Common mistakes in Trading!

My biggest mistake in trading

The biggest mistake I've made in trading is taking losses. at least in my trades when I look back on them, none of them I ever had to take a loss on. Now of course it's annoying that your bitcoin is locked up in a trade, that's why now a days I put a stop at break even when I am up a nice 10 or more %. sure I get stopped out sometimes but then you just re-enter the trade and it's all good. Remember your trades are spot trades in the crypto scene unless you decide to trade leveraged.

Mistake #2

Over trading, at some point I was making a lot of trades in a day but in the end you will get bitten then and lose it all again. it's better to make a good trade and sit in it to your target, however if let's say a 1 hour candle wants to give you 10-15% you better know to take some profit. You don't need to sell it all you can always take a little bit off the table and back into Bitcoin. Don't get me wrong sometimes you do get your profits fast, sometimes the market moves in your direction in an instant and you can make that 10-20% in a hour or so. Still I wouldn't sell it all though, just sell like half or so and let the rest run to the bigger target.

Mistake #3

When I started trading I was using all kinds of indicators, I switched my methods of trading every other day. It's best to stick to a method that you are comfortable with and what works for you. For me this is the Fibonacci with the Elliott Wave Theory. For someone else it might be cross overs from the 50 EMA over the 200 EMA. Nothing is wrong, it's just what you are comfortable with trading.