10 tips to manage one's emotions while trading crypto. - page 6.

Viscore

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Quote from: TimeTeller on July 16, 2023, 05:43:40 PM

Quote from: Captain Corporate on July 16, 2023, 05:24:31 PM

This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.

That is true, better trade when you have clear mind and you now what you are doing.
If there are excess baggage in your mind and you are not focus on what is in front of you, you can easily make mistakes.
Also, before executing your trade, you should have done your analysis why you are doing such trade.
If you have no time to assess things, better pause and come back when you are ready. Don't rush yourself on this activity.

Trading needs a lot of focus and attention so if you decide to trade with a lot of personal emotions involved, know that you will only lose your opportunity to make profits. Also, when you decide to trade, never use an amount that you cannot manage to lose, that will only cause you to break down especially when you are still learning how to trade.

TimeTeller

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Quote from: Captain Corporate on July 16, 2023, 05:24:31 PM

This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.

That is true, better trade when you have clear mind and you now what you are doing.
If there are excess baggage in your mind and you are not focus on what is in front of you, you can easily make mistakes.
Also, before executing your trade, you should have done your analysis why you are doing such trade.
If you have no time to assess things, better pause and come back when you are ready. Don't rush yourself on this activity.

Hamza2424

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That was good on the question you asked this is my answer haha, Just replied to one of your created topics in the economy class well it's not the point of the decision here so coming to the point I think people just use to say Watch out for greed and Don't be greedy and things like that but they actually don't follow them by own. I have seen many people like this even myself sometimes use double standards which I know are wrong but you know human nature so all the tips are as affectionate as a drop in the Jug for the new traders this is what I think.

Captain Corporate

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This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.

Botnake

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Quote from: Quidat on July 16, 2023, 04:50:28 PM

7. Watch out for greed.

Be careful with this because this would primarily the reason on why you would really be that committing lots of mistakes due to greed because this would really be pushing you to play more
specially if you are really that longing for more money which is something that we must avoid specially if we are dealing with gambling.Its true that emotion would really be the main culprit
on why a certain trader would really be committing those impulsive decisions basing up on their trading plans and methods which they had planned earlier. If you arent that good when it comes to
self control then you would definitely be prone into lots of errors.

There's no assurance that you wont really be affecting or making yourself that be on the situation since we are just humans on which it would really be that normal that we do feel out those kind of emotions when we do touch up on trading with this unpredictable space.It would really be that normal that we would really be having that kind of encounter because price is unpredictable
on which lots of what ifs would really be molding up into our mind and trying it out to answer it out.

Greed is inevitable. It’s hard to control yourself from being greedy because we are born with human greed. But if we want to maximize and be successful with crypto trading, then probably fighting our own emotions will be a big challenge for us. Some just leave trading because their emotions are uncontrollable, but we can always chose to trade with less emotions involved. It’s hard but if other crypto traders have succeeded on it, then it’s not far from reality that we can also be able to do it. Maybe we should learn to be more patient and understanding on whatever consequences this trading might cause, but with willingness and passion to overcome the risk, then we will eventually reach far in trading.

famososMuertos

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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.

Then, as you mention, you have gone through stress in betting, therefore you should only dedicate quality time that does not involve your family, that is essential and then money. Professional Cryptocurrency trading is not easy, just getting involved and taking advantage of situations is quite comfortable.

Quidat

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7. Watch out for greed.

Be careful with this because this would primarily the reason on why you would really be that committing lots of mistakes due to greed because this would really be pushing you to play more
specially if you are really that longing for more money which is something that we must avoid specially if we are dealing with gambling.Its true that emotion would really be the main culprit
on why a certain trader would really be committing those impulsive decisions basing up on their trading plans and methods which they had planned earlier. If you arent that good when it comes to
self control then you would definitely be prone into lots of errors.

There's no assurance that you wont really be affecting or making yourself that be on the situation since we are just humans on which it would really be that normal that we do feel out those kind of emotions when we do touch up on trading with this unpredictable space.It would really be that normal that we would really be having that kind of encounter because price is unpredictable
on which lots of what ifs would really be molding up into our mind and trying it out to answer it out.

Oshosondy

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...gambling responsibly. Do not be addicted.

Quote from: Cryptomultiplier on July 16, 2023, 04:27:17 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.

You can decide not to close your position if you open the position and having in mind not to close it very soon. There are some traders that may want to go for swing trading for some weeks. If you do not learn the strategy to hold positions, that means you still always depend on using leverage that makes your trading riskier.

Quote from: Cryptomultiplier on July 16, 2023, 04:27:17 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.

From my experience, you are not wrong about this. And trading can be addictive for some traders, but which is not good. Infact, the last trade that I lost, I have won more than $25 that day when bitcoin started to fall recently. I close the trade and buy and I lost more.

Quote from: Cryptomultiplier on July 16, 2023, 04:27:17 PM

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.

For me, I do not think so. I do not know of others. I keep track on profit and loss and that is not going to alter my trading plan.

Quote from: Cryptomultiplier on July 16, 2023, 04:27:17 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.

I totally agree. There are days I would have won the money I expected that day, but I will not close the position, later the market will reverse and I will start losing. When I was using a very high leverage, a favoured trade will later lead to liquidation of trading fund after greed of not closing the position opened after winning my target.

Quote from: Cryptomultiplier on July 16, 2023, 04:27:17 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.

Cryptomultiplier

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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.

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