Kelvinid
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May 10, 2021, 11:40:22 PM |
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I don’t think there is anyone that will see their assets crashing and they wouldn’t feel some kind of emotional about it, even those that preaches that we shouldn’t worry about the price dip will also get worried about it, and that’s because it is not easy.
It’s true they say that we should invest the amount we can afford to lose in cryptocurrency trading, but I don’t think anyone holds money with the intention of losing it, but of course, we have to be ready for whatever will happen in the cryptocurrency market, be it a loss or a win, you just have to be ready whatever it is going to be.
It is very unlikely if a person just comes into trading in order to lose his money, he comes because he wants profit but the problem is that if he is able to cope up with the risk and ready enough to accept losses. It is to know that controlling our emotions is very important in trading and unfortunately, it comes to be the biggest problem to every trader as it was very challenging. And that is the reason why many had failed while just a few of them succeed.
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beerlover
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May 11, 2021, 03:14:13 PM |
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Experience is on of the main thing for you to able to suppress that emotion inside you. When you are experienced enough on various conditions then reacting wont really be too obvious nor easily for you to freak out.
Just staying in crypto market for long period alone will not get you the ability to handle your emotions; because I'm seeing some people who trading for years still going failed against their emotion control. Only those traders who are learning along with market fluctuations, are able to control themselves hence their emotions are not disturbing their trades. Psychology will attack when we are faced with a price that continues to fall and we buy at a fairly high price. this will test whether to Cut Loss or hold it.
You must have prior plan on what to do in the case of market is going against you. If you are having plans for everything then you will never need to go emotional. Just having strong technical analysis must be the simple solution to get rid of emotions.
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AakZaki
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May 11, 2021, 07:09:00 PM |
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Easy to say but when we are already on the actual market condition or experience then those kind of goals that you had set earlier will most likely be changed nor not be able to follow.
Controlling emotion is one of the hardest thing specially if you deal with this market which does have very volatile price which in result into panic when you do saw your portfolio is dropping.
Experience is on of the main thing for you to able to suppress that emotion inside you. When you are experienced enough on various conditions then reacting wont really be too obvious nor easily for you to freak out.
It is very easy to say. It takes a lot of experience to regulate emotions so as not to do things that will cause harm. I also suffered a lot of losses and I have been trained to be able to regulate emotions, learn from what I have experienced so far. make technical analysis the main basis so as not to panic and take advantage of every existing fundamental condition. We must have a strategy A and a strategy B, there must be a backup strategy to overcome any problems that do not go according to predictions.
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darewaller
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May 11, 2021, 07:41:02 PM |
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We must have a strategy A and a strategy B, there must be a backup strategy to overcome any problems that do not go according to predictions.
Must be a valid suggestion, I definitely agree with this. Usually I do have stoploss for all my trading because that is the only simple strategy B, I could have a right away when I am entering into any open position. After opening a trade, I guess I'm not able to go for another complete different strategy to make another trade. Instead of keep trying within a day I will prefer taking a break so that I will come up with new ideas and all new strategy through different set of technical analysis which might be helping me to recover previous losses along with new profits.
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Silberman
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May 11, 2021, 08:23:36 PM |
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Psychology or emotional in trading is a problem that almost all traders, beginners or professionals will experience. Psychology will attack when we are faced with a price that continues to fall and we buy at a fairly high price. this will test whether to Cut Loss or hold it. However, when the price goes up it is confused to sell or continue to hold it.
which of course we have to stick to our main goal, which is to get a profit. Regardless of the benefits, we should be satisfied.
do not panic when the market is not good, control your emotions and stick to the strategies that have been made.
Easy to say but when we are already on the actual market condition or experience then those kind of goals that you had set earlier will most likely be changed nor not be able to follow. Controlling emotion is one of the hardest thing specially if you deal with this market which does have very volatile price which in result into panic when you do saw your portfolio is dropping. Experience is on of the main thing for you to able to suppress that emotion inside you. When you are experienced enough on various conditions then reacting wont really be too obvious nor easily for you to freak out. And that is the issue, on the surface it seems very easy to control your emotions so you can always take the best possible decision but this is impossible to do, people are emotional creatures and they are going to get emotional when they lose a significant portion of their capital, after all it is not rare that people begin to think about the things they could have done with that money instead of investing in the market and begin to regret their decision, then they make a trade trying to get all of that money back only to lose even more money beginning a cycle from which they cannot escape.
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Fredomago
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May 11, 2021, 08:30:53 PM |
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We must have a strategy A and a strategy B, there must be a backup strategy to overcome any problems that do not go according to predictions.
Must be a valid suggestion, I definitely agree with this. Usually I do have stoploss for all my trading because that is the only simple strategy B, I could have a right away when I am entering into any open position. After opening a trade, I guess I'm not able to go for another complete different strategy to make another trade. Instead of keep trying within a day I will prefer taking a break so that I will come up with new ideas and all new strategy through different set of technical analysis which might be helping me to recover previous losses along with new profits. Better to do that as there's always new sets of ideas when you do have fresh mindsets, having different strategy and execute one by one would help you to lessen the chance of losing huge amount of investment. The best thing here is you have options, and once your first position didn't materialized the other one would help to try recovering or try to make some chances of taking decent profits. Along the way, you'll learn the value of planning and how to work it out in favor to your investment,.
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AakZaki
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May 14, 2021, 06:30:34 PM |
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Must be a valid suggestion, I definitely agree with this.
~snip~
Yes, there are many strategies that can be taken. These all adjust the capital of the people. Backup, stop loss, hold are terms we often use in trading. My habit of buying coins is a coin that has a history of active devs and a large community. When my traditional analysis fails and the estimated price is below the price then I will buy again, Backup. If I don't have more money then I just let it go, I am sure he will grow up.
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Silberman
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May 14, 2021, 09:29:41 PM |
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We must have a strategy A and a strategy B, there must be a backup strategy to overcome any problems that do not go according to predictions.
A complete trading strategy is going to have you covered, if the strategy that you are using does not cover every single thing that can happen in the market then the strategy is incomplete and it is not going to be there for you just when you need it the most, it is important to think very carefully about your strategy and especially plan for every single thing that can go wrong, for example if you sell thinking we have reached the top but then the price keeps going up, what do you do in that situation? Will you enter the market again, short it or remain out of it until you see a dip? If you do not know beforehand what will you do you are bound to lose a lot of money when the time comes.
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RealMalatesta
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May 15, 2021, 08:33:18 AM |
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there are many strategies that can be taken. These all adjust the capital of the people. Backup, stop loss, hold are terms we often use in trading. My habit of buying coins is a coin that has a history of active devs and a large community. When my traditional analysis fails and the estimated price is below the price then I will buy again, Backup. If I don't have more money then I just let it go, I am sure he will grow up.
You made a very good point that if the team behind the coin is working actively and are known members of the blockchain community like Vitalik Buterin and others made Ethereum and now the team split and some of them have created Cardano (ADA) and some created PolkaDot (DOT) so yeah if we know that the team is working then despite the price of the coin plummeting you will have the confidence that the bounce back will happen once the product is out in the market. Bitcoin might be the only coin without its owner being known and identified publicly that people trust it won't become dirt at all. All other coins have to show their team to even get attention and then make continuous updates in their project to have the faith of people. Bitcoin doesn't have to do all that, the uncrowned king of the crypto. All the methods shared above don't work once your portfolio starts getting shredded, no matter how much confidence you have and what analysis you did.
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TheEconomists
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May 15, 2021, 09:21:38 AM |
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Experienced traders who knows their onions always makes profits irrespective of the state of the crypto market whether bullish or bearish there are signals for longing or shorting, I believed investing in cryptocurrencies can be profitable as well as leads to massive losses, however a lot of newbies believe that the prices of cryptocurrencies will continue to be bullish and makes mistakes of buying at the peak or ATH any pullback or correction often result to losses.
It will be one sided of you to say newbies are always making losses because they believe crypto currency will always continue to more in an upward direction. Not only newbies in crypto currency has that believe or make such a mistake but even those acclaimed legendary in crypto currency trading have been having that believe which leads to massive lost of their trading capital. I recently replied one forum legendary who have been making post in crypto currency trading for a long time now but believe Bitcoin price cannot drop below $50k and the following day it happen. So, is not by claiming you an expert in crypto currency trading because of them makes mistake that you will believe there are new to trading.
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Shasha80
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May 15, 2021, 10:23:49 AM |
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We must have a strategy A and a strategy B, there must be a backup strategy to overcome any problems that do not go according to predictions.
Must be a valid suggestion, I definitely agree with this. Usually I do have stoploss for all my trading because that is the only simple strategy B, I could have a right away when I am entering into any open position. After opening a trade, I guess I'm not able to go for another complete different strategy to make another trade. Instead of keep trying within a day I will prefer taking a break so that I will come up with new ideas and all new strategy through different set of technical analysis which might be helping me to recover previous losses along with new profits. Often our strategies do not go as planned, which is not a surprise, given that crypto prices are very volatile. Therefore we must use the stop-loss feature as a backup plan, so we can avoid large losses. Indeed, we also have to control emotions when trading, because if we can't control emotions, finally a well-planned strategy. Can fail because we are unable to control emotions, therefore to become successful traders is not easy. There are many things we have to learn and it requires a long process.
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SacriFries11
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May 15, 2021, 11:15:04 AM |
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It is important to think positively to return an extended thanks to success. As a businessman you easily reach your goals if you think that about everything during a positive way with diligence and your talent you become a successful person you get leverage to grow your business faster businesses must learn to regulate their emotions. Failure can't be blamed success is impossible without risk if you actually want to maneuver forward you want to take risks facing the risks with self confidence business must succeed.
Yes, we cannot be success if we cannot control our own emotion and attitude towards our goals. Patience is also very important in cryptocurrency world, most of the people immediately exit when price goes down and don't believe in their plans to sell at the right position. FOMO also drive us to buy tokens at the peak resulting to lose when the price goes down. We should wait for the dip and buy not in the all-time high. Risk management is also important in trading.
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isaac_clarke22
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May 15, 2021, 07:43:49 PM |
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~
I can still quite recall my panic sell back in the days, when I day traded in Binance. Sometimes it could be people just need to adjust their strategy because some aren't really for the short-term trading like me and would be like more efficient in longer-term gains. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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teosanru
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May 15, 2021, 08:23:37 PM |
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Excellent Thread. The biggest emotional outburst I have seen from people is revenge trading. When they lose a certain part of capital especially when they hit a stop loss and the coin comes back to hit the target they tend to forget every rule. They create revenge psychology against the market. They feel that the market has taken their capital away and they will snatch it back. Now, this makes them more prone to losses as they forget each and every trading rule they have. The best solution in such a situation is to stay calm or exit the market for some time to relax and regain your consciousness. Create a threshold for yourself on both sides if you get that much profit or that much loss from the market stay out of the market after you hit that threshold.
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Lordhermes
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May 15, 2021, 08:32:02 PM |
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Excellent Thread. The biggest emotional outburst I have seen from people is revenge trading. When they lose a certain part of capital especially when they hit a stop loss and the coin comes back to hit the target they tend to forget every rule. They create revenge psychology against the market. They feel that the market has taken their capital away and they will snatch it back. Now, this makes them more prone to losses as they forget each and every trading rule they have. The best solution in such a situation is to stay calm or exit the market for some time to relax and regain your consciousness. Create a threshold for yourself on both sides if you get that much profit or that much loss from the market stay out of the market after you hit that threshold.
This happened to everyone but you become stronger when you have experienced your mistake so many times, I know everyone advise newbies to calm down but they wouldn't listen to you untill it will bit ok them, the newbies know that staying calm when market crashes is good and perfect as a good trader but they won't stay to that rules, that's why there is a saying that says "experience is the best teacher". Let them experience it and they will stay stronger and calm during market crashes.
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Mahanton
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May 15, 2021, 09:43:24 PM |
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Excellent Thread. The biggest emotional outburst I have seen from people is revenge trading. When they lose a certain part of capital especially when they hit a stop loss and the coin comes back to hit the target they tend to forget every rule. They create revenge psychology against the market. They feel that the market has taken their capital away and they will snatch it back. Now, this makes them more prone to losses as they forget each and every trading rule they have. The best solution in such a situation is to stay calm or exit the market for some time to relax and regain your consciousness. Create a threshold for yourself on both sides if you get that much profit or that much loss from the market stay out of the market after you hit that threshold.
This happened to everyone but you become stronger when you have experienced your mistake so many times, I know everyone advise newbies to calm down but they wouldn't listen to you untill it will bit ok them, the newbies know that staying calm when market crashes is good and perfect as a good trader but they won't stay to that rules, that's why there is a saying that says "experience is the best teacher". Let them experience it and they will stay stronger and calm during market crashes. Majority wont listen and you are right that once someone do able to experience these unfortunate situations then these are the times that they would really be learning up from their mistakes and making themselves to be a better trader or investor because people wont really be changing up his habits if they wont really be experience for themselves on getting wrecked due to their mistakes. Emotions is one of the most common enemy not only limited to investment but on other key areas as well where you do need to calm off yourself and be mindful on what are the next actions you should take for the sake of your advantage.
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jostorres
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May 16, 2021, 04:58:41 PM |
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do not panic when the market is not good, control your emotions and stick to the strategies that have been made.
At times when the market is down, I always keep myself away from Twitter and other social media where a lot of news are speculations are being made. Over the years I have learned that no one knows what will happen next and the best possible thing to avoid panicking is that you just don't get involved in the conversation on social media. In my opinion and as per my experience, controlling our emotions when we are having open position will be possible only through learning out of our own experiences. Just watching markets or reading/watching how other people are reacting to FUD/FOMO, will not help us to handle market pressure. So, managing our emotions will be possible only by self learning capabilities.
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TheGreatPython
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May 17, 2021, 08:29:38 PM |
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Experience is on of the main thing for you to able to suppress that emotion inside you. When you are experienced enough on various conditions then reacting wont really be too obvious nor easily for you to freak out.
Actually if you make investments and trades based on the value of a coin instead of the price of it, you will never have too many problems when the market is falling because you invested in the futuristic value of the project. I know it is hard to control yourself when the price drops (and as well when prices going up) but at those times you just need a few reasons to calm yourself down and investing in futuristic value can be one of them. Moreover, we are having good TA then probably we will not go emotionally outburst; only weak hands will get panic or aggressive.
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AakZaki
Legendary
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Activity: 2338
Merit: 1079
zknodes.org
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May 17, 2021, 08:58:35 PM |
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~snip~
This is where the role of emotion is very important. I continue to learn to be a person who is not greedy. When I close my trade with a profit but it exceeds my estimation that's enough I see. I will not try to enter again, my profits are up there and I have learned not to regret that I have left even though the price continues to rise. Even though I am not an expert I always try to draw a support line of resistance to determine when I will enter the market and I will exit the market it is mandatory, although sometimes it is coupled with a trader's instinct. Although the analysis is only a reinforcement because the market determines the direction of the course.
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milewilda
Legendary
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Activity: 3206
Merit: 1146
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May 17, 2021, 09:48:29 PM |
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~snip~
This is where the role of emotion is very important. I continue to learn to be a person who is not greedy. When I close my trade with a profit but it exceeds my estimation that's enough I see. I will not try to enter again, my profits are up there and I have learned not to regret that I have left even though the price continues to rise. Even though I am not an expert I always try to draw a support line of resistance to determine when I will enter the market and I will exit the market it is mandatory, although sometimes it is coupled with a trader's instinct. Although the analysis is only a reinforcement because the market determines the direction of the course. Controlling emotion is one of the hardest thing not only limited to trading but also into other sort of things in life as well.If you dont know on how to handle up yourself then you would really be producing these kind of mistakes into your own decision since you cant really think off that well when you are into this state where your emotions is really on the mix.When making out decisions and analysis you would really be needing that calmness and peace of mind. Dont easily get hooked with external factors that will surely be the reason of disruption.
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