Top reasons that leads to fail in trading
Being emotional. It's hard to control your emotions especially once prices go down and you see all your money go down the drain. The panic seller's attempts to cut losses has only hurt them more in the process and makes them end up losing even more. Unfortunately, FOMO takes over and this is what kills the newbie traders. Using your emotions will probaly lead you to lose everything..
Drifting through the wind. chasing the ones that are already pumping, which is very risky. You bought when the price is still high then price dropped and you are holding a bag of expensive coin.
Don't put all your eggs in one basket. Diversity. Diversify your investments so if one falls, other investment may help you to recover.
For best in the trading field you need these 5 things to be added in your check list, as all these five things are pillars of success here in the trading.
1) Solid Trading Strategy
2) Trade Plan
3) Money Management Skills
4) Reasons for Entries and exits.
5) Journal, News
P.s
I have quote some people words from my last topic
Yes, i agree all you mentioned and additional for that mostly new traders common mistake is the wrong time in entering the position, such a mistake is caused by a tendency to buy hypes.,the most popular coins at the current moment, the problem is that rates are growing only when the demand surpasses the supply,more coin is being hyped-larger is the demand,in the end traders trying to fix their gains through selling their coins,we should put in our minds by blindly buying the hype we are investing into someone others pocket.