Some insights on what caused me to lose my life savings trading crypto when I first got started: (Do the opposite and you'll succeed)

Only thought: "How much will I make?" And never thought: "How much would I stand to lose?"

Put in more than I could afford to lose because you gotta play big to win big.

High leverage because why trade with $10k when I could go 10x and trade with $100k?

Treated leveraged positions like spot positions and held on for too long.

Didn't set a stop loss because I hated getting stopped out before pumps.

Moved my stop losses and DCA-ed down because it would "eventually come back up." This only made my position larger and compounded my losses.

Refuse to take profits when my positions were doing exceptionally well because I didn't want to miss out on more profits. (I thought the market would go up forever)

Took profits very quickly when I've experienced losses recently. My recency bias caused me to miss out on a lot of potential profits. In reality it was just my emotions dictating my TPs, not price action.

Refused to sell coins that were doing nothing / underperforming the market because if everything else was pumping... They would "eventually catch up".

Refused to buy coins that were pumping because I thought it was too late. In reality, out-performers tend to remain out-performers.

Treated shitcoins as "investments" when I really should've treated them as trades.

Only bought risky small-cap coins because I thought large-caps wouldn't give me good returns.

Invested into narratives/sectors I didn't understand purely due to hype. (The 2021 NFT craze was one of them)

Just bought whatever the famous influencers were shilling without forming my own opinions / doing due diligence.

Hopped from strategy to strategy instead of sticking to one.

Had 10 indicators on my chart at any point in time because I thought I just needed one "magic indicator" to predict what the market was gonna do next.

Too many lines and drawings on my chart leading to confusion. (Especially with all the indicators too)

Was shallowly watching 20-30 coins at a time instead of putting in quality attention into a basket of 5-10.

Traded on the M1-M5 charts because I couldn't be patient enough to play HTF moves.

Constantly messed with my positions instead of coming up with a plan with TP/SL and just letting things play out.

Always cycling in and out of investments because there was always some new shiny coin each day to chase. Should've just been patient and I would've made insane gains.

Trading every single day because I didn't want to miss out on any potential moves.

Stayed up till 5am 3-4 nights a week which messed up my sleep and lead to me making poor decisions in the future due to sleep deprivation.

Thought journalling was a waste of time. When in reality it could've shown me which bad habits/patterns were causing me to lose money.

Letting bad trades send me into a vicious cycle of revenge trading. The more I lost the bigger my positions got.

Set too high of an expectation for myself. Wanted to make 3%-5% a day consistently because it was crypto. Who doesn't make 5% a day in crypto? (I know, don't laugh, I was naive back then)

Never being content. Always wanting more and wanting more faster.

Always trading in the micro timeframes. Never with the big picture in mind.

Always underestimated how long moves tend to take to play out. I expected pumps to take a couple hours and retracements even shorter.

Comparing myself to big PNL traders on social media. Leading me to believe I can also achieve those numbers as a total beginner.

Always thought it was a technical skill problem. Never a psychology problem.

If you found value from this... Drop a like on the first tweet and RT so other people can find this too. twitter.com/_theartofcrypto/status/1788932760427487263 Have a great day!