Debriefing: the three most common mistakes traders
Source:
Even experienced traders make mistakes. There is nothing wrong, because the most important to constantly learn from their mistakes. Beginners often end up in the three most common situations: trading against the trend, trading flat and the lack of proper risk management. All this can be dismantled in a specific example.
Today we look at the fall of Bitcoin 11 Oct at 00:58 UTC. We will remind, then the price of the cryptocurrency to $ 400 in less than 30 minutes.
the1-day graph
Players in the market know that now is stuck in a hard part — the price of the cryptocurrency goes in a horizontal channel, which stretches from 6350 to 6500 dollars. But even this fact doesn't stop them from gambling trade Althingi. In the heat of denial such traders short-lived — another sharp jerk of Bitcoin immediately knocks them from their position and leaves on the side of the market.
So, first mistake — trying to make a profit in the moments of the apparent lack of a trend. When neither the bears nor the bulls can't draw a clear picture on the chart to open long/short position is very dangerous. While it is foolish to rely on blind luck, hiding their savings in altonah. They very much depend on the Bitcoin and any fall affects the rest of the coins twice more.
image Source — Coindesk
Look at the 1-day chart above. Almost any of the movements of the asset was spontaneous and sharp. Climb into this «grinder» without a clear understanding of is to put all your money in Bitconnect.
theWeekly graph
The Second common mistake — HODL for centuries. Once the trader goes negative, it does not closes the position and just waiting for «the magic of growth». Meanwhile, he carries all of these losses and, finally, left with nothing.
Some investors are also reluctant to go to Fiat on a larger scale. 1-weekly chart they supposedly see the bottom and only believe in growth. However, as practice shows, the current consolidation phase of Bitcoin may be delayed for many months.
If you bought a Bitcoin for $ 10,000, why worry about the price now? Whether or not to survive — it all depends on your risk management. If a drop of 40 per cent will not hit your wallet, then why not. But if you purchased the bitcoin with leverage, the risk increases several times.
theMarket
From the latter we can highlight the third mistake of novice traders too much dependence on the market. Experienced players expect their strategy on the basis of potentially the worst situations that can happen in the future. They clearly put stop loss and never move them in the trading process.
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