What can be the best way of controlling emotions while trading ?
If I could know the simple answer to that question then I would be the biggest trader of the era, Well, all I can say is make a plan to get your targets to hit and make multiple target points so that when you put your money in trade and started to make your profit then you should now fall greedy for more money which in some cases work out but mostly not.
Overall, you have to control your emotions so that you should not be played by market sentiments (manipulated sentiments) just like the schemes of airdrops when one big airdrop brings big profits, phishing airdrops come into the market to create fud and scam people. I have covered the topic of not falling prey to these
4 market sentiments to save your BTC which will give you a broad view of what you should not do in the hype of market.
The best practice is to:
- Set the timespan for which you will close your trade
- Target point to hit regardless of the news cycle (good news)
- Confirm every news you hear before acting upon it blindly,
- Try to control your anxiety and grow your risk management skills by implementing strategies
- Keep your body healthy and keep it some time out of the market influence because when you will be fresh you will think better and can decide better.