Yellow Lambo soon.  Just hodl brah.

If you have crypto, and you don't have an amount that you trade at least once a week, you're really doing it wrong.

You see, holding is nice and all, but that fast paced trading action is where the real institutional money is made.

I advice most people I meet who ask me what they should do with their crypto to learn to trade.

Basically, there are two types of traders: Technical and Fundamental.

Fundamental traders simply read the news extensively and make decisions in the market based on what they read. In one of my Psycho Crypto experiments I traded as a Fundamental trader, even though I'm a technical trader. The results were amazing, and it gave me less of a headache trading like that.

Then there are technical traders. We mostly believe that history repeats itself, and we use this knowledge in accordance with candlestick charts, oscillators and indicators to make important price decisions. I'm primarily a technical trader myself, buy I'm starting to consider the fundamental side, as I'll have more time to do student things.

My boring personal life aside, we now know the two types of traders. You can go ahead and choose which one you are now.

But more importantly, after you have made that decision you must start trading soonest.

I encourage that new users practice for at least a month on a demo account before using any real money. I personally practiced for a year because of how paranoid I am, but since every normal human doesn't need that long a time, a month is more than enough.

You must log all your trades. Logging simply means writing down your wins and losses, and why you won and lost. It's kind of like a diary, but there's money involved.

After you have practiced for a month, check your logs and count your winners. If your winners outweigh your losers, congratulations you're a good trader! Keep on doing what you were doing.

But if the reverse is the case, it means that you might have done a few or the things that new traders do. And that's what this post is about.

New traders often come into the market feeling like Thanos. Like they can snap their fingers and outsmart the market.

There is no outsmarting the market. You can only manage to stay on it's good side and keep your account alive.

With that said, let's get into the mistakes noob traders make.

1. They believe they can outsmart the market.

It's not going to happen. Believe me, I've tried it, and I wasted $1000 of my saving money in a few days. I'm a student, so that meant weeks of starving just to get my account back in the green. I was super lucky that didn't affect my school grades though, otherwise that would have been a disaster.

You can't outsmart the market. It's not possible. You'd just end up donating your trading money to people who already know this.

2. They get emotional on trades

This is a certified way to bleed your account to death. You may as well bet on sports.

Most traders hold on to losses because they feel like the market will turn around. And when they see 0.5% profits, they freak out and take them, not waiting for the market to actually do something substantial. This is a big mistake, and is the opposite of what real investors do.

Forget the emotions. They make you mushy anyway. You must be like Colossus form X-Men. Don't feel any pain or happiness. You're in it for that yellow lambo.

3. They use ten indicators and 50 moving averages

Ok, those were exaggerations. But I know someone who doesn't trade without the RSI, MACD, Stochastic, Keltner's channels and ichimoku cloud saying the same thing. Basically, he hardly gets any trades a week.

Keep the indicators to a minimum, really. You don't need that many to make profitable decisions, and you certainly don't need them to all be saying the same thing.

My current setup comprises an RSI set to analyse the last 25 candles, a Bollinger Band for my short term regression strategy, and a 5 and 10 EMA for further confirmation. When at least 2 of them tell me to buy, I buy and ignore the last one. And this has helped me reach a 75% average winning trade number, which is amazing considering how many trades I make a day.

You don't have to copy this set up, but I'd you wish to, please do your research on all of these tools before plunging actual money in.

4. They ignore trading fees.

You see, trading fees are a very trivial thing to many. But these will eat up your profits in the long run.

I personally use Binance, and I hold just $30 worth of BNB. This allows me to pay no maker's fee, and a 0.075% takers fee, which is just insane. It basically means that simply for holding BNB, I pay nothing in comparison to what I make. I love that.

Imagine if I was on Luno that takes a 1% fee for BOTH makers and takers. That means that my trading pair must move at least 2% for me to break even. Not ideal at all.

Using this link will get you the same fee setup as me, at no extra cost to you. Dope, ain't it?

So that's my list! Make sure you don't make any of these mistakes. They could be costly.

As always thanks for reading!