10 tips to manage one's emotions while trading crypto. - page 2.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: mirakal on August 03, 2023, 01:59:29 PM

Quote from: mvdheuvel1983 on July 22, 2023, 02:45:13 PM

To be a successful trader one must understand the relationship between the mind and body. You need a calm mind to trade. If you have gone out the previous night for a drink and you return to have a heated argument with your spouse, children, siblings then you decide that you want to set at the table and trade, you have actually missed it. At this point your emotions are all over the place, mentally, physically and biologically you are not okay enough to trade. Meditation will help to bring your emotions back to it normal stage so that you can have a good trade.

I like everything written by the OP the only part that should be mentioned summarily is that to manage your emotions, you have to be biologically ok.

Trading is a mind game, and certainly not a game of emotions. While emotions are sometimes inevitable when trading, but if you aim of a more successful and productive trades, don’t trade with battling emotions. That is why once you are in doubt, hatred or anger or with high emotions, never decide to trade, otherwise, you cannot give your full concentration and focus on how to make your trades become profitable. Trade only when you are in your best self, and as much as possible, trade only without the fear of losing.

Mind game indeed but there's no way that you could be able to avoid about having that emotion because we are just human beings on which it would really be just that normal that we would really be encountering those conditions on which it would really be that pertaining about our emotions that block off or change those plans and analysis that we had made out earlier on which it would really be that resulting on messing up those earlier plans or analysis on which we might be able to make out on other directions on which it is really just that normal. Managing yourself on such condition would really be a tough challenge since not all would really be that good when it comes to this and this is why they would really be making out some regret to themselves on what they have done on the time that they would really be realizing that they should have that kind of control.
It wont really be easy though but it wont be that impossible. It would really be just that matter on someones strong will and discipline on how things should be handled because if you do find yourself wont be able to
do such thing then you wont really be making yourself that to progress in terms of skills and knowledge towards on dealing with this space.

mirakal

legendary

Activity: 3108

Merit: 1290

Leading Crypto Sports Betting & Casino Platform

Quote from: mvdheuvel1983 on July 22, 2023, 02:45:13 PM

To be a successful trader one must understand the relationship between the mind and body. You need a calm mind to trade. If you have gone out the previous night for a drink and you return to have a heated argument with your spouse, children, siblings then you decide that you want to set at the table and trade, you have actually missed it. At this point your emotions are all over the place, mentally, physically and biologically you are not okay enough to trade. Meditation will help to bring your emotions back to it normal stage so that you can have a good trade.

I like everything written by the OP the only part that should be mentioned summarily is that to manage your emotions, you have to be biologically ok.

Trading is a mind game, and certainly not a game of emotions. While emotions are sometimes inevitable when trading, but if you aim of a more successful and productive trades, don’t trade with battling emotions. That is why once you are in doubt, hatred or anger or with high emotions, never decide to trade, otherwise, you cannot give your full concentration and focus on how to make your trades become profitable. Trade only when you are in your best self, and as much as possible, trade only without the fear of losing.

blockman

hero member

Activity: 3066

Merit: 629

Vave.com - Crypto Casino

Quote from: Cryptomultiplier on August 02, 2023, 03:01:37 PM

Although, this is different scenarios altogether, it doesn't alter the fact that anger is just an emotional state that can lead anyone to undergo courageous feat like trading crypto with the aim of gaining more than losing.

I wouldn't deal with it as 'just' an emotional state. It's important to recognize how you'll be f* up with it if you just think of it as something nominal. It's part of being a trader to deal with it but most are having a hard time in doing so.

Quote from: usekevin on August 03, 2023, 11:19:35 AM

People get anger due to the fact of losing some money,but loss is come in crypto trading because of selling at panic.

Loss is also coming to those that don't get into the news that's coming in the market. So, aside from being emotional and dramatic, someone's lack of info from the typical thing in the market could lead to potential losses and not just about panic selling.

usekevin

hero member

Activity: 2324

Merit: 562

DGbet.fun - Crypto Sportsbook

Quote from: Cryptomultiplier on August 02, 2023, 03:01:37 PM

Anger might be a very bad emotion if looked at from the negative perspective, but it is after the emotion has been acted on to cause harm.
What we however fail to realize is that this same emotion can be channeled properly to positive use.
Most creative genius ideas are born out of anger of a situation or anger from insult hauled on someone. I don't really need to talk about those pro athletes who joined boxing or other sports, inorder to properly channel the emotion. Like Mike Tyson for example.

Although, this is different scenarios altogether, it doesn't alter the fact that anger is just an emotional state that can lead anyone to undergo courageous feat like trading crypto with the aim of gaining more than losing.

People get anger due to the fact of losing some money,but loss is come in crypto trading because of selling at panic.Most of the trusted coin will increase back to the all time high,So hold the coin till the maximum time. Panic selling should be avoided by the trader at the bad economic conditions, most of the people get loss because of selling at loss.You should create a multiple income to avoid of getting pressure at the bad economic conditions.

Cryptomultiplier

full member

Activity: 952

Merit: 232

Quote from: blockman on August 01, 2023, 04:03:23 PM

Acting on anger will lose your focus. That's what you have to control because having that emotion will make you a reckless type of trader. You won't believe that it actually happened when you're in that position and you will be surprised when it has actually happened.

Anger might be a very bad emotion if looked at from the negative perspective, but it is after the emotion has been acted on to cause harm.
What we however fail to realize is that this same emotion can be channeled properly to positive use.
Most creative genius ideas are born out of anger of a situation or anger from insult hauled on someone. I don't really need to talk about those pro athletes who joined boxing or other sports, inorder to properly channel the emotion. Like Mike Tyson for example.

Although, this is different scenarios altogether, it doesn't alter the fact that anger is just an emotional state that can lead anyone to undergo courageous feat like trading crypto with the aim of gaining more than losing.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Uruhara on July 29, 2023, 02:25:29 AM

Quote from: Silberman on July 29, 2023, 01:20:43 AM

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

Sometimes beginners like to blame the trading methods they copied from the internet when they experience losses due to their own carelessness in trading. In fact, all trading methods have their advantages and disadvantages. Because actually the same method can produce different results in trading depending on who uses it.

When we still haven't started trading and we see tutorials delivered by someone either through articles or via videos. Everything looks so simple and easy to do. Like buying when it goes down and selling when it goes up. These words really made it look easy. But the fact is when it goes down we also have to know to what extent the reduction target occurs. and when it goes up we also have to know how far the increase will continue. Sometimes reading support and resistance points is difficult for beginners to do.

What many newbies do not get is that when you watch the charts it seems incredibly easy to tell when you should have sold and when you should have bought, but when you are trading the markets for real the situation is anything but clear, it is up to each trader to determine what is the direction the market is the most likely to take and how intense the next movement is about to be, and neither of those two things is easy to do, regardless of what influencers may say on their youtube channels.

blockman

hero member

Activity: 3066

Merit: 629

Vave.com - Crypto Casino

Acting on anger will lose your focus. That's what you have to control because having that emotion will make you a reckless type of trader. You won't believe that it actually happened when you're in that position and you will be surprised when it has actually happened.

Quote from: RewFrew on August 01, 2023, 03:19:57 PM

Thank you so much for presenting these essential tips so beautifully. Emotions are a big obstacle in trading. That's why emotions have to be strictly controlled in trading. Without control emotions we will be loser from trading. I think these tips are very important in trading. Who will follow this tips properly he will be gainer in trading.

It is true, it is an obstacle that you'll never like. Because once you let your emotion be the one to manipulate you, you'll not be able to control the setting of your mood. And with that, that will affect your trading decisions.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: jaberwock on July 30, 2023, 12:32:19 PM

Quote from: milewilda on July 24, 2023, 06:35:08 PM

When it comes to earning then there are lots of various ways on which you could earn with crypto.

1. Freelance jobs that paying with Bitcoin/crypto
2. Designing and other jobs on services section of this forum
3. Giveaways and promotions
4. Trading
5. Investing on projects and holding up for long term
and more....

I have might missed something but these are the common ways or methods on which you could potentially earn. It is really just that it would really be that good on sticking
on where you do find yourself that suits out and not really making yourself that get stressed. Emotions is one of the most common factor that would really be affecting you
along the way but on the time that you would be gaining up sufficient experience then you would really be able to handle yourself out.

There are definitely lots of ways to earn money in the crypto world, but there are also a lot of ways where you may not get paid eventually. So if you are doing a job, I would suggest either accepting 80% of the payment upfront with discount, or do 100% but with 50% upfront and 50% later.

For example either do a job for 800 dollars up front, or do it for 500 upfront and 500 when it ends. That way you will never be scammed for good, there are a lot of people who do not do this, and the result is usually scammed. They may end up saying "what if you scam me then??" just say you won't and they have to either trust you or they will not end up using you at all, just reject their free work. That's what I would do for sure.

Yes, its true on which there are lots of jobs and opportunities on which you could really be able to engage with but i do agree on the fact that you should really be that mindful on having that kind of set up on which

you should really be asking out for some upfront payment and never ever make out a job that there's no assurance which you would really be most likely be wasting up your time if someone didnt pay you up.
If they wont really be agreeing on such terms then skip out and find another because it is really just that not right on asking out for such service without having those upfront payment which same as we do said
that it is really that some sort of assurance.In speaking about getting or doing these jobs or dealing with these ventures is never been that easy specially that most of it would really be
in versus with other workers or people as well who are really that finding those jobs and opportunities on which means that when it comes to competition then it would really be still tough on getting one.

RewFrew

full member

Activity: 602

Merit: 144

Chainjoes.com

Quote from: Cryptomultiplier on July 16, 2023, 03:27:17 PM

I very much have the interest to be a professional crypto trader at some point in my life, but it should be after I have understood it the way I want. Am well aware of the emotions which hunt gamblers, because I had tried it a few times. Same emotions also hunt traders and it is in the form of Fear, greed, hope, regret.
Although I beg to differ, I have learnt how it is in trying to be wary of such emotions that we become victims of such emotions in critical times.

It helps to give a constant reminder to oneself on how to control such emotions when money/crypto is involved because a loss could be a recurring outcome and not being able to manage ones emotional state could be very detrimental.

Quote

Here are 10 tips from the pros on how to manage your emotions while trading:

1. Don’t act on anger. When you’re angry, hold out, wait until reason takes hold. There is no worse trade than a “revenge” trade, in which a trader follows up a loss by jumping right back in to recoup. Consult your trading journal to get back on track.

2. Don’t marry your positions. It’s easy for a trader to get stubborn, and to hold on to a trade just because he ‘hopes’ it will turn around. Close down a bad trade as soon as possible, take your loss and move on. Your trading journal will suggest the next move.
Follow each trade with a break. Trading goes on at a rapid pace, so don’t get caught up in the action. Take a moment to think about something else, and then come back and deliberate. Now look at your trading journal to get the next idea.

3. Set a fixed point at which you stop. After three, four, five or whatever number you choose, stop for a good long break. It’s when one trade follows another that most mistakes happen. Consult your trading journal and review your strategy.

4. Don’t keep track of profit and loss. Doing the math on your earnings will only get your emotions working. Concentrate on your trading strategy, and review your trading journal to develop it. Then, at the end of the trading day, you can check out how well or poorly you did.

5. Keep your mind on the plan. Don’t let the results of a few trades change your overall strategy and approach. Stick to what you have learned and what you have planned – use your trading journal to develop your next moves.

6. Don’t confuse prudence with fear. You want to trade prudently, using logic and reason. This may make you hold off on a trade. But make sure that prudence, and not fear, is behind your decision. Fear can wreck your trading by keeping you from making a trade. Use your trading journal to see if the trade makes sense, follows previous wins, or if the trade just doesn’t make sense.

7. Watch out for greed. Greed can make you stay in a trade when you had planned to exit, hoping to milk it for a little more profit. Such trades risk turning out badly, just when you thought you were winning. Use your trading journal to judge the best exit points based on past behavior.

8. Manage your stops carefully. A cautious approach to stops and limits will keep you from making rash decisions. It hurts to get a trade stopped out, but over time you will save money on losses. Your trading journal can give you useful comparisons on levels for stops.

9. Don’t give up. There comes a point in every trader’s life when it just doesn’t seem worth it anymore.

10. Don’t let yourself be intimidated. Trading is tough, but you can win.

Was this helpful? Share your perspective!

Source link:

https://tradersync.com/10-tips-to-manage-your-emotions-while-trading/

Thank you so much for presenting these essential tips so beautifully. Emotions are a big obstacle in trading. That's why emotions have to be strictly controlled in trading. Without control emotions we will be loser from trading. I think these tips are very important in trading. Who will follow this tips properly he will be gainer in trading. For profit in trade we need follow trading ruls. And if we able to control our emotion and give properly our attention on trade we will be must profited from trading there has no doubt. So Again thanks to you for your informational post. I think many traders will benefited from your fantastic post.

jaberwock

legendary

Activity: 2660

Merit: 1074

Quote from: milewilda on July 24, 2023, 06:35:08 PM

When it comes to earning then there are lots of various ways on which you could earn with crypto.

1. Freelance jobs that paying with Bitcoin/crypto
2. Designing and other jobs on services section of this forum
3. Giveaways and promotions
4. Trading
5. Investing on projects and holding up for long term
and more....

I have might missed something but these are the common ways or methods on which you could potentially earn. It is really just that it would really be that good on sticking
on where you do find yourself that suits out and not really making yourself that get stressed. Emotions is one of the most common factor that would really be affecting you
along the way but on the time that you would be gaining up sufficient experience then you would really be able to handle yourself out.

There are definitely lots of ways to earn money in the crypto world, but there are also a lot of ways where you may not get paid eventually. So if you are doing a job, I would suggest either accepting 80% of the payment upfront with discount, or do 100% but with 50% upfront and 50% later.

For example either do a job for 800 dollars up front, or do it for 500 upfront and 500 when it ends. That way you will never be scammed for good, there are a lot of people who do not do this, and the result is usually scammed. They may end up saying "what if you scam me then??" just say you won't and they have to either trust you or they will not end up using you at all, just reject their free work. That's what I would do for sure.

Cryptmuster

legendary

Activity: 1904

Merit: 1176

Glory To Ukraine! Glory to the heroes!

Quote from: GeorgeJohn on July 24, 2023, 08:01:43 AM

A professional trader can be say as someone who the profits is of a higher gravity than lose experience, what I really understand in trading is that we have varieties of of methodology of trading skill defending on the one you chose and if you are making a larger profit than lose that means you are a professional in that perspective, what I really know In trading and investment is that I might decide to venture into investing into a short term by buying and selling to make a profit and it happens that I always make advantages in any step of short term investment I make, in that aspect I'm a professional by buying and selling in a short period of time and I make a profit continously whenever such happens, that means I know it better and what you know better you are professional.

The definition of a professional means that a person can fully provide for himself in the business in which he is engaged. If a trader can earn a stable income from trading and can thus secure a secure life, then he is a professional in trading. But is it worth applying this definition to traders, because just one big trade can bring big losses, although it is possible that if a trader can avoid such losses, then he has reached the level at which his profit will be greater than his losses.

Uruhara

hero member

Activity: 630

Merit: 611

Quote from: Silberman on July 29, 2023, 01:20:43 AM

Quote from: Uruhara on July 26, 2023, 07:20:44 AM

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

Sometimes beginners like to blame the trading methods they copied from the internet when they experience losses due to their own carelessness in trading. In fact, all trading methods have their advantages and disadvantages. Because actually the same method can produce different results in trading depending on who uses it.

When we still haven't started trading and we see tutorials delivered by someone either through articles or via videos. Everything looks so simple and easy to do. Like buying when it goes down and selling when it goes up. These words really made it look easy. But the fact is when it goes down we also have to know to what extent the reduction target occurs. and when it goes up we also have to know how far the increase will continue. Sometimes reading support and resistance points is difficult for beginners to do.

uchegod-21

hero member

Activity: 1134

Merit: 643

BTC, a coin of today and tomorrow.

Quote from: Silberman on July 29, 2023, 01:20:43 AM

Quote from: Uruhara on July 26, 2023, 07:20:44 AM

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

This is why it's always difficult for someone who has tried trading before but not successful to return to trading. But it is very easy for someone who has not tried trading before to run into it even without experience.
Trading looks simple when the process is explained to you, but in practice one needs to be both technically and emotionally sound in order to be profitable in cryptocurrency trading.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Uruhara on July 26, 2023, 07:20:44 AM

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

Franctoshi

hero member

Activity: 966

Merit: 588

Quote from: KingsDen on July 24, 2023, 05:48:04 AM

Quote from: Cryptomultiplier on July 16, 2023, 03:27:17 PM

(.....)
2. Don’t marry your positions. It’s easy for a trader to get stubborn, and to hold on to a trade just because he ‘hopes’ it will turn around. Close down a bad trade as soon as possible, take your loss, and move on. Your trading journal will suggest the next move.
Follow each trade with a break. Trading goes on at a rapid pace, so don’t get caught up in the action. Take a moment to think about something else, and then come back and deliberate. Now look at your trading journal to get the next idea.

I support this very well. Many traders do so as if there are hard-coded rules that must happen or as if trading is a program that must run exactly as it is written. The market is dynamic and whenever it changes you as a trader have to readjust. Marrying your position may lead to perpetual losses.
Secondly, everything you are on your computer doesn't mean you should trade. Avoid trading when it is not your trading time, avoid trading when you are unwilling or unexcited to trade. Trade only when you are in the mode of trading.

Truly, some time is better to lose a little, have your capital intact, and come back to trade another day because there is always going to be a new opportunity each day in the market than waiting on the market to come to you because you are certain that the trade should go in your direction, forgetting that changes occur each time in the market and as a trader, you must have that understanding of changing your mind and taking fast actions, especially when it is clear that the price has taken a new direction.

Uruhara

hero member

Activity: 630

Merit: 611

Quote from: sana54210 on July 22, 2023, 12:44:50 PM

Quote from: Uruhara on July 20, 2023, 01:47:25 AM

For now I will start implementing the strategy as you describe. Such as installing a stop loss and installing Takeprofit from the start. But yeah I sometimes get tempted by coins that are having high hype and I'm usually too greedy so I don't open take profits because I expect a higher upside. But recently I found a way not to get lost and so we can secure the profits we have. that is when the price continues to rise. Instead of me placing a take profit, I prefer to place a Stoploss+, namely a stop loss in an area where each is actually profitable. And maybe what you mean is also like that.

That is not really a bad way to start, if you could make that work then you are going to be pretty happy with what you got and you are going to be making a good return. I am not saying that it is going to be easy, but at the very least we are going to see it happen one way or another. I know that it will take some time but we are going to end up with a good result for sure.

I just think that people are looking at it the wrong way most of the time and when they realize what they are capable of doing and how much they can improve when pointed out, that is when they start to be a good trader. This is your way in, if you could take that step and start being better than the future holds great things for you without a doubt.

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Bushdark on July 25, 2023, 01:30:43 PM

There are other things we might not know that they are the ones that are giving us the loses that we are getting. Being stubborn on a particular trade not letting down of the loses that we have incurred holding on the trade is one of the ways we can generate loses since the market has no proper direction that it is going and we can not say exactly what that market will do at a particular time, it is better for us to make flexible decisions that will not allow is to keep incurring loses and still keep holding. We need to be flexible as a trader and accept our loses when due.

Being stubborn is probably one of the worse characteristics a trader could have, a trader needs to be incredibly adaptable as the markets can change from one minute to the other, so a person that refused to adapt to the new circumstances will lose a massive amount of money as they maintain their position for too long when the market turns against them, now they may expect that at some point the market will turn on the other direction, and while this is possible this kind of thought is what has created some of the most spectacular losses we have ever seen on the markets.

Bushdark

sr. member

Activity: 1008

Merit: 262

Vave.com - Crypto Casino

Quote from: Sanitough on July 22, 2023, 01:40:43 PM

Quote from: tjtonmoy on July 20, 2023, 02:05:17 PM

Thank you for bringing up this matter. Emotion control should be the first priority while learning to trade. This is so important that you need to get a hold of it before anything else. Having control over yourself will ensure the best outcome when learning to trade. After you master emotion control, you can be the best. Because when emotion is taking over your decision, you will make mistakes. You need to be like a robot. Apply the formula and just follow the result. And act according to it. Emotions will affect every analysis if you don't have control over it. So you will face errors and losses.

It was a really helpful post. Hopefully, there are people who will get help from this. And we can do it by just practicing. Once it becomes a habit, you will have control over your emotions for sure. It is important to take it slow. Try and you might fail. Then try again. You are losing too much? Try little amounts to learn first.

Yes. Emotions can easily ruin the outcome of our trades that’s why we should learn to control our high emotions before we get carried away and totally destruct us from our original plan. However, trading like a robot may seem impossible too because as a human, everyone has its own set of emotions that will definitely come out in everything that we do. So it’s hard to act like a robot, but at least controlling and reducing our emotions can do a lot from having a successful trading.

There are other things we might not know that they are the ones that are giving us the loses that we are getting. Being stubborn on a particular trade not letting down of the loses that we have incurred holding on the trade is one of the ways we can generate loses since the market has no proper direction that it is going and we can not say exactly what that market will do at a particular time, it is better for us to make flexible decisions that will not allow is to keep incurring loses and still keep holding. We need to be flexible as a trader and accept our loses when due.

SamReomo

hero member

Activity: 784

Merit: 672

Top Crypto Casino

Quote from: Cryptomultiplier on July 16, 2023, 03:27:17 PM

3. Set a fixed point at which you stop. After three, four, five or whatever number you choose, stop for a good long break. It’s when one trade follows another that most mistakes happen. Consult your trading journal and review your strategy.

I don't think that a trader needs to stop for getting three, four or even more winning trades because if a trader is having a well developed strategy based on technical indicators and other trading tools then that trader doesn't need to wait for another long time because as soon as the strategy and its requirements are met the traders needs to place a trade. A good trader often know his/her limits and would never ever place a trade when the requirements are not met.

Quote from: Cryptomultiplier on July 16, 2023, 03:27:17 PM

7. Watch out for greed. Greed can make you stay in a trade when you had planned to exit, hoping to milk it for a little more profit. Such trades risk turning out badly, just when you thought you were winning. Use your trading journal to judge the best exit points based on past behavior.

That's a very valid point and it has been a proven fact that when a trader is grabbed by greed then that trader won't be able to place good and winning trades. Such a trader will hardly get any wins because his/her greed won't let him/her to close a position with profit, and when the market goes in inverse direction then that trader will lose instead of winning. A top level trader would only take profit which is possible according to his/her strategy and would never ever think about anything higher than that.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: Cryptomultiplier on July 16, 2023, 03:27:17 PM

Quote

9. Don’t give up. There comes a point in every trader’s life when it just doesn’t seem worth it anymore.

This is really somewhat to test you, there is really a point in your learning where it is not working, you keep losing, or you can't understand it that is why you wanted to quit, but if ever you continue it, that is really the start of fruitful hard work. I've experienced this multiple times as I quit because I don't see myself as a trader and I keep losing. I quit for a few months,then back again, multiple times, but the last time I did continue it, that is where I started to gain profit. It's just that you'll need to go through the worst before having the profit you want.

Topic: 10 tips to manage one's emotions while trading crypto. - page 2. (Read 785 times)