Most made trader mistakes 2023
Every trader makes mistakes and that is normal. It can never go as well as you want. But some mistakes happen to many people. And it's a shame if you also make the same mistakes. That's why we are happy to help you with the most common mistakes so that you don't make them again. Because mistakes cost money when trading. And if you don't make mistakes, you also earn more profit. We are willing to help you with this on behalf of the disengaged club. Here you will find the most common mistakes made by crypto traders. At the end there is also a nice giveaway.
Why are mistakes in trading bad?
If you are going to trade on Bybit you don't want to make mistakes. You don't want that because it's a sin and mistakes cost money. With some mistakes you don't know what you are doing wrong and you pay a lot of money unnecessarily. When trading crypto currency, you can become a successful trader faster if you know the basics and can use them without mistakes in your trading strategy. So it saves money and ensures that you make a profit faster and also make more profit.
Not using your stop loss.
Many traders forget to use a stop loss. This is often the case with novice traders. But the biggest risk of trading is to trade without a stop loss. If you have a losing trade, you don't always want to be in it. If you have a trade that does not play well, for example, there is 15% in the minus, you would like to get out. These trades are common among cryptocurrencies traders. But most traders do not close it in the hope that you will be in the + again.
This is not how trading works because this is gambling. Usually you'll drop even further like 50$% or more. That is why using a stop loss is of great importance. How do you use a stop loss? You will find that on this page. A stop loss not only prevents large loss-making trades but also ensures that you can take a trade again faster. If you are 50 % in the minus with a trade because you have not used the stop loss well, you can wait a long time until you can make profitable trades again. Therefore always use a stop loss. Read here what the dangers are of trading without a stop loss.
Putting extra money in a losing trade.
This error also falls under trading without a stop loss because this error is a result of this. If you have a large losing trade you would like to lower your average buy price. This is often done to put in extra money over the course of when the price goes down when it has to go up for you. This is more dangerous because your trade will cost more. That is why you better close it and learn that you have to use the stop loss. So never put extra money into it. This has nothing to do with trading anymore.
Adjust strategy by other traders or news.
Often traders are sensitive to news or setbacks. They are not only sensitive to negative setbacks, but also positive setbacks can affect your trading strategy. By this it is meant that if you make a crypto currency BTC/USDT trades and there is a news message called 'Bitcoin is a scam' And it is taken big by the news that you can make different decisions in trading.
You are not the only trader who adapts to this but as can be seen in the price action there are a lot of people who think and do the same. A strong plan is important because thanks to this you might exit a trade that can yield a lot of returns. This kind of setback causes many trades to lose money because people start to doubt themselves. So keep your own strategy at hand at all times and try to put the crypto news aside. This is how you save hit stop losses
Opening a position too quickly.
Wanting to move into a position too quickly is common in 2022. Sometimes you have the perfect entry and stop loss, but the price does not exceed your entry and you have to wait a long time. That is not a problem because you should not come to the market, but the market must come to you. Therefore, it is not a problem that your trade is not filled immediately. Traders also think that they should move their entry so that they are sure that they will be filled.
But this is a shame because this can make your profit less high. Also, your stop loss will be hit earlier and in most cases your RR and PnL will be lower. You don't want that because the more you know, the better. If you change this data, you are therefore counteracting your own trading strategy. You must stick to your plan at all times because your trading strategy is the key to the success of your trades.
Not keeping an order diary.
Many traders do not keep an order journal. Make sure you write down all the data of your trades in an excel or word file. Why do I need to keep an order journal? If you are going to trade and you trade crypto currency bitcoin, for example. And your trade goes bad, and the next good you have no image with your PnL. So you don't know whether you are making profit or loss trades. When trading it is not about 1 or 2 trades, but you look at a longer period such as 30 days.
This means that it is not about 1 trade because everyone makes loss-making trades, but the winning takes care of the profit. That is why you can keep an order diary. In the order diary you can find your total RR and your average PnL. This not only provides clarity for what you have done lately. It also ensures that you can look back and see why you made a loss on certain trades and learn from this and ensure that you hit fewer stop losses and your PnL increases and you therefore earn more money with crypto trading.
Looking at profit or loss from 1 trade.
When trading it is not about what you have earned on 1 trade. Every trader makes a losing trade and that's okay, that's normal and just part of trading. But novice traders look at how much return they make on 1 trade. That's not how it works. Why do you always have to look over a longer period? Sometimes you have good days and sometimes bad.
Suppose you made a crypto currency trade and lost 1.32%. Then you have indeed made a loss. But that happens more often. if you then have 2% profit and thus have a number of trades you get an average. So you should pay attention to that when trading.
Using the wrong crypto exchange.
A good exchange is important. Most exchanges are suitable for traders. But if you use Binance, we recommend using another exchange. Why use another exchange? Such as Binance does not have a proper stop loss.
And that is crazy because a trader cannot do without a stop loss. The stop loss of Binance is not suitable because the price can also quickly shoot through your stop loss and then you are still in position when you do not want it. Therefore, this can be a problem when trading and is a trading mistake. Bybit is an alternative that is suitable for traders. Bybit has a stop loss which is good and always closed. Bybit also has additional options for traders and Bybit also has lower trading costs. When you create an account through our site, your first $1000 trading fee is free. You can also sign up for the bitcoin giveaway and have a chance to win $1500 free bitcoin every month.