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

[sana54210]

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.

That is not really a bad way to start, if you could make that work then you are going to be pretty happy with what you got and you are going to be making a good return. I am not saying that it is going to be easy, but at the very least we are going to see it happen one way or another. I know that it will take some time but we are going to end up with a good result for sure.

I just think that people are looking at it the wrong way most of the time and when they realize what they are capable of doing and how much they can improve when pointed out, that is when they start to be a good trader. This is your way in, if you could take that step and start being better than the future holds great things for you without a doubt.

[1715333721]

1715333721

[1715333721]

1715333721

[Sanitough]

Thank you for bringing up this matter. Emotion control should be the first priority while learning to trade. This is so important that you need to get a hold of it before anything else. Having control over yourself will ensure the best outcome when learning to trade. After you master emotion control, you can be the best. Because when emotion is taking over your decision, you will make mistakes. You need to be like a robot. Apply the formula and just follow the result. And act according to it. Emotions will affect every analysis if you don't have control over it. So you will face errors and losses.

It was a really helpful post. Hopefully, there are people who will get help from this. And we can do it by just practicing. Once it becomes a habit, you will have control over your emotions for sure. It is important to take it slow. Try and you might fail. Then try again. You are losing too much? Try little amounts to learn first.

Yes. Emotions can easily ruin the outcome of our trades that’s why we should learn to control our high emotions before we get carried away and totally destruct us from our original plan. However, trading like a robot may seem impossible too because as a human, everyone has its own set of emotions that will definitely come out in everything that we do. So it’s hard to act like a robot, but at least controlling and reducing our emotions can do a lot from having a successful trading.

[mvdheuvel1983]

To be a successful trader one must understand the relationship between the mind and body. You need a calm mind to trade. If you have gone out the previous night for a drink and you return to have a heated argument with your spouse, children, siblings then you decide that you want to set at the table and trade, you have actually missed it. At this point your emotions are all over the place, mentally, physically and biologically you are not okay enough to trade. Meditation will help to bring your emotions back to it normal stage so that you can have a good trade.

I like everything written by the OP the only part that should be mentioned summarily is that to manage your emotions, you have to be  biologically ok.

[justdimin]

Not confident in their analysis/trade ideas/biases: This also needs the trading psychology to be in place otherwise, the trader in question will either miss out on trades or leave money on the table (closing trades too early).  Everyone knows the market will play a number of tricks on the emotions of traders and the only way overcome this is to be emotionally intelligent and an on-point trading psychology.

When I was still trading actively, it was one of the things I struggled with for the longest of time - Market moves in my direction but I was already out of the trade due to panicking - afterwards comes regret.

If you are having emotional stuff while trying to trade then the result most likely be a loss. It's much better if you could end up with a good result and in order to do that you need to make sure that you are on the right path and not feeling anything when you trade. In order to be able to do that you need to reach to a point where it is going to make you a profit without having any bad result, and that's not an easy thing.

I believe that we need to reach to a point where it's going to have a bit of a trouble one way or another, but that doesn't matter how we are going to see that change. In the end, it is going to be a time consuming thing, but it is not that impossible and it can be done, as long as we put our efforts into it.

[GreatArkansas]

(.....)
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.

I really agree here and I already experienced this.
Because if you are in trading, always remember that there are always a lot of opportunities or there are thousands of future good entry trade positions.
So learn to move on and just be prepared on your next trade position because if that time will come, you already have the experience and already know what to do and what not to do.

[KingsDen]

(.....)
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.

I support this very well. Many traders do so as if there are hard coded rules that must happen or as if trading is a program that must run exactly as it is written. The market is dynamic and whenever it changes you as a trader has to readjust. Marrying your position may lead into perpetual losses.
Secondly, everything you are on your computer doesn't mean you should trade. Avoid trading when it is not your trading time, avoid trading when you are unwilling or unexcited to trade. Trade only when you are in the mode of trading.

[GeorgeJohn]

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.

A professional trader can be say as someone who the profits is of a higher gravity than lose experience, what I really understand in trading is that we have varieties of of methodology of trading skill defending  on the one you chose and if you are making a larger profit than lose that means you are a professional in that perspective, what I really know In trading and investment is that I might decide to venture into investing into a short term by buying and selling to make a profit and it happens that I always make advantages in any step of short term investment I make, in that aspect I'm a professional by buying and selling in a short period of time and I make a profit continously whenever such happens, that means I know it better and what you know better you are professional.

[isaac_clarke22]

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.

Hell yeah!
I just don't get it why people think that being persistent on something that you might not like might get you somewhere. It's definitely a warning for people that they might get burnt out in the whole trading shenanigans if they know that they aren't getting anywhere. It's perfectly fine to give up trading and just stick into full-time trading.

It's not really a field for anyone. Sure everyone has a learning phase and it might be a steep learning curve, but if you're not really enjoying what you had learned, then you might need to reconsider other ways to earn in crypto.

[milewilda]

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.

Hell yeah!
I just don't get it why people think that being persistent on something that you might not like might get you somewhere. It's definitely a warning for people that they might get burnt out in the whole trading shenanigans if they know that they aren't getting anywhere. It's perfectly fine to give up trading and just stick into full-time trading.

It's not really a field for anyone. Sure everyone has a learning phase and it might be a steep learning curve, but if you're not really enjoying what you had learned, then you might need to reconsider other ways to earn in crypto.

When it comes to earning then there are lots of various ways on which you could earn with crypto.

1. Freelance jobs that paying with Bitcoin/crypto
2. Designing and other jobs on services section of this forum
3. Giveaways and promotions
4. Trading
5. Investing on projects and holding up for long term
and more....

I have might missed something but these are the common ways or methods on which you could potentially earn. It is really just that it would really be that good on sticking
on where you do find yourself that suits out and not really making yourself that get stressed. Emotions is one of the most common factor that would really be affecting you
along the way but on the time that you would be gaining up sufficient experience then you would really be able to handle yourself out.

[xSkylarx]

9. Don’t give up. There comes a point in every trader’s life when it just doesn’t seem worth it anymore.

This is really somewhat to test you, there is really a point in your learning where it is not working, you keep losing, or you can't understand it that is why you wanted to quit, but if ever you continue it, that is really the start of fruitful hard work. I've experienced this multiple times as I quit because I don't see myself as a trader and I keep losing. I quit for a few months,then back again, multiple times, but the last time I did continue it, that is where I started to gain profit. It's just that you'll need to go through the worst before having the profit you want.

[SamReomo]

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.

I don't think that a trader needs to stop for getting three, four or even more winning trades because if a trader is having a well developed strategy based on technical indicators and other trading tools then that trader doesn't need to wait for another long time because as soon as the strategy and its requirements are met the traders needs to place a trade. A good trader often know his/her limits and would never ever place a trade when the requirements are not met.

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.

That's a very valid point and it has been a proven fact that when a trader is grabbed by greed then that trader won't be able to place good and winning trades. Such a trader will hardly get any wins because his/her greed won't let him/her to close a position with profit, and when the market goes in inverse direction then that trader will lose instead of winning. A top level trader would only take profit which is possible according to his/her strategy and would never ever think about anything higher than that.

[Bushdark]

Thank you for bringing up this matter. Emotion control should be the first priority while learning to trade. This is so important that you need to get a hold of it before anything else. Having control over yourself will ensure the best outcome when learning to trade. After you master emotion control, you can be the best. Because when emotion is taking over your decision, you will make mistakes. You need to be like a robot. Apply the formula and just follow the result. And act according to it. Emotions will affect every analysis if you don't have control over it. So you will face errors and losses.

It was a really helpful post. Hopefully, there are people who will get help from this. And we can do it by just practicing. Once it becomes a habit, you will have control over your emotions for sure. It is important to take it slow. Try and you might fail. Then try again. You are losing too much? Try little amounts to learn first.

Yes. Emotions can easily ruin the outcome of our trades that’s why we should learn to control our high emotions before we get carried away and totally destruct us from our original plan. However, trading like a robot may seem impossible too because as a human, everyone has its own set of emotions that will definitely come out in everything that we do. So it’s hard to act like a robot, but at least controlling and reducing our emotions can do a lot from having a successful trading.

There are other things we might not know that they are the ones that are giving us the loses that we are getting. Being stubborn on a particular trade not letting down of the loses that we have incurred holding on the trade is one of the ways we can generate loses since the market has no proper direction that it is going and we can not say exactly what that market will do at a particular time, it is better for us to make flexible decisions that will not allow is to keep incurring loses and still keep holding. We need to be flexible as a trader and accept our loses when due.

[Silberman]

There are other things we might not know that they are the ones that are giving us the loses that we are getting. Being stubborn on a particular trade not letting down of the loses that we have incurred holding on the trade is one of the ways we can generate loses since the market has no proper direction that it is going and we can not say exactly what that market will do at a particular time, it is better for us to make flexible decisions that will not allow is to keep incurring loses and still keep holding. We need to be flexible as a trader and accept our loses when due.

Being stubborn is probably one of the worse characteristics a trader could have, a trader needs to be incredibly adaptable as the markets can change from one minute to the other, so a person that refused to adapt to the new circumstances will lose a massive amount of money as they maintain their position for too long when the market turns against them, now they may expect that at some point the market will turn on the other direction, and while this is possible this kind of thought is what has created some of the most spectacular losses we have ever seen on the markets.

[Uruhara]

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.

That is not really a bad way to start, if you could make that work then you are going to be pretty happy with what you got and you are going to be making a good return. I am not saying that it is going to be easy, but at the very least we are going to see it happen one way or another. I know that it will take some time but we are going to end up with a good result for sure.

I just think that people are looking at it the wrong way most of the time and when they realize what they are capable of doing and how much they can improve when pointed out, that is when they start to be a good trader. This is your way in, if you could take that step and start being better than the future holds great things for you without a doubt.

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

[Franctoshi]

(.....)
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.

I support this very well. Many traders do so as if there are hard-coded rules that must happen or as if trading is a program that must run exactly as it is written. The market is dynamic and whenever it changes you as a trader have to readjust. Marrying your position may lead to perpetual losses.
Secondly, everything you are on your computer doesn't mean you should trade. Avoid trading when it is not your trading time, avoid trading when you are unwilling or unexcited to trade. Trade only when you are in the mode of trading.

Truly, some time is better to lose a little, have your capital intact, and come back to trade another day because there is always going to be a new opportunity each day in the market than waiting on the market to come to you because you are certain that the trade should go in your direction, forgetting that changes occur each time in the market and as a trader, you must have that understanding of changing your mind and taking fast actions, especially when it is clear that the price has taken a new direction.

[Silberman]

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

[uchegod-21]

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

This is why it's always difficult for someone who has tried trading before but not successful to return to trading. But it is very easy for someone who has not tried trading before to run into it even without experience.
Trading looks simple when the process is explained to you, but in practice one needs to be both technically and emotionally sound in order to be profitable in cryptocurrency trading.

[Uruhara]

That's right guys. And actually everything always requires a long process to get to the stage of success. Likewise in trade. There are many things to understand along the way. And the most important thing is not to take something we are going to do lightly that can make us lose our vigilance. Likewise in trade. Often beginners think trading is easy. and in the end they become careless in trading and difficult to make a profit. No one can instantly become a reliable trader. Everything is sure to start from beginners and some losses. And for those who learn from experience, usually he will achieve success in the end.

Trading seems easy, but this is just the way it looks like, because anyone that has actually took the time to trade knows how difficult it is, but newbies on their ignorance try to trade the markets after just watching a few youtube videos and expect the world to be handed to them, and when this does not happen they get incredibly surprised this was the case as this goes against everything they have read until that point in time, and when they finally realize they have been deceived it is too late to recover all the money they have lost already.

Sometimes beginners like to blame the trading methods they copied from the internet when they experience losses due to their own carelessness in trading. In fact, all trading methods have their advantages and disadvantages. Because actually the same method can produce different results in trading depending on who uses it.

When we still haven't started trading and we see tutorials delivered by someone either through articles or via videos. Everything looks so simple and easy to do. Like buying when it goes down and selling when it goes up. These words really made it look easy. But the fact is when it goes down we also have to know to what extent the reduction target occurs. and when it goes up we also have to know how far the increase will continue. Sometimes reading support and resistance points is difficult for beginners to do.

[Cryptmuster]

A professional trader can be say as someone who the profits is of a higher gravity than lose experience, what I really understand in trading is that we have varieties of of methodology of trading skill defending  on the one you chose and if you are making a larger profit than lose that means you are a professional in that perspective, what I really know In trading and investment is that I might decide to venture into investing into a short term by buying and selling to make a profit and it happens that I always make advantages in any step of short term investment I make, in that aspect I'm a professional by buying and selling in a short period of time and I make a profit continously whenever such happens, that means I know it better and what you know better you are professional.

The definition of a professional means that a person can fully provide for himself in the business in which he is engaged. If a trader can earn a stable income from trading and can thus secure a secure life, then he is a professional in trading. But is it worth applying this definition to traders, because just one big trade can bring big losses, although it is possible that if a trader can avoid such losses, then he has reached the level at which his profit will be greater than his losses.

[jaberwock]

When it comes to earning then there are lots of various ways on which you could earn with crypto.

1. Freelance jobs that paying with Bitcoin/crypto
2. Designing and other jobs on services section of this forum
3. Giveaways and promotions
4. Trading
5. Investing on projects and holding up for long term
and more....

I have might missed something but these are the common ways or methods on which you could potentially earn. It is really just that it would really be that good on sticking
on where you do find yourself that suits out and not really making yourself that get stressed. Emotions is one of the most common factor that would really be affecting you
along the way but on the time that you would be gaining up sufficient experience then you would really be able to handle yourself out.

There are definitely lots of ways to earn money in the crypto world, but there are also a lot of ways where you may not get paid eventually. So if you are doing a job, I would suggest either accepting 80% of the payment upfront with discount, or do 100% but with 50% upfront and 50% later.

For example either do a job for 800 dollars up front, or do it for 500 upfront and 500 when it ends. That way you will never be scammed for good, there are a lot of people who do not do this, and the result is usually scammed. They may end up saying "what if you scam me then??" just say you won't and they have to either trust you or they will not end up using you at all, just reject their free work. That's what I would do for sure.