Many newbie and crypto enthusiastic think trading is easy until they lose on the first day, 1 week,1month, 1year and they finally quit.
There are common mistakes they usually makes which are,
_ Not planing there trades: there is a popular saying that he who fail too plan, plan to fail.
Before entering a trade, an entry point and exit point must be spotted if you want to succeed.
_ Don't make emotional driven decisions: Emotions like fear and greed can cloud our sense of reasoning and leads to impulsive action, just stay calm and stick to your plan.
_ Not managing risk properly: this protect your capital, by using stop loss other, It minimize potential losses.
_ Not doing enough research: knowledge is key in trading , knowing the craft is very important, take your time to study the market, analyse chart pattern, and stay updated to news that can impact your trade.
Remember trading requires not just strategy, but discipline
I do agree some of the points, but:
1. No matter how much you plan the "entry" and "exit" points, the market is very volatile. Hence, you might end up missing the "exit" point, or you will end up waiting for the entry point forever. It's easier sad than done.
2. You can't remove emotions. Emotion is something very "natural". All you can do is control it.
3. Yeah, I agree with this one. There are lots of people that does no research about the market. They don't even bother to learn anything. All they think is that they will buy low and sell high. In the end, what happens is that they make mistakes, lose their money and then start blaming the whole crypto market and the community for their losses.