Getting too emotional while trading crypto - page 6.

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Quote from: WickCrypto on September 24, 2019, 12:51:38 PM

I decided to write an article about this topic, including solutions to make sure your trading becomes more rational: https://steemit.com/cryptocurrency/@wickcrypto/an-emotional-guide-to-crypto-trading-why-paper-trading-is-useless

I would personally say Paper trading is somewhat useful

I understand those emotions compared to actual trading involving large amount of money

but what makes it useful to me is that, you could actually do simulations on your plan/new trading techniques without sacrificing/compromising your funds and doing it in an actual trading platform compared to testnets.

Building confidence is much more viable paper trading is your friend

Andrews193

member

Activity: 243

Merit: 10

Quote from: yanto@1977 on September 25, 2019, 07:58:14 AM

I believe you need to keep your mind clear and stay with your strategy, anything happen just follow your rules. Everyone has different method to control emotion but they have the same answer, " stay with your strategy never change it ". Because of that many people leave market after replace their order, as long already set stop loss and take profit point just let it go. Never follow market every second it will make you crazy.

Indeed, before trading, we always need to keep our minds and emotions moving at a steady frequency, not affected by any market information or images, and of course, each person will have a different method to make their mind independent and not emotionally involved. Following that action is as you said, setting the numbers needed for our portfolio, profit and cut losses, then go back to normal activities and stop thinking about it, this is always a very important step, if we don't set up these issues, our emotions will be like a ticking time bomb

yanto@1977

full member

Activity: 686

Merit: 100

★Bitvest.io★ Play Plinko or Invest!

I believe you need to keep your mind clear and stay with your strategy, anything happen just follow your rules. Everyone has different method to control emotion but they have the same answer, " stay with your strategy never change it ". Because of that many people leave market after replace their order, as long already set stop loss and take profit point just let it go. Never follow market every second it will make you crazy.

gunungkembar

member

Activity: 545

Merit: 43

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

when you trade in the world of cryptocurrency and you get very high emotions and cannot control your patience then you will only get a loss because surely you will easily be affected by the bad news that exists and do not have high confidence.

buwaytress

legendary

Activity: 2856

Merit: 3548

Join the world-leading crypto sportsbook NOW!

Perhaps if it's still too difficult for you after all this time, you should seriously consider taking a break, if not completely just stopping it.

My suggestion? Earn in crypto, as much as possible, or choose to have a portion that is always converted to crypto. The formet is preferable, that's kind of what I do now, and then you only convert out what you need every month to pay bills and of course spending money.

It's a different way of trading, in a sense, you're just always "buying" except because you earn in crypto, you just get it direct, no loss to fees and commissions, and you're not actually committing more than you can afford if you always sell enough to live.

jrrsparkles

sr. member

Activity: 2436

Merit: 272

Eloncoin.org - Mars, here we come!

Quote from: MonsterV on September 25, 2019, 06:48:26 AM

Quote from: jrrsparkles on September 25, 2019, 02:56:28 AM

Emotions are always sticking with the trading activities of most traders but if they could ignore it then they might get more profits sometimes loss too.I am not having much strategies to avoid it but having a particular goal price to hit will help us to be relax while trading when it didn't reach then just be calm and wait for it to happen then we can able to sell it for profits.

It's hard for traders to ignore those emotions, it seems like you have a trick to avoid emotions better than @OP. I hope you can share here, maybe i haven't known trick. Because sometimes I still experience emotions when trading or losing.

Its just the basic rule of trading don't sell your cryptos until you see profit which surely work for the long term traders,by using this we can ignore the trading practices until we reach our destination but for the day traders nothing could be predicted or ignore they have to live with it since its more like they are gambling while doing trading too often.

MonsterV

legendary

Activity: 2212

Merit: 1008

Quote from: Dart18 on September 25, 2019, 12:03:30 AM

There is really no technique for it but just control.
Once you gain control of your emotion or let us say you got so used of losing in every trade then there might be the time you had overcome it.

Experience mostly is the key to it. I dont have much knowledge in trading like the types of it for I do it manually but I do have the experience and now I can make some good decision.

Well experience does have an important role to overcome emotions, but each person has different characteristics in emotions. I myself have quite a long experience in trading but sometimes it is still difficult to control emotions but my friend who is still new to trading is able to control emotions better than me, I think people have different traits.

Quote from: jrrsparkles on September 25, 2019, 02:56:28 AM

Emotions are always sticking with the trading activities of most traders but if they could ignore it then they might get more profits sometimes loss too.I am not having much strategies to avoid it but having a particular goal price to hit will help us to be relax while trading when it didn't reach then just be calm and wait for it to happen then we can able to sell it for profits.

It's hard for traders to ignore those emotions, it seems like you have a trick to avoid emotions better than @OP. I hope you can share here, maybe i haven't known trick. Because sometimes I still experience emotions when trading or losing.

jrrsparkles

sr. member

Activity: 2436

Merit: 272

Eloncoin.org - Mars, here we come!

Emotions are always sticking with the trading activities of most traders but if they could ignore it then they might get more profits sometimes loss too.I am not having much strategies to avoid it but having a particular goal price to hit will help us to be relax while trading when it didn't reach then just be calm and wait for it to happen then we can able to sell it for profits.

maxreish

sr. member

Activity: 1330

Merit: 326

Quote from: WickCrypto on September 25, 2019, 12:47:36 AM

I do mention specific things you can do to overcome it.

- Don't hold your trades during when you're asleep

You can, just set stop loss when you tend to sleep or leave your trades. Just make sure you set it up.

Quote

- Change your colors to not encourage emotions

What do you mean by this? Emotions are always getting our way regardless of the color presented in the chart or not. It is up to us how to control our emotions.

Quote

- Don't deviate from your initial sell plan by suddenly increasing your sell orders

That's true. Stick to your plan and never change it unless you did not set stop loss and you'll gonna be liquidated.

Quote

- Don't trade when there are no good entries but instead use your time differently

That is why technical analysis is available, for us to determine a good entry and exit point. Buying and selling btc and other coins needs a good timing.

Quote

- Read linked articles to get more knowledge on the topic of emotions during trading

I can't blame traders who felt different emotions during the trades. There is what we called a self management. We can't totally ignore those emotions you have mentioned in your article but we can control it by setting up in my mind that Trading is a risky endeavor and we should be ready whatever the outcome is.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Perhaps, changing the color of the chart will help some people, but I don't think that will work for me. Although I prefer to choose the black color as a background, it's only to save the monitor power and reduce the brightness in my monitor.

The thing that you should do to prevent becoming emotional is by controlling yourself in trading so that you can think without a hard feeling. You will see the chance to buy or sell or just to analyze to find the coins. You need to learn how not to panic if the market is moving to an unexpected position and you can prevent the bad situation that might happen later. There is a lot of things you should do to prevent from getting too emotional than to just changing the color of the chart.

silversurfer1958

full member

Activity: 474

Merit: 111

Quote from: WickCrypto on September 24, 2019, 12:51:38 PM

I always feel that it's very intense to trade. I have been trading crypto for two years now, but find it's still difficult to get used to all the constant price fluctuation.

I decided to write an article about this topic, including solutions to make sure your trading becomes more rational: https://steemit.com/cryptocurrency/@wickcrypto/an-emotional-guide-to-crypto-trading-why-paper-trading-is-useless

For example, using some simple tricks you can remove a lot of the emotion out of your trading. I trick that helped a lot was as simple as changing your color scheme in Tradingview. I don't think I am allowed yet to post pics on this forum, but you can check it out the big difference here:

What do you think? Do you have some more tricks you use against these emotions?

Also, it was the first post I made on Steemit so far, I'm very open to hear any feedback about it!

You are really creative for your work, I admire it. But for the crypto market, we shouldn't trade here too much.
I am familiar with professional traders who seem to be hard-pressed with their emotions but they still lose money because of the adjustment of the market.
I realized that, no matter how excellent we are, we cannot avoid the pitfalls that sharks set. I encourage you to apply this method in stock trading, it will make you rich!

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: WickCrypto on September 24, 2019, 12:51:38 PM

I always feel that it's very intense to trade. I have been trading crypto for two years now, but find it's still difficult to get used to all the constant price fluctuation.

I decided to write an article about this topic, including solutions to make sure your trading becomes more rational: https://steemit.com/cryptocurrency/@wickcrypto/an-emotional-guide-to-crypto-trading-why-paper-trading-is-useless

For example, using some simple tricks you can remove a lot of the emotion out of your trading. I trick that helped a lot was as simple as changing your color scheme in Tradingview.

Changing the colors on your chart won't make a difference. Wink

The most important thing is consistently employing a trading plan, particularly stop losses. If you always have a plan, trading becomes second nature and you can start to do things almost in an automated way.

The other thing is focusing on the higher time frames, daily and above. The lower time frames have too much noise and trading them is a good way to get chopped up. Zooming out and seeing how small those hourly moves really are can help.

WickCrypto

jr. member

Activity: 36

Merit: 4

Quote from: Harlot on September 24, 2019, 02:52:27 PM

https://i.imgur.com/iyjc5Ed.jpg

I would like to disagree with you on this part of your article. Too me colors on trading charts cannot really be labeled as for "pro traders" or not it really boils down to personal preference of each trader, the more they are comfortable with their own chart the more they'll get used to it. Like myself I'm more used to seeing green and red bars on my candlestick charts since it is what I am used too. Other than that your article really has no solution on avoiding emotions overcoming with your trade, you just basically described each common emotions but not how to overcome it.

I do mention specific things you can do to overcome it.

- Don't hold your trades during when you're asleep
- Change your colors to not encourage emotions
- Don't deviate from your initial sell plan by suddenly increasing your sell orders
- Close the charts after you leave the trade
- Don't trade when there are no good entries but instead use your time differently
- Read linked articles to get more knowledge on the topic of emotions during trading

Ararbermas

sr. member

Activity: 1988

Merit: 283

Being emotional is a big problem when it comes doing trading because it can cause panicking and everything what i mean such common things that afterwards you will regrets . So while it's not you better control your emotions and always be smart despite of the circumstances. Because there's no other way to avoid risky situation on this kind of business wherein except the basic strategies.so bear it on your mind from now on. !

Dart18

sr. member

Activity: 1400

Merit: 259

There is really no technique for it but just control.
Once you gain control of your emotion or let us say you got so used of losing in every trade then there might be the time you had overcome it.

Experience mostly is the key to it. I dont have much knowledge in trading like the types of it for I do it manually but I do have the experience and now I can make some good decision.

Slow death

legendary

Activity: 3038

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: Reid on September 24, 2019, 06:10:45 PM

Quote from: WickCrypto on September 24, 2019, 12:51:38 PM

For example, using some simple tricks you can remove a lot of the emotion out of your trading. I trick that helped a lot was as simple as changing your color scheme in Tradingview. I don't think I am allowed yet to post pics on this forum, but you can check it out the big difference here:

What do you think? Do you have some more tricks you use against these emotions?

I dont get it. I am just seeing the same thing with both images.
It is just light and dark.

What the OP is saying is that it makes a difference to many traders and I agree with him because in my case I prefer black and white, for some reason I feel more comfortable with black and white may be because I wear glasses because I have vision problems and I can't see the colors well

Quote from: Reid on September 24, 2019, 06:10:45 PM

I have a different attack when emotions come in.
I take my hands off the keyboard to avoid making a mistake by just putting numbers to get back what I lose.

Standing up from my chair going out to my garden and just looks at all the green plants. Somehow it gives me a good feeling or calmness.
Comes back like a new man again then trade accordingly. Maybe we do have different point of views about it.
I love looking like it like gambling as always. Same thing I does when I am losing a lot.

I get more comfortable whenever I use Stop Loss and have back up funds on paypal or my bank account and USDT so that if I have any losses I can recover as soon as possible

Reid

hero member

Activity: 2912

Merit: 642

Quote from: WickCrypto on September 24, 2019, 12:51:38 PM

For example, using some simple tricks you can remove a lot of the emotion out of your trading. I trick that helped a lot was as simple as changing your color scheme in Tradingview. I don't think I am allowed yet to post pics on this forum, but you can check it out the big difference here:

What do you think? Do you have some more tricks you use against these emotions?

I dont get it. I am just seeing the same thing with both images.
It is just light and dark.

I have a different attack when emotions come in.
I take my hands off the keyboard to avoid making a mistake by just putting numbers to get back what I lose.

Standing up from my chair going out to my garden and just looks at all the green plants. Somehow it gives me a good feeling or calmness.
Comes back like a new man again then trade accordingly. Maybe we do have different point of views about it.
I love looking like it like gambling as always. Same thing I does when I am losing a lot.

Kasabus

hero member

Activity: 2814

Merit: 576

Quote from: WickCrypto on September 24, 2019, 01:58:44 PM

Quote from: cabron on September 24, 2019, 01:57:03 PM

Color doesn't change anything though but I can see well with green and red candlesticks. The trick should you consider are the trading system not the platform colors. Emotions usually will ruin the judgement whether to buy or sell when sudden changes to the price. Today the price drops and when it hit the stoploss, they end up setting up again or sell in order to buy back when it starts to bounce. Personality of a trader is a big factor.

Oh personality is a huge factor! Not to mention the discipline you need to keep going when you are making some serious losses (a time that will come). I'm surprised you feel that the colors don't change anything, it made a big difference for me personally

Colors are just giving an additional attraction but not really it affects the market price, buying, and selling. We consider this as additional features that help traders to keep calm but not in a way that it could help to become profitable or whatever it ease. But I feel that it is not necessary we have to see in any exchanges cause the most important is to have a good market volume, we earn from there and we become successful.

leowonderful

legendary

Activity: 1624

Merit: 1129

Bitcoin FTW!

I typically just force myself to become extremely focused while trading and remove any unnecessary things so that I'm not overly distracted by things that don't matter on exchanges, such as a trollbox when it comes to Bitmex and flashing colors and lights as you said. You really don't need a lot of extra features when it comes to trading crypto (or any asset for that matter), and you also be able to recognize FUD when you see it. There's a ton of stuff out there that's just done to make you become emotional out there and enter bad trades, and if you're actively trying to filter it out then you won't be as affected by it.

Harlot

hero member

Activity: 1806

Merit: 671

I would like to disagree with you on this part of your article. Too me colors on trading charts cannot really be labeled as for "pro traders" or not it really boils down to personal preference of each trader, the more they are comfortable with their own chart the more they'll get used to it. Like myself I'm more used to seeing green and red bars on my candlestick charts since it is what I am used too. Other than that your article really has no solution on avoiding emotions overcoming with your trade, you just basically described each common emotions but not how to overcome it.

Topic: Getting too emotional while trading crypto - page 6. (Read 3174 times)