How to keep yourself out of the market?

Little Mouse

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Quote from: 2double0 on June 15, 2021, 03:35:00 PM

Stop watching the markets and go to some (physical) markets to enjoy and have some food outside, buy home based products or go to a friend's home but don't look at the markets once you made good quick returns on your initial capital. It is you in the end who needs to have a fixed mentality about controlling yourself once a profit is made.

This is one of the strategy I have tried to apply but I was not able to maintain this too. I have my phone in hand and I have to check what's happening. But this seems easy than other strategy.
Anyway, thank you all for your suggestion. I will try to follow and if I can manage to avoid such things, I will surely come with a strategy.

Alisha-k

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Quote from: Little Mouse on June 15, 2021, 12:30:39 PM

In this bull run, I have got few good deals which helped me to gain a good amount however, I was not able to keep all of them most of the times.
For example, today when conbase announced listing Shib, I was able to get in very fast and luckily I was able to make a 10% profit within very short time. That was a good deal for me. But, after watching the market few times, I again invested and lost the profit. I sold because it was falling.

You shouldn't allow your emotions control your trading physiology. Most times the fall in price is a retracement move ready to give you a high impulsive profit. Patience is a very vital key in the world of cryto currency if you aren't patient enough you would constantly loose out of the market. Having a profit target too would help you know when to take a profit and then reinvest your capital.

enhu

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Sell after you profited 10%. Countless advice here is saying to stay out of doge-like an investment so it must just be a good opportunity for a price to go up but after that, it's time to go out. You know for the fact that it's Shib. When it's first announced for coinbase listing, it usually goes up that's an opportunity. It will become a nightmare after just a day because its not like a good project to hold.

rhodelmabanal

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Quote from: Little Mouse on June 15, 2021, 12:30:39 PM

In this bull run, I have got few good deals which helped me to gain a good amount however, I was not able to keep all of them most of the times.
For example, today when conbase announced listing Shib, I was able to get in very fast and luckily I was able to make a 10% profit within very short time. That was a good deal for me. But, after watching the market few times, I again invested and lost the profit. I sold because it was falling.
What I can't follow is how can I stay away from the market when I got a good profit? The same happened with me few times. If I wouldn’t invest 2nd time, I would probably had at least 3x of what I have now.

This is greed I think. How can I practice to limit my greed here. Anyone tried to develop this and any success?

There are so many things that can make you stay away from the market, some people is naturally born as not easily become happy of what they achieve, they are always looking for so many profit and they will all end up to lossing, but after all of this lossing you will learn how things works here in crypto,we need to be smart here be wise with the help of some lossing experience and you be good.

LeGaulois

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It's like if you buy a scratch ticket that costs $5 and you win $10. Then you say "wow, let's buy 2 others to win bigger". You scratch the 2 tickets and win only $5. Then you say 'hmm, let's buy the last ticket ' and finally win $0

Make your plan before starting, and most importantly, stick to it. Don't change after you finished. This is how you lose money.
The mistake you did can be done in every market. A lot of traders lose money because they don't have enough self-control and don't have the mindset needed. That's also why algorithms (bots) are good: because they don't have human feelings.

Don't be addicted to trading like some can be addicted to gambling otherwise you can become poor pretty quickly ^^

2double0

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Stop watching the markets and go to some (physical) markets to enjoy and have some food outside, buy home based products or go to a friend's home but don't look at the markets once you made good quick returns on your initial capital. It is you in the end who needs to have a fixed mentality about controlling yourself once a profit is made.

livingfree

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How about depositing your profit to your bank account so that if ever you're going to use it again for reinvesting, you'll find it hassle and might stop you from doing so?

Once you've taken your profits, you should have done it already for you to enjoy the gains you'll make even if it is 5%, 10% or any percentage that you gain. It's profit that you should enjoy or buy things that you really need because you'll probably lose it eventually based from what you've said.

isaac_clarke22

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Well just like what others mentioned in here.
Just take a step back. The market will always be there for you, but your profit won't.
Usually I just chill out in random livestreams at Twitch or read around Reddit.
And... "Rule 32: Enjoy little things". You got that 10%. Cherish it.

BitMaxz

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I agree with ChrisPop actually I bought shib inu when it was the first time listed on Binance the value increase so fast in a couple of hours then suddenly the price drop. I didn't expect that it will drop so fast after the massive price pump. So it is the same as what happens in the Coinbase exchange after they listed this token on Coinbase that's normal to any token/project listed on big exchanges.

However, I don't still trust any new project to invest and actually, it's hard to predict/analyze without enough data.

I lost almost -74.07% according to my portfolio with this token I'm glad that I didn't invested so much in this project but I still holding them and stick with their promise. My bad I didn't set any stop limit to avoid loss. But next time if I see another new promising project and buy on early-stage I won't be greedy if I already made even just 10%.

ChrisPop

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I don't know if it is only about greed here. As far as I can tell you don't have a methodology to enter positions and exit them which is essential for a trader.

If you're buying just because Binance listed Shib - that's certainly not a reliable edge and you can't expect to make a profit just because you are "fast".

jasonjm

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Step aside when you get a profit and do not reinvest the profit you just made. Invest in a coin once (Few exceptions). For trading you have to study the market trend and when the market dips do not panic because the market will revive itself after some time. You don't need to invest in everything you think has potential. Pro tip, do not invest all your savings on crypto.

The Cryptovator

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Pretty simple, just uninstall exchange from your device once you make a handsome profit. Take a rest for few days and back to the market when you think it's time to enter. I know it's easy to say but difficult to do. I can't do it myself, I have to monitor maker easily from trading apps. I have a few colleagues who have to try to do the same, but after a day they install it back. So not sure if you can control yourself. But I know it's very hard to control our greed. Often most small traders losing funds this way, because we don't have enough patience.

Lanatsa

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This will be particularly depending on;

1. Self-control/ Self-Discipline
2. Don't way too Emotional
3. Don't see anything as an opportunity
4. Once profit is secured then don't tend further move.

These things might easy as it sounds but its not something that everybody could do but due to experience this might work somehow.

joniboini

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There is no other way but to practice discipline imo. Set aside $1k for investment and just use this money to trade, invest etc. Don't think about 3x, 5x, etc. Just set a target and try to enter and exit as long as your target has been achieved. Don't add new capital, for the time being, just use that money to improve your self-discipline.

milewilda

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Quote from: Little Mouse on June 15, 2021, 12:30:39 PM

In this bull run, I have got few good deals which helped me to gain a good amount however, I was not able to keep all of them most of the times.
For example, today when conbase announced listing Shib, I was able to get in very fast and luckily I was able to make a 10% profit within very short time. That was a good deal for me. But, after watching the market few times, I again invested and lost the profit. I sold because it was falling.
What I can't follow is how can I stay away from the market when I got a good profit? The same happened with me few times. If I wouldn’t invest 2nd time, I would probably had at least 3x of what I have now.

This is greed I think. How can I practice to limit my greed here. Anyone tried to develop this and any success?

Limit yourself on seeing those events and updates specially if its connection to new coin listing or newly listed or some sort because it is just normal for a human being to react out and doesnt want to miss out the opportunity to make profits once they are aware on possible thing that could possibly give out
which i cant really blame off as long you dont wreck up yourself then that should be fine.We do need to risk for us to earn but if you do really mean on stopping completely and secure profits that you had made then better take some break and dont tend to the events on where the market is having on.

jackg

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The trick I use is to get bored of trading before I start making mistakes or just interested in something else.

What else do you do that you could use? I used to enjoy setting up a good trade before going to a social event so I'd completely forget about the trade.

There's always going for a walk (try concentrating on something as a task too if you can: try spotting the bird purposefully out of tune for example). Gaming or finding a TV show to immerse yourself in during or after trading is also a good idea. (don't neglect stuff if you haven't set clear targets during trading though). If you have access to streaming service you can put subtitles on to help with concentration.

I notice risk management is something that comes up constantly in this area and I've considered for some time trying to make a service that offers it - because I actually just get bored of trading once I'm in profit because I know I might end up losing it at some point. And 1% profit a day is 3778% profit in a year

Little Mouse

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Marketing Campaign Manager |Telegram ID- @LT_Mouse

In this bull run, I have got few good deals which helped me to gain a good amount however, I was not able to keep all of them most of the times.
For example, today when conbase announced listing Shib, I was able to get in very fast and luckily I was able to make a 10% profit within very short time. That was a good deal for me. But, after watching the market few times, I again invested and lost the profit. I sold because it was falling.
What I can't follow is how can I stay away from the market when I got a good profit? The same happened with me few times. If I wouldn’t invest 2nd time, I would probably had at least 3x of what I have now.

This is greed I think. How can I practice to limit my greed here. Anyone tried to develop this and any success?

Topic: How to keep yourself out of the market? (Read 112 times)