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

[Nheer]

-snip-
As you mentioned, AI can provide answers to any question asked, so a trader can take advantage of this by asking basic trading questions and receiving instant responses that can help him improve his trading skills.

AI nowadays helps everything in any way, we can learn very easily and there is no reason to be lazy anymore or because there is no mentor etc, AI becomes a mentor that will answer all your questions about trading and other complex things and of course this is based on the specific data that the AI learns.

-snip-
then I realised that there is more to the crypto market than what people know about it,then I started another research and from then I have never stopped learning abt crypto which has been very advantageous to me.

The crypto market is very vast and complex, you will never run out of learning about it, there will be something new so that crypto is the future that needs to be learned.

Learn crypto and start trading and investing, it is a goal that provides profits so you know how crypto works to make money.

AI can be solely relayed on they are very useful and helpful to individuals. They served as a mentor, teacher and also a professor just as you mention some AI have been programmed to some massive level that you can get a better and understanding explanation in your own terms and they really teach more than some mentor and they are not busy nor sleepy they are always active 24/7 any time you need them they are always available.
When you have AI then you can understand trading basics and lot more but the advantage human mentor has over them is just the physical appearance and the explanation being done detail and much more understanding.

[Aanuoluwatofunmi]

Anyone is bound to make mistakes, but we must ensure that we don't have it done repeatedly, because when we are trading, our money is at stake and we either earn profit form it or lose our money at the cause, this makes it more pertinent for us to always take some serious measures towards the safety of our assets, we can learnt o minimize the extent to which we make mistakes each time we are trading.

[sampoerna]

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.

This is something that often happens to beginners. Trading new hype coins blindly, without any understanding, analysis, or even without any trading plans, just following people that are getting FOMO of the enw hype coins. This is really bad. but the problem is that this often happens in crypto trading. that's why, many new traders often lose money because of some of these things.

It's great when they start to realize and start changing their journey in trading, so they can have time to prepare themselves by upgrading their knowledge, understanding, and some plans that involve good and wise strategies and tactics.

[Glow]

-snip-
As you mentioned, AI can provide answers to any question asked, so a trader can take advantage of this by asking basic trading questions and receiving instant responses that can help him improve his trading skills.

AI nowadays helps everything in any way, we can learn very easily and there is no reason to be lazy anymore or because there is no mentor etc, AI becomes a mentor that will answer all your questions about trading and other complex things and of course this is based on the specific data that the AI learns.

-snip-
then I realised that there is more to the crypto market than what people know about it,then I started another research and from then I have never stopped learning abt crypto which has been very advantageous to me.

The crypto market is very vast and complex, you will never run out of learning about it, there will be something new so that crypto is the future that needs to be learned.

Learn crypto and start trading and investing, it is a goal that provides profits so you know how crypto works to make money.

And the good thing about the knowledge acquired is that it stays with you forever,and the decipline that comes with it isn't only useful in trading but also can be applied to our daily life choices which is also a convince.

[gunhell16]

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.

This is something that often happens to beginners. Trading new hype coins blindly, without any understanding, analysis, or even without any trading plans, just following people that are getting FOMO of the enw hype coins. This is really bad. but the problem is that this often happens in crypto trading. that's why, many new traders often lose money because of some of these things.

It's great when they start to realize and start changing their journey in trading, so they can have time to prepare themselves by upgrading their knowledge, understanding, and some plans that involve good and wise strategies and tactics.

There are also many stubborn crypto communities in this era, in fact, they always never learn from the mistakes of others, this was the fact that they seemed to not accept the truth. They are quick to believe in promises and other hype.

Then what's even worse is when they see many people investing and getting hyped, they will do the same without doing anything else,
so the end result is Fomo.

[taufik123]

-snip-
When you have AI then you can understand trading basics and lot more but the advantage human mentor has over them is just the physical appearance and the explanation being done detail and much more understanding.

yes, if you find a good mentor and really care about you (not just because of the high pay) but really want you to understand it could be the best option, but now there is no mentor who really does that.

I've never had a mentor exclusively, but I've had a lot of friends who pointed out to me that trading is right like this and like that,
we also engage in discussions about trading and such.

And now AI is becoming an assistant that doesn't even require any pay, asking more questions as per the existing data and more.

[Bobcrypto]

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.

Yeah trading is good when a trader chooses his trading options among the, SPOT, MARGIN and FUTURE. Binary trading is not found on the crypto market, I think binary trading should be on the stock or foreign exchange (FX) market.
Besides the required experiences to trade cryptocurrency, it also depends on traders market options (spot, margin and future). This risk on these trading options varies, they don't have equal risk, and we should be specific when analyzing, or comparing the risk involved on trading. For example spot market is basically trading on your personal capitals, no leverage needed, while margin may involve some leverages, and the future option is quite different, future is a contract that requires certain levels of extras capital or leverages.

[sampoerna]

This is something that often happens to beginners.

There are also many stubborn crypto communities in this era, in fact, they always never learn from the mistakes of others, this was the fact that they seemed to not accept the truth. They are quick to believe in promises and other hype.

Then what's even worse is when they see many people investing and getting hyped, they will do the same without doing anything else,
so the end result is Fomo.

Complete package:
Stubborn, overconfident, easily panic, easily FOMO, and also difficult to control emotions. Well, this is actually experienced by many people, including us maybe. But as time goes by, we should be able to become wiser in every step in crypto. Because only we ourselves can determine our fate in the future. Don't just because of being those bad emotions as explained above, we will actually suffer huge losses. We ourselves are the ones who lose, not other people.

But yes, once again, there are many beginners who are unable to adjust and are increasingly shaken by market conditions that they think may be unclear. and in the end they gave up very quickly by labeling crypto as a scam or something else, even though the losses were due to their own actions, who were not ready to invest in cryptocurrency.

[Gurujebs]

Anyone is bound to make mistakes, but we must ensure that we don't have it done repeatedly, because when we are trading, our money is at stake and we either earn profit form it or lose our money at the cause, this makes it more pertinent for us to always take some serious measures towards the safety of our assets, we can learnt o minimize the extent to which we make mistakes each time we are trading.

There is no way you will trade without making mistakes and it's inevitable even as professional trader because we learn everyday from the market. Another thing is loss is inevitable, you will make loss like it's norm in the market but the general thing here is that your loss should be minimal while trading and your profit should be bigger.

If you trade everyday for 30 days and you make 10 loss at worst days of the market and you make 20 days of profit, that's 2:1 ratio of risk and you made away with 2x of your trades and if you are lucky with high volatility, your return on investment will be bigger.

[BitMaxz]

Anyone is bound to make mistakes, but we must ensure that we don't have it done repeatedly, because when we are trading, our money is at stake and we either earn profit form it or lose our money at the cause, this makes it more pertinent for us to always take some serious measures towards the safety of our assets, we can learnt o minimize the extent to which we make mistakes each time we are trading.

There is no way you will trade without making mistakes and it's inevitable even as professional trader because we learn everyday from the market. Another thing is loss is inevitable, you will make loss like it's norm in the market but the general thing here is that your loss should be minimal while trading and your profit should be bigger.

If you trade everyday for 30 days and you make 10 loss at worst days of the market and you make 20 days of profit, that's 2:1 ratio of risk and you made away with 2x of your trades and if you are lucky with high volatility, your return on investment will be bigger.

It depends on how much you risk if you have 1:5 risk ratio do you think you can get 2:1 risk ratio on 20 days of win and 10 days of lost?
So it still depends on how much your risk and what strategy you were using.
Losing in trading is normal that is why if you are trading daily only make a quality trades 2 or 3 trades only is enough. So you need to be patient and look for a good opportunity. High quality trades shoyld makes you a positive result.

[Glow]

Anyone is bound to make mistakes, but we must ensure that we don't have it done repeatedly, because when we are trading, our money is at stake and we either earn profit form it or lose our money at the cause, this makes it more pertinent for us to always take some serious measures towards the safety of our assets, we can learnt o minimize the extent to which we make mistakes each time we are trading.

There is no way you will trade without making mistakes and it's inevitable even as professional trader because we learn everyday from the market. Another thing is loss is inevitable, you will make loss like it's norm in the market but the general thing here is that your loss should be minimal while trading and your profit should be bigger.

If you trade everyday for 30 days and you make 10 loss at worst days of the market and you make 20 days of profit, that's 2:1 ratio of risk and you made away with 2x of your trades and if you are lucky with high volatility, your return on investment will be bigger.

It depends on how much you risk if you have 1:5 risk ratio do you think you can get 2:1 risk ratio on 20 days of win and 10 days of lost?
So it still depends on how much your risk and what strategy you were using.
Losing in trading is normal that is why if you are trading daily only make a quality trades 2 or 3 trades only is enough. So you need to be patient and look for a good opportunity. High quality trades shoyld makes you a positive result.

Your explanation is as simple as it gets and these are the key points to success in trading and if you can't afford to be patient enough then just be an investor.

[Vx1]

~
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.

When first trading crypto, everyone must have made mistakes. and the most common is trading with passion without thinking long. Buy coins with the hope of getting profit soon, but the reality is different from expectations. Money is lost and regret, but if we have a professional trading talent, then those mistakes will be our experience so that we can trade better next time.

[enwi]

~
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.

When first trading crypto, everyone must have made mistakes. and the most common is trading with passion without thinking long. Buy coins with the hope of getting profit soon, but the reality is different from expectations. Money is lost and regret, but if we have a professional trading talent, then those mistakes will be our experience so that we can trade better next time.

This is why, at the very beginning of trading, people do not think about possible losses and are guided only by the desire for fast and high profit. The lust of money can force us to act recklessly even though trading is not a job for the impatient person. Every failure we encounter becomes somewhat useful as they give an insight on how to deal with risks more cautiously. If you are able to learn from these mistakes you will over a time have a better strategy in avoiding being negative influenced by emotions or market euphoria.

[Faisal2202]

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.

That is the best advice to any new, as first we don't have to find which trading we are doing like day trading, swing trading, long term trading. We need to find, which is good from spot, future or the other ones you mentioned, along the ones I mentioned. So we could take better decisions.

I first traded in future, it was not for me that I knew in like 15 days, I left, I started spot, I started small in spot, then left it too until I start investing for long term, and I find long term the best thing for me, now I prefer it over anything.

[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.

That is the best advice to any new, as first we don't have to find which trading we are doing like day trading, swing trading, long term trading. We need to find, which is good from spot, future or the other ones you mentioned, along the ones I mentioned. So we could take better decisions.

I first traded in future, it was not for me that I knew in like 15 days, I left, I started spot, I started small in spot, then left it too until I start investing for long term, and I find long term the best thing for me, now I prefer it over anything.

That is it!
You know when people do not always find their place they usually finds it difficulty while trading and whenever they have totally discovered where they are best fit you see them doing well and excelling in what they are doing. Just as you have said, it's good you knew it on time and focused on long term holding than keep jumping from place to places and keep losing money which is extremely bad to say.

+1 karma for you.