed that are happening to all of us. I think it is most important not to repeat any mistake and not to make mistakes that will cost us a lot, for this reason I recommend to trade small and not have life changing money that can be lost with a small mistake.

[Vidocq2021 67]

I think my mistake when i dont keep my 98 btc in 2009 years, when i just play and loose in bookmaker sports.

[percare 3192]

I'm making small mistakes but they are unavoidable, what I'm avoiding is repeating big mistakes that cost me and I'm have these always in mind when trading, and this is especially when trading altcoins as with Bitcoin I only have profits. Mistakes happen and we learn from them to be better in trading.

[Maharba 237]

My worst mistake was, when the bitcoin was starting to come out, they gave you a bitcoin to make people fall in love with it, I know I accepted it, and even wrote down on a piece of paper the words of the seed, but as in that time it was practically worthless, I didn't pay much attention and I saved those data in some place which I don't remember, today, I see what a bitcoin costs, and I would really love to find that piece of paper with those data write in it, now, for every new crypto coin I get, I copy in physical, I digitize everything, I make screenshots, in order to not to repeat that mistake.

Edited October 12, 2020 by Maharba

[Brushless4500KV 4214]

22 hours ago, saraanna396 said:

When I was a beginner, I was exposed to fraud by trading and investing some fraudulent cryptocurrencies, or whose value became zero within a day, but these are useful experiences so that we do not make such mistakes again.

You have been the victim of shitcoins which is quite popular in cryptocurrency world. Extremely wide variety of coins is a plague in crypto which is increasing fast. Anyone with a little bit of experience thinks he can start a project and run it forever and hit the jackpot but their projects usually fail and most losers are ignorant newbies. Good news is that recognizing such coins is not difficult. You just have to search about the history of the coins and if they are not listed in famous crypto data platforms (like CMC), you must avoid them.

[Faruk Akdağ 43]

Hello everybody. After I oppend an account on the stock exchange, I firs bought a small amount of cyrpto. Later, confidence came to me, I started to buy a large amount. Of course, I bought this large amount when the prices were at the top. The stock market fell less than 50% after I bought it. So I got into the stock market.

Here are my firs mistekes😝

[titosamir79 79]

My biggest mistakes is not using stop loss and hold loss for long periods

[yonkii 3205]

I have not traded yet crypto. I have very small investment and I hope this will double soon and make more bitcoins this way. I've learned though from this forum that the biggest mistake you can make is to be greedy and not have patience. This was an important lesson and explained many times by the friend members of the forum.