Bitcoin Forum

This article will summarize the common trading psychology lessons that any trader needs to equip.


1. Boldly enter the order
Before entering the order, the trader needs to analyze, we need to anticipate all the bad to good situations that may occur next. But one thing is for sure, traders do not count on the market. There will be situations where you will certainly not be expecting, so it's best to discipline yourself and give yourself a good plan and then to order without thinking too much.

2. Do not look to perfection
Patient waiting for good opportunity is one of the elements of successful trader. But the chances, albeit good, can not guarantee a definite victory. Market uncertainty, always probability and risk. So do not go for perfection, but focus on the rules on the command.

3.Avoid personal prejudices
One of the most common psychological factors in young traitors. They usually do not focus on the chart, but just speculate. The information on the chart is the most accurate, analyze based on them, do not attempt to label a certain stereotype of yourself into the market, it does not help you, but only create a burden and mental pressure.

4. Accept losses
It is difficult to do this, including skilled traders. Accepting losses is one of the top factors to turn you into a profitable trader. Fighting back losses simply makes you lose more.

5. Do not worry too much about statistics
Sometimes, looking at trading or diary results, you will see negative numbers, which can be a negative result, or a long series of losses, so tired of seeing the numbers. no Trading is a long-term game, think about the future, have a long-term vision, you are investing yourself, not throwing money into casinos, so those numbers are only a very short part. Trading distance ahead.

The mentality of trading has to be calm and steady, if you can predict that the coin will have the potential in the future, you should hold onto it even if the market is down.

In my opinion, the most important psychological treat of a good trader is to remain calm no matter what happens on the chart.  Easier to say than to do, especially if the movement is in the wrong direction from what you expect. It takes having nerves like steel to be a good trader.

Have a plan and stick to it. To cut losses you should use a stoploss all the time and move it up along the way.

Even though the professional trader are feel worried when the market is in the red zone but of course they know how to control their emotions and they know what they should do, sit and relax everything is gonna be okay.

It is not possible to analize evey scenario to be prepeared for it. If you think about 2 scenarios (going down to stoplos or up to takeprofit) for sure you can think of them and set them but you are not taking fom market what it gives you. You listen to the market till buy decision and then close eyes and w8 for it to happend. I'm more flexible - i listen the market all the time im in trade. When i see that market has no strength and my trading experience is talking to me that its going to be dumped and price is few % over stoploss i sell and my loss is reduced by those few %. When i see that price is slowly going up and is closer and closer to price on which i was thinking beafore buy i hold for longer. When price is getting closer and closer to my stoploss but i see that every dump is started to be collected and pumped hard after it and i know that someone big is buying the dip than i dont sell even if price pass stoploss. I change stratedy and search for dump to buy it with this whale.
This helps you grab more from market.

There is a ton more stuff than these but honestly all of them looks correct to me. Yes you do need to not reconsider yourself too much, whatever research you did you need to do beforehand and not during the order entering part, if you have done your work properly until the ordering time than you should be capable of entering the order with ease, if you are doubting your order at that time than its probably not enough research.

Yes, you can't just find coins that will go x10 every time you invest hence you need to understand that some of the coins you do invest might just get %5 profit or maybe even lose money a bit because not everything you do will be home run, couple of home runs are enough to change one persons life forever.

You can't have your own ideas to change the way a coin works, if it is a good coin and it is a good investment it doesn't matter what you think of the coin at all, just invest anyway but get out when you can and not support them on any written communication place like here or reddit or wherever. Yes get out quickly and don't wait until it has a triple dip like altcoins have right now. The last one I am not sure, statistics do really play an important role.

I want to add one
do not be too confident with someone's issues and words, because most people only make decisions from following what someone says because they are lazy to do it themselves, recheck and develop their trading skills
because now many scam issues are scattered to make FUDs that will be detrimental

2. Do not look to perfection
4. Accept losses

This 2 things is the major things that do mainly affect traders. For those new comers when they jump in they do like to have a perfect trade and even on experienced ones which do cause frustrations and stress when they do lose up money and after that trading plans would be screwed up.

Yes,you need to be confident on your own decision if it anything goes wrong then accept it and move on and find how to recover from that.We also need to have self control over our emotions because when the prices were falling it is hard to resist our feelings so we may tempted to take wrong moves at that time.

If psychological lesson includes the greediness then surely we should be avoiding that one in first place. I mean greed is what killing the fun of crypto trading all the time. I have seen many people getting their trades loosen over it all the time. And sure statics are the worst in the crypto and we should not be focusing it at all. They all are junk data and doesn’t prove a thing with it. I mean I have seen it many times.

I don't think that we would ever be perfect in trading and we may need to understand that part of trading and skills before we can succeed.  Many people have looses money in trading because of the fear of the state of they investments.  Some have also lose money because of selling out of patience.

In order to be a trader you also need to be decisive, there are many people that keep second guessing their decisions over and over again and there is a time where you need to be resolute and take a fast decision, and once you take it you accept whatever outcome that happens, and that is something very difficult to accept especially if the decision you took was the wrong one.

Right. Investment psychology is an important factor in the success of the trade. To be able to succeed in this volatile cryptocurrency market, investors need to have a clear and rigorous strategy to execute it in the case of the market so that it can last long alongside it. I believe that things are getting better with this market.

Losing trades are perfectly normal during trading sessions. It's called collateral damage, which is impossible to avoid since the market will always do something you don't expect, even in the stock market.

High frequency trading done by institutions can result in several days without one single penny in profit, but they at the end of the month still manage to squeeze out a profit due to their consistency.

And high frequency traders mostly are granted precious information from the stock exchange itself that allows them to front run orders. If even that doesn't result in guaranteed profits, it simply doesn't exist.

In other words, losses are part of the game.

I rarely ever heard someone say not to look for perfection, but it's something that I completely agree with. I know this guy who bought like three Bitcoins at around $2000 and sold at around $17000. The vast majority of us here would be happy about that, but he's not just disappointed that he didn't sell at $20,000, but it almost seems as though he thinks he was dumb because of that.

Which leads me to another thing, which is knowing what's luck and skills. As a fucking noob he's thinking that if he would had sold at $20,000 it would show how smart he is, but he didn't and... It's all pure ignorance.

"All look people, I'm into Bitcoin for a week and made some money, look at how smart I am."

Its a good summary and I like the fourth one, never chase the losing, accept the lost and learn the lesson, chasing back the losing money sometimes can make you become reckless, in trading the trader need to be flexible and need to grab the opportunity as fast as possible, and setting limit is very important to prevent more lost

You are right losing trades is normal, but the fastest your turnover of coins the less losses you can afford since the earnings for each trade are going to be very low, unfortunately many cannot accept that fact and instead of accepting they made a mistake and cutting their losses they keep hoping the market to change course, and if it does not, that single loss can be devastating to our capital especially if that day trader is using leveraged trading.

Yes i actually is agree with you (im still new at trading),in my experience when i get in the market and then i'm wrong with my analysis , i always worry my asset is down and then i always cut loss so i always many losses. But now i learn when the market is being down I manage my money with 4 or 3 part so from my strategy is with averaging down not all in. So when the market little bounce i can avoid to small losses. And nowI still learning how to be expert at trading

In my opinion, this advice is not correct. Moreover, it contradicts to the first item where you say that the trader needs to analyze and anticipate all the bad to good situations which may occur later. I think the losses should be transformed into the gains. Don't acquiesce in the losses if you are a successful trader. You need to learn from your mistakes and use this experience to avoid the losses in the future. Always change your trading strategy to gain profits.

Yes that is true but I think that professional traders always enjoy the market, either it is dumping or pumping, they in fact know how to deal the market in different situation. I think that the only reason for that is that they have good experience in crypto which really made them more confident to trade cryptos in a better way.

I do not see a link between personal prejudices and graphs, relying on graphs is not a good idea when you want to invest in Bitcoin where there are some differences between regular trade and bitcoin.

This is a good point as one of the bad things in Bitcoin trading is "psychologist" who has suffered from it. When you see the price has been dropping since morning, leading to psychological exhaustion for the rest of the day. "This fatigue affects work and personal life."

I also think that what came in this point contradicts point 5

4. Accept losses

This is an absolute...  :-\
But the effect is different between aggressive and conservative traders.

If you follow profits aggressively, losses will follow you too...  ;D

For me, this is the best advice among the other four because people tend to exaggerate their expectation without looking first at the statistics in which I believe very important in this kind of job. In the end, those who ignore this advice leaves a bad impression in trading but in fact they are the one that should be blame on for not considering reliable data analysis from the indicators.

this may be the hardest for me and I experience this with disappointment. big loss makes me unable to accept loss and blame myself.
this may be greed which causes emotion difficult to accept loss. whereas loss is part of trade and cannot be avoided. maybe need some practice for this.

To always change your strategy is a mistake as well, people choose a strategy and as soon as they lose a trade they want to change everything but that is not the way it works, you need to determine how many trades you need to win in order to be profitable, if you can win 60% of your trades then you can be profitable, so while trying to push that percentage up is important it is also important to not change your strategy but to adapt it better to your characteristics as a trader and the current market conditions.

Yes that is too much important that we need to be too much confident while investing our money in crypto currencies, and for that we need to study the market and should invest our money in such places where we have good study about the crypto currencies.

That is actually all about psychology, but the bad point is that you are also in this game so trading is always difficult for most of us.

As from my experiences this number 4 of yours is the couse of panicking for some peoole who starts and new to trading. But fight back and learning for mistakes can make you earn more as I learn from trading and before after all this which is learning for your mistakes.



Well for me looking daily is good but it is up to you
but sometimes it actually depends on the people how they reaction. It is a good thing to look to see daily change or weekly to see more effective change and study how the flow goes.

I strongly accepts your point one,we need to be bold at our decision once we decide to do this,the lose or gain just face it with brave.Trading is like a gambling so we have to do these things based our instinct so trust yourself first before doing trades and hope you will be right about this decision.

I'd add her that you should be happy if you earn and never regret that you could wait a bit more and earn more as well.

Very good, psychology and character education in one post will open our mind about another side of trading world. But I believe this is also basic knowledge and everyone already knows that, but how people can disciplines to do is important thing. You should include the limit for all subject because go with out no where to stop is not right. As trader/ investor I can say you have enough knowledge to share, thank you very much.

This is very wise to be involved in the trading seriously, including all the psychology aspects and all the wisdom that we can obtain, because to be involved as a hobby you would get nothing but discouragement and frustration.

I believe that the two most important psychological lessons are greed and fear, you can see that these are the two main reasons and are mainly for you to fail in the transaction. You may find that the market is in downtred stage so the mistakes you make will be severely punished.

TO fix this you have to plan well before the transaction and adhere to it.

I have been doing cryptocurrency for about 5 years. During this time,I read a lot of literature,considered a lot of forecasts on tradingview, in Telegram and on many special sites. I can say with confidence that there are no exact trading strategies,the market is unpredictable,and most of the forecasts do not come true. So recently I have focused only on my opinion and intuition.

To be honest, I don't see how this can help a trader or why is it a mandatory for a trader to know this. The first advice - I think it's up to a trader when to analyze and why one should "order without thinking too much", what does that change? Second - a person who invested his money in a crypto will always wait for a perfect outcome, it's not the kind of thing one can prevent in his mind. The third one - I can't imagine what kind of a trader wouldn't focus on charts, because it's the basis, but speculations are important too, some news can be a wake-up call for traders. Accept losses is just some obvious thing I won't even comment on that one. And the last one - I think it's the opposite, statistics is important, if you kept trading for some shitty coin that wasn't bringing you any profit you should quit but not wait until luck will knock on your door.

When it is a game, sometimes you lose and sometimes you just win the field. Same happens in trading as well. This is all about win or loss statement. You are good to go for winning if you are fully equipped with best learning and technical skills that would help you get out of some hard situations. But in case of losing, don’t lose your heart as well. Keep firm and keep on trying in alternate way.

There are some hidden rules and regulations that must be unveiled so that you can be efficient in taking profit from your investment. One of this list is being professional and don’t let downfall be a negative tenure for you. There are good times and then bad times too. But this bad time have concealed so huge profit trends. Don’t be panic and buy coins at such cheap prices.

Yes, these are very good points that all traders should take care of. They should always remain calm and think properly before taking any decision. Panic is the most dangerous thing that traders should stay away from. Traders have to experience a lot of unexpected situations which they should handle wisely. Decisions taken in panic can worsen the case. And acceptance of mistakes is a great habit that traders need to learn.