How to control your emotions while trading?👨🏼‍💻

coin_1122

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Quote from: cryptoloverlife on November 14, 2019, 02:02:00 AM

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I wonder how will one know the time to place trade if you are advising people not to always look at the chat. I don't really believe that not looking at the chat will reduce your emotion if you are the type that attached your emotion to crypto currency trading.

Emotions will not help you to make a decent profit because it will help you to lose control of the trading. With our emotions, we might suddenly change our mind by selling them and soon after selling, the price of a coin will start increasing in the market. So always stay strong even though you see downtrend and it will take some time to recover the price of coins.

That is true that emotions will not help you to make decent profits in trading because it is just a distraction and you should left it behind when you are about to trade. It is also good to always plan your trade before you buy something so you know when you are going to sell and when you are going to buyback some coin.

The main thing we should control our emotions because the market movements cannot be estimated every time, so we have to prepare for everything. Even though we trade them perfectly, but sometimes it is unpredictable to control our emotions with fluctuations we might lose patience while trading in the market.

Omega Weapon

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Quote from: akmal1984 on November 20, 2019, 12:09:40 AM

I don't think controlling emotions is as easy as talking about it. There are many solutions that we can get to learn how to keep emotions in our control, including when we trade and prices beyond our predictions. But it is always difficult to do so. Maybe we need to take special classes on personality and emotional development in order to be able to learn face to face directly. Maybe this will be effective if we take the right training.

That may seem like a good idea but I do not think so, and this is because even if you were to take special classes about how to take control of your emotions most of those classes concentrate on trying to help you about how to deal with day to day issues and and not about to trade the markets, in my opinion the best solution to not become too emotional when you are trading is to stick to your strategy no matter what, that way you will always know what to do and you will not have to think too much about it because the strategy itself is the one that will tell you what to do.

Visbay

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Quote from: Bob Smith on November 19, 2019, 06:59:28 AM

Quote from: Battareus on November 14, 2019, 03:25:24 AM

Don’t be looking at the charts all the time;❌ - that is. When you know about yourself that you lose emotional balance when something goes wrong, it’s better to set your take profit and loss goals and close the chart.

That’s a very good advice. But traders are usually seen doing the opposite.

Yes, those people who has this issue should not trade as we know emotions and stress can lead us towards lose in trading then we must have control over our emotions and try to be good trader, We should have patience and learn it well about earning before trading. Market of crypto always remain volatile so buy low and sell high.

akmal1984

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I don't think controlling emotions is as easy as talking about it. There are many solutions that we can get to learn how to keep emotions in our control, including when we trade and prices beyond our predictions. But it is always difficult to do so. Maybe we need to take special classes on personality and emotional development in order to be able to learn face to face directly. Maybe this will be effective if we take the right training.

btc78

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Quote from: coinmatics on October 10, 2019, 05:31:36 AM

~snip~

but above all that?before trading make sure that your emotion is ready,i mean enough sleep and rest,have a right meal,exercise and mentally ready.

never trade when you are sad,less sleep and physically tired because all of this will bring you to breaking out when there is bad things that you don't expect.

but those points that you mentioned are for the actual trading moment,but readiness is the most important one.

BobBct

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Quote from: dark08 on October 10, 2019, 06:14:00 PM

Controling your emotion is not easy as people think there will be a time you become greedy in your trade, I like the tips you mentioned above but always remember before entering in trading industry ask your self if you can do this, always make a risk management because not all the time your trade will win.

Yes, this is the common issue in trading, "emotion". Controlling emotions is one major factor to make it or break it in the trading business. But of course there are analytical factors that will help us in our decision but end of they day our emotion will play a major role on those decision. Best of luck to all traders out there.

Bob Smith

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Quote from: Battareus on November 14, 2019, 03:25:24 AM

Don’t be looking at the charts all the time;❌ - that is. When you know about yourself that you lose emotional balance when something goes wrong, it’s better to set your take profit and loss goals and close the chart.

That’s a very good advice. But traders are usually seen doing the opposite.

Cherylstar86

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Quote from: pgbit on November 19, 2019, 02:47:11 AM

I have learnt that experience is still one of the best teachers and every trader, no matter how smart or how experienced would have made a mistake or two in their careers that has made them lose some money, might just be as mall money in some cases but it ended a streak which could be hurtful to the pride, what I am trying to say is that one of the best teachers is to always look at your past mistakes and it would ensure that you don't make future mistakes.

Experience is the best learning in which we will able to learn our mistakes. On the other hand, I can't even imagine as a user that we need to experience all of those mistakes and possible huge losses in order to learn. I think it's normal as a human being that we need to take a risk and we realize after all the big damage that we don't even expect.

pgbit

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I have learnt that experience is still one of the best teachers and every trader, no matter how smart or how experienced would have made a mistake or two in their careers that has made them lose some money, might just be as mall money in some cases but it ended a streak which could be hurtful to the pride, what I am trying to say is that one of the best teachers is to always look at your past mistakes and it would ensure that you don't make future mistakes.

Landak

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Quote from: drachman on November 18, 2019, 09:46:42 PM

Quote from: bitbunnny on November 18, 2019, 02:32:37 PM

Maybe it sounds strange but you get used with time not to react on every negative price movement and potential loss. You learn how to asses and accept the risk and what are your limits. That comes with experience and you become aware that too much emotions you don't control brings you too much stress and potential bad decisions.
But emotion control comes with time unless you are naturaly ice cold.

It does not sound strange at all, it is known that when you are relatively new in an activity you will have a tendency to overreact to everything that happens but once you get used to it you will be able to remain calm even in the most difficult circumstances, as you can see being able to remain calm and take the best decision is something that can only be learned with time and through experience and not through books or videos no matter how many of those you read or watch.

being calm and not making rash decisions is very difficult to do. as good as people can control emotions, there will be times when emotions will carry over again.
the keys and the most appropriate option when trading is to use the stop limit loss feature, so as not to lose too much (can protect your capital even when you are emotional when trading). even though have make the worst decision but if using SL features will definitely be able to minimize the loses.

Farma

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Quote from: Battareus on November 14, 2019, 03:25:24 AM

Don’t be looking at the charts all the time;❌ - that is. When you know about yourself that you lose emotional balance when something goes wrong, it’s better to set your take profit and loss goals and close the chart.

yes, one of the things that makes FOMO emotions react is to see charts too often. it causes us to want to immediately buy, or sell the assets we have for fear of losing the moment. to be honest, this happens to me very often. tips that I can give is try to focus on other things. maybe you will keep in mind the price, or something else, but when you do that, little by little, you can control that. in addition, try to have a target for sales and sales issues. have the principle about it.

drachman

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Quote from: bitbunnny on November 18, 2019, 02:32:37 PM

Maybe it sounds strange but you get used with time not to react on every negative price movement and potential loss. You learn how to asses and accept the risk and what are your limits. That comes with experience and you become aware that too much emotions you don't control brings you too much stress and potential bad decisions.
But emotion control comes with time unless you are naturaly ice cold.

It does not sound strange at all, it is known that when you are relatively new in an activity you will have a tendency to overreact to everything that happens but once you get used to it you will be able to remain calm even in the most difficult circumstances, as you can see being able to remain calm and take the best decision is something that can only be learned with time and through experience and not through books or videos no matter how many of those you read or watch.

bitbunnny

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Maybe it sounds strange but you get used with time not to react on every negative price movement and potential loss. You learn how to asses and accept the risk and what are your limits. That comes with experience and you become aware that too much emotions you don't control brings you too much stress and potential bad decisions.
But emotion control comes with time unless you are naturaly ice cold.

SirLancelot

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I have been able to overcome the fear of missing out. Unlike when I was a newbie, I will always be rushing in when the price starts to go up and sometimes I will get in and at the end the price will still fall back to the lower price. Price speculation by people was part of what makes to jump without taking the time to read the chart and all that.

But, this time around I don't let anything control, I will buy whenever I want, even when the price is falling I still buy. I learnt to buy during the bear trends because times like that are the best time for buying bitcoin or any other coin you want at a cheaper rate. And If there happens to be a bull run later you will be happy with yourself that you did. FOMO is a serious case and it's something that people need to learn how to control their emotions.

Palider

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It is our emotions that dictate us sometimes so we do the wrong things.

So it's better to fight back and not let our emotions drive us to make mistakes. Our knowledge must be enabled because it is more appropriate in this situation, as you mentioned.

iv4n

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Quote from: Battareus on November 14, 2019, 03:25:24 AM

Don’t be looking at the charts all the time;❌ - that is. When you know about yourself that you lose emotional balance when something goes wrong, it’s better to set your take profit and loss goals and close the chart.

Its setting up buy and sell orders, to be more accurate. I do that sometimes, and it really helps. Watching charts and waiting the price to move in direction you want can make me nervous, so setting up an order and closing the exchange window helps sometimes. Of course its not possible to do that all the time, some times you need to be online and active all the time to catch some good trade, but those moments trading is interesting and make me excited.

Battareus

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Don’t be looking at the charts all the time;❌ - that is. When you know about yourself that you lose emotional balance when something goes wrong, it’s better to set your take profit and loss goals and close the chart.

cryptoloverlife

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I wonder how will one know the time to place trade if you are advising people not to always look at the chat. I don't really believe that not looking at the chat will reduce your emotion if you are the type that attached your emotion to crypto currency trading.

Emotions will not help you to make a decent profit because it will help you to lose control of the trading. With our emotions, we might suddenly change our mind by selling them and soon after selling, the price of a coin will start increasing in the market. So always stay strong even though you see downtrend and it will take some time to recover the price of coins.

Jercyhora2

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Learn to analyze or simple graph reading, this will help you to calm when time you buy at high then suddenly the price drop. Start the analysis with simple zoom in to the graph 1minute range. Then zoom out to see the past history of the coin your trading to.
It is normal when you buy at low then it didn't stop until it came to the lowest just don't panic. Remember before getting in on a trade you should know on where place you should be in.

It's true that, history tells what is the next price. Just watch out those signs, and play emotionless like playing poker game that you already know what will happen next.

marcous

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Well, I personally when seeing prices continue to rise while I have sold it all certainly feel upset. sometimes if I trade on an altcoin I close the market. we must keep positive thinking that when we take profit is the right choice rather than regret. holding back not being greedy is better I guess. And at least we must have a target percentage to take profit or cut loss.

Topic: How to control your emotions while trading?👨🏼‍💻 (Read 2064 times)