Excessive confidence in cryptocurrency trading. - page 9.

milewilda

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Quote from: shesheboy on March 24, 2019, 07:04:20 PM

Quote from: devinks on March 24, 2019, 12:53:35 PM

if you want to be a successful person there must be great confidence and courage because they believe that the strategy used will succeed and produce promising results

Confidence do helps because it can help you to decide more easily and being confident or positive in life do also attracts good karma or luck however in crypto trading we dont totally hold the price or the market because they are being controlled by large group of companies/people commonly known as whales . no matter how confident we are with our moves or strategy but if the whales decides to dump and manipulate the market to go down , you cant still expect to win or earn within your trades .

Being optimistic and be confident on your own trading activity is really a good thing but when its already excessive then this wont really be good anymore yet
it would stress you out once you failed up your certain trading strategy.You are expecting for it to be profitable but with cryptos unpredictable market and its movement
we cant really assure that our trading orders will hit up on our likes or on what we have planned and in result due to excess confidence where you do expect too much
will surely got frustrated.

goaldigger

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Doubting is a good trait which means you are thinking whether your decision is correct or not and analyze it more. If you are over confident and havibg quick decisions, theres a big possibility that your decision is incorrect. Trader should think first before doing anything.

Indamuck

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I know a few people who got really cocky after making a few successful trades only to lose everything in the end. Its important to know your limits and realize that the majority of people fail when it comes to day trading.

neonshium

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Quote from: Freny250 on March 20, 2019, 07:06:31 AM

Too much confidence on a particular token can be bad since most of what has been promised by team are just whitepaper saying. As trader learn to trade without emotions always know when to sell and buy any token

Well this is an open secret. Rumi says that excess of everything is poisonous and I think too much confidence in a token/coin could be harmful as well. Too much confidence mean you are ready to invest in all your money in one token/coin and what monetary economics suggests is that you should never do that. Putting all your eggs in one basket. So diversification is a blessing. Make use of this concept.

shesheboy

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Quote from: devinks on March 24, 2019, 12:53:35 PM

if you want to be a successful person there must be great confidence and courage because they believe that the strategy used will succeed and produce promising results

Confidence do helps because it can help you to decide more easily and being confident or positive in life do also attracts good karma or luck however in crypto trading we dont totally hold the price or the market because they are being controlled by large group of companies/people commonly known as whales . no matter how confident we are with our moves or strategy but if the whales decides to dump and manipulate the market to go down , you cant still expect to win or earn within your trades .

olliecrypto

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emotions usually screw you when it comes to any type of trading / investing.
too much hope means you'll miss the red flags of a plummeting devaluation.
too much negativity means you'll sell at a loss instead of being patient and possibly making some profit.
for example, i bought ANS ( neo ) at around 1.00 usd. i sold it at 2.00 usd, thinking i was a supreme genius.
it eventually hit an ATH of around 200 usd?
i could have been set for life if i waited... but then again if i had held out at 200 usd, and waited, it would have plummeted to what it is now, around 10 usd.
you need to always have an exit plan for both gains and losses, and hold yourself accountable to them, or else you'll always be trying to catch the latest fad coin and you'll go to zero.

devinks

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if you want to be a successful person there must be great confidence and courage because they believe that the strategy used will succeed and produce promising results

michellee

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Quote from: XbladedThanos on March 23, 2019, 07:50:05 PM

Is really a good trait to have some confidence while trading but too much of it can really wrack you intopieces rather just learn to control your ego and emotion and trade with facts and insight

You cannot trade with good if you have overconfidence because, at that moment, you will underestimate the market and you are pretending that you control the price, but it's not. I have seen many people who do that, and they ended by losing much money. And if we don't want to get the same thing, it's better for us to start controlling our mind, and we need to prevent overconfidence because it will affect our trading time. We can get lost the chance to make a profit.

AjithBtc

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Quote from: BeGoods on March 23, 2019, 10:53:24 PM

Quote from: taktik on March 23, 2019, 04:48:32 PM

Quote from: Flowtee on March 22, 2019, 05:18:06 AM

I really dont get the question. Overconfidence as well as fear is never a good teacher,no matter what you are doing. Nevertheless you have both sides in you, depending on how much you know and how you feel about something. Try to learn as much about cryptos as possible and trade as objective as possible.

I have always tried to objectively evaluate my chances, but I always managed to realize only 50% of their intentions. To even Until today, only half of my assets generate income in daily trading, and the other half really stayed in place.

I think overconfidence is not a good thing because you will underestimate various suggestions from other people, do not see other aspects to be researched because you have overconfident yourself, it will make you make mistakes dude..

Being into cryptocurrency trading needs confident and to the same there is need for continued observation on the market as well regular learning on the tips and tricks used by pro traders. These tips and tricks need to be adjusted according to our need and should be used on trades to get the good return, because we cannot follow the same strategy followed by the other because the market moves irrespective of time.

Findingnemo

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Quote from: XbladedThanos on March 23, 2019, 07:50:05 PM

Is really a good trait to have some confidence while trading but too much of it can really wrack you intopieces rather just learn to control your ego and emotion and trade with facts and insight

Trade for profits no matter of what and just hold when the price is dumping is the strategy need to be remember by the people who don't want to play with risk in trading.

Although having enough confidence or skill still won't make you successful trader,need little bit of luck too.

tonyja2017

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

I think confidence is necessary but it also needs to be considered carefully. Sometimes our intentions cannot go as planned perfectly. Sometimes we need to eliminate ego to be better.
Investment is always combined by emotion and reason. Please analyze carefully before making big investments. at equilibrium is always the best. Wink

BeGoods

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Quote from: taktik on March 23, 2019, 04:48:32 PM

Quote from: Flowtee on March 22, 2019, 05:18:06 AM

I really dont get the question. Overconfidence as well as fear is never a good teacher,no matter what you are doing. Nevertheless you have both sides in you, depending on how much you know and how you feel about something. Try to learn as much about cryptos as possible and trade as objective as possible.

I have always tried to objectively evaluate my chances, but I always managed to realize only 50% of their intentions. To even Until today, only half of my assets generate income in daily trading, and the other half really stayed in place.

I think overconfidence is not a good thing because you will underestimate various suggestions from other people, do not see other aspects to be researched because you have overconfident yourself, it will make you make mistakes dude..

XbladedThanos

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Is really a good trait to have some confidence while trading but too much of it can really wrack you intopieces rather just learn to control your ego and emotion and trade with facts and insight

jhonjhon

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Quote from: taktik on March 23, 2019, 04:48:32 PM

Quote from: Flowtee on March 22, 2019, 05:18:06 AM

I really dont get the question. Overconfidence as well as fear is never a good teacher,no matter what you are doing. Nevertheless you have both sides in you, depending on how much you know and how you feel about something. Try to learn as much about cryptos as possible and trade as objective as possible.

I have always tried to objectively evaluate my chances, but I always managed to realize only 50% of their intentions. To even Until today, only half of my assets generate income in daily trading, and the other half really stayed in place.

It maybe you have to revise your portfolio and think about of your assets who doesn't, either to diversify them and put into additional of the other moving coins in your wallet. Cause for me, I suppose to sell them if I see that I've never get profiting.
As we saw the market moves, we should have to follow its flows and look for coins who are moving by then and so we never waste time in storing dead coins.

Caladonian

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Quote from: palle11 on March 23, 2019, 05:35:43 PM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

and make quick decisions.

Quick decision depends on what decision it is. For me I think it is better to take such quick decision when you want to exit a winning trade and in profit so it doesn't revert to losses. Not a quick decision to enter an order because you will always have another opportunity of entering again.

Well I agree, when decisioning while you are in a winning position can be done quickly, disregard any thoughts that there's still much higher peak to be reached, as greediness will make you suffer after, while in the other side, taking some time when you are thinking about cutting your loses with losing trades is around.

Depends on a situations, you have to always be in a confident way of making any calls while you are inside this industry.

palle11

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

and make quick decisions.

Quick decision depends on what decision it is. For me I think it is better to take such quick decision when you want to exit a winning trade and in profit so it doesn't revert to losses. Not a quick decision to enter an order because you will always have another opportunity of entering again.

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Confidence and boldness is better but it can only happen when you are actually confident in their strategy. Fear kills because it leads to doubt which brings a big drawback.

taktik

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Quote from: Flowtee on March 22, 2019, 05:18:06 AM

I really dont get the question. Overconfidence as well as fear is never a good teacher,no matter what you are doing. Nevertheless you have both sides in you, depending on how much you know and how you feel about something. Try to learn as much about cryptos as possible and trade as objective as possible.

I have always tried to objectively evaluate my chances, but I always managed to realize only 50% of their intentions. To even Until today, only half of my assets generate income in daily trading, and the other half really stayed in place.

justspare

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Quote from: Flowtee on March 22, 2019, 05:18:06 AM

depending on how much you know and how you feel about something. Try to learn as much about cryptos as possible and trade as objective as possible.

I think what he is just trying to say is if it is good to have full belief in the cryptocurrency one is trading without having feared or doubt about it. I guess there cannot be any general definition on this as trading an asset includes lots of factors which may change over time. When factors are varying over time, not getting panic will not be possible all the time for a common trader.

A trader must have to actually believe in his investment that it will yield a positive result but once you are too overconfident in it make a trader blind to quickly see any calamity they may be trying to befall the trade at that time, one must not fear in one’s trade but you must still fear for the market, the marketcap might collapse if there is no much buying going on in the trade and if one does not always have this at the back of one’s mind, necessary precaution that one need to put in place will be missing.

Flowtee

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I really dont get the question. Overconfidence as well as fear is never a good teacher,no matter what you are doing. Nevertheless you have both sides in you, depending on how much you know and how you feel about something. Try to learn as much about cryptos as possible and trade as objective as possible.

Noa_Amable

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

well, one mustn't go such straight forward. just keep it in the middle, some moderate trading. make it a hobby which takes 1-1.5 hours a day, use stop loss and take profit.

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