Patrick Wieland gets real with his audience and admits the mistakes he has made as a day trader. Wieland states that he has been day trading for 3 years (as of writing) and talks about his experience and what he wishes he had done differently if he could start over.
Don’t fall to the idea that you will get rich quick.
Don’t bet on ERs. An ER is an earnings report which is published on a regular basis (usually quarterly). “I would watch the stock of a company go up and would think to myself that that ER would do really well. I would invest into that cryptocurrency and then the ER would come out and the stock would crash and I would think to myself, ‘What did I just do?”
Do not go all into one cryptocurrency – diversify.
Make sure you use a trading service which allows you to buy and sell cryptocurrency after normal business hours.
Do not trade all day long. Wieland explains that he would make about 100 trades in one business day and most of the time he broke even on his trades but the fees associated with trading money killed his net revenue. Wieland suggests setting a dollar value for the day and then once you’ve reached that goal, you should stop trading.
Learn the basics of day trading and take time to educate yourself. Learn what candlesticks mean and what “Level 2” means.
Cut your losses and don’t get emotional about your trades.
Make sure you understand all of your broker’s rules and fees.
Know how to short sell. While it’s risky it can come in handy when you encounter a bear market.
“The Stock Market is a cruel teacher but if you learn from your mistakes you can conquer it! These Day Trading Mistakes are common amongst most new Traders in the Stock Market.”