uswa56
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October 23, 2023, 02:24:11 PM |
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It is very important even in my opinion for us to be able to control our emotions in trading. There are many theories about controlling emotions, but it is not that easy when we live it because in the trading journey that we undertake, many things happen that are beyond our previous expectations, so these emotions are difficult to control. Emotions are internal, so I think there is no special theory that can be learned other than building awareness of ourselves and learning about the experiences we have gone through.
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Kuiperz
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October 23, 2023, 02:33:04 PM |
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Yo,
The best advice I can give to manage overconfidence bias is to maintain a trading journal. This is a tool where you document all your trades, including your reasoning for entering and exiting a position, the outcome, and any mistakes or successes along the way.
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taufik123
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October 23, 2023, 03:58:00 PM |
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The tips seem perfect if executed well to reduce trading emotions. But have you applied them first before writing this?
Because what I know is that it is not easy to control trading emotions, even if someone has a long experience. Emotions can unconsciously be unstable due to the influence of some problems or inappropriate strategies.
It is easy to give such tips, but it is difficult to implement because the real experience will be different from the fairy tales that are made everywhere.
If you are an experienced trader, you will give other tips not just emotional control. Doing some technical analysis will be quite helpful.
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_BlackStar
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October 23, 2023, 04:04:28 PM |
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It is very important even in my opinion for us to be able to control our emotions in trading. There are many theories about controlling emotions, but it is not that easy when we live it because in the trading journey that we undertake, many things happen that are beyond our previous expectations, so these emotions are difficult to control. Emotions are internal, so I think there is no special theory that can be learned other than building awareness of ourselves and learning about the experiences we have gone through. You are right - controlling emotions is not as easy as when someone mentions the theory. Traders tend to have difficulty controlling their emotions when market volatility does not match expectations – fear of loss is the cause. They are traders who know that volatility is an integral part - but when their emotional control is not good and their psychology is not good then it will cause them to make wrong decisions. Trading psychology needs to be studied and also practiced. They need to train themselves to avoid greater losses due to poor self-control. Of course they need time – but I'm sure if they study hard it will have a positive impact on them.
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TelolettOm
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October 23, 2023, 04:11:20 PM |
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There are many people who trade on BitcoinTalk forums. Those who trade must control their emotions. If not, you will have a huge loss in trading. Why emotion is needed while trading is as follows:
What is most certain is that when we can manage our emotions well, then at least we are in good condition to make trading decisions. On the other hand, when we lose control of our emotions, what happens is that we easily become panicked, angry, disappointed, hopeless, and ultimately decide everything without thinking, without careful consideration. As a result, this will disrupt our focus and also our efforts in trading, even ending in losing money easily when we really can't control our emotions when trading. Here are some ways to control these emotions
Apart from what you have explained in the list, there are actually basic things about controlling emotions, namely how we can also control emotions in everyday life. This definitely requires a certain process, practice and experience. Sometimes, we have to deal with various things first so that our emotions are more mature and so that we can really start to focus on controlling our emotions. especially in trading, experience will really help us to better understand ourselves and be able to train to control our emotions. And this happens if we really want to learn. If not, it's the same.
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xzy887
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October 23, 2023, 04:43:59 PM |
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Trading is all about risk management. If you are taking the risks which you shouldn’t be taking, it will make you nervous and the more nervous you are, the more mistakes you will make. In the end these bad trades will cost you money. You need to be emotionless like an npc while trading. It is the only way to win this game. Remember most people use algo-bots and that means you are not even trading with real people. You are competing with bots. These bots don’t have any emotions and you should be exactly like them. If you can’t do this, you shouldn’t be trading or should use bots just like everyone else.
I think it's actually wise to always rely on yourself for trading. But not everyone is good at this. You didn't know everything when you were new. You have learned today by any means or by taking help from someone else. If he is also a newbie then he can learn from anywhere. And for that you can take the help of a bot or an expert. But it is not good to be dependent on others forever.
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BitcoinTurk
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October 23, 2023, 09:56:52 PM |
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Here are some ways to control these emotions:
1. Don't expect much profit. For example: You think that you will become rich by investing in a coin. 2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head. 3. Avoid revisiting a coin after investing. You place a sell order with a specific target. 4. Trade according to market conditions. Don't immediately invest in someone's words. 5. Stay calm and try to control temporary emotions.
Definitely, never should open a position with a single cryptocurrency and expect serious profits from this position alone and shouldn't dream of getting rich with just this cryptocurrency. Identifying potentially 3 or 4 TP points by providing technical analysis and gradually closing the position at these points will help to get more efficiency from the position and will help to evaluate opportunities from all price movements that will potentially occur in the short term. In addition, it is very important not to establish individual ties with each position and to minimize potential losses by analyzing the necessary price levels in case of a possible reverse movement and creating an SL order. On the other hand, it is very important not to enlarge the position size without confirmation by technical analysis especially in case of a loss in a position and if these positions are opened with someone else's suggestion it is necessary to support this by doing our own research. So, it is very important not to act emotionally when trading, not to stick to one position and definitely not to act in a greedy way when detecting important levels such as TP-SL points. It is important to remember that controlling emotions when trading cryptocurrencies is at least as important as the analysis done to determine the trading level.
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Jatiluhung
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October 24, 2023, 01:35:28 AM |
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Here are some ways to control these emotions:
1. Don't expect much profit. For example: You think that you will become rich by investing in a coin. 2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head. 3. Avoid revisiting a coin after investing. You place a sell order with a specific target. 4. Trade according to market conditions. Don't immediately invest in someone's words. 5. Stay calm and try to control temporary emotions.
What makes novice traders lose a lot of money in trading is when they have too much confidence in a coin. In fact, many people can't control themselves and forget about diversification. They go all in due to the hype and think they can get rich just by investing in certain coins. So it is true that this kind of thinking must be eliminated. Both in investment and in trading. And sometimes another thing that makes a beginner experience losses due to not being able to control their emotions is when they see a hype on a coin and the coin has experienced a high increase and the person actually feels afraid of being left behind or what is usually called Fear of missing out (FOMO). All of this happened because of not being able to control emotions. So this is where controlling emotions is important in trading. And actually what you said is a general thing that we must always remind beginners who don't have much experience in controlling emotions in trading.
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Litzki1990
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October 24, 2023, 02:05:35 AM |
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Anger, pride, emotions, these don't really go with trading. When it comes to trading, you have to make decisions based on emotions, and you have to make informed decisions and arrive at a decision after a hard analysis. A small mistake in your decision can cause a big loss to your business. Everyone talks about controlling emotions in business here you talk about using emotions although your topic discussion is different. The more calm you can make the decision, the more likely it is to make the right decision. Let me give you a simple example, for a long time you are trading at a loss, so if you get angry and sell your trading at a loss thinking that it is on your forehead, it will never be good for you. Therefore, these anger, pride and emotion should be left aside and the right decision should be taken thinking about the business.
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wxa7115
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October 24, 2023, 03:37:25 AM |
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Anger, pride, emotions, these don't really go with trading. When it comes to trading, you have to make decisions based on emotions, and you have to make informed decisions and arrive at a decision after a hard analysis. A small mistake in your decision can cause a big loss to your business. Everyone talks about controlling emotions in business here you talk about using emotions although your topic discussion is different. The more calm you can make the decision, the more likely it is to make the right decision. Let me give you a simple example, for a long time you are trading at a loss, so if you get angry and sell your trading at a loss thinking that it is on your forehead, it will never be good for you. Therefore, these anger, pride and emotion should be left aside and the right decision should be taken thinking about the business.
Your emotions should be always under control as the whales are experts at taking advantage of them, after all it is often mentioned that the markets are influenced by fear and greed, and if you fall victim of a single one of those emotions then you are lost. As if you get too greedy then you may use too much leverage or hold a position for too long, while if you succumb to fear then you can easily sell too soon and miss an upward movement that could have made you a lot of money.
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Z_MBFM
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October 24, 2023, 05:48:58 AM |
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There are many people who trade on BitcoinTalk forums. Those who trade must control their emotions. If not, you will have a huge loss in trading. Why emotion is needed while trading is as follows:
How to trade on Bitcointalk forum? I think you meant that many members of the bitcointalk forum trade crypto 1. Profitability: Profitability in the crypto market is very dynamic and variable. Traders' emotions create interest and excitement about their profits.
Yes and when a trader gains in trading he improves financially so it is normal for emotions to work in him. And if one does not have emotion, he will have no interest in money and will not be motivated to trade. 2. Volatility: The crypto market is volatile, i.e. prices can change rapidly. Having emotion with this position can help traders as it is important to make timely diagnosis.
The crypto market is always volatile and the price changes rapidly due to which it is possible to profit by trading here. Here emotion can help a trader to achieve good results while excess emotion makes losses more than gains. Here are some ways to control these emotions: 1. Don't expect much profit. For example: You think that you will become rich by investing in a coin. 2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head. 3. Avoid revisiting a coin after investing. You place a sell order with a specific target. 4. Trade according to market conditions. Don't immediately invest in someone's words. 5. Stay calm and try to control temporary emotions.
Your points are valid but the most effective way to control emotions is to ignore any type of hype. and consider trading as a part-time source of income while engaging in a full-time activity like business, job etc. then the emotions will naturally be under control
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ndutndut
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October 24, 2023, 07:39:45 AM |
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5. Stay calm and try to control temporary emotions.
It is indeed difficult to trade without emotions, based on the book I read, trading without emotions is difficult for humans to make decisions. No fear, no greed. So it is important as a trader to be able to control your emotions. Trading is not just how much you get in a short time, but how consistent the profit you get is, increase your capital and reduce your target. Because successful trading focuses on progress, not the end result, the goal can be achieved well, we can even be happy if we enjoy the process. Don't hold a grudge against the market if you have made a profit, don't be greedy. If you lose, don't want revenge, don't be trapped by a target that has no ending. Because our biggest enemy is excessive expectations of betting.
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Mpamaegbu
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October 24, 2023, 08:53:28 AM |
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Emotion is very crucial in trading and that's what differentiates humans from bots or scripts. Whether we're winning or losing, there has to be a battle of controlling our emotion. Otherwise, it makes a mess of our psychology. While the winning part emotion brings us excitement and that feeling of "I've arrived" which makes many throw caution to the wind or the losing part that causes us anxiety and loss of confidence in our setups, both should be controlled to the nearest minimum. This is where professional and profitable traders tend to have that upper hand over amateurs. Pro-traders deaden their emotions while in trade; whether winning or losing. With that, they're able to have a clear head with things that happen on their charts while still in trade.
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bitterguy28
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October 24, 2023, 09:08:56 AM |
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There are many people who trade on BitcoinTalk forums. Those who trade must control their emotions. If not, you will have a huge loss in trading. Why emotion is needed while trading is as follows:
1. Profitability: Profitability in the crypto market is very dynamic and variable. Traders' emotions create interest and excitement about their profits.
I can attest to that, though I cannot consider myself as trader nowadays. 2. Volatility: The crypto market is volatile, i.e. prices can change rapidly. Having emotion with this position can help traders as it is important to make timely diagnosis.
and that is why we must be ready to risk and wait, the more you wanted to earn easier is the more you will fail, better to understand those aspect before completely relying in this market. Here are some ways to control these emotions:
1. Don't expect much profit. For example: You think that you will become rich by investing in a coin. 2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head. 3. Avoid revisiting a coin after investing. You place a sell order with a specific target. 4. Trade according to market conditions. Don't immediately invest in someone's words. 5. Stay calm and try to control temporary emotions.
I love all the advised strategy , but what I see reflects in all is the last part in which "Learning to Stay Cam and Control Temporary Emotions" as this applies to all varieties of investments.
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baenschi78
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October 24, 2023, 10:14:54 AM |
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5. Stay calm and try to control temporary emotions.
Yes, controlling your emotions is very important. Trading is more than just money Trading is risk, strategy, emotion, discipline, execution, persistence. A trader's goal is to make the best transactions, not as many. So traders should not be enslaved by emotions. Control ourselves or those who control us.
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Dimitri94
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October 24, 2023, 11:40:58 AM |
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1. Don't expect much profit. For example: You think that you will become rich by investing in a coin. 2. After you have invested in a coin, you find that for some reason it has gone down in the market. At this time, without being emotional, you first look at the condition of the token, what condition it is in, and then take a decision with a cool head. 3. Avoid revisiting a coin after investing. You place a sell order with a specific target. 4. Trade according to market conditions. Don't immediately invest in someone's words. 5. Stay calm and try to control temporary emotions.
Trading is not a simple task so when a trader is trading he has to take care of various things. A trader can suffer the most when he plans to trade emotionally. We often see some traders get emotional about a coin without doing any research. They invest more than they need. They get the idea that maybe they will make a big profit through some of these. But they get a sense of that when their demand is not met after taking a trade. All the points mentioned by you should be considered by a trader while trading. A trader must avoid emotional thought and should research well before taking a new trade otherwise he will suffer.
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EluguHcman
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October 24, 2023, 11:50:38 AM |
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Controlling emotions is not enough, but you must improve the exploitation of these emotions to turn them into something useful from which you can make profits. Emotion is a feeling that drives you to do something. Fear and greed are what make you think about a high-risk investment, and if you exploit it well, you will most likely achieve profits. Likewise, this means that fear of loss means accepting it and not being afraid of loss, but rather considering it as a lesson to achieve more profits.
In short, controlling emotions is good, but redirecting them to achieve profits is more important.
You are right. On a serious note, investors could be profitable by flexibility on investment decision at their emotions on the capitalization towards their investment demands strategical analysis to acquire its goal. And must not be inflated with the crowded decisions to a quick and sudden selling of it coin probably due to the current nature of a downtime.
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justdimin
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October 24, 2023, 01:54:52 PM |
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Emotion is very crucial in trading and that's what differentiates humans from bots or scripts. Whether we're winning or losing, there has to be a battle of controlling our emotion. Otherwise, it makes a mess of our psychology. While the winning part emotion brings us excitement and that feeling of "I've arrived" which makes many throw caution to the wind or the losing part that causes us anxiety and loss of confidence in our setups, both should be controlled to the nearest minimum. This is where professional and profitable traders tend to have that upper hand over amateurs. Pro-traders deaden their emotions while in trade; whether winning or losing. With that, they're able to have a clear head with things that happen on their charts while still in trade.
The difference between us and bots is that if we can use our emotions better then it could benefit us, instead of hurt us and that should be an important difference. I get that it may not be all that quick at this current moment but that doesn't mean that we are going to always use it right way neither, we could use it terribly as well. We need to learn to control our emotions and not ignore them, because if you ignore your emotions that means you are trying to be like a bot and in that case it would be better to just use a bot and not try to ignore your emotions, bots do not have any emotions and would trade just like you want. The trick is not to ignore it, the trick is to make sure that you end up investing into something with your emotions intact but being able to control it, that would give you a return that should be a lot better and could definitely result with a greater return without a doubt, we could benefit from it immensely if we use it properly.
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Dickiy
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October 24, 2023, 02:34:20 PM |
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Emotion is very crucial in trading and that's what differentiates humans from bots or scripts. Whether we're winning or losing, there has to be a battle of controlling our emotion. Otherwise, it makes a mess of our psychology. While the winning part emotion brings us excitement and that feeling of "I've arrived" which makes many throw caution to the wind or the losing part that causes us anxiety and loss of confidence in our setups, both should be controlled to the nearest minimum. This is where professional and profitable traders tend to have that upper hand over amateurs. Pro-traders deaden their emotions while in trade; whether winning or losing. With that, they're able to have a clear head with things that happen on their charts while still in trade.
That's right and usually it's emotions that are always a problem for most traders, especially for those beginners who haven't been able to manage their psychology in every condition in their trading. When in such conditions we must really be able to fight with our own emotions, where planning must still be applied but on the other hand we feel upset because it turns out that the final result should be in accordance with the analysis but the facts that occur are missed or even far from expectations. While when we are in a favorable condition, there will definitely be a sensation of excitement that cannot be described along with a feeling of pride that we have been able to make progress. Exactly, I really feel that and that position, where when I managed to get fairly consistent results then I felt like I was great in terms of market analysis, and of course it is not impossible that our vigilance will very likely decrease when in such a position. It is true that management, planning and self-control are very important in the world of trading, because only that will be able to lead us to a profit according to the target and also it will be very useful to minimize losses. Professional traders will emphasize caution and minimize the risk of loss rather than just looking for a lot of profit. Nothing but a calm psychology will be very useful for us to find the right decision when in a market.
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Hamza2424
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🇵🇰 Pakistan
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October 24, 2023, 02:39:16 PM |
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Haha, According to the recent market developments I would like to recommend the Emotions. That emotion sucks ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) , sometimes they even trap a well-prepared person so be very careful while going for in decision such as market condition and never forget your timeline perspective if you're a long-term holder try not to fall for such market sentiments, Ins long term you can adapt the respective strategy as you like. __BEST OF LUCL AND ENJOY__
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