Topic: Trading, emotions and your fine selves - page 4. (Read 1540 times)
I think there are none of guys, who had mastered the emotions handling art so good, that they can loose a $10.000 without a shadow of regret on their face, lol
I'd love to see the stats of people who got in a couple of years ago who did nothing but hold versus people who started trading two years ago. My suspicion is the vast majority of traders will be miserable failures.
It highly depends. The majority of the traders will lose regardless of the market state, but the few kiddies that do manage to apply TA in a market not being subject to average joe panicking, have done more than well. It's a matter of staying out of the market when average joes are active, and jump back in when TA kiddies do their thing, which is exactly the case right now. The market in current state has been fairly predictable. The consensus event would make a nice initial short at +$9500 where everything else is a bonus. $5999 would very likely translate into a test of $5500 and $5499 will very likely result in a test of $5000.
I can handle my emotions on holding but when trading it is impossible for me to always keep calm and be fine. Trading is much harder than hodling.
Yet it's looked down upon by these pinheads who think they're heroes getting caught up in some scumbag's pump.
I'd love to see the stats of people who got in a couple of years ago who did nothing but hold versus people who started trading two years ago. My suspicion is the vast majority of traders will be miserable failures.
I can handle my emotions on holding but when trading it is impossible for me to always keep calm and be fine. Trading is much harder than hodling.
I think and I know we are human because of our emotion that is why emotion intelligence level of a trader is very important. Having high emotional intelligence simply means you are aware of your emotions and that of others and you are also in control of your emotion!
We all have emotions and when I started trading I could not easily accept losses and mistakes and felt very poor when it happened. When we have predefined trading strategy and we stick to it and making independent decisions and focusing on profit can help us to control our emotions and accept losses as a normal part of the business.
Acting like a robot seems to work out quite well. No emotions, only profits
Like a business theory, we can also consider this option. There is a saying according to that theory, we only want a pair of hands that must not have any connection with brain. Here in trading as well, we might say we can be robots who don’t have any emotions. Those who would just do work for getting profit according to the best strategy. This would help us to make good results.
Emotions are something that can not be controled in here at 100% , that is the main reason of why we need to take care of ourselves while trading, because it is not an easy task
Acting like a robot seems to work out quite well. No emotions, only profits
I was trading with emotions at the beginning but now I am able to control my emotions up to some extant (especially when I see a constant purchase orders by bots on every second). I try to stick to the investment rules of the great investor warren buffet, he says “Be fearful when others are greedy and greedy when others are featful”. I have no shame to tell that I still place some orders without deep research but I know that’s wrong and I would improve it soon.
Those traders who are using their emotions in the market are just newbies because most of the people in the market who are well experienced already know how the market works so you should always wait for the prices in the market to grow before selling your coins.
When I started trading, I fell victim of the emotion war especially after reading how some coins are dead by the so called gurus.
Coin never die itself but we kill them, as we all know bitcoin has volatile nature and it use to rise and fall then selling even then can be our own mistake, so if you see price falling just have patience and don’t panic so this way you can avoid a lot of loses, but selling being so emotional can cause danger for you, right now I would say don’t lose your emotions and don’t sell at panic even if you see the market is fallen to the bottom.
When I started trading, I fell victim of the emotion war especially after reading how some coins are dead by the so called gurus.
I think that beginners Cryptocurrency trading must wear emotions and always want a big profit, and it is impossible that beginner traders if trading without emotion.
different from the trader who has experience. they use price and news analysis along with FUD for Bitcoin or other altcoins.
different from the trader who has experience. they use price and news analysis along with FUD for Bitcoin or other altcoins.
Unfortunately, emotions constantly influence the making of right decisions. When you need to sell, you think, but suddenly I will earn more. You have to fight with doubts, greed, fear of loss. Very helpful drafting a trade plan, where it is prescribed, when to buy or sell in a certain situation on the market.
I kind of understand your approach but wouldn't it be better and more effective to find out where you fail exactly in your strategy and then focus on fixing the broken part in a right way? I mean, not by offsetting one bias by another bias. If your approach works for you, then certainly stick to it, but it may fail you one day. For example, when what you automatically consider a bias is not in fact a bias but actual representation of the market situation.
Absolutely. Correcting mistakes in your strategies is also crucial. But OP asked about controlling your emotions, and I believe (a) that emotions are unavoidable to some degree for human traders, and (b) that they can be seen as some form of statistical biases. If removing these biases is not an option, then countering them in the way I described seems to be the next-best option.
Yeah, I see your point. But I still think that in the case you can't control your emotions, you'd likely fare much better if you go by numbers. In this manner, you won't be multiplying your biases brought about by emotions. If you ask me, the first way (going by numbers) would provide more consistent results in the long run even if your strategy is totally subpar and not giving you results you are looking for. You will just be able to see that at once with no emotions involved and biases they cause.
Trading , emotions are related to each other because both are making to you fine and emotion are directly related to the emotions because your financial system is depending on it and the finance is makes you happy and sad also,
I kind of understand your approach but wouldn't it be better and more effective to find out where you fail exactly in your strategy and then focus on fixing the broken part in a right way? I mean, not by offsetting one bias by another bias. If your approach works for you, then certainly stick to it, but it may fail you one day. For example, when what you automatically consider a bias is not in fact a bias but actual representation of the market situation.
Absolutely. Correcting mistakes in your strategies is also crucial. But OP asked about controlling your emotions, and I believe (a) that emotions are unavoidable to some degree for human traders, and (b) that they can be seen as some form of statistical biases. If removing these biases is not an option, then countering them in the way I described seems to be the next-best option.
For example, about myself I know that I will never sell in the falling market. Better burn it all down. But I do not know how to determine the maximum growth at which to sell. And that's a big problem.
You do not know the market analysis and prediction move I think you should become the holder. If you become a Holder, you will not have to worry about the market going down, without learning how to analyse the market and try to judge its direction. I like to think of this process as applying 'filters' to my own biases, which I have observed over time in my own behavior and/or actions. Example: after noticing that I frequently act according to some bias (over a certain time frame, on a certain market), I will try to counter this bias by adjusting my current decisions in the opposite directions, e.g. lower my (subjective) probabilities for an upwards scenario to come true in case that, historically, I have suffered from a bullish bias in similar situations.
I kind of understand your approach but wouldn't it be better and more effective to find out where you fail exactly in your strategy and then focus on fixing the broken part in a right way? I mean, not by offsetting one bias by another bias. If your approach works for you, then certainly stick to it, but it may fail you one day. For example, when what you automatically consider a bias is not in fact a bias but actual representation of the market situation.
I work under the assumption that controlling emotions in trading (and maybe in other aspects of life else as well) is practically unachievable for all or most of us. The best one can do, often with decent results, is recognizing them, and applying some (simple) self-hacks to counter these emotions.
I like to think of this process as applying 'filters' to my own biases, which I have observed over time in my own behavior and/or actions. Example: after noticing that I frequently act according to some bias (over a certain time frame, on a certain market), I will try to counter this bias by adjusting my current decisions in the opposite directions, e.g. lower my (subjective) probabilities for an upwards scenario to come true in case that, historically, I have suffered from a bullish bias in similar situations.
Like I said, kind of crude -- but so far, somewhat effective.
I like to think of this process as applying 'filters' to my own biases, which I have observed over time in my own behavior and/or actions. Example: after noticing that I frequently act according to some bias (over a certain time frame, on a certain market), I will try to counter this bias by adjusting my current decisions in the opposite directions, e.g. lower my (subjective) probabilities for an upwards scenario to come true in case that, historically, I have suffered from a bullish bias in similar situations.
Like I said, kind of crude -- but so far, somewhat effective.
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