Topic: Top Three Emotions to Check to Succeed! - page 13. (Read 2427 times)

We have to control that emotion so it will not give a bad effect to us in trading especially if the price is down deeper. When the price is down, sometimes we feel sad and we cannot think of what we need to do and we only want to cut loss the coin before it's too late. But if we can control that three emotion, I am sure that we can find the solution on everything that might happen in the market and we could survive in any conditions. That will happen too if we see the price increase higher but we don't sell the coin because we want to make a bigger profit, that will prevent us to take the profit and we might lose the chance to get the profit.

Feelings dominate people when the control of the mind weakens on decisions, so you will find that beginners always suffer from fear or greed other than experienced people.
Feelings can be controlled if we have real answers to the concerns raised by our minds.
Fear and greed are good things as long as the brain controls them and directs them to gain a lot.

Most of the Newbie crypto traders get trapped in Greed they get Fomo and buy coins at high prices 2018 bear market is best example how altcoins suffered huge dump

Greed really is number 1. I know a friend who has a good signature campaign. But, because it doesn't pay that much, he applied for a different campaign and was accepted luckily. But it only lasted for several rounds which left him with no source of income for a while. And he told me that his reason for changing a campaign was greed.

Our hunger for more sometimes lead to disaster, that instead of gaining bigger, the tendency is we lose bigger. That's why in any aspects, we must always be mindful. 'Think deeper, know better' kind of mind set.

Most often, we fail because of our emotions.

When emotions get the better of us, our reason is going to be blinded. When sound reason is blinded by emotions, expect things to end up exactly the way we do not want.

And so here are the top three emotions we should learn to check always.

GREED- It is always best to sell at the highest price and buy at the lowest. But that is very hard to achieve. So stick to your TA or target selling price and be contented with your profit. Greedy people would always adjust their sell order price when they see the green candles continuously rising. Their ask price gets higher and higher until it is not filled anymore. The price then begins to go down low. The greedy person waits for it to rise back to take back the lost potential profit. And you know how this will end. The lost potential profit balloons until no profit is to be taken. In trying to gain every cent or sat, nothing is gained at all. This is also true to setting buy order.

FEAR- Never sell or buy out of fear. A lot of fearful people buy during the bull run, fearing of missing out or FOMO. What usually happens is that the price will correct or retrace after a bull run. Here comes the fearful, just got FOMOed, fearing again of losing big or even thinking his coin is going to die. The ending is obvious. While he tries to be positive and wait for a little while, he is already shaking. He ends up deciding to sell at a much lower price, losing big. And by the time the correction is through and another long green is about to take place, he gets FOMOed again. This is going to become a cycle until enlightenment comes.  

CONFIDENCE- Too much confidence will definitely kill you. We have to remember that despite our brilliance in analyzing charts, the prices of cryptocurrencies remain highly unpredictable. Sometimes, or perhaps oftentimes, even expert traders differ greatly in their Technical Analyses (TA). Moreover, even if we have a good source of still-to-be-released news, we cannot fully expect that the prices will always follow. FUDs may not cause a red. Good news may not result in green either.

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Admittedly, I am also struggling. But I guess we really need to control them. What do you think?