Emotion management is one of the key to successful trading. - page 2.

ife2020

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Quote from: doctor877 on June 21, 2020, 08:50:19 AM

Trading requires having a solid guidlines and discipline. One of the hardest thing to overcome in trading is emotions because it mostly lead to many losses. This is a bigger problem than trade going against you. An important thing is to only trade with what you can afford to lose, accept that trading is not getting a quick rich scheme. When you deposit money on an exchange, you accept losing it all but also you’ll do your best for it not to happen knowing how much it will take for you to get that money. Fix your risk per trade percentage and don't go all in a trade with your full capital. Do not be pushed to increase your trade stake when you are in profit to maximize it or recover your losses. This is the emotion that you should curb to make it in trading.

It is good when you have your emotions under control; it helps you in trading. If you are very composed and emotional balance; it helps you to stay calm during a huge profit cap in trading; and helps you to stay even more calm when you run into losses. Your stable mindset reminds you its time to take profits when you unnecessarily fall in love with a certain investment.

Pffrt

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A day trader or short term trader must control their emotions and greed of course while they trade. Marlet may move on different sides and traders must act on that. Making a mistake would cost a lot. That's why most of the times I prefer long term holding method.

serjent05

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Quote from: Wayrey2020 on June 21, 2020, 10:13:25 AM

Instead of saying emotions, why not say be disciplined?
Learn when to take losses and also when to stay in profits.

Instead of battling with your emotions, simply understand when you are in profit, and when you are in loss.

In short, learning is still the key. Even with strong emotional control if we are lacking knowledge in the field of trading, we are bound to fail. Learning to know the do's and don'ts of trading will greatly enhance our success. If we educate ourselves then we will know that controlling emotion is one of the major reasons why people are successful in trading thus, we will try to opt for it and strengthen the mind to not submit to our emotions.

olamidey

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It is a good thing that you have pointed out the damages trading with emotions can do to traders. But no human can completely eliminate emotions except if you are a god. Experienced and Pro traders still battle with their emotions from time to time. The best you can do is to minimize the way your emotions influence your decisions.

Finally, it is important traders know that trading is not magic, don't expect to invest and start yielding profit in a couple of minutes, revenge trading is also dangerous. If you lose money, don't be too quick to recover. Make sure you are trading because you want to, not because you lose.

Kasabus

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Quote from: kawetsriyanto on June 21, 2020, 06:44:21 PM

Controlling emotion isn't only the key to success in trading but also in other sectors/fields as well. Greedy, give up, & rash can happen to you once you can't control emotion. However, it is not enough just controlling emotion, you need to be smart if you dream to be successful. Knowing the best coin to trade and the best time to sell/buy isn't a matter of "controlling emotion", but it is a matter of "smart".

Yes. Controlling our emotions may be easy to say but hard to do but it's not the only reason why traders end up successfully. Traders should also learn how to be smart in dealing with all the negative consequences in trading because if not, it will all fall into losing our money even how hard we try to control our emotions.

Iyanu14

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Quote from: doctor877 on June 21, 2020, 08:50:19 AM

Trading requires having a solid guidlines and discipline. One of the hardest thing to overcome in trading is emotions because it mostly lead to many losses. This is a bigger problem than trade going against you. An important thing is to only trade with what you can afford to lose, accept that trading is not getting a quick rich scheme. When you deposit money on an exchange, you accept losing it all but also you’ll do your best for it not to happen knowing how much it will take for you to get that money. Fix your risk per trade percentage and don't go all in a trade with your full capital. Do not be pushed to increase your trade stake when you are in profit to maximize it or recover your losses. This is the emotion that you should curb to make it in trading.

Exactly, there is need to control the way we react to market situations. Controlling trading and investing emotions is very important for successful outing in crypto space. If this is not controlled, definitely there would be lots of wrong investment and big losses on trading.

kawetsriyanto

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Controlling emotion isn't only the key to success in trading but also in other sectors/fields as well. Greedy, give up, & rash can happen to you once you can't control emotion. However, it is not enough just controlling emotion, you need to be smart if you dream to be successful. Knowing the best coin to trade and the best time to sell/buy isn't a matter of "controlling emotion", but it is a matter of "smart".

The cure

jr. member

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Yes that is right, one of the main characteristics a trader should have. But this is not the only thing we should consider in order to say that we will succeed in trading. Emotional management can be of great help to those who are just beginning to trade. We need to learn to control it so that we can think well in the trade. And to avoid wrong decisions. We need to learn this in order to cope with any possible consequences of our trade.

Jawhead999

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Well this thread has been discussed many times IMO. Self controlling/emotion is not only for trading, but also with investing or gambling and other real life activity. We shouldn't be greedy, always think twice before make a decision.

Wrong board, move to Trading Discussion board

Yudhisthir

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Emotions are what makes people loss in trading more than anything. That includes carrying away with the buzz and making a haste decisions. Holding on forever is never a strategy to make profit in trading. Making a rule and sticking with it is the best way to get profit and minimize losses. You need to have both sell orders and buy orders placed on every time.

Findingnemo

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Bitcoin = Financial freedom

This isn't trading discussion board, so move to trading discussion where it fits more perfect than altcoin board.

And I don't find any new information on this thread as well, the same things were said million times in this forum.Control your patience and practice patience to make right decisions while doing trades.

drumamat

sr. member

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Complete agreement. Managing emotions is most likely the main aspect for successful trading. Without being able to control your emotions, it will be impossible to earn money.

Wayrey2020

jr. member

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Instead of saying emotions, why not say be disciplined?
Learn when to take losses and also when to stay in profits.

Instead of battling with your emotions, simply understand when you are in profit, and when you are in loss.

PerfectCircle

member

Activity: 252

Merit: 11

Getting rid of your emotions is a risk management in trading but this is not the only problem with trading, there are other things to watch out for, I don't do day trading because its too risky for me, to me it's all about timing, I only get in when Bitcoin drops in value and sell when price recovers

doctor877

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Trading requires having a solid guidlines and discipline. One of the hardest thing to overcome in trading is emotions because it mostly lead to many losses. This is a bigger problem than trade going against you. An important thing is to only trade with what you can afford to lose, accept that trading is not getting a quick rich scheme. When you deposit money on an exchange, you accept losing it all but also you’ll do your best for it not to happen knowing how much it will take for you to get that money. Fix your risk per trade percentage and don't go all in a trade with your full capital. Do not be pushed to increase your trade stake when you are in profit to maximize it or recover your losses. This is the emotion that you should curb to make it in trading.

Topic: Emotion management is one of the key to successful trading. - page 2. (Read 429 times)