10 tips to manage one's emotions while trading crypto. - page 3.

milewilda

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Quote from: isaac_clarke22 on July 24, 2023, 08:57:28 AM

Quote from: Oshosondy on July 16, 2023, 03:43:32 PM

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

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

If anyone sees that trading is taking his more like an addicted gambler, there is nothing bad to stop trading, or at least for some time.

Hell yeah!
I just don't get it why people think that being persistent on something that you might not like might get you somewhere. It's definitely a warning for people that they might get burnt out in the whole trading shenanigans if they know that they aren't getting anywhere. It's perfectly fine to give up trading and just stick into full-time trading.

It's not really a field for anyone. Sure everyone has a learning phase and it might be a steep learning curve, but if you're not really enjoying what you had learned, then you might need to reconsider other ways to earn in crypto.

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.

isaac_clarke22

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Quote from: Oshosondy on July 16, 2023, 03:43:32 PM

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

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

If anyone sees that trading is taking his more like an addicted gambler, there is nothing bad to stop trading, or at least for some time.

Hell yeah!
I just don't get it why people think that being persistent on something that you might not like might get you somewhere. It's definitely a warning for people that they might get burnt out in the whole trading shenanigans if they know that they aren't getting anywhere. It's perfectly fine to give up trading and just stick into full-time trading.

It's not really a field for anyone. Sure everyone has a learning phase and it might be a steep learning curve, but if you're not really enjoying what you had learned, then you might need to reconsider other ways to earn in crypto.

GeorgeJohn

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Quote from: famososMuertos on July 16, 2023, 04:05:44 PM

Let's start by understanding, what's a professional trader, if this is the case, it means that it is your main income, by The way, selling, buying, leveraging, etc., it does not mean that you are a professional trader, even if profitability is excellent.

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.

KingsDen

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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 has to readjust. Marrying your position may lead into 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.

GreatArkansas

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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 really agree here and I already experienced this.
Because if you are in trading, always remember that there are always a lot of opportunities or there are thousands of future good entry trade positions.
So learn to move on and just be prepared on your next trade position because if that time will come, you already have the experience and already know what to do and what not to do.

justdimin

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Quote from: nelson4lov on July 21, 2023, 08:22:41 AM

Not confident in their analysis/trade ideas/biases: This also needs the trading psychology to be in place otherwise, the trader in question will either miss out on trades or leave money on the table (closing trades too early). Everyone knows the market will play a number of tricks on the emotions of traders and the only way overcome this is to be emotionally intelligent and an on-point trading psychology.

When I was still trading actively, it was one of the things I struggled with for the longest of time - Market moves in my direction but I was already out of the trade due to panicking - afterwards comes regret.

If you are having emotional stuff while trying to trade then the result most likely be a loss. It's much better if you could end up with a good result and in order to do that you need to make sure that you are on the right path and not feeling anything when you trade. In order to be able to do that you need to reach to a point where it is going to make you a profit without having any bad result, and that's not an easy thing.

I believe that we need to reach to a point where it's going to have a bit of a trouble one way or another, but that doesn't matter how we are going to see that change. In the end, it is going to be a time consuming thing, but it is not that impossible and it can be done, as long as we put our efforts into it.

mvdheuvel1983

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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.

Sanitough

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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.

sana54210

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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.

lixer

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Quote from: lalabotax on July 19, 2023, 07:09:04 PM

Sometimes, emotional instability is also caused by very high expectations. Especially in Bitcoin investment, many people only see other people's success from investing and in the end they hope to be like that too. but in fact, investing is not as smooth and smooth as that, especially investing in Bitcoin which incidentally is also risky. There are times when the Bitcoin market drops suddenly, and if expectations are too high but you suddenly see the market drop, without having other balanced and good emotional management, then this is enough to create panic and eventually cut loss, which will have a negative impact on their mindset regarding investing in Bitcoin.

because of that, it is true that emotional management is very important in investing in Bitcoin or in other fields. because this is one of the keys to maintaining how our investment plans are too.

These people may not know that what they saw online are mostly fake. It was only a kind of bait for those people to sign up under the poster and the poster the ones who will get the benefit the most. For those who are legit success stories, we can use them as a motivation to improve our lives as well (if it isn't yet) but we should have our own goals too because not all people are the same.

Some only has a smaller capacity and wanting to have more may not really be possible for them anymore and that can cause them a disappointment. Many people say that investing is easy but you're right that they are wrong. It is boring and then so many factors can come which can affect our focus.

tjtonmoy

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Quote from: Fatunad on July 21, 2023, 02:59:20 PM

Tips and recommendations is something that you could really be able to read up but on the time that you are on the actual field then applying
these things is really that a huge challenge or something that you cant really be able to do easily even if its really easy to advise or mention in out. Emotion is something that you cant really be able to control it out
specially if you are dealing on things which you havent been able to encounter or experience before on which these kind of reactions and things been done is never been that shocking or something new.

This is why we need practice. Practice makes us perfect. In trading, things like this will happen multiple times. We will encounter such things every now and then. But we need to learn from it. That's why we should always start with a low amount in order to learn. When we learn to lose small amounts and move up the stairs, big losses won't affect our emotions that much. Also, it will help us to manage our risks. With this, we will be able to minimize the loss. It's all about time. In time, we learn step by step. But emotion control should be the first priority. It's impossible because the pros are already doing it.

Silberman

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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.

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The best way to not let your emotions to affect your trades is to never bring them to your trades to begin with, by this I do not mean that a trader must become some kind of soulless automaton, what I mean is that traders need to create a strategy that is completely objective and that does not really on their emotions or even their biased views of the market, this way if your strategy tells you to sell then you do it, and if tells you to buy then you buy the asset you were interested in trading, now this way of trading may not seem natural to some, but that is the point as it leaves emotions completely out of every single trade you make.

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Quote from: Russlenat on July 21, 2023, 03:59:06 PM

Quote from: el kaka22 on July 20, 2023, 01:51:30 PM

The biggest one; why do you even have them? Thats the biggest one, consider why you are having them as the root problem and you will do a lot better. People approach like it's so normal to have high feelings when you are trading but the reality is that you shouldn't have them to begin with and if you are having them then you are making a mistake to begin with.

Try to go down to the reason why making trades causes you to have high emotional periods and then try to solve those in order to trade with no emotions in the future, that would be a lot better. I believe that it's going to end up with something much better and that way you will be making a lot of profits as well. That's just my thought at least, would be different if you ask someone else.

If you’ll keep on trading, you’ll eventually discover that high emotions are never necessary in trading because most of the time, if you trade with different emotions on your mind, you will most likely end up in failure and losses. Emotions will only ruin your trades and that’s based on traders experience, that’s why as much as possible, we should learn not to deal with our emotions while we are in the trading process.

Trading will give us a roller coaster like ride of emotions because of the market's volatility but we should prioritize dealing with our emotions first or else, it will be the one to control our trading journey. Putting too much emotions while trading would also be the reason for us to create wrong decisions based on what we feel or be too greedy because of too much expectations.
Self-control is necessary in trading. We should focus on our plans and goals and never let our emotions decide for us.
As much as possible, we shouldn't trade if we're not mentally and physically conditioned because that will easily affect our decision making.

Russlenat

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Quote from: el kaka22 on July 20, 2023, 01:51:30 PM

The biggest one; why do you even have them? Thats the biggest one, consider why you are having them as the root problem and you will do a lot better. People approach like it's so normal to have high feelings when you are trading but the reality is that you shouldn't have them to begin with and if you are having them then you are making a mistake to begin with.

Try to go down to the reason why making trades causes you to have high emotional periods and then try to solve those in order to trade with no emotions in the future, that would be a lot better. I believe that it's going to end up with something much better and that way you will be making a lot of profits as well. That's just my thought at least, would be different if you ask someone else.

If you’ll keep on trading, you’ll eventually discover that high emotions are never necessary in trading because most of the time, if you trade with different emotions on your mind, you will most likely end up in failure and losses. Emotions will only ruin your trades and that’s based on traders experience, that’s why as much as possible, we should learn not to deal with our emotions while we are in the trading process.

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Quote from: tjtonmoy on July 21, 2023, 01:36:41 PM

Quote from: nelson4lov on July 20, 2023, 05:40:24 PM

For instance: For someone who becomes really frightened when price takes a slight turn in the opposite direction and take off their trade, often miss out when price makes a U-turn in their original direction.

This is so true and a common mistake all newbie traders make. Not gonna lie, I was one of them too. I used to get so panicked if my trades go red for a while and I used to act so quickly to close that trade. After that, it felt like I will make a loss again. So I would stop trading for that time. Guess what? after some time the price would move towards green, LOL. This is why it is so important to stick to the rules and give up on emotions while trading.

Beginners always think that their strategy is wrong or they did some mistakes while analyzing. But in the end, it all comes back to their decision making in which emotion plays a huge role. By the time they realize this, they have already gone too far. So learn this first and everything else will come after that.

Professionals are once newbies too or simply all of us did really come into a point on the time we had started on this market on which we are once a noob too on which those common mistakes are really that indeed the
scenario that we are facing on. On this way we do eventually learn up from our mistakes on which it would be causing for us to progress basing up on our knowledge and skills via having those real time engagement
on which it would be accumulating overtime as we do go ahead. Tips and recommendations is something that you could really be able to read up but on the time that you are on the actual field then applying
these things is really that a huge challenge or something that you cant really be able to do easily even if its really easy to advise or mention in out. Emotion is something that you cant really be able to control it out
specially if you are dealing on things which you havent been able to encounter or experience before on which these kind of reactions and things been done is never been that shocking or something new.

tjtonmoy

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Quote from: nelson4lov on July 20, 2023, 05:40:24 PM

For instance: For someone who becomes really frightened when price takes a slight turn in the opposite direction and take off their trade, often miss out when price makes a U-turn in their original direction.

This is so true and a common mistake all newbie traders make. Not gonna lie, I was one of them too. I used to get so panicked if my trades go red for a while and I used to act so quickly to close that trade. After that, it felt like I will make a loss again. So I would stop trading for that time. Guess what? after some time the price would move towards green, LOL. This is why it is so important to stick to the rules and give up on emotions while trading.

Beginners always think that their strategy is wrong or they did some mistakes while analyzing. But in the end, it all comes back to their decision making in which emotion plays a huge role. By the time they realize this, they have already gone too far. So learn this first and everything else will come after that.

jeraldskie11

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Emotional trading is a type of "trading psychology." According to the research, trading is 90% psychology and 10% analysis. We cannot deny that there are many traders using the same method, but only a few are profitable. When we mention psychology, we mean your trading mindset. You will most likely lose money if you do not use psychology when trading. To avoid revenge trading and trading without a plan, you must study and master psychology in trading. One of the keys to success in your trading journey is your mindset.

Kelvinid

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Perhaps we can control it because it was us but why do our bad emotions and greediness still exist? We can rip off of that because it was part of our life and human beings have it.

Controlling it is a big challenge to everyone but yes, as long as we are certain of our goal and consistently following it, ain't a problem. What we gonna do is to keep our mind focus on winning and keeping positive because in this way, we are able to overcome fears and uncertainty which is a big factor that affects our mind and will change everything.

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Quote from: Franctoshi on July 20, 2023, 06:54:40 PM

Quote from: nelson4lov on July 20, 2023, 05:40:24 PM

For instance: For someone who becomes frightened when the price takes a slight turn in the opposite direction and takes off their trade, often misses out when the price makes a U-turn in their original direction.

You are right and in the first place, I wonder what the trader comes to do in the market if can't hold emotions when there is a price retracement. Some do exit early even where there is a clear sign that the market is in their favor such as in a market that trends in corrective moves.
Two things must happen when it comes to trading either you win or lose it.

Not confident in their analysis/trade ideas/biases: This also needs the trading psychology to be in place otherwise, the trader in question will either miss out on trades or leave money on the table (closing trades too early). Everyone knows the market will play a number of tricks on the emotions of traders and the only way overcome this is to be emotionally intelligent and an on-point trading psychology.

When I was still trading actively, it was one of the things I struggled with for the longest of time - Market moves in my direction but I was already out of the trade due to panicking - afterwards comes regret.

Uruhara

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Quote from: tvplus006 on July 20, 2023, 03:46:54 PM

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

...Share your perspective!

I doubt that you will be able to follow these 10 points unconditionally, which are certainly correct. And there is one explanation for this, you are a human being, not an insensitive robot, and from time to time events will occur around you that you will have to react to. Perhaps the right decision at such a time would be to suspend trading so that these events could not negatively affect it.

So true. Sometimes many things can affect our emotions either from outside influences (environment/family/people around us) or influences from within ourselves (Greedy and such). And sometimes there are times when we cannot avoid the situation. So that when our emotions are not in a stable state as a result of being affected by something. Then it would be better for us to take a break from trading and let our minds rest until our minds become calm.

Never force yourself to enter into a trade when we are having problems in the real world that really affect our emotions at that time. Because trading must be done when the situation is good and when our minds are calm so that we can do good analysis without involving excessive emotions.

Topic: 10 tips to manage one's emotions while trading crypto. - page 3. (Read 798 times)