First of all don't loose your patience because if your patience is zero then your earning is zero and your loss chances is 100%. So don't keep your patience.
So, how we can avoid those mistakes in our trading?---
How to be mostly on the green side?---
First_it is important to note that to trade right requires attention and your one hundred percent focus.Secondly_ trading is not for everyone.
- Have a reason before entering each trade
Start a trade only when you know why you are starting and have a clear strategy for afterwards.
Not all traders make gains from trading. since this is a zero-sum game {for everyone who benefits someone else loses on the other side}.
The Altcoins market is driven by large whales {yes, the same ones responsible for placing huge blocks of hundreds of Bitcoins on the order book}.
The whales are just waiting patiently for innocent little fish like us to make mistakes. Even if you aspire to trade on a daily basis, sometimes it is better not to earn and do nothing, instead of jumping into the rushing water and exposing your coins to losses.
From my experience, there are days where you only keep your profits by not trading at all.
- Target and stop when starting a trade
For each trade we must set a clear target level for taking profit and more importantly, a stop-loss level for cutting losses.
A Stop-loss is setting the level of loss where the trade will get closed.
- Meet FOMO {fear of missing out}
Indeed, it really isn’t fun to see such situations from the outside – when a certain coin is being pumped up like crazy with huge two-digit gains in minutes.
- Risk Management
{little pig eats a lot, big pig gets eaten}
This statement tells the story of the market profits from our perspective. To be a profitable trader, you never look for the peak of the movement.
You look for the small profits that will accumulate into a big one.
- The underlying asset creates volatile market conditions
Most Altcoins are traded according to the Bitcoin value.
Bitcoin is a volatile asset {relative to FIAT} and this fact should be taken into consideration, especially in the days when the Bitcoin value is moving sharply. Bitcoin and Altcoins have an inverse relationship.
when the value of Bitcoin rises then Altcoins are losing their Bitcoin value, and vice versa. When Bitcoin is volatile, our conditions for trading are kind of foggy.
#Buy the rumor, sell the news.
#You have made a good trade, but as always, the moment you sold your coin runs up again!
#Leave your ego aside. The goal here is not to be right on your trades, but to make a profit.
So friends tell what's your opinion in comments.
Thank you !
