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
discipline in trading is not easy, there are many things we have to do to discipline ourselves in trading, one of which is to set an initial budget or capital in trading very wisely, put your money in 2 or 3 assets that you believe can provide you with profit
(not investing in just 1 assets), try to relax and control the emotions well and evaluate
(or what is often called correcting) the trading results that we have made so far. anyway, at the beginning, I said that discipline in trading is not easy, but that doesn't mean you can't master it, if you really work hard for it then you will definitely become very disciplined in trading.