your worst mistake

bitgooods

bitgooods

I am a newbie on this forum. My main focus is trading ( crypto) I have been trading for a couple years. Just curious to ask a question : what was your worst mistake ( in the very beginning, 1st year).
Would be happy to read about your experience !
 
I saw a Bitcoin thread here on ET in 2013. The chart had gone from a few dollars to $100. I thought it was a little bubble that was soon to crash. It proceeded to rise to $200 something and then crash. I was right I thought. I never thought about it until I heard about BTC again, in 2017....
 
One of the biggest mistakes a trader can make is letting small losses turn into large losses. That will hurt your capital big time as there will be a lot less to trade with and try to now, recoup your losses and just get back to breakeven. Take your small loss and check your ego at the door. Risk no more than 2% per trade, 1% per trade if you are a newbie.
 
roca said:
not starting on simulation and not having a clear trading plan. Until you know clearly what you are doing you should stay on Sim
More...
yep

you may know everything but you still need a clear trading plan which should include when you should rely on your parachute.

be well capitalized and TRADE SMALLER THAN WHAT YOU THINK IS TINY
 
bitgooods said:
I am a newbie on this forum. My main focus is trading ( crypto) I have been trading for a couple years. Just curious to ask a question : what was your worst mistake ( in the very beginning, 1st year).
Would be happy to read about your experience !
More...

Confusing luck and skill. One are not necessary a good trader even thought one have made money, if everything just goes up
 
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