Top Three Emotions to Check to Succeed!

[Mpamaegbu]

Closely behind Greed should be IMPATIENCE. Lack of patience is a big vice when it comes to trading and by extension cryptocurrency. I have seen a lot of businesses and accounts go down the drains because of this. Keeping faith and holding unto a business plan is key. It was this lack that created the infamous 10,000btc for 2 pizzas story.

[MonsterV]

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.

yeah, i think that's right. Experience will defeat the magnitude of the emotions we have with time, but not everyone can accept every defeat. Sometimes people will give up when big losses and they choose to stop trading. Maybe your advice will be more useful for beginners who have a lot of money, and spend every money on a better trading experience but not for beginners who have limited capital, they certainly cannot accept this.

[akosijue]

Well, we all need to experience some losses and gains so you're quite right, also a struggling trader here but learned a lot of lessons and hope to not make them again.

Learned too that setting a profit and loss margin will be very helpful in many situations on trading cryptocurrencies.

[davinchi]

I think I agree that emotions are what makes us who we are, its impossible to control our emotions because if we could than we would be robots not humans. Of course, you can slow down your instincts and won't do the first thing that comes to your mind, like if you see someone with wad of cash you do want to take it and want it to be yours, you want that money to be yours is a normal feeling but you don't do it because that would be idiotic and stealing however there are more deeper emotions like fear and anger and anxiety and so forth which if it is all up to you can't be controlled (as long as it doesn't hurt someone else you can do whatever you wish with your emotions). And that is why I feel like its easy to tell people to keep their emotions in check but its easier to say than do that.

[arpon11]

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?

I got an experienced last week and I still feel bad about my lose. On Monday I make around $300 by hedge when I see negative news about bitcoin and I thought that the strategy work only to find out that in a second thing began to change and I lost all the gain I have made when almost all the indicators were showing that price is going downward. I see that over confidence actually makes us lose money and as such setting stop lose will help in cutting ours loses not to run too far.

[TheUltraElite]

I think I agree that emotions are what makes us who we are, its impossible to control our emotions because if we could than we would be robots not humans.

It is possible to control your emotions. Its tough but not impossible. The biggest and most successful investors are both shrewd and cunning and ready to jump in without any fear and have a lot of contacts with rich people. Those things ease your mind but if you cannot control your panic level and fear, then you should not trade.

Of course, you can slow down your instincts and won't do the first thing that comes to your mind, like if you see someone with wad of cash you do want to take it and want it to be yours, you want that money to be yours is a normal feeling but you don't do it because that would be idiotic and stealing however there are more deeper emotions like fear and anger and anxiety and so forth which if it is all up to you can't be controlled (as long as it doesn't hurt someone else you can do whatever you wish with your emotions). And that is why I feel like its easy to tell people to keep their emotions in check but its easier to say than do that.

Seeing that risk is there you would want to take it if you have the money. But here comes the importance of risk management and bankroll management. You would want to divide your entire fiat for saving and spending of which give 10% to investments and then divide that among assets like precious metals, stocks, cryptocurrenices, commodities and so on, whatever your interest lies in.

[SirLancelot]

These often happen to a lot of us too which I think the easiest way to overcome this is to put little investment we can afford to leave for a very long time, and we should never use any money that is tied to a particular thing to invest or trade, I.e feeding money, school money, project money, these are the type of things that usually create fear in people concerning their money and may lead them to easily panic sell when they see the investment not yet  going in favor of them.

If we use like savings money for trade or investment, then we should be able to leave it for a very long time, and also be patient enough with its growth. Most of my investment are from my savings account, and my savings account is also divided into two, I keep one for fiat saving and the other half from crypto investment.

[kingpin4321]

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.

Emotions can be a trap to traders, if you put your heart before your head then it can lead to losses, many traders put their emotions in their trade and it hinders them from applying real and basic strategies that can make trading more profitable.
Emotions leads to panic moves, likewise greed which makes us open to being scammed, fear also makes traders miss golden opportunities, so all this three really needs to be put away to make trading profitable.

[barbara44]

I got an experienced last week and I still feel bad about my lose. On Monday I make around $300 by hedge when I see negative news about bitcoin and I thought that the strategy work only to find out that in a second thing began to change and I lost all the gain I have made when almost all the indicators were showing that price is going downward. I see that over confidence actually makes us lose money and as such setting stop lose will help in cutting ours loses not to run too far.

Haaha, sorry mate, there is actually need to have confidence, because if you don’t have confidence, fear would set in, and when fear sets in, it is not only profit that you will find yourself loosing, but you will also loose the capital to panic sell, confidence is good to build but we just have to make sure that we balance it, as in not to be too over confidence.

Sometimes, it is also best that we act based on our own skill and what we have been using, I guess you decided to follow the rule of holding when people are saying bad stuff and sell when people are saying good stuff, it was just someone that came up with that strategy, but that does not mean that it work for everyone, just have to believe in yourself, trade with your free mind and trade based on the level of knowledge that you have acquired.

[audaciousbeing]

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?

Everything you have here is really something we all have been struggling with but really, don't you think controlling it might be a myth? In the sense that everything is based on chance in which feelings have no role to play in it neither does subjectivity have a role to play. If I do my thing without sounding over confident and the coin rose the next day, I made a lot of profit, it is intepreted that I made the best decision however on the other side, if it results in a loss, then it would be regarded that it was a foolish decision. The point is, it is the outcome that determine whether the emotions needs to be put in check or not.

[josephdd1]

RAGE

The more you lose, the more angry you get. Control this, and everything will be okay.

GREED

When you make $100 profit. Cash out. If you wait to make $2000, then you might go in the negative and lose even that $100

EMPATHY

When you see an oppurtunity. CASH IN! Don't worry about others. Others will not pay your bill.

[ikicha]

I like greed, went im buying/mining at shitcoin. Because only at there i can get 200-300% with a short trade time, at major coin only gain 20-30% each month. Thats why i really like mining a new coin with a low volume, some times they got a short squeze.

[Darker45]

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.

Emotions can be a trap to traders, if you put your heart before your head then it can lead to losses, many traders put their emotions in their trade and it hinders them from applying real and basic strategies that can make trading more profitable.
Emotions leads to panic moves, likewise greed which makes us open to being scammed, fear also makes traders miss golden opportunities, so all this three really needs to be put away to make trading profitable.

They say it's easy to be said than done.But having these negative emotions will likely end up more of losing than gaining profits.So even if we can't fully control them all the time,atleast we try to discipline ourselves so that we will not lose control from our definite goals in crypto.Emotions tend to be inevitable but if we can manage them properly,we can still end up investing and trading cryptos sucessfully.

It is unbelievably easier said than done. In fact, when you are away from the charts and just sharing stories of trading experiences and realizations with your friends, it is quite easy to realize that greed, fear, and confidence should be avoided at all costs. You could even have the gall to give them a serious advice or two. And yet when you are alone, grappling with the prices and the charts and your own analyses, you suddenly feel that such emotions are not cute little puppies but real monsters.

[CryptopreneurBrainboss]

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.

Don't understand were the tag good signature campaign is coming from if the paid wasn't that encouraging for that your friend to switch campaigns. Were you referring to the product been advertise? If so then it's understandable although changing a signature campaign sometimes has nothing to do with greed. As a quality contributor, knowing you worth in regards to getting paid decently for advertising a product through wearing of their signature ads is vital to reduce the level of spam on the forum

If the previous campaign was paying almost the same amount as the new one but then the new campaign required far less amount of post to be made per week then switching of campaigns in this case has nothing to do with greed.

[sana54210]

Hmm, you quite my heart with this, because I find myself in at least two of these weaknesses, although I have been trying my best to work on it and I think I am gradually improving, especially in the aspect of greed and fear.

I am a day trader and most times, I have lost several of my trades to greed because I set too much goal for my trade and once I achieve it to a certain level, I fail to execute the order till I find myself losing so much money, and this brings me down to fear, normally, you get to lose nothing when you don’t sell off your coin, and the moment you panic sell is the moment you count the loss, but anyway, I have learnt to always leave my spot irrespectively of how low the value has dropped because it will eventually get back  there one day, since it is not a margin trade.

[shield132]

I want to mention that trading is not for everyone like politics, business and etc. Some people are family guy and prefer to stick with it and others prefer to be involved in activities as much as possible.
Some people prefer to earn normal salary with their work while others prefer to earn as much as possible and conquer world. Not everyone is as ambicious as Trampand not everyone is average guy, you know what I mean.
So why I wrote all of this is that trading isn't for everyone and also in trading I profit because you lose. Everyone can't control emotions, doesn't matter you want or not, human produces some hormons when something happens. When you profit you are more happy and when you lose, you are anxious. During profit, your brain rewards you with dopamine and during loss, you feel stress. You have to overcome all of this and try to get independent from your emotions which everyone can't to do.

[akram143]

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?

it will be simple that if we want to get the success we need to follow some steps in our life if it was going well only we can take our move will be smooth and composed otherwise you will get tension and pressure after our next future

[deisik]

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

I wouldn't call confidence an emotion

If anything, confidence is rather a lack of emotions than one of them. Regarding true emotions, i.e. fear and greed, you simply can't keep them in check at all times. Once you experience them, once you feel them, it is too late to put them under control, so you will keep making mistakes when emotional. This is a given as we act based on how we feel, and we just feel right while in the majority of cases we are in fact quite wrong

Emotions allow us to act quickly but not necessarily correctly. They work bulletproof when you have to run from a lion but when you pursue other interests (e.g. trading), they are often misguiding us and affecting our actions as well as decisions in a negative and often fatal way (financially wise)

[Moshaid]

It's actually not so easy to overcome these three emotions when it comes to trading or investing in cryptocurrency or the general market. With greed, some people are now in millions of thousands while some are below hundreds. Fear is also not easy to overcome because we actually want to invest in quick bucks with or without the fear of getting burnt while confidence Is not easy to come by because the market is volatile, so you can't be 100% confident of the result.

[o48o]

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.

On the last bear market the patience was a word that some people who were afraid to cash out were throwing around, like "be patient and wait for x years". I might have been one of them. When in fact it would have been better for people some to sell, and the patience comes to picture when you patiently have to wait until the bear market is over and don't get fomoed in before that.