An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.
It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.
most mistakes made by a trading player is that the player can not control his emotions and control his patience because his key trading is to have a very high patience if you do not have very high patience is certainly likely to get a loss.
The biggest mistake that people make (I do not mean here only traders) is that they are all in a hurry. We need to learn how to be patient and wait until the right moment comes.
Lol, patience also has some level of degree. Patience when a market is just showing some slight movement and you know it is still in the present trend or patience when the market is showing a change of trend and you are still in your present position.
Anyone who wants to be a long term holder, there is no harm in that, it is good, but putting too much patience into trading without the use of your analysis unless you are the type that is just buying at any bottom and expecting a huge rise to sell, then you may have the patience, but be careful the bottom you are buying as it may still be a top.
Agree with this point. People generally seem to overestimate the importance of patience (being patient). It is not patience (or lack thereof) that they should actually care about. They should rather think about what makes them impatient in the first place. And this is a gaping lack of knowledge and understanding. Really, if you knew for certain that the price would rise tomorrow or in a week or so, would you be so impatient about it today?
The lesson to take home is that if you feel impatient and restless for some obscure reason, it is most certainly that you are missing some important detail in the whole picture.