5 Mistakes I Made as a New Crypto Trader (And How You Can Avoid Them)!!

[Glow]

When I first started trading crypto, I thought I was going to double my money overnight.but I didn't i lost more than I made in the beginning, and these are the biggest mistakes I made that I hope you can learn from:
1. Trading Without a Plan :I used to jump into trades just because the price was moving. I didn’t set stop-losses or take-profits because I didn't even know they existed but now I treat every trade like a business decision with risk management first I calculated every move and make sure I only lost little out of my whole investment before i take any trade.
2. Following Hype Blindly :i bought tokens because they were trending on Twitter or pumped by influencers. Some were rug pulls, some just dumped hard after the hype. Now, I do my own research (DYOR) before touching anything and after researching I do my own analysis with the past price movement untill I see a clear trend and if I don't I just wait or stick to the ones am used to.
3. Ignoring Fees : Small trades on platforms with high fees (especially leverage or futures platforms) ate into my profits fast. Now I check fee structures before trading and search for apps that charge less.
4. Overtrading : I thought more trades equal more money. But I was just paying more in fees and making emotional decisions. Now I focus on quality setups over quantity and trade just once or twice in a day and when am done I get out of the market to avoid fomo.
5. Not Using a Journal : I didnt track my wins and losses or why I entered trades. Now I keep a trading journal,it helps me see patterns in my behavior and improve and helps me understand the market structure more, although the market doesn't have a regular pattern but the journal it gives me heads-up on the trend and direction.

Final Thought: Everyone makes mistakes, especially in crypto where things move fast. But if you can learn from others’ experiences,and also acquire appropriate knowledge needed and always learning because in crypto nothing is certain and changes always happen so your are always learning you’ll save time and money.
What were your biggest mistakes when you started trading? Lets help each other grow, thank you.

[Hatchy]

Try to arrange your post properly mate, though I get your point. Yes, asa trader there are so many things that you have to consider for you to make profits from the market. Just having a strategy sometimes doesn't guarantee your wins. You need to have a good trading plan and see to it that you follow that plan. Most trader may think that over trading is consistency, but that's wrong. Being consistent means you are able to trade on valid setups most of the time and your losses are less compared to your wins.

[Azharul]

Thanks mate for creat your nice advising post in this time. I am also saw your appropriate point in your comment. We know that when a new person want to trade or Start trade, i think that it will be losses source for him. Because without trading plan it must be difficult for any traders. We also saw some traders, who don’t any knowledge from cryptocurrency trading. Because cryptocurrency knowledge is very important issue for trade. We also know that overtrade also very harmful for a trader. So if we can trade in prefer time, i believe that we can be profitable here. So we should try to understand, for crypto currency market and this rule carefully.

[Crwth]

All of your trading tips are valid. It’s just that you need to be more consistent. Knowing that you are trying to trade and just going with the flow is not going to be a successful one, so making sure that you are managing your risk is the most important part, in my opinion.

[joshua graham]

All of your trading tips are valid. It’s just that you need to be more consistent. Knowing that you are trying to trade and just going with the flow is not going to be a successful one, so making sure that you are managing your risk is the most important part, in my opinion.

Risk-management is the thing that allows us to continue to refine our skills and not to wait for another chance to fill out the gap with funds arriving from other sources - so I definitely agree with this point.

[Glow]

Try to arrange your post properly mate, though I get your point. Yes, asa trader there are so many things that you have to consider for you to make profits from the market. Just having a strategy sometimes doesn't guarantee your wins. You need to have a good trading plan and see to it that you follow that plan. Most trader may think that over trading is consistency, but that's wrong. Being consistent means you are able to trade on valid setups most of the time and your losses are less compared to your wins.

Thank you for the observation and correction but what do u think I should have done differently.
Yeah and I think trading isn't all about the planing,strategy and all that it is mostly a psychological war between you and the market and you winning that war takes time and patience with decipline added,I believe every trader should should have rules he or she follows in order to be profitable that's the difference between a trader and a profitable trader because it's easy to be a trader but it's hard at first to be a profitable trader but when you follow your rules and be consistent it becomes kind of easy although taking trades are not easy but with experience it's becomes less worrying.

[Basedjack]

All of your trading tips are valid. It’s just that you need to be more consistent. Knowing that you are trying to trade and just going with the flow is not going to be a successful one, so making sure that you are managing your risk is the most important part, in my opinion.

Actually I think that to be a skilled trader you need strategy, patience and experience. When you trade you need to consistently follow those strategies. Because to be a trader you need to analyze the market well. There are risks in every job but you have to overcome them according to your ideas and practices. If you are a trader it is better to continue working carefully. Then you can keep your capital and reach your destination.

[Nheer]

All of your trading tips are valid. It’s just that you need to be more consistent. Knowing that you are trying to trade and just going with the flow is not going to be a successful one, so making sure that you are managing your risk is the most important part, in my opinion.

Actually I think that to be a skilled trader you need strategy, patience and experience. When you trade you need to consistently follow those strategies. Because to be a trader you need to analyze the market well. There are risks in every job but you have to overcome them according to your ideas and practices. If you are a trader it is better to continue working carefully. Then you can keep your capital and reach your destination.

Trading deserves a lot more than this but you have mention the key points and the most important aspect of trading but some little things are also valuable to be a successful and profitable trader. For a trader to be more more profitable and successful they requires a lot of knowledge and consistency to help move forward in the market and be able to analyze the market for better and positive result.

[Flydove]

When I first started trading crypto, I thought I was going to double my money overnight.but I didn't i lost more than I made in the beginning, and these are the biggest mistakes I made that I hope you can learn from:
1. Trading Without a Plan :I used to jump into trades just because the price was moving. I didn’t set stop-losses or take-profits because I didn't even know they existed but now I treat every trade like a business decision with risk management first I calculated every move and make sure I only lost little out of my whole investment before i take any trade.
2. Following Hype Blindly :i bought tokens because they were trending on Twitter or pumped by influencers. Some were rug pulls, some just dumped hard after the hype. Now, I do my own research (DYOR) before touching anything and after researching I do my own analysis with the past price movement untill I see a clear trend and if I don't I just wait or stick to the ones am used to.
3. Ignoring Fees : Small trades on platforms with high fees (especially leverage or futures platforms) ate into my profits fast. Now I check fee structures before trading and search for apps that charge less.



Am glad you highlighted emotion and risk management. These are avoidable mistakes if one is experienced. Sustaining a firm grip over one's emotion like fear and greed while trading can aid profit making, and resilient risk strategy will help shield your capital. These are vital key factors to bear in mind in trading
4. Overtrading : I thought more trades equal more money. But I was just paying more in fees and making emotional decisions. Now I focus on quality setups over quantity and trade just once or twice in a day and when am done I get out of the market to avoid fomo.
5. Not Using a Journal : I didnt track my wins and losses or why I entered trades. Now I keep a trading journal,it helps me see patterns in my behavior and improve and helps me understand the market structure more, although the market doesn't have a regular pattern but the journal it gives me heads-up on the trend and direction.

Final Thought: Everyone makes mistakes, especially in crypto where things move fast. But if you can learn from others’ experiences,and also acquire appropriate knowledge needed and always learning because in crypto nothing is certain and changes always happen so your are always learning you’ll save time and money.
What were your biggest mistakes when you started trading? Lets help each other grow, thank you.

[SmartGold01]

I am trying to sense how people thinks about trading, trading is cool and sweet when you know what you are doing than just trading blindly it will affect that person who is trading. Trading is good when you choose the right section to trade like spots, future and binary trading, jumping from different one to another could likely reduces your chances of how you could win for long on the market.

[benalexis12]

What you say is okay, op, and I also think that it will still add to the knowledge of others here as reminders, although I know there are many other reasons why some traders do not make progress in this crypto industry.

And one of them is not to be greedy, this is the usually common thing that really happens why other traders lose, but if they do not become greedy,
then for sure they will get a profit in the end.

[MrSpasybo]

Thanks mate for creat your nice advising post in this time. I am also saw your appropriate point in your comment. We know that when a new person want to trade or Start trade, i think that it will be losses source for him. Because without trading plan it must be difficult for any traders. We also saw some traders, who don’t any knowledge from cryptocurrency trading. Because cryptocurrency knowledge is very important issue for trade. We also know that overtrade also very harmful for a trader. So if we can trade in prefer time, i believe that we can be profitable here. So we should try to understand, for crypto currency market and this rule carefully.

Well, I reckon every trading mistake comes from a lack of knowledge and skills. Investors often jump into the market too hastily without enough trading knowledge: TP, SL, capital allocation, leverage, margin... They also lack the skills to manage their accounts and their own psychology at crucial times.

I hope this topic can help traders take a look back at themselves and come up with wiser strategies to grow their trading career or at least limit mistakes and losses when participating in this market.

[Gurujebs]

Final Thought: Everyone makes mistakes, especially in crypto where things move fast. But if you can learn from others’ experiences,and also acquire appropriate knowledge needed and always learning because in crypto nothing is certain and changes always happen so your are always learning you’ll save time and money.
What were your biggest mistakes when you started trading? Lets help each other grow, thank you.

You made a good points but what is a new trader going to do with a leverage trading? I believe someone that decide to do trading doesn't have business trading futures unless they are professional in normal trading before they can grow confidence in trading futures unless you want to be losing your money to the market.

In addition, most of your points are personal points. You don't need a journal to be a successful trader, you can be what you want, the journal is personal. You should have talk more about the things that makes people fail from trading most of the times and not these personal reasons.

[Findingnemo]

Beginners should not jump straight into trading, that's the most common mistake that a newbie makes, it will take time to learn and become familiar with the market even though it's not absolutely possible to predict still it gives an idea how the risk factors will be. Then start with low capital, like $50 or $100 instead of just dumping a big capital, these small capital is just to learn and get trading skills once you're sure that you're making profits then it's good to go.

[Aanuoluwatofunmi]

At a certain point in time, we have every reason to avoid going on loss because we couldn't afford taking in the consequence on this, to now secure ourself form any form of making mistake, we have to take some precautionary measures over our investment in crypto, also, we should learn how we can avoid making mistakes, because the more we go on the wrong deal the more it place a serious cost on us.