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
Chasing the ones that are already being pump is the biggest risk of the traders,FOMO they think that the coin or token would continue to be pump then ended up being dump after they got in,
And also putting all of their money in trading so when they need some money for emergency cases they wouldn't have a choice but to sell their token or coin even if the market or the value of the token is being dump.
I think most of us already experience it and it is really great to remind your self about what you need to do in trading thanks for reminding us about it.