Topic: 6 ways to help you not be emotionally dominated when trading cryptocurrencies - page 3. (Read 618 times)

It's not just for cryptocurrencies. I think this is the most valid question for all investments. Can we afford it? Borrowing, no investment. If we move from here, it is risky to invest more than our earnings. Especially crypto investments are very risky. You have to consider this. We all have to.

It's all in the mind, whether it's trading, gambling or other things emotions are present whether we like it or not, we are humans thus it is normal that we may become a bit emotional when trading moat especially that it involves money but we must also know and bear in mind that in trading being too emotional can't help but instead it will only worsen the scenario so it is best that when trading a trader must maintain good temper and remain focus on the plan so that you can make good decisions.
Trading is easy said than done that is why it is important your ready not only financially but also emotionally to avoid unnecessary losses.

You need to be mentally prepared for a sudden changed. because when trading everything can happen in a blink of an eye. the worse people who join this industry are those who listen to other people's opinions regarding trading. every time you want to buy coins, it is recommended to see its past price and past development. the less updated the coins, the less it's likely its price to pump.

Sometimes you already holding the right one but you are just lack of patience to hold it for a little longer. this is where most traders failed to get a high amount of price when he is trading. When he sees that the price continues to fall every day the more likely he encouraged himself to sell his coins and the next month or two the price will pump. we need to learn when is the right time to sell. so that we will never have such a bad experience.

as long as you are calling altcions "assets" and have them in a bag and call that  bag a "portfolio" you are doing everything wrong because they are not assets and they are not investments to be able to form a portfolio. altcoins are bad in long term not to mention that they are always in dropping mode if bitcoin rises or falls which makes them even worse investments.

My portfolio strategy is as follows;
1) Minimum 25 assets
2) Never fall in love with a coin
3) Feel free to sell
4) Run away from the pumps
5) Dont day trade
6) Join all ieoes of Binance and Okex

You should make a set of basic rule and stick to it if you want to succeed in the trading. Jumping around according to market movement or how you feel about a coin would rarely earn you a profit. There should be specific points for you to buy or sell a coin. A simple formula could be selling on 20% profit and on 10% loss against your reference currency.

Plans can be changed depending on the market condition that is why we have PLAN A, PLAN B, and soon.
Greediness is a thing that is commonly present to all of us and because of that we are forced to work hard but what a thing gives a negative impact. It is really hard to escape from this especially when we are already thinking about money and it getting more stronger.

I get so scared I start to shake when I trade larger amounts. When I finally withdraw and my tokens are in my wallet I can breathe again. Or I get up and go for a walk.


d
Greed is a common one. The emotion can make people not think well. The ridiculous promises of a scammer suddenly seems possible because you want so badly to be able to create money with ease.
I think they fool themselves. When people invest in crypto they often do the same. Wanting things to come quick and easy.

For me it is always good to have a plan and you should stick to your plan.
Know when to quit or cut loss and when to take your profit.
This is the problem most of the traders could agree on or most of us have experienced.
Most of us are too greedy to take the profit and thinks that it would continue to grow and it is the main reason why some lose their peofit and sometimes also their capital,
Same way to cut lose we often thinks that our investment or crypto would go up again and sometimes we would lost more because it would continue to drop.

Controlling your emotions is an essential factor in being a successful consistent trader. Most people don't put much emphasis on it, but mastering control over your emotions requires a lot of mental work. I would say that it is much more work then what you invest into learning chart patterns, horizontal lines, etc. Besides technical analysis and emotions control the third factor of the equation is risk management. If a trader manages to to put all these into alignment or if you want somewhat of an equilibrium then he will surely be successful.

I am sure that only a few traders will think about what you write.
Most traders will not think that because they think about what coin should I buy today.
And they will search for information related to the market situations, maybe some of them are used telegram channel to find the signal or some others ask their friends who they knew to give suggestions.
Many of us still hard to control our emotion in trading, and many of us cannot see which coins that could be potential in the next hour or day.
But we could learn how to control our emotions so we can avoid making a mistake.

Always stick to your plan, doesn't matter if its the best or not. You can do a coin flip and trade 2:1 and still, eventually, come out with a higher position. The moment you step outside and try to do some reckless trading due to FOMO or FUD that is when you lose.

Isn't it all about psychology? If you do the same things with the others, in emotionaly meaning, you will be the mass who lose money. So, it is all about acting rationally and doing the opposite of the mass time to time. So, I value the hints that you have given for not acting pyschologically. I think we should let the bots to the trading and decrease the effects of human beings for trading.

In trading in any case you can not give in to emotions otherwise you will lose everything you have

Buying and trading cryptocurrencies can be an emotional experience. It is fast paced and there are many different types of transactions to make. Some people try to make money from the volatility of cryptocurrency prices through short-term trading during the day. Others are looking to hold on to long-term investments and hope the cryptocurrency they buy will be a store of value.
All of this makes buying and trading cryptocurrencies fun and profitable. But it can also be tied to FOMO and FUD, which creates risks that influence decisions because they are based on emotions rather than facts. In order to minimize risks and avoid losing money in the cryptocurrency market, it is important that you always control your emotions.

The most important thing before you start trading is to have a clear / specific idea of ​​your goals when investing in cryptocurrencies. Before buying any coin, ask yourself the following questions:
 How to buy coins that fit your finances in general? Do you have other savings? Is crypto the best way to start investing? Buying a safe coin will have an easier start?
       Can you afford the losses when buying cryptocurrencies?
       Do you know anything about the risks and volatility in the cryptocurrency market?
       How will you use your cryptocurrency: buy and hold, or trade?
Choose the right exchange

Choosing the right trading platform is one of the ways that will help you achieve your goals. Some exchanges list dozens of coins to buy and trade, while others list only a few. Some allow you to withdraw your cryptocurrency into fiat currency, allowing you to buy crypto with fiat while others do not. Finding out which floor is best for you is essential. Here are some factors that you need to consider
See more: https://vakaxa.com/vi/top-4-san-giao-dich-tien-ao-hua-hen-mang-lai-loi-nhuan-lon-trong-tuong-lai/

Location: Using residential floors in your country will help meet all legal requirements. It is also easier for you to send or withdraw money in your country's fiat currency using the same bank where you live.
Coins and trading pairs available: Take a look at the exchange you want to use. Which coin, which trading pair is available? Can you buy cryptocurrency with a fiat currency deposit or just with another coin like Bitcoin? If you are looking for a long-term investment, trading with basic coin pairs is the best. On the other hand, if you are looking for a day trade, you may need to trade with advanced trading features.
Security: Security is one of the very important things. Use any type of website with a strict login process, the better. Make sure the platform does everything just to protect your money from hackers. Check out the news regarding this platform and every risk that has ever been reported. Another part of security is access to the floor's support team, which helps you to contact managers when anything goes wrong or you simply need help.

Know your limits

You have to know how much you can spend and stay within that limit. The amount you want to spend depends on your funds (see item 1 above). Investing in cryptocurrencies carries significant risks, so you should only spend what you can afford to lose. Once you've set your limits, adhere to that. Don't decide to spend more on a good idea because of FOMO. This can lead to a disaster.
Take advantage of limit orders
Limit orders can protect you from falling into a loss when the price of cryptocurrencies plummets. Limit orders allow you to set the lowest limit that you will allow your cryptocurrency price to drop before selling. Limit orders also help lock in profits ..

Do not obsess about market charts

The essence of the cryptocurrency sector is that prices always fluctuate significantly. This is something that appeals to crypto trading. The change in price can be in seconds, creating a profit opportunity. At the same time, volatility can cause an emotional roller coaster. See a market chart that can cause your blood pressure to rise and trigger an emotional response, leaving you in FOMO (fear of being abandoned). It is true that market charts are valuable, but from my experience, staring at them 24 hours a day is not the best way to keep your emotions under control when buying money. electronic.
Conclude
Cryptocurrency trade can be very interesting and potentially profitable. But it also comes with high emotional risks. I hope the six items listed above can help you stay strong regardless of the situation.
Good luck!