6 ways to help you not be emotionally dominated when trading cryptocurrencies

[CryptoBry]

Diversification is one important strategy one should be using and by that I mean not investing everything with cryptocurrency...spread your money with other investment vehicles available in the marketplace. These days, there are now many good platforms one can use anytime anywhere for this purpose.

Now, as to cryptocurrency, we should not allow emotions to be the prime force when selecting  digital assets, in keeping them and in trading them. When it is time to let an asset go, it must be done as fast as possible as time can be an enemy if not tamed well. Holding on can be a good strategy but sometimes can also be a bad one depending on the asset one is getting into...in the world of cryptocurrency we know that volatility is one of its major feature and this can present a big problem from time to time and that is why it is good if you know a lot about a certain coin or token you are getting into especially if you are thinking about holding it on the long-term.

I understand that there is a bigger money that can be made while on trading rather than holding but at the same time more risks can be involved here and that is why we have to make sure that our emotions and preconceived notions are not getting in the way. As always, education is the key never stop learning new things and discovering new angles even with things you are already an expert of.

[bitbunnny]

Everything you said it's correct but this will not help everyone not to get too much emotional.
I think this is the phase that every trader goes through and the best way to control your emotions is experience. And to get experience it takes some time and in that period it's inevitable that you will make some mistakes driven by your emotions.

[Wysi]

I was greatly helped by the input of this forum regarding trading tips for trading crycptocurrency. I use which
in my opinion it fits with the constraints that I experienced. I will discuss a little about the method or strategy
overcome emotions when trading cryptocurrency. First, don't choose too many coins in trading, later we will stress
manage it will make you emotional. Second, don't too fanatical about one coin, except bitcoin is not a problem.
The third, if it's already profit, immediately sell your coins. Please don't delay to get a big profit. The fourth, choose coins
with large volumes if you want playing short-term or daily trading. I already run all four strategies and  it can achieve results
that is satisfying. Good luck to all of you.

I have similar list of principles for myself when it comes to trading especially your 3rd and  4th points will help us not to lose profits after earning it as most of us wants to wait for huge profit and does not sell the coin when the price pump expecting for a bigger value which most of the time turns out to be a mistake because the markets is too volatile nowadays. As you have rightly mentioned it's better sell it once we see profit rather than waiting for bigger profit. Even I would prefer investing into one particular coin after a proper research rather than experimenting on multiple coins.

[doomistake]

For me it is always good to have a plan and you should stick to your plan.
Know when to quit or cut loss and when to take your profit.
This is the problem most of the traders could agree on or most of us have experienced.
Most of us are too greedy to take the profit and thinks that it would continue to grow and it is the main reason why some lose their peofit and sometimes also their capital,
Same way to cut lose we often thinks that our investment or crypto would go up again and sometimes we would lost more because it would continue to drop.

Plans can be changed depending on the market condition that is why we have PLAN A, PLAN B, and soon.
Greediness is a thing that is commonly present to all of us and because of that we are forced to work hard but what a thing gives a negative impact. It is really hard to escape from this especially when we are already thinking about money and it getting more stronger.

The more plans you have in Trading, the better you will perform, it is a way of not getting cornered and lose your focus that will lead to a certain loss of profits. A clear state of mind (Zen) will help you in all aspects of Trading, it would be easy for you to move when you know what you want, what you need, how much profits you want, and how you are going to execute your plan well.

Right timing is important, even you are just a seconds late could change the momentum of your Trading, you could be frustrated and bad things will start to happen.

[teosanru]

I would like to personally tell my tale of trading cryptocurrencies and how I use a trick to create a partition between my rational mind and emotions. Basically i have some rules which are I always trade for a certain fixed amount of return each day. For example I set my target that I would earn $50 and whenever i hit the mark I just get up from the market irrespective of the fact If I got that in even 1 trade. Secondly in cases of losses I have a set criteria to make at maximum 3 losses. Which means if I hit 3 stop loss back to back I just get up from the market and end the day without the intent of taking revenge. These tricks help me with keeping my state of mind while trading which is really important.

[Coyster]

2) Never fall in love with a coin

Do you think so? I do not think I'll mind so much, falling in love with the Bitcoin, I think you should have said "never fall in love with any altcoin".

Bitcoin is not just any regular coin, it is indeed an asset, a currency etc, when you hold the bitcoin, you can be rest assured that it wouldn't crash, just as many altcoins would do.
I used to diversify so much in the past, but when i realized its a complete waste of funds, I am more or less just(only)a bitcoin enthusiast, I buy few altcoins though, those that fascinate me a little.

[quierx16]

For me the best way to learn trading is to experience it, you can do it without a cost by just writing down trades but you must take it seriously like its your real money.

Its really hard when you are starting but day by day as you lose and win you will learn a lot of things you will learn to make analysis and what decision to make.

[skarais]

Buying bitcoin and trading it is one of the many ways to get profit. The most difficult thing to control is the emotion of the buyer or holder of bitcoin. Holding a number of bitcoin assets when dumping prices is the most difficult thing, the reason is the further the bitcoin price goes down, the thinner the amount of money left.
Although I know the price will recover in the future, but I have to hold the asset longer and I know as long as the price does not exceed the capital, that's how much profit I did not get. Until now, I wasn't sure I could hold an asset when the price dropped.

[DabsPoorVersion]

For me it is always good to have a plan and you should stick to your plan.
Know when to quit or cut loss and when to take your profit.
This is the problem most of the traders could agree on or most of us have experienced.
Most of us are too greedy to take the profit and thinks that it would continue to grow and it is the main reason why some lose their peofit and sometimes also their capital,
Same way to cut lose we often thinks that our investment or crypto would go up again and sometimes we would lost more because it would continue to drop.

Plans can be changed depending on the market condition that is why we have PLAN A, PLAN B, and soon.
Greediness is a thing that is commonly present to all of us and because of that we are forced to work hard but what a thing gives a negative impact. It is really hard to escape from this especially when we are already thinking about money and it getting more stronger.

The more plans you have in Trading, the better you will perform, it is a way of not getting cornered and lose your focus that will lead to a certain loss of profits. A clear state of mind (Zen) will help you in all aspects of Trading, it would be easy for you to move when you know what you want, what you need, how much profits you want, and how you are going to execute your plan well.

Right timing is important, even you are just a seconds late could change the momentum of your Trading, you could be frustrated and bad things will start to happen.

Strategic and advance thinking will be build when thinking of a plan. Thinking of the possibilities will help you to analyze the situation in the market. Having not once, but more than twice of a strategy will help you out if something bad happen that you do not anticipate. Keep calm and stay cool in every decision you made, this will help you to make a way to any bad situation you're in.

[alexsandria]

Well, we have many ways for us to win our trades, but we have our tough times. Frustrations is inevitable, and these frustrations will define our success. If you let your frustrations hold you, then obviously you will not grow and be a better investor. One of the basic rule is that don't make decisions while you are in a when you're angry or frustrated. Better cool down so that you wouldn't make things that you will regret in the end.

[lionheart78]

I think to not be affected if we are into investment or trading.  Every money we allocated on that investment/trading, think of it as already gone and move on.  That way, whatever happen on that fund, it won't affect us negatively.  That is the simplest action to take, i don't know why we need it to be complicated. If we don't want it to affect our family, then better to invest our excess.  Don't compromise the family budget.

[dunfida]

I think to not be affected if we are into investment or trading.  Every money we allocated on that investment/trading, think of it as already gone and move on.  That way, whatever happen on that fund, it won't affect us negatively.  That is the simplest action to take, i don't know why we need it to be complicated. If we don't want it to affect our family, then better to invest our excess.  Don't compromise the family budget.

I can say that this kind of behavior isnt really that kind of flawless where you do think that those funds are already gone when you do invest it because
if you do think up this way your seriousness on how to make money would be surely affected.Lets say that you do make yourself emotionless but
in exchange you wont really be that keen on how to make crucial decisions that will benefit you out since you dont care on what would be the outcome
or simply you do just play gambling if ever you do have this kind of traits.

[Xxmodded]

Before starting at trading you have choose correct exchange and looking volume transaction of your altcoin trading, many exchange market less volume for sell buy order and look much sell order, you can get profit if you trading there because your coins never could be sold, you have stop your limit profit to when trading.

[Eclipse26]

Emotion is always a part of each and every individual. Emotions can also do good... Why do I have to do this? For whom am I doing this? This questions also involve emotions. But what makes emotion bad when trading? It's because they cannot control their own emotions and it affects them negatively.

We cannit erase the fact that sometimes emotions are always there that's why we need to control them.

[Kyraishi]

I was greatly helped by the input of this forum regarding trading tips for trading crycptocurrency. I use which
in my opinion it fits with the constraints that I experienced. I will discuss a little about the method or strategy
overcome emotions when trading cryptocurrency. First, don't choose too many coins in trading, later we will stress
manage it will make you emotional. Second, don't too fanatical about one coin, except bitcoin is not a problem.
The third, if it's already profit, immediately sell your coins. Please don't delay to get a big profit. The fourth, choose coins
with large volumes if you want playing short-term or daily trading. I already run all four strategies and  it can achieve results
that is satisfying. Good luck to all of you.

Agreed mate, even though I wouldn't directly follow anyone's trad

Diversification is one important strategy one should be using and by that I mean not investing everything with cryptocurrency...spread your money with other investment vehicles available in the marketplace. These days, there are now many good platforms one can use anytime anywhere for this purpose.

Now, as to cryptocurrency, we should not allow emotions to be the prime force when selecting  digital assets, in keeping them and in trading them. When it is time to let an asset go, it must be done as fast as possible as time can be an enemy if not tamed well. Holding on can be a good strategy but sometimes can also be a bad one depending on the asset one is getting into...in the world of cryptocurrency we know that volatility is one of its major feature and this can present a big problem from time to time and that is why it is good if you know a lot about a certain coin or token you are getting into especially if you are thinking about holding it on the long-term.

I understand that there is a bigger money that can be made while on trading rather than holding but at the same time more risks can be involved here and that is why we have to make sure that our emotions and preconceived notions are not getting in the way. As always, education is the key never stop learning new things and discovering new angles even with things you are already an expert of.

I'd like to tell people to diversify, outside of crypto as well. It's too small of an industry to purely focus on and traditional options for stability are not bad investment choices at all, especially if you are more thinking long term with your investments.ing advice, getting different opinions from other investors and traders really helps you make your own opinion when it comes to things, and it has definitely worked for me.

[maxreish]

First, this should be in a trading discussion.
Second: The link you have provided is a website of vakaxa which aims in blockchain application developing. I am expecting some link where you get some tutorials and/or tips in trading. Where is the 6 ways in your topic?

Anyway,being a trader makes us feel mixed emotions. I may add up to always Set stop loss in every trade. This may save you up from big losses if unexpected sideways occur.

[ethereumhunter]

Emotion is always a part of each and every individual. Emotions can also do good... Why do I have to do this? For whom am I doing this? This questions also involve emotions. But what makes emotion bad when trading? It's because they cannot control their own emotions and it affects them negatively.

We cannit erase the fact that sometimes emotions are always there that's why we need to control them.

That's true. But we can prevent the bad emotion by having control for ourselves. It is not easy, but it could be possible to learn. If you think that emotion becomes bigger, I suggest you quit trading and shut down your computer, search for another thing that will distract your mind from trading. That will help you to release the stress in trading, and also you can think clearly when you back to the market. Once we lose control for ourselves, it will disturb the analysis we already made, and we cannot focus on searching the good time to buy or sell.

[Russell963]

Trade with a plan only and know your limits.

[error08]

Isn't it all about psychology? If you do the same things with the others, in emotionaly meaning, you will be the mass who loses money.

It's not just about psychology but how to have a comprehensive understanding from the beginning and make good planning, stick to it and do not act recklessly.

So, it is all about acting rationally and doing the opposite of the mass time to time. So, I value the hints that you have given for not acting pyschologically. I think we should let the bots to the trading and decrease the effects of human beings for trading.

Why doing the opposite? When the price drop, people will buy the dip, if you do the opposite, then it's sold at the dip?
If the price rises up, the mass will sell at the peak, but you buy at the peak? You will have the greatest loss all the time.

[radjie]

Controlling emotions in crypto trading, of course, must be owned by a trader to avoid losses and can control himself to decide when to make sales and purchases at the right time that might provide benefits. Of course everyone has a different character, and can do a variety of ways in trading, some are targeting profits every day by trading short-term and some are hoping to get a big profit so that the decisions they make into long-term investment