What are the usual mistakes that newbie traders usually do?

[bdsharminsoltana]

As a new kid in the cryptocurrency world, we often have our share of first mistakes in trading which helps us to be able to become better and wiser in the next transactions. What are these usual or common mistakes that newbies commit?

[Speaker]

Basic is to buy at the peak prices in the hope of "jump into the last car". A lot of newbies get their wallets mixed up-they transfer bitcoins to the Ethereum wallet.At the slightest correction  hey sell everything in a panic-this is one of the most common mistakes.

[felixesteban]

They blindly follow so-called ‘trading gurus’ and they do not pay attention to the importance of math and statistics in trading. Also being greedy is not a good thing, some dream to be overnight millionaire.

[cashbit]

A common mistake for beginners is to panic when prices go down. I saw many people hurrying to leave Crypto because they wanted to cut losses. They don't understand how to trade here. They only know buying and selling then profit. If they know that every trade is risky, including bitcoin.

[yousufatik]

In my opinion, the most usual mistake that newbie traders usually are doing is starting trading without a good knowledge of this field. Trading could be profitable, but it is also a very risky domain, so without a good knowledge of trading, the percentage of losing will be high.

[JSD10M]

The common mistake is getting hyped then buying blindly, only to end up losing because those who hype are dumping

[Inesterdd]

There are basically 2 reasons why traders fail:

1. not enough knowledge, for example, about technical analysis, how to trade, when to trade, and so on.
2. wrong mental attitude, and other things related to person's character and psychology.

The first thing you can learn more easily. There are so many online courses, videos, and other free material that you can learn all that if you have a strong desire.

The second thing has to do with your character and psychology.