Topic: 6 ways to help you not be emotionally dominated when trading cryptocurrencies - page 2. (Read 639 times)

Emotion is always a part of each and every individual. Emotions can also do good... Why do I have to do this? For whom am I doing this? This questions also involve emotions. But what makes emotion bad when trading? It's because they cannot control their own emotions and it affects them negatively.

We cannit erase the fact that sometimes emotions are always there that's why we need to control them.

Before starting at trading you have choose correct exchange and looking volume transaction of your altcoin trading, many exchange market less volume for sell buy order and look much sell order, you can get profit if you trading there because your coins never could be sold, you have stop your limit profit to when trading.

I can say that this kind of behavior isnt really that kind of flawless where you do think that those funds are already gone when you do invest it because
if you do think up this way your seriousness on how to make money would be surely affected.Lets say that you do make yourself emotionless but
in exchange you wont really be that keen on how to make crucial decisions that will benefit you out since you dont care on what would be the outcome
or simply you do just play gambling if ever you do have this kind of traits.

I think to not be affected if we are into investment or trading.  Every money we allocated on that investment/trading, think of it as already gone and move on.  That way, whatever happen on that fund, it won't affect us negatively.  That is the simplest action to take, i don't know why we need it to be complicated. If we don't want it to affect our family, then better to invest our excess.  Don't compromise the family budget.

Well, we have many ways for us to win our trades, but we have our tough times. Frustrations is inevitable, and these frustrations will define our success. If you let your frustrations hold you, then obviously you will not grow and be a better investor. One of the basic rule is that don't make decisions while you are in a when you're angry or frustrated. Better cool down so that you wouldn't make things that you will regret in the end.

Strategic and advance thinking will be build when thinking of a plan. Thinking of the possibilities will help you to analyze the situation in the market. Having not once, but more than twice of a strategy will help you out if something bad happen that you do not anticipate. Keep calm and stay cool in every decision you made, this will help you to make a way to any bad situation you're in.

Buying bitcoin and trading it is one of the many ways to get profit. The most difficult thing to control is the emotion of the buyer or holder of bitcoin. Holding a number of bitcoin assets when dumping prices is the most difficult thing, the reason is the further the bitcoin price goes down, the thinner the amount of money left.
Although I know the price will recover in the future, but I have to hold the asset longer and I know as long as the price does not exceed the capital, that's how much profit I did not get. Until now, I wasn't sure I could hold an asset when the price dropped.

For me the best way to learn trading is to experience it, you can do it without a cost by just writing down trades but you must take it seriously like its your real money.

Its really hard when you are starting but day by day as you lose and win you will learn a lot of things you will learn to make analysis and what decision to make.

Do you think so? I do not think I'll mind so much, falling in love with the Bitcoin, I think you should have said "never fall in love with any altcoin".

Bitcoin is not just any regular coin, it is indeed an asset, a currency etc, when you hold the bitcoin, you can be rest assured that it wouldn't crash, just as many altcoins would do.
I used to diversify so much in the past, but when i realized its a complete waste of funds, I am more or less just(only)a bitcoin enthusiast, I buy few altcoins though, those that fascinate me a little.

I would like to personally tell my tale of trading cryptocurrencies and how I use a trick to create a partition between my rational mind and emotions. Basically i have some rules which are I always trade for a certain fixed amount of return each day. For example I set my target that I would earn $50 and whenever i hit the mark I just get up from the market irrespective of the fact If I got that in even 1 trade. Secondly in cases of losses I have a set criteria to make at maximum 3 losses. Which means if I hit 3 stop loss back to back I just get up from the market and end the day without the intent of taking revenge. These tricks help me with keeping my state of mind while trading which is really important.

The more plans you have in Trading, the better you will perform, it is a way of not getting cornered and lose your focus that will lead to a certain loss of profits. A clear state of mind (Zen) will help you in all aspects of Trading, it would be easy for you to move when you know what you want, what you need, how much profits you want, and how you are going to execute your plan well.

Right timing is important, even you are just a seconds late could change the momentum of your Trading, you could be frustrated and bad things will start to happen.

I have similar list of principles for myself when it comes to trading especially your 3rd and  4th points will help us not to lose profits after earning it as most of us wants to wait for huge profit and does not sell the coin when the price pump expecting for a bigger value which most of the time turns out to be a mistake because the markets is too volatile nowadays. As you have rightly mentioned it's better sell it once we see profit rather than waiting for bigger profit. Even I would prefer investing into one particular coin after a proper research rather than experimenting on multiple coins.

Everything you said it's correct but this will not help everyone not to get too much emotional.
I think this is the phase that every trader goes through and the best way to control your emotions is experience. And to get experience it takes some time and in that period it's inevitable that you will make some mistakes driven by your emotions.

Diversification is one important strategy one should be using and by that I mean not investing everything with cryptocurrency...spread your money with other investment vehicles available in the marketplace. These days, there are now many good platforms one can use anytime anywhere for this purpose.

Now, as to cryptocurrency, we should not allow emotions to be the prime force when selecting  digital assets, in keeping them and in trading them. When it is time to let an asset go, it must be done as fast as possible as time can be an enemy if not tamed well. Holding on can be a good strategy but sometimes can also be a bad one depending on the asset one is getting into...in the world of cryptocurrency we know that volatility is one of its major feature and this can present a big problem from time to time and that is why it is good if you know a lot about a certain coin or token you are getting into especially if you are thinking about holding it on the long-term.

I understand that there is a bigger money that can be made while on trading rather than holding but at the same time more risks can be involved here and that is why we have to make sure that our emotions and preconceived notions are not getting in the way. As always, education is the key never stop learning new things and discovering new angles even with things you are already an expert of.

I was greatly helped by the input of this forum regarding trading tips for trading crycptocurrency. I use which
in my opinion it fits with the constraints that I experienced. I will discuss a little about the method or strategy
overcome emotions when trading cryptocurrency. First, don't choose too many coins in trading, later we will stress
manage it will make you emotional. Second, don't too fanatical about one coin, except bitcoin is not a problem.
The third, if it's already profit, immediately sell your coins. Please don't delay to get a big profit. The fourth, choose coins
with large volumes if you want playing short-term or daily trading. I already run all four strategies and  it can achieve results
that is satisfying. Good luck to all of you.

Everything has a bit of psychology to it, and in order to eliminate that factor completely, sometimes you need to do actions in business or when it comes to money rationally and without any emotion at times because it will benefit you more.

There's also that mindset in trading, especially when people have lost money and they go all in desperate attempts to recover their investment back, and that is known as trading with your heart, which is the most obvious example of trading with your heart.

never fall inlove with any type of investment, it makes it realy hard to let go when you have to. and it makes you see things in a unrealistic light.
its better to hate the asset you investing in. but u cant deny it has its uses lol, atleast then you are more realistic about the outcome.

You may post this article on medium or steemit websites because if you post such kind of article they will at the payment and their wallet.
when you involve in trading field you must stay away from emotional feelings like you deal the crypto gambling.

It is muc hbetter to trade in crypto that is going somewhere and has a planned use that is very close to being put in practice or an already existing and working use for the crypto. These are more of a sure thing then these other random tokens with no reason for being. These are the cryptocurrencies that are longterm and will gain over time. They are the ones people should be putting their money in. Don't put your money into trading a currency that you don't feel will make it or accomplish their goals. Give the project a certain amount of time and if they do not reach it then move on perhaps.

Facing bitcoin is almost always the same as how you face gambling. You trust what you see in the board and gather info yourself about how your opponent plays (if there was one). You'd rather lose because of your own mistake rather than lose cause you followed some randok "sure win" guide found on the net.

It isn't an exaggeration to call investments in bitcoin as a gamble and you basically face the gambling table when you start investing, and you stay on that table for a lot of years.