wahyu wida
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May 11, 2021, 03:55:06 AM |
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Our emotions always let us fail when we see a bad results after buying, this is a common problem actually because of being so volatile of crypto currency. And i believe 80% of traders can't hold back their emotions even though most of them have enough knowledge when it comes to it.. Who's to blame? perhaps that's part of our life.. Wherein making "mistakes". So all i can say is despite if we cannot avoid doing the same mistake then it's up to us if we will learn some lessons from it.
indeed psychology is the most important thing in trading, psychology seems to be the main character. There are many conditions that play with psychology in trading, for example when we have made a profit and do not immediately cut profit, even though we have reached the target we want. this we hope the price will continue to rally continually. things like that happen a lot, where greed haunts us
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goldade
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May 11, 2021, 01:20:18 PM |
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The reversal that happens in chart patterns especially one has lost money affects one psychologically especially if this happens several times. Just like OP said, at some point, I actually thought the market was against me. The market movement reverse after it had only hit my stop-loss. I, however, learnt that the market isn't against anybody. I didn't know enough on how to read the markets and so I kept making those losses. What I did was take a break from trading for a few weeks, learn more and I got better at trading. When I eventually resumed trading, I realised my losses are now minimal even though I still make them once in a while.
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crwth
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May 11, 2021, 01:27:25 PM |
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The right psychology should be understood by everyone because once you have experienced the negative things that could impact your trading and mindset, it will roll you down continuously and you might not be able to recover it. I think what you should do is to read and establish what you believe would work and just stick with it in the long run, no matter what happens. Making sure that you will adapt to some situations but not varying largely with your chosen strategy and the adaptation.
One thing that I considered while reading your title and scanning your post is that why not use the reverse trick that some people use? Like what if you decided to long an asset but reverse it and do everything oppositely. Because you it's like gambling as well that there's a chance that you can win or not.
It's the development of the mind to be strong or create something that could possibly work. Better be prepared.
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tbterryboy
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May 11, 2021, 01:57:09 PM |
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One thing that I considered while reading your title and scanning your post is that why not use the reverse trick that some people use? Like what if you decided to long an asset but reverse it and do everything oppositely. Because you it's like gambling as well that there's a chance that you can win or not.
Going opposite of your initial plan would be happening because of anything like emotional failures or market condition but at long as you are making profit, that is not a problem in the case of market conditions but if you're reversing just because of emotions that may not help all the times which the real problem here. Always sticking with trading plans will be helping to achieving consistent results from trading. Switching over plans/targets may end up regrets at most of the times.
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crwth
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May 11, 2021, 04:19:51 PM |
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Going opposite of your initial plan would be happening because of anything like emotional failures or market condition but at long as you are making profit, that is not a problem in the case of market conditions but if you're reversing just because of emotions that may not help all the times which the real problem here. I think that's the main problem with people. Acting based on emotions. Imagine being in a relationship and you are fighting each other by words and most of the terrible cases are because of the overwhelming emotions that people have. It's the human thing that makes us more vulnerable. Always sticking with trading plans will be helping to achieving consistent results from trading. Switching over plans/targets may end up regrets at most of the times.
Consistency is the key that's why I would prefer a bot instead of myself, unless I feel I want to risk it.
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FanEagle
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May 11, 2021, 07:41:11 PM |
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Always sticking with trading plans will be helping to achieving consistent results from trading. Switching over plans/targets may end up regrets at most of the times.
When your predictions are good and accurate then probably you never need to modify your plans and targets. So, psychology will come into action only when you are not doing good with the technical part. The real problem is, under pressurized market conditions you cannot take the right decision which is the reason emotional traders are most of the time facing big losses in the end. To handle your emotions more effectively then you must have plans for your emotions as well. Taking short break and not chasing your losses kind of things will help along with strict stop-loss for your all trades.
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Yatsan
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May 11, 2021, 11:06:30 PM |
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At first, before getting into trading, you must already be aware that there is associated risks on doing this kind of trading specially in a highly volatile market wherein you have a bigger percentage to get loss if you will not be doing anything and will not strategize your trading properly. It is needed for a trader to have a strong mind and strong heart on doing this because if you lack those, you will not be able to keep up on trading and will cause you early retirement for you cannot endure such situations.
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cryptoaddictchie
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May 12, 2021, 02:02:13 AM |
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for example when we have made a profit and do not immediately cut profit, even though we have reached the target we want. this we hope the price will continue to rally continually. things like that happen a lot, where greed haunts us
This is where people tend to have mistakes. They already win but they seek more and more resulting to losing instead of gaining. Ive been like this many times over and trust me it's better to control oneself even though the coin or tokem you bought increase than your selling price. Be grateful cauae you already gained from it. Be contended with what you already profited.
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beerlover
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May 13, 2021, 09:58:02 AM |
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Be grateful cauae you already gained from it.
This is definitely a psychological suggestion. When you heartfully thank for what you get then probably you may not go greedy further; when you are not feeling grateful and then not showing gratitude, you will definitely become more greedy which is the point your emotions are getting more power to control you. It is needed for a trader to have a strong mind and strong heart on doing this
Yeah, it is all about self-control. Self-control will help a trader to stick within plans. Your plans must include when to enter and where to exit. This simply eliminates the chances of being aggressive or being panic. Just going by plan will get rid off psychological dominance.
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cryptoaddictchie
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May 14, 2021, 09:29:50 AM |
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When you heartfully thank for what you get then probably you may not go greedy further; when you are not feeling grateful and then not showing gratitude, you will definitely become more greedy which is the point your emotions are getting more power to control you.
Thats right. It is only applicable if you arent satisfy enough. This is sometime a gamble to oneself. Everyone came to this point where they are asking themselves should I go for it or not? Then if something good happened. DAMN I should have done it. But when something bad occur, shit good thing I didn't insist on doing it. There's gonna be chain of possibility but if you fully decide 100% then having regrets are not an option whether we gain little that should be bigger when we dumped earlier.
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LUCKMCFLY
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May 14, 2021, 11:31:15 PM |
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I have a different concept when it comes to psychology, for me psychology is the same all the time, I even talked to a psychologist one day about the psychology of trading and he told me that it was nothing to write home about, that that was an invention to sell, the psychology is always the same, for trading as for sports, personality must be taken into consideration and how is its ability to solve problems in the event of a crisis, based on this it is that possible vulnerabilities.
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JooBra
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May 15, 2021, 06:19:08 PM |
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When talking about reverse psychology I tried that and I can tell you that I had more success in trading when I traded against my feel. Doing the opposite of what I had in mind payed of the most.
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iv4n
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May 15, 2021, 07:12:17 PM |
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I have a different concept when it comes to psychology, for me psychology is the same all the time, I even talked to a psychologist one day about the psychology of trading and he told me that it was nothing to write home about, that that was an invention to sell, the psychology is always the same, for trading as for sports, personality must be taken into consideration and how is its ability to solve problems in the event of a crisis, based on this it is that possible vulnerabilities.
For years I am saying that everything is gambling! It's the psychology or philosophy, take it as you like, we risk what we have to make more! Even everyday job is investing yourself (body, mind, and soul) to get some money! So it's simple, we invest what we have, it's our capital, bankroll, you name it... capital can be money, body, mind, and soul! In poker we would say, each of us gets the cards, how we will play it, it's up to us! So whatever we do, whatever we are trying, we are gambling... we are risking what we have to make the profit! Of course, with more knowledge and experience we can minimize the risks, but nothing is risk-free in this world, in this life! And where is the risk, there is gambling! Psychology is the same because the process is the same! We always risk (gamble) with something we have to earn more money! How we do it, and what works is another story to tell! But when you find something that works for you, something that pays off, you will do it as long as it last, and you will try to become better at that!
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pawanjain
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May 16, 2021, 05:14:11 PM |
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Yes what OP said is true. I always used to believe that the market is always going against me back when I started trading. But later I started holding and realized that isn't the case. HODLing gave me good profits and so I have started trading again. I am learning more about the analysis and I think it is important to know that there will be trades where you lose but there will also be trades where we win. Giving in the efforts to analyze and to know when to enter the market is the crucial thing IMO.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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vicko27 (OP)
Jr. Member
Offline
Activity: 378
Merit: 2
Behind The Curve
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May 20, 2021, 03:08:53 PM |
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Because I am a contrarian investor, I am very happy to buy when the market is pessimistic and I will sell when the market is optimistic. and I don't care good or bad news be it from Elon.M or McAfee or... etc For trading, just take profit as needed. Every time I post I always say that: The opportunity is definitely there, don't worry if you miss it and I am not follower a Hype / Fomo Patience to buy and patience to sell is the key It may sound like nonsense, but I've been in the stock and crypto markets for quite a while. and I learned a lot from it.
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jostorres
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May 22, 2021, 04:05:47 PM |
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Yes what OP said is true. I always used to believe that the market is always going against me back when I started trading. But later I started holding and realized that isn't the case. HODLing gave me good profits and so I have started trading again. I am learning more about the analysis and I think it is important to know that there will be trades where you lose but there will also be trades where we win. Giving in the efforts to analyze and to know when to enter the market is the crucial thing IMO.
I do not believe in such things as reverse psychology because all these things are just making you weak. If you do the opposite of what you analyze then basically you are doubting your own skills and it is rather gambling than trading. Imagine how would you feel if you predicted the market to go up but you sold your coins because of this bullshit reverse psychology and then the market moves as you predicted, upwards. It might sound irrational but even crypto trading can be mastered if you just learn what is the right type of trading for you. Some people would prefer altcoins trading, some will have the best techniques for day trading while some might just want to hold. Just see what works for you with small amounts and the one that actually works for elongated periods, just stick with it.
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| | . .Duelbits│SPORTS. | | | ▄▄▄███████▄▄▄ ▄▄█████████████████▄▄ ▄███████████████████████▄ ███████████████████████████ █████████████████████████████ ███████████████████████████████ ███████████████████████████████ ███████████████████████████████ █████████████████████████████ ███████████████████████████ ▀████████████████████████ ▀▀███████████████████ ██████████████████████████████ | | | | ██ ██ ██ ██
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pawanjain
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May 22, 2021, 04:39:15 PM |
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Yes what OP said is true. I always used to believe that the market is always going against me back when I started trading. But later I started holding and realized that isn't the case. HODLing gave me good profits and so I have started trading again. I am learning more about the analysis and I think it is important to know that there will be trades where you lose but there will also be trades where we win. Giving in the efforts to analyze and to know when to enter the market is the crucial thing IMO.
I do not believe in such things as reverse psychology because all these things are just making you weak. If you do the opposite of what you analyze then basically you are doubting your own skills and it is rather gambling than trading. Imagine how would you feel if you predicted the market to go up but you sold your coins because of this bullshit reverse psychology and then the market moves as you predicted, upwards. LMAO, that actually makes sense but as I said, we will have times where we lose and we will also have times where we win. Nothing can be consistent and so we can't continuously predict the direction of the market. It might sound irrational but even crypto trading can be mastered if you just learn what is the right type of trading for you. Some people would prefer altcoins trading, some will have the best techniques for day trading while some might just want to hold. Just see what works for you with small amounts and the one that actually works for elongated periods, just stick with it.
HODLing has been more beneficial for me and I will always stick to it but at the same time I am also trying to learn to trade with some strategies. I have allocated myself a portion of my portfolio which I can use to trade while the rest is meant for HODL.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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el kaka22
Legendary
Offline
Activity: 3626
Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
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May 24, 2021, 07:46:31 AM |
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we will have times where we lose and we will also have times where we win. Nothing can be consistent and so we can't continuously predict the direction of the market.
I think there is a merit to being aware of what you can and can't do, that is a very important thing to do. Self awareness in the crypto world could basically save you a lot and that is why I think it is very important to not trust yourself completely forever but not doubting yourself completely neither. So, if you know the fact that sometimes you are right and sometimes you are wrong, best course of action is to act as if you are always right while knowing some of them will be wrong and hope that the wrong ones are less of a loss than the right ones profit. So, you make 100 actions, doesn't matter how many of them are right or wrong because sometimes 99 right could be wiped by one huge loss, so after 100 actions if you are still in profit that is the one that matters.
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GeorgeJohn
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May 24, 2021, 06:59:26 PM |
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Reverse psychology happens every time in the market which can be link to poor fundamental and technical analysis. Most individuals do not always pay much attention to the fundamental aspect of the market which is why they tend to fall into this same psychology of thinking that the market is always paying attention to their market executions.
One has to focus on both the Technical and Fundamental analysis because poor knowledge in one may lead to inaccurate analysis whereby, making it look like the market tends to work against our trades.
A very good psychology coupled with risk management would be a perequisite for a good trader cause this being one of the characteristics of successful traders who had really acquired much from the market.
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Bitum
Sr. Member
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Merit: 271
bitonator.tangled.com/join
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May 26, 2021, 07:23:14 PM |
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If I could guess the price would go up I would sell my car, home and take a lot of debt for all in, because I believe I will get very rich doing all of that - I don't think that's a good attitude, nobody knows what the market will look like tomorrow, and betting on luck is not professional. I am of the opinion that the psychological aspect of trading is a most important skill, and anyone who is mentally unstable has no place in this market, they should rather play in the casino
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