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, totally agree. Both newbies and experienced traders are prone to commit mistakes while trading most probably due to an emotional state of mind. Instead of directly jumping on to trading, the newbies need to go through at least the fundamentals of blockchain and cryptocurrency. If do not have any prior trading experience then knowledge gaining about order book and trading indicators become necessary.
Carelessness towards keeping the private key secure is also one popular mistake. Becuase if private key is gone all the coins are gone. About your second point, a diversified portfolio is must. With so many cryptocurrencies, there are better features available than bitcoin.