Topic: How to Keep Emotions in Check and Maintain Strategy as a beginner - page 2. (Read 334 times)

After reading the OP and a few different answers, it seems that some people value the theory (the short set of rules in the opening post) while others value experience the most. I agree that the best way to learn is to feel yourself the emotions linked to trading/hodling, but for those few able to take an advice from a stranger and follow it, I liked the ones given by the OP, specially the first one about "a man with a plan", although reality will almost inevitably force you to update it on the go.

I know that all the other advice is important, but security is also very important. You can invest a lot of money into crypto, but if you don't treat your security very seriously, you will just lose your asset to scammers or hackers. Some people, after putting in a lot of money in some important investment, experience some misfortune that results in losing everything that they have laboured for, and that's the reason why every beginner should treat security as important as their asset. Some people fall victim to scammers more often because they are looking for a way to make quick profit in the crypto market, not realising how easy it is to be scammed if they are looking for a quicker way to earn more profit.

Keeping emotions in check especially when you see your portfolio down by 80 to 90% is something hard to calm and be at peace. Or course we could try to remedy that and make ourselves familiar with how to handle those emotions. But no one can ignore it like a simple problem at all.

As a beginner you must try it out to be confident and experiencr how to lose so you could feel the actual on the matter. For sure by that time youll definitely see and find ways to have confident to surpass that fear.

All these can be carefully taken into account if you have trading experience. Someone who was just introduced to bitcoin or crypto trading cannot understand all you have mentioned above, which is why the first foundation is learning about bitcoin and the crypto itself before thinking of trading.
It will be good for everyone who is just new to cryptocurrency to keep these aside and focus on having basic fundamental knowledge about the whole thing before going for any trading strategy.

In my opinion, the advice you give is very appropriate and very good. Because the advice you provide does contain basic points to start investing or starting trading in the crypto world. But believe it or not, even though a beginner in the crypto field knows the advice like you gave, in reality all the suggestions are still difficult for beginners to implement when they start investing or trading in crypto, especially mental matters. Therefore, material knowledge alone, in my opinion, is not enough. But you have to be trained as the trading or investment itself progresses, so the point is that you have to be able to learn from direct experience. Because what I feel personally, when I first started trading and investing in crypto. My mentality was really tested, even though I had learned all the basic knowledge about investing/trading in crypto. But for some reason I always feel tense and anxious when I see the crypto market, especially when the coin I buy experiences a price drop, even if it's a slight decrease. The point is that in my mind there is anxiety or excessive anxiety. So if I can't stand the anxiety, I will immediately sell the coin that has decreased, even though I am experiencing a loss. Because in my mind, I'm afraid the coin will go down even more.

But fortunately I was able to get through this difficult phase, and now I can control my emotions or thoughts more. So in conclusion, studying science in investing or trading in crypto is mandatory, but that doesn't mean that you feel you have enough knowledge is enough. Because the real test will occur, when you have started and run your trading or investment. So it is in that phase, in my opinion, that the knowledge and knowledge about crypto that has been studied must really be used. In order to subside the anxiety and anxiety that will surely be overshadowed. And if you can get through that phase, then you will realize that this is an experience that can be learned.

Afaik OP is just repeating which has been discussed here multiple times. Rather repeating what most of us know why not tell us how these points helped you in your trading journey. Share your experience and do tell us how you improved your trading outcome with help of those points. It doesn't matter some of them did good or bad I would like to know how it all went. If you don't have anything practical to share then don't bother creating such topics in the future.

OP, stop advising when you are to be reading and learning on cryptocurrency (bitcoin). Trading needs experience for you to be able to make profit and hodling of your bitcoin also need experience for you to understand bitcoin price movement, so that you don't panic and sell at the wrong time. If you don't have a bitcoin,I will advise you to buy a little fraction and learn on how to hodli and see how this will teach you a lot on bitcoin price movement.

Absolutely right. People will never be motivated to learn unless they start experiencing their own struggles. That way, they won’t wait for answers, but they will eventually look for solutions to solve their problems and get rid of their current situation.

Emotions are the hardest to control, but if you know your emotions will only worsen the situation, I think people are already smart enough to control their emotions and stick to their solutions wherein they can be productive and profitable at some point.

With regard to emotions in trading, this point is difficult for beginners to do, maybe even some people who have been trading for a long time.
the rules made by beginners are quite simple, buy low and sell high. but to remain consistent in such a plan is quite difficult for beginners whose analytical skills may still be lacking. Just a little market movement in the opposite direction to the plan is enough to make beginners panic.
just do it with the flow, even though losing sometimes it makes the psychology of the trader better in emotional terms.

When it comes to trading experience helps to make one a better trader. For instance, if you have bought a token or coin at a top price and your end up losing your money because you bought it at ATH. Next time if you want to buy a token again you will first check the all-time low and all-time high to know if you're buying it at a low price. Making and following your trading strategies is an important thing to do

Yes, experience is the best teacher in most things in life,  just like what you said you don't need to tell a child the food is hot especially when they are old enough to feed themselves when they feel the hotness they will adjust along the line.
Same with trading and investment,  personal experiences are what matters, and doing your own research and taking personal steps along these lines is what matters in the long run.

I really liked your all points but the attractive is fourth one because once you calculated the profit you could make on your investment plus how much risk you might have to bear. All other problems and factors solved by themselves like the time to book profit and which mindset should one have before booking profit. These all points are useful when one is doing holding instead of trading.

Because I as a holder if follow all these rules (instead If i want to add some more rules) then I will be more than OK.

But still as you said, we all have different mindset and different life hurdle like one could bear the market's bearish cycle but other might not. This current dip has refreshed the memory or fact that we should remain calm and not always so optimistic about something because as life is so unpredictable market is also.

Bla bla bla common sense.

Stop talking about "how to live in this world" instead talk about your trading experience and explain which one is better, which one isn't.

Trading always need exchange, talk about why Binance is good/bad, what's the best exchange and why etc. What's the best strategy, explain the analysis you've learn and how big is the percentage of your analysis are correct etc.

The simplest way for most people to learn is to simply experience being burned. No matter how much you teach people on how not to do it(by learning based on history), experience will almost always be the best teacher — most especially in the context of trading and investing.

Everyone is different, and every situation is special. So, what might work for one person might not work the same for another, and it might not work all the time either. Here are some tips to help you set aside your emotions and stay focus on your trading stratgy.

Make a plan and follow rules you set without breaking them.
Only invest in things you understand and believe in.
Always do your own research and think carefully.
Think about how much you could gain compared to what you could lose.
Try meditation and mindfulness to stay calm.
Only invest money you can afford to lose.
Keep a journal of your trades and feelings, so you can learn from them.
Take breaks when needed.
Find other good things to do like reading, being outside, or spending time with loved ones.
Notice if your actions are causing stress and talk to someone you trust if you're having problems.

Hope this helps!