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

[Vx1]

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.

But sometimes there are still people who do not want to learn from experience, have suffered great losses in trading because reckless steps are still repeated. This usually happens to people who are greedy in trading. Many opportunities that should be moments to gain profit, but the moment is finally lost because of excessive lust.

[Faisal2202]

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.

I did keep losing money, which is bad but I was like made 2x or maybe more from investing long term but made 2x or maybe more in trading, so I make profit in long term and make lose in short-term trading haha.

BTW thanks for the +1, speaking of finding the interest sooner is the good thing, once we know this is not for us, just leave it, if we can do something else as in alternative and arn't making enough money from one we should move on but sticking to it might give a chance.

[milewilda]

Trading Without a Plan

I would say that this would be the most main mistake of what most people do commit out on which at the time that you've been dealing up with trading on which on the time that you dont apply
any analysis or having those plans on which this will be showing up that you are definitely be putting up yourself into the chances on committing out tons of mistakes.
Whenever we arent that putting up some attention then you will be that ending up on losing up money or not being profitable at all.
Avoiding them will be that basing up on how fast you had been able to put up yourself notice on what are the errors that you had been able to commit out.

[Publictalk792]

Trading Without a Plan

I would say that this would be the most main mistake of what most people do commit out on which at the time that you've been dealing up with trading on which on the time that you dont apply
any analysis or having those plans on which this will be showing up that you are definitely be putting up yourself into the chances on committing out tons of mistakes.
Whenever we arent that putting up some attention then you will be that ending up on losing up money or not being profitable at all.
Avoiding them will be that basing up on how fast you had been able to put up yourself notice on what are the errors that you had been able to commit out.

If we start without plan so we are basically we will be fail. It means we are trying to find way in new place without map. Like you correctly said if anyone do not do any research or have clear ways of trading he/she is just leaving choices up to luck. This makes it much more likely that he/she will make mistakes which can cause to lose much money.

And paying attention is very important if we do not trade carefully and with good plan we are more likely to act without thinking or make decisions based on our feelings which usually does not end well.

And that is right noticing your mistakes and learning from them is good way to getting better. Traders can see mistakes they are making because they do not have plan quicker they can change how they trade come up with strategies and have better chance of succeeding. Trading without plan is like gambling trading with good plan based on research is good move with better chance of good results.

[Bobcrypto]

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.

I hardly considered these crypto enthusiast as being stoborn traders who do not learn from other traders mistakes, I think many of them could be newbies, without basic ideas of trading, and there are some that are moved by FOMO, speculations, hype etc
In addition, those who could not learn from others mistakes might be ignorant to the fact that crypto has a learning process, worst still, there are some who has concluded that crypto is a get rich quick business.

[Bobcrypto]

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.

I hardly considered these crypto enthusiast as being stoborn traders who do not learn from other traders mistakes, I think many of them could be newbies, without basic ideas of trading, and there are some that are moved by FOMO, speculations, hype etc
In addition, those who could not learn from others mistakes might be ignorant to the fact that crypto has a learning process, worst still, there are some who has concluded that crypto is a get rich quick business.

[jeraldskie11]

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.

I hardly considered these crypto enthusiast as being stoborn traders who do not learn from other traders mistakes, I think many of them could be newbies, without basic ideas of trading, and there are some that are moved by FOMO, speculations, hype etc
In addition, those who could not learn from others mistakes might be ignorant to the fact that crypto has a learning process, worst still, there are some who has concluded that crypto is a get rich quick business.

Sometimes we can't stop ourselves from trading even though we are doing the same others mistakes. When I was a newbie, my fellow trader advices me to avoid this kind of setup because it has very low probability, but because I'm ignorant and not afraid of losing money I still trade that's why lose. One lose can't affect your emotion but when you keep on losing your emotion will gradually affected, that will affect the quality of our trades. So in the first place I thought it's okay, but when you felt how much money did you lose you will started to regret.

[Mr. Magkaisa]

           -     You know, I just thought that even if we only do two things, we can be successful in crypto trading in the near future in my opinion and opinion. And this is Learn from our mistakes and Learn to other's mistakes.

Here we already know the steps that we should really do if we are determined, and we are determined to learn crypto trading even though we know that it is not really easy to learn. So let's just add on what op mentioned

[enwi]

Sometimes we can't stop ourselves from trading even though we are doing the same others mistakes. When I was a newbie, my fellow trader advices me to avoid this kind of setup because it has very low probability, but because I'm ignorant and not afraid of losing money I still trade that's why lose. One lose can't affect your emotion but when you keep on losing your emotion will gradually affected, that will affect the quality of our trades. So in the first place I thought it's okay, but when you felt how much money did you lose you will started to regret.

That is quite understandable how you feel. These feelings are typical for any new trader when, in fact, he or she is the captain of the ship, and everything is in his or her hands. But, as we often learn from life, experience is a good teacher, mainly in aspects such as self discipline. This is the point where one feels like continuing no matter the times one gets it wrong, the same mistake is repeated. But that is the very thing that we need to be aware of at this point. Losing consecutively changes the way that one perceives things and their decisions are influenced by emotions. I think the only true way of avoiding such incidents is to take something from those cases and begin to act consciously and thus calmly. It is, of course, always possible to make a loss worthwhile if you can look at it the right way.