10 tips to manage one's emotions while trading crypto.

[Peanutswar]

It's easy to say but it's hard to follow theres a lot of professional traders, some of them manage to gain profit without getting committed to the things they are doing but we cannot deny this emotion sometimes takes a risk to our position, for example, there's a trader live streaming in the internet that he loses million of money while doing live (I don't know if you see this but its spreading in the internet), he didnt make any emotions with that poisition ebcause he knows he over commit and take holding the position even its lower than its support reason why to lose more money, but its a small amount to him because he is an active trader but how about other people do they manage to risk like this or not.

[BD Crypto]

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.

If you are weak to keep track of your profits and losses then you are quite emotional in trading. Because when you emotionally stable you can accept your faults and loses regarding this. We should learn from our wrong decisions and should encourage ourselves by observing our right decisions.

I was a quite emotional trader before and still now a little bit but now I try to believe on myself and open trades only based on analysis. I never regret if I miss a bull run or close any trade earlier. Actually most of these tips are really very effective and proved to control one's emotion while trading.

[Kasabus]

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.

If you can track your losses as well as your profits, then you can evaluate yourself as a trader if you are really making progress or not. Otherwise, if you keep on committing consistent losses without getting any significant gains, then think a lot of times if you still want to pursue trading. Though these can trigger your emotions as a trader, but I do believe it’s actually important so you can set and improve your goals as a trader.

[Finestream]

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.

Learn to control your greed. That is the only way you will never struggle in battling with your emotions since you already know in the first place that trading without emotions is way more successful than to trade with personal emotions that will only ruin your focus and determination in trading. Though greed is part of us, but trading with greed will never help a trader and will only redirect his set plans that will never be good in trading.

[Vaculin]

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.

Trading requires a lot of focus and concentration. Hence, you need to have a relaxed mind and body for you to be able to maximize your attention on your trades. Problems have no room in trading, otherwise you’ll never go straight to your goal because you’re totally destructed. Also, trading with emotions will never lead you to progress and success, thus you need to stay calm and relax whenever you’re trading.

[Uruhara]

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.

When emotions control us, it will make us get out of the plans we have made carefully. Like when we want to decide to take profits when the profit target reaches 5% but because emotions control us like we become greedy when trading, we instead increase our take profit target to 10% profit. and sometimes that's a good thing. but sometimes to also make us fail to get profit. because after a 5% increase in price could have dropped back quickly. And we panic and end up just selling at the same price we bought or even at a lower price than our buying level. The point is not to let emotions control us. but we have to control our own emotions. And usually it is experience that will make us more able to control our emotions. because we will get to know the market situation better and guess where the market is going.

[tbct_mt2]

When emotions control us, it will make us get out of the plans we have made carefully. Like when we want to decide to take profits when the profit target reaches 5% but because emotions control us like we become greedy when trading, we instead increase our take profit target to 10% profit. and sometimes that's a good thing. but sometimes to also make us fail to get profit.

If you clearly know that what price is your profit taking price and you know that you are not good to control yourself, set an order to wait for selling at that price. When market moves to that price, your position will be filled and you take profit without emotion.

Now, if you want to gamble with luck, you can reserve like 10% of your coin to let the market and profit runs, then you can take profit at higher price if you are luckily enough. If price falls back, you can sell it at lower price but should not be below your entry price. Whatever happens after your take profit with 90% of your capital, you already get profit in hands and the rest 10% ends with a draw is not bad.

Don't let the rest 10% ends with a loss too. You can use a Stop loss order to sell it at your entry price or a little higher than your entry price.

[Poker Player]

As far as I see it, an important component of being a successful trader has to do with psychology, with being able to control emotions, it is not pure mathematics. In poker something very similar happens, and the advice given on psychological issues in poker schools is similar. In the end, the emotional component accounts for a large part of the ROI in both trading and poker.

[Flexystar]

May be does not even start with trading and controlling the emotions. One should have this power of controlling emotions naturally or should be developed in general. Not just when we are ready to trade and then we should start controlling.

According to me, I believe this is strong type of feeling based on our hormones. If you start to control it in day to day life then you would never fail at trade “emotionally”. That’s what I think. There are many scientifically proven ways to do this and one of the vital way is “Yoga”. It’s best game changer one can experience.

It might sound I am talking way different.

Everyone talks about you should control the emotions. The real question is how? Better everyone try to develop different ways to do it like Yoga and Meditation.

[TheUltraElite]

There are some factors that add in the emotions way more than if those factors would have been absent.

These include - along with the solutions:
1. Taking a loan to trade - So make a rule to never trade on loaned money
2. Allocating more than what you can afford to lose - allocate in a better manner
3. Using a non-spot mode of trading - Stick to Spot
4. Having monthly payments pending - Clear them with fiat earned
5. Day trading>Holding - difficult but depends on your approach.

I think these can be eliminated if you are careful enough and having a control over these allows you to control your emotions better. The tips will work out but preventing the emotions from building up is another aspect to this.

[palle11]

The first point is very much instructive. A trader doesn't need anger or bitter heart because it is a cool mind that is able to rightly judge the market or analyse it. Market involves losses and profit so whichever one that come should be taken with good faith and if you lose, you don't need to begin to  put out trade orders to chase back your money. Doing this may result to further losses because you are not going to give the best analysis to the market. You can allow the time and moment to cool off before taking another decision.

[Quidat]

The first point is very much instructive. A trader doesn't need anger or bitter heart because it is a cool mind that is able to rightly judge the market or analyse it. Market involves losses and profit so whichever one that come should be taken with good faith and if you lose, you don't need to begin to  put out trade orders to chase back your money. Doing this may result to further losses because you are not going to give the best analysis to the market. You can allow the time and moment to cool off before taking another decision.

Easy to say on having that cool mind but when you are on the actual situation or field then applying out this kind of behavior is never been that simple but rather it would be that opposite.Not all would really be having on the same kind of controlling their emotions and their mindsets when it comes on the time that they would be facing up such condition.Some might be able to stay cool  
but most of us would really be that impulsive on such scenario which i could say that it is really that normal since we are just that humans.

Emotions is one the most common problem that you would really be needing to control nor get rid on the time that you would really be dealing up with unpredictable market just like this on crypto.
If you do find yourself that too impulsive or highly reactive specially on losing situation then you would really be having a hard time on making out some realizations on which it would be
mainly needed up for you to realize on whats wrong or what did really actually happen.

[alastantiger]

When you become a professional traders these rules of checking mating your emotions becomes second nature just as you would look left and right before crossing the road. The most crucial thing I have learned from trading is that good traders are good writers. The ability to be able to articulate their feelings and emotions down is one of they ways they let out frustration or celebrate success of a trade. Some also take to YouTube or TikTok, or podcasting to release their emotions and it helps the become better each passing day.

[lalabotax]

Sometimes, emotional instability is also caused by very high expectations. Especially in Bitcoin investment, many people only see other people's success from investing and in the end they hope to be like that too. but in fact, investing is not as smooth and smooth as that, especially investing in Bitcoin which incidentally is also risky. There are times when the Bitcoin market drops suddenly, and if expectations are too high but you suddenly see the market drop, without having other balanced and good emotional management, then this is enough to create panic and eventually cut loss, which will have a negative impact on their mindset regarding investing in Bitcoin.

because of that, it is true that emotional management is very important in investing in Bitcoin or in other fields. because this is one of the keys to maintaining how our investment plans are too.

[Xampeuu]

Emotional is indeed human nature, this will greatly affect our trading. to vent it, we really have to have an account which can be used as our emotional outlet, that way the main account will run according to the framework that was actually planned. The scary nature of monsters like that exists in humans, and will subside after being overflowed, therefore after being emotional we will be stable again, it's different with those who are already pros, maybe they can fully manage their emotions

[Uruhara]

When emotions control us, it will make us get out of the plans we have made carefully. Like when we want to decide to take profits when the profit target reaches 5% but because emotions control us like we become greedy when trading, we instead increase our take profit target to 10% profit. and sometimes that's a good thing. but sometimes to also make us fail to get profit.

If you clearly know that what price is your profit taking price and you know that you are not good to control yourself, set an order to wait for selling at that price. When market moves to that price, your position will be filled and you take profit without emotion.

Now, if you want to gamble with luck, you can reserve like 10% of your coin to let the market and profit runs, then you can take profit at higher price if you are luckily enough. If price falls back, you can sell it at lower price but should not be below your entry price. Whatever happens after your take profit with 90% of your capital, you already get profit in hands and the rest 10% ends with a draw is not bad.

Don't let the rest 10% ends with a loss too. You can use a Stop loss order to sell it at your entry price or a little higher than your entry price.

That's right guys. Thanks for the tips. For now I will start implementing the strategy as you describe. Such as installing a stop loss and installing Takeprofit from the start. But yeah I sometimes get tempted by coins that are having high hype and I'm usually too greedy so I don't open take profits because I expect a higher upside. But recently I found a way not to get lost and so we can secure the profits we have. that is when the price continues to rise. Instead of me placing a take profit, I prefer to place a Stoploss+, namely a stop loss in an area where each is actually profitable. And maybe what you mean is also like that.

[Ndabagi01]

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.

Acting out of rage destroys everything you touch. Anger causes you to make decisions that can result in irreversible losses when trading. Instead of being enraged, take a deep breath and relax to figure out what to do next. Working with rage can also lead to the utter devastation of one's life in rare situations if caution is not exercised.

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.

Some traders may also hang onto a position if they see a green light and begin to benefit from it; they don't mind how small those earnings are as long as it's a profitable trade. Some don't endure long and can cause major setbacks if you're not attentive about when they'll break out.

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.

This is not limited to bitcoin traders; business people do it all the time to keep track of their profits and losses. Bitcoin trading, which involves a lot of emotion, cannot be controlled by counting your profits and losses; it will easily break you down or cause you to lose focus at trading due to the exhilaration or setback you will experience depending on the outcome of the trade.

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.

Greed is a poisonous thing that can destroy everything you've worked for in the blink of an eye. Day traders, as well as long-term investors, are frequently trapped by greed when their investments begin to rise in value. When your total investment exceeds the funds employed for the investments, it is safe to leave the market to avoid irreversible loss.

[doomloop]

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.

They don't mean to make a bad decision but they can still try and change it. Hopefully, the next move is going to be correct. If it isn't, there must be something wrong and they should identify what it is, to get out of a bad loop as soon as possible. Not all altcoins are bad so it is still fine to marry some of them. When you say see them as investment, we immediately think you are holding them for the long term.

I think you better say that we should only trade the risky altcoins so that we can switch again on the other, if we are on to those trendy altcoins as they don't last long. Many of us know that Bitcoin is the best but sometimes we can help but to check out other cryptos. It's also our way to diversify.

[darewaller]

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.

Anger is still a kind of emotion. All of us can experience it but we should snap out of it immediately because if not, it will greatly affect the most important things that we are doing in our lives. Too much is always not great anymore but everything must only be at minimal levels including our emotional feelings. It's even better to become like a robot and have no emotions at all when trading. Instincts should not be our sole thing when deciding but it must be doing analysis.

There must be a tool to check our condition, not just physically or emotionally but also mentally. Other things that we do or our lifestyle can contribute to what we are going to feel, so it's better to start your fix here.

[AakZaki]

Emotional is indeed human nature, this will greatly affect our trading. to vent it, we really have to have an account which can be used as our emotional outlet, that way the main account will run according to the framework that was actually planned. The scary nature of monsters like that exists in humans, and will subside after being overflowed, therefore after being emotional we will be stable again, it's different with those who are already pros, maybe they can fully manage their emotions

Will venting on the second account be a solution to stop the emotion?
it is not a way that can free you from unstable trading emotions. Better start learning to control emotions rather than just throwing emotions on the second trading account which in the end will not affect anything. We really have to have some control over our emotions. expressing these emotions is indeed a good way, but not for the long term. There will be a stage where you have to overcome everything without any rebound.