How to Keep Emotions in Check and Maintain Strategy as a beginner

[Mr.suevie]

The simplest way for most people to learn is to simply experience being burned. No matter how much you teach people on how not to do it(by learning based on history), experience will almost always be the best teacher — most especially in the context of trading and investing.

That's true, because the quest to feel your curiosity can never be fully rested until one have experienced all the happenings by yourself and made all the errors and mistake so as to know the proper way and right corrections to follow up these mistake. If we go into trading having a mentor and he teaches us all the up and down that's there in crypto trading it's wouldn't count vividly as to the knowledge you gather yourself through self experience doing what you are curious about although there is the part where you can learn greatly from other people mistake to avoid making those same mistakes too .

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[lionheart78]

The simplest way for most people to learn is to simply experience being burned. No matter how much you teach people on how not to do it(by learning based on history), experience will almost always be the best teacher — most especially in the context of trading and investing.

I highly agree, but it would be nice to be smart by learning from the experience and failure of other people.  This way we won't have a first-hand experience of everything.  Second-hand experience through observation and internalizing the failure and success of other people can also teach us what is good and what is a bad move.  That is why other people look for mentors that can guide them avoiding failures and mistakes.

Though nothing beats a personal experience, life is too short to experience all those things. It will save us resources and pains if we are able to acquire how to learn from others' experiences.

[CryptopreneurBrainboss]

Everyone is different, and every situation is special. So, what might work for one person might not work the same for another, and it might not work all the time either. Here are some tips to help you set aside your emotions and stay focus on your trading strategy.

As a human being with interest in learning how to trade or already a trader, one thing you have to master before you become successful at trading is controlling your emotions because when you're not able to control your emotions you can't stick to your trading plans and that would become an issue when you want to trade. All the tips you mentioned are good but they can't just be executed without been able to control your emotions first. Making plans and following it up without breaking then can only be possible when your emotions are already under your control and so is only investing in what you do understand because when you don't have your emotions under control you'll be easily be distracted with trends in the market

Investing with money you that you can afford to let go will help you with your emotion management because one reason why traders aren't at peace with the market is because they invested so much capital into the market that it begins to worry them but when the capital invested is in the category of spare money, you won't be bothered much about the market. Another important thing to always do as a trader is to take break, it doesn't matter if you're winning or losing but always take breaks as it gives your brain rest and time to think which will be helpful for future decision that you'll have to take when you're resuming your trading.

[GiftedMAN]

Op all you have pointed out is correct and applicable for a beginner who's new to the crypto space but don't you think you need more of what you just said? I think it is only a beginner who just got registered today in the forum will be the only one who isn't aware of all this advice because it has been repeated severally here. There's no way you won't find things difficult or get emotional over certain things when you don't know the basics of what you are doing and there is no amount of advice that can help a beginner who isn't ready to learn from the experience of others so long story short, encourage anyone who's interested to learn about anything not just the crpto investment to get the proper knowledge and follow the due process so they won't end up as lossers or gamblers.

[lousie9]

Thank you for sharing your information and knowledge OP and I think some of the points you convey are true, but believe me these are just a few points that only refer theoretically and sometimes when we really get into trading we won't be able to easily control ourselves and think clearly to follow the advice. As you have said and conveyed because everyone has different influence factors and conditions.
As other members have said, the most important thing is that we really understand and know how to trade and find strategies that are suitable and comfortable for us to use. If we are tired or have a lot of thoughts, don't let us trade but we have to rest. If you experience a loss, don't give up easily and have to evaluate what went wrong after that let experience guide us to be better.

[Rockstarguy]

The simplest way for most people to learn is to simply experience being burned. No matter how much you teach people on how not to do it(by learning based on history), experience will almost always be the best teacher — most especially in the context of trading and investing.

Learning every thing about trading and investing theoretically is not enough,  thus can't give out the main outcome of what we desire. That is why one can spent good time in learning trading but yet still having some Challenges concerning about trading.  The experience in trading is so important that it can never be looked down. The experience from trading and investing can reduce the rate at which one can be at lose, and it can also increase the chances of gaining profit.  Experience can never be neglected in trading and investing,  it gives good directions and to make better decisions.

[ultrloa]

Whatever pointers you remember but if you don't have any experience dealing on certain scenarios you will never execute all the words posted.

But if you able to deal with the risk then learn on all experiences you encounter then provably that can make you aware on everything and can put good decisions on every position you enter.

Experience is a best teacher so I guess you really need to engage with people who trade and to situation what occur.

[LogitechMouse]

Re: How to Keep Emotions in Check and Maintain Strategy as a beginner

Experiencing the hardest is always the best teacher.

I always believe that experiencing it first hand will teach you. When I was a beginner, I might call myself lucky because I didn't get scammed a huge amount of money, and it's because I didn't let my emotion decide what I will do and instead, I did some research first, and decide after doing that. With that kind mindset, I managed to dodge some of the scam projects that I initially wanted to invest my money in. Though there are times that I got scammed, it's just a small amount (probably around $5 to as high as $10).

After all, experiencing making mistakes will make you a better person not only in investing, but in real life. Experience will make you adjust, will help you to control your emotions, and to come up with a better strategy.

[Lida93]

Your list is good for a watchlist on oneself in his trading but like many have said experience plays a pivot role in trading more than all else meanwhile one of such experience is that we shouldn't be trading when we are angry or having a distorting disturbance in our head giving us an unbalanced thoughts, it creates a divided attention and distraction which can cost us a colossal loss. Anger doesn't work with trading, it's an emotion and at that moment a trader can be making trading decisions out of the anger he's hosting instead of reasoning and logic based on analysis.  And this is as a result of anger taking control of the better part of him.

[Richbased]

It is important for a beginner not to invest or trade with emotions and at a time that you're experiencing losses you just have to know that you didn't follow some important rules that stand as tools needed for investment.

 Tools like knowing when the right signal comes up for one to start trading and these signal must be noted despite how the market might turn out to be. So in trading, it is advisable to remove whatever that will make you to be emotional by following the rules of the system.

You don't need to be too anxious of anyone who offers to give you ideas on how you can make profits while trading as if it was that easy i believe they will rather prefer sharing those ideas with their close ones. Although some of their ideas do work but its dependent on how focused they are in following the exact rules that will enable the system to work.

Instead of paying someone that claims they know about how the system works its rather you use that money and start investing then follow the rules and basic techniques that the system requires that's sure the right way to go.

I know that almost everyone goal is centered at making huge amount of money in trading but that shouldn't be your most priority yet as you need to know the things that are more important in trading as quick as possible because if you ain't able to identify how the market is going on time then you might likely lose out at a time when the market would have been favourable to you.

And again do not allow your attention to be divided while trading and at a time when you are looking for the best time to invest you should be able to identify the wrong signals from the right ones.

[_BlackStar]

Richbased - I'm sure you already have a good understanding and strategy in trading, but you don't have to build on this thread that has been off for more than 3 months. Meanwhile you should also note that the OP has been banned and will no longer hear what you have to say - so next time you should be more selective in choosing threads especially if you have more knowledge for other users to hear.

I will report this thread to lock because the discussion may no longer be relevant - so it would be better to suppress spam. I hope the mods agree with my assumptions.

[Btcdeybodi]

Richbased - I'm sure you already have a good understanding and strategy in trading, but you don't have to build on this thread that has been off for more than 3 months. Meanwhile you should also note that the OP has been banned and will no longer hear what you have to say - so next time you should be more selective in choosing threads especially if you have more knowledge for other users to hear.

I will report this thread to lock because the discussion may no longer be relevant - so it would be better to suppress spam. I hope the mods agree with my assumptions.

Yes legend the user have been banned maybe he should recreate the thread

[aoluain]

As many have said already, Education and patience are the keys to controlling emotions when trading.
The education factor includes understanding the Bitcoin market, its 4 year cycle for example, understanding
the trading signals and how to read charts.

Patience will teach you not to make the wrong trades and the wrong time, this goes hand in hand with the
educating points above. just me 2_satoshis

I would also like to say that as a beginner at trading it will almost be certain that you will fail in the short
term because beginners have no experience.

Here is an article from 2019 which we can be certain is still relevant to today, its an interesting read.

Day Trading Bitcoin: Why 95% of Traders Lose Money and Fail

https://cointelegraph.com/news/day-trading-bitcoin-why-95-of-traders-lose-money-and-fail

[Luffygroove]

These points will absolutely help. Now, if I may add, picture this: in the trading world, it's crucial not to let panic or greed take the wheel. Imagine you're on a roller coaster, when it dips, don't panic; when it climbs, don't get too greedy. Being a wise trader means keeping a cool head and not rushing decisions when things get shaky. Panicking can lead to hasty choices, and greed might make you overreach. It's like finding the right balance on a seesaw, steady and mindful. So, remember, in the trading game, keeping calm and staying grounded is your winning strategy.

[Sanitough]

These looks easy but are actually hard to practice. Whether you accept it or not, your emotions will always be your worst enemy when trading. So just learn to deal with it along with patience, as you can't stop from feeling your emotions in everything you do. But as you grow as a trader, you will learn to adjust and control your emotions most especially when the market does not favor your trades.

I'd say experience is the key. If you can't control your emotions as a beginner trader, then let yourself experience all those various emotions when trading. Do not be afraid when you lose as losing is part in trading. But learn to overcome your losses gradually and when that happens, your emotions will also be more likely to be controllable.