Getting too emotional while trading crypto

[buwaytress]

Perhaps if it's still too difficult for you after all this time, you should seriously consider taking a break, if not completely just stopping it.

My suggestion? Earn in crypto, as much as possible, or choose to have a portion that is always converted to crypto. The formet is preferable, that's kind of what I do now, and then you only convert out what you need every month to pay bills and of course spending money.

It's a different way of trading, in a sense, you're just always "buying" except because you earn in crypto, you just get it direct, no loss to fees and commissions, and you're not actually committing more than you can afford if you always sell enough to live.

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[gunungkembar]

when you trade in the world of cryptocurrency and you get very high emotions and cannot control your patience then you will only get a loss because surely you will easily be affected by the bad news that exists and do not have high confidence.

[yanto@1977]

I believe you need to keep your mind clear and stay with your strategy, anything happen just follow your rules. Everyone has different method to control emotion but they have the same answer, " stay with your strategy never change it ". Because of that many people leave market after replace their order, as long already set stop loss and take profit point just let it go. Never follow market every second it will make you crazy.

[Andrews193]

I believe you need to keep your mind clear and stay with your strategy, anything happen just follow your rules. Everyone has different method to control emotion but they have the same answer, " stay with your strategy never change it ". Because of that many people leave market after replace their order, as long already set stop loss and take profit point just let it go. Never follow market every second it will make you crazy.

Indeed, before trading, we always need to keep our minds and emotions moving at a steady frequency, not affected by any market information or images, and of course, each person will have a different method to make their mind independent and not emotionally involved. Following that action is as you said, setting the numbers needed for our portfolio, profit and cut losses, then go back to normal activities and stop thinking about it, this is always a very important step, if we don't set up these issues, our emotions will be like a ticking time bomb

[leonix007]

I decided to write an article about this topic, including solutions to make sure your trading becomes more rational: https://steemit.com/cryptocurrency/@wickcrypto/an-emotional-guide-to-crypto-trading-why-paper-trading-is-useless

I would personally say Paper trading is somewhat useful

I understand those emotions compared to actual trading involving large amount of money

but what makes it useful to me is that, you could actually do simulations on your plan/new trading techniques without sacrificing/compromising your funds and doing it in an actual trading platform compared to testnets.

Building confidence is much more viable paper trading is your friend

 

[glendall]

being emotional when trading is a sign that we don't have good planning,
A professional trading always has more than 5 plans with many possibilities, and because crypto is very volatile, I think 10 plans are really needed,
such as make SO and BO more than 3 layers, installing alarms, anticipating the market going down and up. etc.
understand this and our emotions will be controlled.

[beerlover]

On days like these we are all too emotional with our trades, I wouldn't really know what to do with myself on these days if I was new here and I still don't know what to do but just wait even after 7 years of bitcoin. I guess it is just a personal trait, some people are more calm than others and some people are just more emotional and indecisive. It is not just crypto for me though, I am excited and scared and hyped about everything all at the same time which is a bit emotionally draining but at the same time it is giving life a color.

If you can afford the trades then you can just keep trading them the way you want without worrying about what will happen and just have fun because turning it into some machine like deal may end up making you more profits but your life will be miserable.

[davinchi]

I have switched to crypto bot trading and just monitoring the process and make some adjustments from time to time. I think nowadays it is impossible to daytrade manually and stay good-tempered.

Lol, I am so ashamed of myself to confess to you that I am now a bot fan also because of the way I have been attacking Bot services but I never knew that bot could be so wonderful, I hated Bot because of the last experience that I had with the one I used for my Forex trading, that bot really messed me up so bad, but I was told that the company I bought the bot from was a scam company which is why I fell a victim of them, and since then, I never wanted to hear the word BOT again.

I have all been against any bot discussion, but will all these price fluctuations that have been making it difficult to trade, I ended up listening to my friend to try one which I did and it eventually worked perfectly fine. It is really stressful to trade manually this period, although we still cannot completely rely on Bot but I think they deserve to be given a chance to prove their worth especially the one by a good company.

[Ucy]

My own simple trick is to buy whenever there is a major dip and sell when the market recovers from the dip. If the price continues to dip, you keep buying. If the market continues to go up, you keep selling off some of what you accumulated in previous dips.
You should always have some funds reserved in stablecoin for buying up the important dips.

[Mpamaegbu]

Colours really mean nothing in platforms, just like age is  in a genuine live relationship. I dare say that the black and white colours on the candlesticks are by default. Although other colours (which can be twerked) hold more fascination than that of the default setting. In the same light, I think the easiest way of getting a firm grip on trading is to control one's emotions.

[WickCrypto]

Colours really mean nothing in platforms, just like age is  in a genuine live relationship. I dare say that the black and white colours on the candlesticks are by default. Although other colours (which can be twerked) hold more fascination than that of the default setting. In the same light, I think the easiest way of getting a firm grip on trading is to control one's emotions.

I have worked for a large corporation (In the top 5 largest eCommerce company in the world) and one of the biggest changes they made was internally to move all conditional Excel formatting from standard red (low) -> green (high) to shades of blue. This made a major difference. If you apply conditional formatting on a column with 10 numbers, one will always have the bright red (reads fear, panic, disaster) and one bright green (reads optimism, high performance). However... maybe all 10 of them should've been green and they're all good numbers.

This little anecdote applies here as well, humans have an immediate interpretation of colors. If you see a 3% candle stick, bright red, staring you in the face - naturally you will feel a slight panic. Black and white candlesticks can help you to look at the bigger picture and see that it's still far from a support zone for instance.

[Best Dreams]

when you trade in the world of cryptocurrency and you get very high emotions and cannot control your patience then you will only get a loss because surely you will easily be affected by the bad news that exists and do not have high confidence.

Its much better to avoid bad news than to become emotional and lose your money. One should have enough knowledge to understand the situation of the market. Just invest when feel price is affordable and little risk of lose will exist around better make yourself strong investor so no bad news would effect your determinations.

[ethereumhunter]

Relax is the best solution to reduce the emotion while trading crypto, and you will find that it is better to leave the market for a while. You can do anything you want to release the tension in your head and your feeling. If you can go to sleep, then it will better because your body needs to get rest so after you wake up, you will feel fresh and you can continue to trade. But before you get rest, you need to close everything related to trading so you will not get a negative result when you wake up.

[gantez]

I think if we take away the feeling of making too much profit in a trade, it can help our emotions better. The anxiety most of the time is because we are losing heavily. If profit is taking out from our head, the whole thing becomes like gaming and fun. It will look like demo trading in  our eyes while we keep riding on our strategy.

[Babyrica0226]

Our emotion was already part of being an individual traders in any of the exchange platform.
We should only use our emotion in the right way when we do the actual trade. Because if we become emotional
when the price dump quickly for sure it wouldn't help us to recover our losses.

[cryptoknightt]

for advice, trading should be able to implement trading that is very relaxed, you trade at least have to do long-term trading because if you trade always use emotions then you will find it hard to get profit, indeed the most difficult is to control the emotions you have.

[jamesndungu1]

As a trader, you will experience many emotions. You will be nervous that you will make mistakes while under the extreme pressure of probable huge losses — the fear of being in a trade that does not fit your trading plan. Now the emotion you are supposed to feed off is that of excitement. If you lack conviction then you are probably in the wrong trade, well according to your trading plan. You never want to find yourself getting greedy in trade. This always ends up in your trading using all the wrong mechanics, and you end up making unimaginable losses instead.

[Fredomago]

Our emotion was already part of being an individual traders in any of the exchange platform.
We should only use our emotion in the right way when we do the actual trade. Because if we become emotional
when the price dump quickly for sure it wouldn't help us to recover our losses.

Emotions will keep us away from deciding the right track to follow, you need to have a better understanding from each position that you will take, the moment you allowed your emotions to undergo the next thing you will noticed is losing your investment, there's always the right place in each moment that you need to follow. Make sure to gather every information that you needed before starting your investment plan inside this market.

[illnino]

I have switched to crypto bot trading and just monitoring the process and make some adjustments from time to time. I think nowadays it is impossible to daytrade manually and stay good-tempered.

Surely, the bot will be a great help here, but you should not always rely on them. Day trading is always a stress, so, probably, it is better to change the strategy and get involved in holding, choosing the most promising cryptos. However, even here, the stress cannot be avoided, especially when you get up in the morning and see that your tokens and BTC lost at least 15% of their price.

[WickCrypto]

when you trade in the world of cryptocurrency and you get very high emotions and cannot control your patience then you will only get a loss because surely you will easily be affected by the bad news that exists and do not have high confidence.

Well this is a good point. There is a lot of FUD in the crypto world, and this is inherent to the way the process is designed. Exchanged only list new coins once they reach a certain volume, coins with no trading volume are not interesting for exchanges as they earn money on matchmaking traders. As a new crypto company, you are likely to get a big boost in the value and worth of your coin if you get listed on an exchange.

So what do they do? You guessed it.. They provide a lot of fake news. First they convince you massive great updates have happened, everybody buys. Then they convince you it was all fake, and that it's complete shit, everybody sells. And repeat. This fake news causes people to buy and sell their coins, therefore driving up the trade volume and increasing the likelihood of getting listed.

I think there are three logical steps.

First, you will get screwed over. You buy the news, and sell the dip. Welcome to crypto.
Second, you will start to understand how FUD works and try not to get screwed over by it anymore
THIRD! You understand it soooo well, that you can actually use it to your advantage! You sell / short when it's at the top, or buy / long when it's at rock bottom. This is when trading starts to become very interesting.