Importance of emotion while trading - page 7.

jeraldskie11

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

1. Profitability: Profitability in the crypto market is very dynamic and variable. Traders' emotions create interest and excitement about their profits.

No matter what the outcome of your every trades, it will produce an emotion wether positive or negative, it's because you're trading with real funds.

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2. Volatility: The crypto market is volatile, i.e. prices can change rapidly. Having emotion with this position can help traders as it is important to make timely diagnosis.

Volatility will cause emotion. And because crypto is so volatile, all we have to do is to learn how to handle our emotions to prevent unnecessary decision.

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Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

These tips is very helpful for those who are new in trading and those who can't control their emotions. However, even though you applied it and did your best, there are still instances that our emotions will lead us without noticing it, and it's because of our imperfections. If this happens to you, you must learn to accept it so that you can proceed with your next trade with a peace of mind.

Taskford

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Quote from: mirakal on October 22, 2023, 05:01:42 AM

Quote from: FatFork on October 22, 2023, 02:06:53 AM

Quote from: Don Pedro Dinero on October 22, 2023, 01:46:04 AM

Quote from: mirakal on October 22, 2023, 12:45:22 AM

One last piece of advice: don't mix trading and drinking. Trust me on this based on my experience.

Of course, in the same way that you should not drink alcohol when you go to the casino, which many gamblers disregard and which is why they are very profitable for casinos.

If casinos didn't want us to drink while gambling, they wouldn't be serving us free booze, right? Wink

You can't really equate trading with gambling because trading is a serious gig, whereas gambling is more about having a good time, you know, entertainment. Casinos serve up free drinks because they want gamblers to have a blast, and, of course, to get them to bet more aggressively. They've done their homework and found that when people have a few drinks, they tend to lose more easily.

There are discussions that making trading and gambling the same since they only look for the risk of losing but they didn't look at its execution or other technical aspects. If we look at people's opinion more says that gambling is for fun or has more higher risk since we might didn't notice that we already lose a lot since we enjoy the games we play. Compare to trading where we are so much careful on every placed position since we always need to monitor the movements that's why we are much aware on the risk brought up by some single movements on the market.

Also if casino offer that free drink to their gamblers and we are the one who's on the table then its better for us not to take it since that's what those operator want since they want to make us drunk so we can do bad decisions while playing since this is big profit for them.

Adbitco

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As trader you should know that the market are mostly being driven by news and this could be positive or negative news so as a trader you should be regularly updated before venturing into market to perform trade. Most time what brings some of the trader down is that applying much greed wanting to make most of the profit from a single trade before exiting for the day, but a smart trader even close his market with just $5 to $7 a day without thinking of making huge profits and if you are active that much Making 5$ a day multiple by 31 days a month you would know that you are making profits of about $155 though most times we can make more or less but it's not stationed at a price. Greed and emotion is what mostly eaten up people that are not Making much profit from trading, then another thing is that lack of technical analysis on the coin you want to trade, anyone who can be able to manage that can as well become a successful trader.

mirakal

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Quote from: FatFork on October 22, 2023, 02:06:53 AM

Quote from: Don Pedro Dinero on October 22, 2023, 01:46:04 AM

Quote from: mirakal on October 22, 2023, 12:45:22 AM

One last piece of advice: don't mix trading and drinking. Trust me on this based on my experience.

Of course, in the same way that you should not drink alcohol when you go to the casino, which many gamblers disregard and which is why they are very profitable for casinos.

If casinos didn't want us to drink while gambling, they wouldn't be serving us free booze, right? Wink

You can't really equate trading with gambling because trading is a serious gig, whereas gambling is more about having a good time, you know, entertainment. Casinos serve up free drinks because they want gamblers to have a blast, and, of course, to get them to bet more aggressively. They've done their homework and found that when people have a few drinks, they tend to lose more easily.

hugeblack

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Controlling emotions is not enough, but you must improve the exploitation of these emotions to turn them into something useful from which you can make profits.
Emotion is a feeling that drives you to do something. Fear and greed are what make you think about a high-risk investment, and if you exploit it well, you will most likely achieve profits. Likewise, this means that fear of loss means accepting it and not being afraid of loss, but rather considering it as a lesson to achieve more profits.

In short, controlling emotions is good, but redirecting them to achieve profits is more important.

michellee

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In trading, you analyze the coins. If you trade Bitcoin, you analyze when you can buy at a low price and when you can sell at a higher price. But if you trade altcoins, you analyze the coins to find the right coin with good movements so you can enter the market and buy and sell them at the price you want.

You really have to be able to control your emotions when trading. If you have good analytical skills in trading, you will know when to trade and when to exit the market. So in this case, you must be able to control yourself when trading and not be greedy by hoping for bigger profits. If the market continues to increase, you can expect big profits. But if not, you should take existing profits while continuing to trade if the situation allows.

For this reason, you must continue to learn to analyze the market so that your abilities can improve according to market conditions. Everything takes time, even to make a profit. So keep learning and practicing so you can get benefits.

Dzwaafu11

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

2. Volatility: The crypto market is volatile, i.e. prices can change rapidly. Having emotion with this position can help traders as it is important to make timely diagnosis.

All traders know about this: you cannot trade when you lack knowledge of how the market fluctuates, and one thing you will be aware of at your early stage of starting trading is the volatility of the market, so I think this is something all traders know. However, if a trader cannot have control over their emotions, then I think such traders will find it difficult for the industry and not only traders but even bitcoin investors, as it’s all about patience.

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Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

I think these five things you mention here are applicable to both traders and investors, so the only thing I will say is that we should invest or trade with a coin that has low risk and we will have peace of mind, and the only coin I think we can get is BTC in bitcoin. We don’t need to worry ourselves too much, unlike other altcoins.

Bananington

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

In addition to all this. To control your emotions, you need to remind yourself every time that you need to control your emotions. Occasionally talk to yourself and remind yourself that emotions and trading do not pair well. A trader who is more aware of their emotional vulnerability will be a better at controlling it so that it does not affect them when they trade. A trader who has not accepted that they are prone to emotional mistakes will still be be vulnerable to it because of lack of acceptance. Accepting that you are emotionally vulnerable can help you take better control of it.

icalical

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

Here are some ways to control these emotions:

3. Avoid revisiting a coin after investing. You place a sell order with a specific target.

You made a big mistake here when you can't distinguish between trading and investing, and I don't think it's merely a typo because you said mention there that we should avoid revising coin, and just place sell order, whereas if you do trading instead of investing you should really watch the market and also watch your order, even when you place a sell stop order you will need to reconsider the number and change strategy if there are a news update, you will need to visit your trading pairs frequently.

FatFork

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Quote from: Don Pedro Dinero on October 22, 2023, 01:46:04 AM

Quote from: mirakal on October 22, 2023, 12:45:22 AM

One last piece of advice: don't mix trading and drinking. Trust me on this based on my experience.

Of course, in the same way that you should not drink alcohol when you go to the casino, which many gamblers disregard and which is why they are very profitable for casinos.

If casinos didn't want us to drink while gambling, they wouldn't be serving us free booze, right? Wink

I know we are going off-topic here, but this stuff has been talked about a million times already. Seems like the OP just copied some stuff they found online to make it look like they had an original thought and they probably just wanted people to respond so they could get merits or something.

xzy887

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

First you need to change your place. because
You talk very well about trading.
Then I think there are already more forums open on this topic in the trading group, so it's better not to have so many forums on the same topic.
Lastly, post good quality and don't go off topic.

Assface16678

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

You can add "a profit is a profit," or, in short, don't be too greedy. I personally experienced this and learned my lesson in a hard way. What I mean is that in the past, when I started trading crypto, I couldn't get satisfied with a little earning; I wanted more, and because of that, I kept losing trades and still didn't stop because I wanted to chase my losses. Little do I know, I have become too greedy, resulting in more losses than earnings. That's why it's important to also control your greed; don't even think about being greedy. All you've stated is true and should be followed. Let's see more of the people in this forum to see what they will add to your list. I know many here experience a lot of stuff in terms of trading, and I'm talking about the negative happenings. But we are not perfect, so sometimes we still repeat the wrong deed. Maybe we just have to set boundaries to control ourselves.

Don Pedro Dinero

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Well, this is another one of the many threads that looks like it has been put together by someone who has gathered information from the internet rather than a successful trader based on his experience. While the advice is not bad in principle, it would be nice if the OP could clarify if he is a trader with long term profits from this advice.

Quote from: mirakal on October 22, 2023, 12:45:22 AM

One last piece of advice: don't mix trading and drinking. Trust me on this based on my experience.

Of course, in the same way that you should not drink alcohol when you go to the casino, which many gamblers disregard and which is why they are very profitable for casinos.

Abu-Naim

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First of all, I don't think this thread belongs here since you are talking about trading; it should be well fitted in the trading discussion section of the forum.

Quote from: Spark22 on October 22, 2023, 12:39:02 AM

Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

All these happen when you are a trader or have invested in altcoins.

Invest in bitcoin and have peace of mind. There are high risks associated with altcoin trading and investment, but after all, if you have good knowledge and trading experience, you will understand what it takes to control your emotions. Although your advice is correct, learn and understand the basic concept of the crypto market to reduce the risk of losing too much money.

mirakal

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Quote from: Spark22 on October 22, 2023, 12:39:02 AM

5. Stay calm and try to control temporary emotions.

I think the most crucial thing for a trader is to truly understand what you're doing. When you have a solid grasp of your strategy, your emotions are less likely to take the wheel. You're confident that your approach will lead to profits, which lets you stay calm while you work. Trading is a mental game, and once emotions get involved, they can cloud your judgment, leading to regrets later on.

As you spend more time trading, you're bound to experience a full spectrum of emotions. The market's wild volatility can be like a roller coaster ride. But with knowledge and experience, you're more likely to maintain discipline.

One last piece of advice: don't mix trading and drinking. Trust me on this based on my experience.

Spark22

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There are many people who trade on BitcoinTalk forums. Those who trade must control their emotions. If not, you will have a huge loss in trading. Why emotion is needed while trading is as follows:

1. Profitability: Profitability in the crypto market is very dynamic and variable. Traders' emotions create interest and excitement about their profits.

2. Volatility: The crypto market is volatile, i.e. prices can change rapidly. Having emotion with this position can help traders as it is important to make timely diagnosis.

Here are some ways to control these emotions:

1. Don't expect much profit. For example: You think that you will become rich by investing in a coin.
2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head.
3. Avoid revisiting a coin after investing. You place a sell order with a specific target.
4. Trade according to market conditions. Don't immediately invest in someone's words.
5. Stay calm and try to control temporary emotions.

Topic: Importance of emotion while trading - page 7. (Read 913 times)