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Cryptomultiplier (OP)
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July 16, 2023, 08:27:17 PM Merited by fillippone (1) |
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I very much have the interest to be a professional crypto trader at some point in my life, but it should be after I have understood it the way I want. Am well aware of the emotions which hunt gamblers, because I had tried it a few times. Same emotions also hunt traders and it is in the form of Fear, greed, hope, regret. Although I beg to differ, I have learnt how it is in trying to be wary of such emotions that we become victims of such emotions in critical times. It helps to give a constant reminder to oneself on how to control such emotions when money/crypto is involved because a loss could be a recurring outcome and not being able to manage ones emotional state could be very detrimental. Here are 10 tips from the pros on how to manage your emotions while trading:
1. Don’t act on anger. When you’re angry, hold out, wait until reason takes hold. There is no worse trade than a “revenge” trade, in which a trader follows up a loss by jumping right back in to recoup. Consult your trading journal to get back on track.
2. Don’t marry your positions. It’s easy for a trader to get stubborn, and to hold on to a trade just because he ‘hopes’ it will turn around. Close down a bad trade as soon as possible, take your loss and move on. Your trading journal will suggest the next move.
Follow each trade with a break. Trading goes on at a rapid pace, so don’t get caught up in the action. Take a moment to think about something else, and then come back and deliberate. Now look at your trading journal to get the next idea.
3. Set a fixed point at which you stop. After three, four, five or whatever number you choose, stop for a good long break. It’s when one trade follows another that most mistakes happen. Consult your trading journal and review your strategy.
4. Don’t keep track of profit and loss. Doing the math on your earnings will only get your emotions working. Concentrate on your trading strategy, and review your trading journal to develop it. Then, at the end of the trading day, you can check out how well or poorly you did.
5. Keep your mind on the plan. Don’t let the results of a few trades change your overall strategy and approach. Stick to what you have learned and what you have planned – use your trading journal to develop your next moves.
6. Don’t confuse prudence with fear. You want to trade prudently, using logic and reason. This may make you hold off on a trade. But make sure that prudence, and not fear, is behind your decision. Fear can wreck your trading by keeping you from making a trade. Use your trading journal to see if the trade makes sense, follows previous wins, or if the trade just doesn’t make sense.
7. Watch out for greed. Greed can make you stay in a trade when you had planned to exit, hoping to milk it for a little more profit. Such trades risk turning out badly, just when you thought you were winning. Use your trading journal to judge the best exit points based on past behavior.
8. Manage your stops carefully. A cautious approach to stops and limits will keep you from making rash decisions. It hurts to get a trade stopped out, but over time you will save money on losses. Your trading journal can give you useful comparisons on levels for stops.
9. Don’t give up. There comes a point in every trader’s life when it just doesn’t seem worth it anymore.
10. Don’t let yourself be intimidated. Trading is tough, but you can win.
Was this helpful? Share your perspective! Source link: https://tradersync.com/10-tips-to-manage-your-emotions-while-trading/ |
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Oshosondy
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Gamble responsibly
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2. Don’t marry your positions. It’s easy for a trader to get stubborn, and to hold on to a trade just because he ‘hopes’ it will turn around. Close down a bad trade as soon as possible, take your loss and move on. Your trading journal will suggest the next move.
Follow each trade with a break. Trading goes on at a rapid pace, so don’t get caught up in the action. Take a moment to think about something else, and then come back and deliberate. Now look at your trading journal to get the next idea.
You can decide not to close your position if you open the position and having in mind not to close it very soon. There are some traders that may want to go for swing trading for some weeks. If you do not learn the strategy to hold positions, that means you still always depend on using leverage that makes your trading riskier. 3. Set a fixed point at which you stop. After three, four, five or whatever number you choose, stop for a good long break. It’s when one trade follows another that most mistakes happen.
From my experience, you are not wrong about this. And trading can be addictive for some traders, but which is not good. Infact, the last trade that I lost, I have won more than $25 that day when bitcoin started to fall recently. I close the trade and buy and I lost more. 4. Don’t keep track of profit and loss. Doing the math on your earnings will only get your emotions working. Concentrate on your trading strategy, and review your trading journal to develop it. Then, at the end of the trading day, you can check out how well or poorly you did.
For me, I do not think so. I do not know of others. I keep track on profit and loss and that is not going to alter my trading plan. 7. Watch out for greed. Greed can make you stay in a trade when you had planned to exit, hoping to milk it for a little more profit. Such trades risk turning out badly, just when you thought you were winning. Use your trading journal to judge the best exit points based on past behavior.
I totally agree. There are days I would have won the money I expected that day, but I will not close the position, later the market will reverse and I will start losing. When I was using a very high leverage, a favoured trade will later lead to liquidation of trading fund after greed of not closing the position opened after winning my target. 9. Don’t give up. There comes a point in every trader’s life when it just doesn’t seem worth it anymore.
If anyone sees that trading is taking his more like an addicted gambler, there is nothing bad to stop trading, or at least for some time. |
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Quidat
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July 16, 2023, 08:50:28 PM |
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7. Watch out for greed.
Be careful with this because this would primarily the reason on why you would really be that committing lots of mistakes due to greed because this would really be pushing you to play more
specially if you are really that longing for more money which is something that we must avoid specially if we are dealing with gambling.Its true that emotion would really be the main culprit
on why a certain trader would really be committing those impulsive decisions basing up on their trading plans and methods which they had planned earlier. If you arent that good when it comes to
self control then you would definitely be prone into lots of errors.
There's no assurance that you wont really be affecting or making yourself that be on the situation since we are just humans on which it would really be that normal that we do feel out those kind of emotions when we do touch up on trading with this unpredictable space.It would really be that normal that we would really be having that kind of encounter because price is unpredictable
on which lots of what ifs would really be molding up into our mind and trying it out to answer it out.
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famososMuertos
Legendary
 Online
Activity: 1918
Merit: 3047
LE ☮︎ Halving es la purga
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July 16, 2023, 09:05:44 PM |
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Let's start by understanding, what's a professional trader, if this is the case, it means that it is your main income, by The way, selling, buying, leveraging, etc., it does not mean that you are a professional trader, even if profitability is excellent.
Then, as you mention, you have gone through stress in betting, therefore you should only dedicate quality time that does not involve your family, that is essential and then money. Professional Cryptocurrency trading is not easy, just getting involved and taking advantage of situations is quite comfortable.
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Botnake
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July 16, 2023, 09:21:32 PM |
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7. Watch out for greed.
Be careful with this because this would primarily the reason on why you would really be that committing lots of mistakes due to greed because this would really be pushing you to play more
specially if you are really that longing for more money which is something that we must avoid specially if we are dealing with gambling.Its true that emotion would really be the main culprit
on why a certain trader would really be committing those impulsive decisions basing up on their trading plans and methods which they had planned earlier. If you arent that good when it comes to
self control then you would definitely be prone into lots of errors.
There's no assurance that you wont really be affecting or making yourself that be on the situation since we are just humans on which it would really be that normal that we do feel out those kind of emotions when we do touch up on trading with this unpredictable space.It would really be that normal that we would really be having that kind of encounter because price is unpredictable
on which lots of what ifs would really be molding up into our mind and trying it out to answer it out.
Greed is inevitable. It’s hard to control yourself from being greedy because we are born with human greed. But if we want to maximize and be successful with crypto trading, then probably fighting our own emotions will be a big challenge for us. Some just leave trading because their emotions are uncontrollable, but we can always chose to trade with less emotions involved. It’s hard but if other crypto traders have succeeded on it, then it’s not far from reality that we can also be able to do it. Maybe we should learn to be more patient and understanding on whatever consequences this trading might cause, but with willingness and passion to overcome the risk, then we will eventually reach far in trading. |
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Captain Corporate
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July 16, 2023, 09:24:31 PM |
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This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.
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Hamza2424
Legendary
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Activity: 1148
Merit: 1102
Payment Gateway Allows Recurring Payments
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July 16, 2023, 09:26:08 PM |
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That was good on the question you asked this is my answer haha, Just replied to one of your created topics in the economy class well it's not the point of the decision here so coming to the point I think people just use to say Watch out for greed and Don't be greedy and things like that but they actually don't follow them by own. I have seen many people like this even myself sometimes use double standards which I know are wrong but you know human nature so all the tips are as affectionate as a drop in the Jug for the new traders this is what I think.
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TimeTeller
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July 16, 2023, 09:43:40 PM |
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This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.
That is true, better trade when you have clear mind and you now what you are doing. If there are excess baggage in your mind and you are not focus on what is in front of you, you can easily make mistakes. Also, before executing your trade, you should have done your analysis why you are doing such trade. If you have no time to assess things, better pause and come back when you are ready. Don't rush yourself on this activity. |
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Viscore
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July 16, 2023, 09:51:52 PM |
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This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.
That is true, better trade when you have clear mind and you now what you are doing. If there are excess baggage in your mind and you are not focus on what is in front of you, you can easily make mistakes. Also, before executing your trade, you should have done your analysis why you are doing such trade. If you have no time to assess things, better pause and come back when you are ready. Don't rush yourself on this activity. Trading needs a lot of focus and attention so if you decide to trade with a lot of personal emotions involved, know that you will only lose your opportunity to make profits. Also, when you decide to trade, never use an amount that you cannot manage to lose, that will only cause you to break down especially when you are still learning how to trade. |
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tbct_mt2
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July 17, 2023, 02:25:03 AM |
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4. Don’t keep track of profit and loss. Doing the math on your earnings will only get your emotions working. Concentrate on your trading strategy, and review your trading journal to develop it. Then, at the end of the trading day, you can check out how well or poorly you did.
You have to keep track of everything you do in trading or investment. Without records, you will not have data to assess your investment or trading strategies which can not always help you to gain profit. If you feel you are not good at emotion control, don't trade. You should stop trading and change to become an investor. By investing, you will spend less time to watch charts, read news and you will have less emotional reactions against market news. Always keep tracking your entry, exit prices, results from your investment positions as well as notes about causes of profits and losses if you can. |
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Wexnident
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July 17, 2023, 04:09:22 AM |
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Ok, 9 is kinda bs (from how I took it) It's positive reinforcement but let's be real, trading is a zero sum game, THERE will be a loser, and it's something you have to acknowledge all the time, since it means that can be you. Always. There comes a point where you just have to acknowledge imo that this isn't for you, just to cut losses properly, or maybe hire someone who can think for you, which in itself, is actually a skill.
For wanting to be traders and are one, they're good ideas though, but eh they're the general stuff to think about when it comes to important decision making.
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adaseb
Legendary
Offline
Activity: 3878
Merit: 1733
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July 17, 2023, 04:25:03 AM |
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I think the number one reason why crypto traders lose money, is due to leverage. I think if many just bought spot bitcoin or ethereum and held it for a few months they would make decent money in the long term. The issue is they want to go 100x leverage long or short on a token which is highly volatile like SOL or DOGE and that's how they get rekt very quickly.
They see all over crypto twitter, people posting screenshots of $100K profit day and they get jealous and try to do the same. Only to find out how quickly you can get liquidated if you use high leverage such as 100x, especially on mid cap alt coins.
Same reason why many stock traders don't make money either. Instead of buying and holding the stock. They just buy the options which are short dated and expire within a week. They want the 10-100x gains instead of the slow 1% weekly gains and that how they get liquidated.
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Faisal2202
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July 17, 2023, 06:29:58 AM |
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Great post dear OP, but i think point Number 4 is a little bit rusty. As keeping track of accounts is necessary and if you will not track the profits and losses you are making on each of your trades then how can you improve your next trade? Like, i know if the previous trade made you some loss then your sentiments will change for the next trade you will make on the same day. Which will be like covering the loss you have made in the previous trade. But sometimes, your determination to do things make you able to think beyond your knowledge and experience. So, if you just stick to the trade sequence or analysis you have made and started to perform trading one by one and at the end after calculating profit or loss, That would not be helpful. Other than 4th point, i am agreed with all of your points. You have shared many points but the main sentiments of markets that drove you are only 4 or 5 which i already covered in my topic before. Which are holding, P&D, FOMO, and FUD. I know many will not agree with my points that's why i have opened all ears to new recommendations. |
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irhact
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July 17, 2023, 08:06:31 AM |
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2. Don’t marry your positions. It’s easy for a trader to get stubborn, and to hold on to a trade just because he ‘hopes’ it will turn around. Close down a bad trade as soon as possible, take your loss and move on. Your trading journal will suggest the next move.
Follow each trade with a break. Trading goes on at a rapid pace, so don’t get caught up in the action. Take a moment to think about something else, and then come back and deliberate. Now look at your trading journal to get the next idea.
For me I think this is the main reason why so many individuals lose to the market, they get attached to their investment and they make bad decisions based on how they feel. I was once in this same position as I held my position tight not minding how the market is responding to the negative news that was spreading about the project and now the project is no longer valuable to investors as they have move on to other trending projects. Don't marry altcoin, just see them as investment and if you're looking for a project you want to fall in love with, it should be Bitcoin that'll make you to be buying it as others who has seen the potential in Bitcoin has been buying. If you fall in love with Bitcoin you won't regret it. |
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Cryptomultiplier (OP)
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July 17, 2023, 09:52:58 PM |
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This wasn't said in there but it doesn't really crack into top 10 to be fair so I can understand why its not there. But do not get into trading when you are already dealing with a problem. It doesn't matter what it is, maybe you heard someone you love got sick, maybe you had a fight with a friend or wife or someone you care about, maybe you just lost in a computer game in an unfair way, yes even that because even the smallest and most unimportant things could matter to your mind, some people won't care about that, and some people would be incredibly mad. This is why its quite important that you do not deal with any baggage when you start trading, if you do then its a problem for you without a doubt.
Well, there are stories I have heard of persons who developed genius abilities at a stressful point in their life. Like, they couldn't handle the emotional trauma, but they could somehow channel the emotion, be it anger, loss, disappointment, to something they have probably been afraid to try or reach a conclusion on. It is still a good advice though, and it clearly does as much damage, partaking in a trade, without giving a good thought to it. A good calculative or instinctual decision may just be as skewed, with much similarity to what alcohol does, which is to impair judgement while driving. Finally, we all got some kind of baggage to deal with upon the break of dawn, but what matters, is what we prioritize and how much focus or attention we accord it. |
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Franctoshi
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July 17, 2023, 11:09:27 PM |
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One of the greatest challenges faced in emotional trading is when you as a trader don't have a tested or believed trading strategy that works, when your strategy is not well-backtested with historical data and proven to have about 70%-90% accuracy in results you are going to be toyed around with emotions while trading.
Another point I want to add is not managing risk or overleveraging your account comes with a high level of emotions but when you apply proper risk management that matches your trading account, you trade with less emotion.
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jossiel
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July 17, 2023, 11:22:41 PM |
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It is important to track your losses and profit. Because with that, you're able to distinguish if you're a profitable trader or you just keep on losing.
At the end, you'll still be emotional whether you track it or not because that's what trading is for. Even if you're not going to say that you're not an emotional trader.
That will still push you to look at your progress and the pressure will remain as you do your trades. IMO, it's okay to track those.
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Uruhara
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July 17, 2023, 11:29:06 PM Merited by fillippone (1) |
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I have studied risk management and trading psychology in the last few months. But theory and practice turned out to be very different. I theoretically have memorized it and indeed I am quite diligent in reading theories about this. and I also followed some tips from videos on YouTube and from the Telegram channel. but it really doesn't help me in practice. In theory, I understand better. But when I practice directly in trading, I often lose control of my emotions. Then I asked one of the users from this forum and from the same country as me. and he seems quite adept at trading. then he said to me that experience will teach me. And he told me to get more involved in trading with small capital first. and he also said that if we want to be able to control our emotions then we have to know the fundamentals of the coin we are going to trade and we have to know the market situation by making a careful sentimental analysis. so the point is we must have good preparation before entering the trade. then I implemented it in the past few weeks. and the results are pretty good. Yes, I spend more time doing analysis. but it makes me confident with the position I take in the market. so that I can execute my trading plan without hesitation.
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dothebeats
Legendary
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Activity: 3780
Merit: 1354
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July 18, 2023, 06:32:20 AM |
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Emotions are hard to control, but in this aspect it is true that anger will lead your nowhere near the goal that you set your eyes on. Actually, even in general, too much investment on our emotions while trading crypto can lead to risky decisions that we may regret in the long run. Essentially, you can't allow yourself to feel too much but also not too little, since instinct can also lead to good decisions at times (like when we say that we have a good feeling about a trading decision). In the end, keeping ourselves and our emotions in check helps a lot in managing our decisions and actions in trading crypto as they are aspects that affects the results that we are looking for.
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slaman29
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Activity: 2828
Merit: 1290
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July 18, 2023, 10:49:33 AM |
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These aren't really tips that people don't already know, the problem is not awareness about these aspects of trading. We all know we're prone to emotion in trading, same as gambling.
Here's a real tip that helped me in real life with forex and gambling (and it's exactly the same tip for trading).
Tell someone you trust totally. A close friend, maybe even a spouse. Or a brother/sister. Tell them exactly everything, I found this helped with another friend. He watched me and I watched him. But you must be open with each other 100%
When you are losing, your emotions can't be controlled. But your friend isn't affected, and he can tell you to stop, or to take a break. And you do the same for him.
You see all these tips are pointless because when you're caught up in emotion, you don't think rationally anymore. So you need help from someone objective. If you tell them "stop me when I lose my deposit". He will stop you because it's not his money and he's not losing.
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