Mistakes as an inexperienced traders

By Crypto4light | crypto4light | 28 Apr 2023

To avoid mistakes as an inexperienced trader, you should pay attention to a few things:

1. Lack of a system leads to chaotic trading that generates random trades based on emotions. Lack of basic trading knowledge causes fear at the moment of making a decision, due to which the best trading opportunities are missed, and as a result, greed arises, due to which novice traders make emotional decisions.

2. The desire to get everything at once encourages new traders to increase risks, which subsequently leads to fatal results. Of course, many of you have heard and read hundreds of trading success stories, but keep in mind that these are isolated cases and for every “quick and easy” life changing money story there are a thousand stories of total failure. The history of quick money is an exception to the rule, an inevitable mathematical probability that only confirms and emphasizes the specificity of the craft. Trading is not about “overclocking the deposit” at any cost, trading is about saving and gradually increasing capital.

3. Ignoring the psychological component of trading puts an end to profit from trading in the long run. Any trader with experience and stable results will tell you that positive long-distance trading without overcoming personal psychological barriers is impossible. It is for this reason that it does not matter what system you trade: be it technical, wave, periodic, astrological or any other type of analysis. Your trading performance is a reflection of your personal beliefs and biases.

4. Self-sufficiency is the key to success. Regardless of your experience, if you violate your trading plan and close trades prematurely due to someone else’s analysis, you will greatly worsen your results in the long run. Let’s take an example: almost every trader trades based on his mood, and if your favorite cryptoblogger, whose trades you closely follow, someone badly spoiled his mood at breakfast, there is a high probability that he will make the wrong trading decision due to unstable emotional background. Should you then prematurely close your profitable position based on his analysis? The answer is obvious.

Ultimately, it all comes down to one thing: the absence of a trading system is fraught with loss of capital and emotional suffering, and in order to form a truly working trading system on your own, you need to go through a difficult path, which includes the loss of several deposits, a whole library of books read and thousands of hours of wasted time.

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