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Author Topic: Excessive confidence in cryptocurrency trading.  (Read 17740 times)
baeva2
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September 25, 2018, 10:11:04 PM
 #1

 Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?
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September 25, 2018, 11:33:00 PM
 #2

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?
I'd go the slowly but surely type of trading.

It's almost the same to have doubt and fear if we will compare that to having quick decisions. In trading, you need to be wiser with your decisions and you don't have to decide quickly because you have a plan to follow. If that plan you created wasn't followed then you have to come up with a remedy. Analyses takes time and its more of a calm observation.




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September 25, 2018, 11:44:39 PM
 #3

It depends on what kind of trading you want to do..

You don't have to be fast to buy and hold, or swing trade, but if you are daytrading and trying to scalp some satoshis out of the market, faster is better..

You don't have to be confident that your trade will win, you just have to be OK with losing a little bit if you stoploss..

Have a plan to stoploss and be ok with losing that much of an amount, and place your bet...
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September 25, 2018, 11:51:27 PM
 #4

Over confidence is never good in anything, not just trading. Cryptocurrencies market is not as easily predictable as other markets—no matter how bold you are, you will get flipped in fast fluctuations. Being confident, patient and calm is great for trading in general. Panicking and fear trading is the fastest way to lose your money.

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September 26, 2018, 02:02:26 AM
 #5

Confidence in terms of trade is needed, but if excessive will result in good results in trading results because trading in the crypto world is not the same as trading in the abstract, it requires calm to choose buy or sell and see the market conditions that can change drastically at any time, so heart in trading
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September 26, 2018, 03:29:00 AM
 #6

It greatly depends! In the crypto market, theres no guarantee in winning specially in Bear market because we can't short the market. We can only make money in bull market, and we can only increase the quantity we are holding during bear markets.

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September 27, 2018, 06:42:25 PM
 #7

in my opinion, excessive confidence is something that will lead us to failure, because in our trade we also need patience and analysis on coins to trade.

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September 27, 2018, 09:32:55 PM
 #8

The trader should have confidence in his actions. Confidence in the coin he buys. But the ability to make decisions quickly is also useful, but I believe that it comes with experience. If experience is not enough, it is better not to make hasty decisions, and you need to think everything through.

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September 27, 2018, 09:54:13 PM
 #9

Too much confidence can hurt. To be sure is good, but in moderation. You should always soberly assess their strength and not miss the opportunity to bad outcome.

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September 27, 2018, 09:55:45 PM
 #10

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?
Either both ways because too much in everything would really put you into trouble which being confident isnt really bad but when you are already coming to a point where too much confidence will put you into scenario where you didnt already analyze carefully since you are definitely sure on what you have done. When things come to opposite ways then too much depression will surely be felt when your expectations had been broken.

 
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February 06, 2019, 08:44:26 PM
 #11

In cryptocurrency trading, each trader should develop a strategy that takes into account the basic rules of cryptocurrency trading. Next, the trader should confidently stick to his strategy, know the market well and listen to his intuition.
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February 07, 2019, 03:29:07 PM
 #12

Over confidence is never good in anything, not just trading. Cryptocurrencies market is not as easily predictable as other markets—no matter how bold you are, you will get flipped in fast fluctuations. Being confident, patient and calm is great for trading in general. Panicking and fear trading is the fastest way to lose your money.

And making profits in a highly speculative crypto market is also not easy, one may lose a major portion of his investment in one market swing. I would suggest to be sensible and patient while you invest, never be overconfident nor panick.

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February 08, 2019, 12:54:27 PM
 #13

trading on crypto is arguably difficult because besides we have to have great knowledge we also have to be able to do some analysis on market movements and even patience will also be very influential. So if you want to trade well and get profits then you must have a number of these factors.

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February 08, 2019, 01:59:43 PM
 #14

Nothing will ensure you certain results. I have tried a lot of ways in trading but no one get me satisfied. From that, I learned nothing will be counted as mistake in crypto and nothing is right at the same time.

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February 08, 2019, 09:47:01 PM
 #15

May you use wrong words. overconfidence is not all good virtue in a volatile market
trading emotions are dangerous, just know when to stop and move on

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February 09, 2019, 10:17:03 AM
 #16

For me yes we need confident in trading like grab the chance with the day trading strategy still rely in the news about crypto like take risk if you can predict that this will turn good then i suggest also to buy if the price of btc and alts that have potential with very cheap price then hold this for long another thing this is the best strategy to do in crypto investment like buy again in again with very cheap price of btc and alts then wait until they grow 2x after you buy or you do invest

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February 09, 2019, 01:54:58 PM
 #17

People just have different views, some have a go big or go home attitude while others think that any profit is good.  The conservative guys are the ones selling during any small pump but they miss out on the huge gains by not being patient.  They both have their drawbacks and I consider myself a risk it all go big type of person. Smiley
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February 25, 2019, 06:39:37 AM
 #18

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?



Doubt, fear and confidence are all part of trading. None of them should be more or less. And they should be combined with your full analysis and thoughts. Overconfidence makes you lose much more and too much fear doubt make you miss a lot of profits.
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February 25, 2019, 06:51:47 AM
 #19

I don't think that excessive confidence will be better in any aspect and not just in cryptocurrency because it could make us greedy.

We will feel that we can make more than what we get and we are trying very hard, but we forget that we cannot make more every time. We need to realize that that sometimes we need to say "it's enough for us and we still have the next days to try."

I think it's a weakness that hiding in your ability because, in a long-term, you will not realize that excessive confidence will ruin what you did until you don't have anything because you are too greedy to chase a perfect result.

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February 25, 2019, 07:03:57 AM
 #20

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?
Confidence and fears are both part of being traders

You are confident when you see the coins/token You bought are doing good and that is reality

But when the said coins/tokens starts to drops value then the fear took over and you will start to panic

The best thing to do is manage this both for a good results of decision making

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