Top Three Emotions to Check to Succeed!

[Darker45]

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.


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

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[samputin]

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.

[hugeblack]

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.

[jrrsparkles]

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.

Signature campaigns will not make you rich please understand what is the meaning of rich and success.

OP these things also needed to be successful but for me most important thing is smart thinking and need to be different when we compared to the common man's mindset but we need to understand what others think then themselves

[jossiel]

Everyone I guess struggle with these emotions and even I've been into trading for quite awhile, I'm still feeling those things. When I was new to crypto trading, I usually think of ceiling price before selling and that made me broke because my plan wasn't executed properly.

And there's feeling that whenever I sell, I'm feeling the 'what if?'. What if the price goes higher afterwards and then I removed this question to my mind and started to become contented with each sale that I do. With the confidence, I'm confidently holding bitcoin and I think this will be my best bet of my life.

[FanEagle]

I think we can add a fourth one but that could be diluted between these three as well if you want. Its hype, I don't know if hype is an emotion or if we could rename it like something to "rush" or "excitement" or whatever but when people see bitcoin or any other currency going up like 50% then they want to get in as well, that is a wrong type of thinking and hurt many people over the years.

I have seen people buying bitcoin at 20 thousand dollars as well, I mean when something goes up so much you should be staying away and watching what will happen, buy it when it goes down and sell it when it goes up because if you buy when it goes up in the end you will be disappointing eventually. That is why I think we can add that 4th one and make it be hype or whatever we can name it.

[BitHodler]

A lot of my previous trading mistakes were also due to those listed in the OP. I am not sure if there is really a top three emotion because all kinds can affect your trading. If you are angry or annoyed at something, it will be hard to focus.

There is always more to it. For example, if you haven't had enough sleep your trades will suffer because you're less likely to make well thought out decisions. This has nothing to do with greed/fear/confidence. It's just a bad decision.

One of my main mistakes in the past was that I ignored the charts and just went with what I thought the market would do. I think this fits more in the category of being naive or ignorant, maybe even confidence.

What I have noticed in the last couple of years are people thinking that it's easy to make a fixed percentage in profit every day by trading. I'm not sure where they got that from, but they obviously haven't done any trading themselves.

Even the best traders in the world don't make profit on a daily basis. More precisely said, they quite often tend to close daily trading sessions with a loss, but manage to note a profit at the end of the month.

[gentlemand]

You need to get rid of all emotions, not just those but they are indeed the prime ones that'll drive you to ruin.

I think you're either born with it or you're not. It's conceivable you could train that stuff out of yourself but by the time you manage that you'll probably be living in a storm drain.

[Ridwan Fauzi]

We know all these things are bad for our trade/invest (although I guess it depends on someone) but we will do it sometimes and never know what must be done to solve it.

Moreover, the habit thing especially in our emotions is not easy to change even we have read a lot of the strategy of trade/invest but sometimes you should know just a few strategy who suitable with our fashion.

But for myself I have a strategy to set profit that I want before I start to trade/short term/long term investment, so I won't change my strategy in any situation. I don't care if the profit that I wanted will be long to reach even its price just continue to down. Such as last week I bought X altcoin and I set price to sold and until now the price hasn't reach it even the price altcoin continue to down, but it was my risky that I must be faced.

[el kaka22]

This reminded me the speech from wall street movie with Michael Douglas who said "greed is good", it kinda is true, because what we talk here about greed being bad is actually being too greedy and not greed itself, a bit of greed is good.

A person with no greed at all won't buy bitcoin to make more money, a person with no greed will not look to arbitrage between altcoins-btc-usdt to make more profit, a person with no greed will not be really trading full stop. That is why I think a bit of greed is definitely required to become a bitcoin investor, it is just that you have to find that mid level for greed, if you are too greedy then you may end up losing more than you earn, if you are not greedy at all then you may get out too quickly, find that great spot of greed where it fuels you to make money but also not too big to make you lose as well.

[Gibreil]

Actually, we can never control them instantly.
As Sigmund Freud stated on his 3 components of personality, we have id, ego and superego.

Id is our subconscious, we are dreaming of the thing or event that we really want to happen. Just like dreaming to be a millionaire in just one moment trade. With that case, we becomes greed. We will just control it if we our superego reacts. That happens when we balance our emotions and satisfy our desire.

[sheenshane]

I am related to confidence right on this statement, last week the market had a good condition and upward situation that's why I didn't sell my token from the project that I participated and I am felt a confidence that it will go up a little more. But now, s**t almost 40% from holding had lost but I'm not losing hope and confidence that it will back to normal situation. I am not greed but isn't bad if we looking more profit than we expected.

OP, maybe make it top 4 of emotions to check to succeed.
4. PATIENCE - patiently wait and the right timing is also considering though.

[Kemarit]

These emotions are overly emphasize already. But why are people still falling for it? It's because it is really hard to check as people are know to always involved emotions. Specially in the market where we live in, tons of money and there is a lot of 'what if' in our mind. I also a victim of this as well, that's why I tend not to spend a lot of hours in front of my pc. If I hit my goal then I exited and not thinking of those "what if" moments because it will really affect me negatively in the end. At least we live another day and continue as compare to doing all trades in a day that could really impact your logical thinking.

[TheCoinGrabber]

I'm glad to be only affected by 1/3 of those you mentioned.  I had some in stash that I didn't manage to sell during the ath coz I kept waiting for higher that I was later forced to sell for lower coz I need for an emergency. It was a FOMO moment for me since I believed everyone was also holding for more before it crashed. I suppose some might call me greedy though. 

Greed is the biggest problem with all endeavors, especially in finance. Majority of people that get scammed in HYIPs and ponzis are due to their greed.

As for confidence, I've never been confident in any investment so I tend to think pragmatically about them. If I can leave with a small profit, I would.

[harizen]

It's fine if people are having a hard time dealing with their emotions. Just continue continue continue to trade but make sure all mistakes are being taken seriously and take lessons from that.

No need to literally focus on learning to control those emotions listed above as it might result in much worst behavior. Just let the progress flow. As soon as anyone already established a good trading experience coming out from several mistakes, those emotions are automatically controlled. Why? Because that is human nature. The continuous winning and losing experience became part of the human's system resulting in their emotions to act accordingly and properly to their strategy.

[Periodik]

Sometimes, or even oftentimes, emotions will really run the show. It is hard to simply cut your decision into the rational and the emotional and use one or the other at the most perfect time. That couldn't be possible at all. The most that we can do is to minimize our emotions every time we are analyzing the charts and make our trade calls. Rationality has to rule and overcome any emotion in trading.

[Chrystora123]

OP, maybe make it top 4 of emotions to check to succeed.
4. PATIENCE - patiently wait and the right timing is also considering though.

totally agree, and this is actually the most important  . the meaning of patience is actually very broad such as patience with market pressures, patiently waiting for the market to grow, patiently facing investment uncertainty and be patient to keep learning from mistakes.  all successful people have emotional control over these 4 things 

[danherbias07]

Never felt the fear but more of the GREED.

I tend to wait for more and lose it on the long run. Maybe I should just become a holder. 
But I really want to sell. Just dont want that regret with my last decision. Because once I sell, I never buy back. (altcoins)

I did it successfully once and never have the thought of it again. Sold it at a good price which I am in large profit. Didn't know if the price went up again.
I guess that is also the key to avoid regretting the sold token.

[Gibreil]

Financial success is not easy to achieve in just a step. In order for us to meet our goals we need to condition our selves especially our emotions. Not too brave nor too practical. Its important to learn and grow in every disappointment and failure. I see emotional success as a type of intrinsic maturity—a way to navigate through life with a strong sense of self, agency, and competency. This can all be accomplished before financial success, or on the way up the financial ladder. Even if we reach all our career and financial goals, we won’t automatically be emotionally successful.

[Nhebu]

For anyone who wishes to be financially successful we need first to be successful emotionally. But I'm not referring to control our emotions because first and foremost emotions are impulsive. There’s nothing wrong with productivity methods. Without proper discipline, tools, and goals, managing your emotions alone is not enough. However, if you can’t understand and manage your emotions, achieving your goals will become a lost battle.