Psychology is never fully mastered, it requires continuous work.

[Coin_info]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me. Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time even to the extent that people were able to entrust some money into their hands to trade with, to these persons they must have reasoned that they have mastered their psychology and nothing could affect them anymore, until the event of that day that led to many of them ending their lives.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

[Dogedegen]

Psychology can never be mastered, but to make the situation even more drastic is the fact that most people have not even completed the basics.

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me. Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time even to the extent that people were able to entrust some money into their hands to trade with, to these persons they must have reasoned that they have mastered their psychology and nothing could affect them anymore, until the event of that day that led to many of them ending their lives.

What must be understood here that having time in an market does not make you an expert. This is a common confusion. Sure spending time in something does technically give you experience but not all experience is equal. What mostly happens is that time spent in the market when combined with some lucky successes deludes people into thinking that they are experts. Someone who has valuable experience and expertise would never over leverage themselves and especially not using someone else's money. That shows a high degree of psychological immaturity and trading amateurism.

[Zaguru12]

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

How can one actually master something that is dynamic or something that is always evolving, the bitcoin market or the general crypto market is influenced by factors which are actually changing and not static so this means that one cannot get a mastery of this condition rather one can use the knowledge and understanding of the past event to fathom what might later transpire.

Psychology is one of the most important tools in actually been a successful trader or investor but one cannot have a complete psychology there are events that will shake it up just of recent we had one of the greatest or biggest liquidation in a day and we saw reports of multiple traders committing suicide this is a clear example of how psychology can be shattered on some rare market before

[SilverCryptoBullet]

Psychology is one of the most important tools in actually been a successful trader or investor but one cannot have a complete psychology there are events that will shake it up just of recent we had one of the greatest or biggest liquidation in a day and we saw reports of multiple traders committing suicide this is a clear example of how psychology can be shattered on some rare market before

It is very important, and even can be called as vital for traders and even for investors in the market.

All knowledge about fundamentals and trading analysis are useless if people can not understand about the psychology of market cycle and fail to control their emotion, then actions.

Psychology of market cycles.

This chart needs to be printed and pinned on the wall where you can easily see daily.

[dunfida]

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

How can one actually master something that is dynamic or something that is always evolving, the bitcoin market or the general crypto market is influenced by factors which are actually changing and not static so this means that one cannot get a mastery of this condition rather one can use the knowledge and understanding of the past event to fathom what might later transpire.

Psychology is one of the most important tools in actually been a successful trader or investor but one cannot have a complete psychology there are events that will shake it up just of recent we had one of the greatest or biggest liquidation in a day and we saw reports of multiple traders committing suicide this is a clear example of how psychology can be shattered on some rare market before

The crypto market in particular makes this even harder because of its speed and volatility it’s not like traditional assets where changes happen gradually here you can see prices crash or surge in minutes and that kind of movement triggers powerful emotions fear greed panic or overconfidence that’s why psychology in trading isn’t something you master once and forget it’s something you manage continuously every single trade. Learning from past events helps a lot you can’t predict what will happen but you can build mental habits that prepare you for different possibilities having a plan using stop losses keeping emotions in check and accepting that losses are part of the process all help strengthen trading psychology the moment you start believing you’ve mastered it completely is when overconfidence starts creeping in and that’s usually the first step toward big mistakes.

[Nheer]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me. Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time even to the extent that people were able to entrust some money into their hands to trade with, to these persons they must have reasoned that they have mastered their psychology and nothing could affect them anymore, until the event of that day that led to many of them ending their lives.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

I think keeping your psychology and emotions in check is understanding your limits and not exceeding them. Being aware of the risks you can take and not going beyond that point helps to keep your emotions in check and helps to keep you psychologically sound although some instances will arrive that will still be out of your control.

If you can actually know your limits to these things and not exceed them then you shouldn't have much problems. Mastering psychology is a continuous effort and very difficult and individuals needs to work on themselves because the market is always changing, the volatility is what makes it difficult for traders to have their psychology in check. If I hear of people losing money and taking their own life I always have it that they caused it by putting more money than they can afford to lose so when they lose it they feel broken.

[justdimin]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved.

Honestly nothing is one time thing in your life. If you assume that you have mastered something, then from that point, you start getting outdated. This is very much true for trading and like you mentioned could apply for psychology as well. At the same time, you do not need to be an expert in psychology to trade in crypto markets or for making profits in trading cryptos. But, you must know what is your level of greed and fear and how to handle your emotions overall.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident.

People do fail here at some point between continuous learning and not being overconfident. You cannot manage things better here without prior experience. I mean, continuous learning along with real time experiences will bring changes for sure.

[justinlamode]

A good trading psychology is very important to survive in trading, that is why it has to be a continuous learning process and never a one off thing. The market is dynamic so approaching it have to require making provisions for various possibilities and ability to make adjustments accordingly. This is only possible when the trader is able to have the psychological ability to make those adjustments. However, there is a generally accepted norms that an individual need to start and build on that to become better in both ability to analyze the market and the psychological skills needed to manage the trades.

[moneystery]

Psychology is crucial for traders. Without a strong psychology, traders can easily become trapped in impulsive decisions. They quickly panic when the market moves against their predictions, ultimately making emotionally driven decisions that lead to significant losses.
Having a strong psychology is an advantage for traders because it allows them to control themselves in stressful market situations. They tend to remain calm and rational, even when the market is experiencing a sharp decline.
However mastering trading psychology is not easy, as it requires experience in trading. It can't be developed overnight; it takes years for traders to achieve this. but when traders have a strong psychology, they can face the market with confidence and are less likely to panic.

[Akbarkoe]

Psychology is difficult to master, {...}

Because psychology must have many elements for its formation, starting from time, experience, self-control and intelligence of thinking as well as strong intuition, this requires a lot of resources and a long time, don't think that you can master it in a year, it's possible but if you are a genius in this field, it can happen.

[rachael9385]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me. Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time even to the extent that people were able to entrust some money into their hands to trade with, to these persons they must have reasoned that they have mastered their psychology and nothing could affect them anymore, until the event of that day that led to many of them ending their lives.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

Psychology is the most important aspect of trading that is very difficult to master, even when you think that you are no longer an intermediate trader your mental fortitude will be tested. Some people break at some point and they give up. One cannot fully master this aspect of trading but it can only be improved on. This is something that is learned and applied before you start learning how to trade, while you are developing a strategy and also when you become an advanced trader

[Synchronice]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me. Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time even to the extent that people were able to entrust some money into their hands to trade with, to these persons they must have reasoned that they have mastered their psychology and nothing could affect them anymore, until the event of that day that led to many of them ending their lives.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

General psychology is not difficult to master but individual's psychology can be hard to master, especially if they are very complicated and unpredictable persons. By the way, since you connect psychology and trading, I would say that it was expected to see market crash after Trump's statement but the reason why many people lost money, to my mind, is that you can't be online 24/7 trading and you also can't always be the one to have access to the news immediately. I don't know how some people react immediately before an article is written but they probably have their informators.

No trader (other than probably those who can directly affect the market in an expected way via their direct or indirect influence) should be confident because they do not control the market!

[OcTradism]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

You can not feel well if you lost money so for mastering psychology of the market cycle, you must firstly survive in this market that is very vital for you. And by surviving in the market, protecting your capital well, you will have a lot of time to experience the market and have more time, opportunity to sharpen your psychology.

Psychology of a Market Cycle – Where are we in the cycle?
This chart can be seen many times but you can not master the psychology of market cycle by looking at the chart.

[HONDACD125]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved. This is one of the major lessons that the recent dip in the value of cryptocurrency taught me. Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time even to the extent that people were able to entrust some money into their hands to trade with, to these persons they must have reasoned that they have mastered their psychology and nothing could affect them anymore, until the event of that day that led to many of them ending their lives.

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

Those who took their lives were all reckless traders and weren't experts. An expert would never neglect risk-management, and they would always have their risk-management intact so that things like these don't affect them much. Besides, what kind of an expert puts all their eggs in one basket and then expect them not to break if the basket drops when they know that the basket is kept at a place where it's unstable and could drop and all the eggs will be broken?

Those who are experts, both in psychology and knowledge and experience-wise, would never have all their funds in open positions in futures, that too all in one direction so that if the market dips, all of them would get liquidated and they lose everything they ever had. That's foolish and extremely reckless, and I wonder why people with so much money don't have enough sense to understand that this isn't how you do it. You have millions of dollars, you can easily make good money if you use that money wisely, but as they say, greed is a b**ch.

[Alphakilo]

What you called 'psychology,' is what another person would call 'emotional maturity '.
Which ever be the context it is applied in, I understand both to be an underlying factor that must be developed and mastered inorder to survive the speculations and volatility of the crypto currency market.

In which ever endeavor, the psychology is always different and the requirements for the psychology here when it comes to trading, is that a successful long time trader should have experienced several market scenarios that has made them become confident in the position they close, and they must have also used some trading tools and applications of methods to full advantage like the stop loss, leverage, of which its aim is to help to make sure a trader has mitigated the risk involved in the trading market at the moment.

[Mpamaegbu]

Psychology is difficult to master, it is not a one time thing where a trader can claim that they have mastered their psychology completely, but a continuous process of trying to attain and maintain that balance after it has been achieved.

There's no lie in what you just summed up there. The only way it can be mastered is if humans can tell the future. Sadly, no one can. We can, at best, speculate. Speculation is prediction. There's no certainty to its outcome.

Many of the traders who took their lives are not new traders from what I observed, many already have experience in the market and have been trading for a long time...

They're idiots who preached what they didn't practice. Otherwise, they should've adhered to that caveat – don't invest more than what you can't afford to lose. They over exposed themselves to risk and couldn't cope with the repercussions of their action. Ending it in suicide only shows they're cowards who couldn't face hard times and rebuild from it.

[Gozie51]

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

Mastering of psychology I expect that you are talking about emotion and to me emotion rises because a trader has not done the right thing on the trade. So having a good psychology means you should be able to be patient, take lesser risk etc. It is the psychology that should guide you to keep to your rules on your strategy. You will not have good psychology then you are using high leverage against small account, you are taking risk that is higher than your funds, that is not good psychology. Trading psychology is everything about obeying trading rules like patience to enter a trade, when to exit, SL, minimal leverage commensurate to your account etc.

[Dogedegen]

Psychology of a Market Cycle – Where are we in the cycle?
This chart can be seen many times but you can not master the psychology of market cycle by looking at the chart.

Okay but why did you post this image when just a few posts above you another user posted the same one? Did you not see it?  

Psychology of market cycles.

This chart needs to be printed and pinned on the wall where you can easily see daily.

Here it is. You even posted the same link to the same article as he did. 

They're idiots who preached what they didn't practice. Otherwise, they should've adhered to that caveat – don't invest more than what you can't afford to lose. They over exposed themselves to risk and couldn't cope with the repercussions of their action. Ending it in suicide only shows they're cowards who couldn't face hard times and rebuild from it.

While deaths are sad and should not be celebrated that doesn't change the fact that many of these people are idiots. I feel more sorry for the poor people when this happens than those that lived a pretentious luxury lifestyle. They were just dumb like that Ukrainian guy that was driving Lamborghini and using money that the military gave him to do leverage trading! Crazy how stupid you have to be, I don't feel sorry for him! People like him have zero psychological maturity.

[Odohu]

The realization that the mastery of psychology is a continuous process will help any trader not to become too overconfident. What do you think?

Mastering of psychology I expect that you are talking about emotion and to me emotion rises because a trader has not done the right thing on the trade. So having a good psychology means you should be able to be patient, take lesser risk etc. It is the psychology that should guide you to keep to your rules on your strategy. You will not have good psychology then you are using high leverage against small account, you are taking risk that is higher than your funds, that is not good psychology. Trading psychology is everything about obeying trading rules like patience to enter a trade, when to exit, SL, minimal leverage commensurate to your account etc.

Using high leverage on a small account is same thing as high risk gambling because any mistake, you will lose everything on your account. In other words, it requires 100% success without any drawdown which can be disastrous.  Having a good psychology will definitely help a trader avoid being greedy which is the cause of using high leverage.

[OcTradism]

Using high leverage on a small account is same thing as high risk gambling because any mistake, you will lose everything on your account. In other words, it requires 100% success without any drawdown which can be disastrous.  Having a good psychology will definitely help a trader avoid being greedy which is the cause of using high leverage.

With any leverage, low or high, there is risk of liquidation just low or high risk, and the latest market massacre shows that in cryptocurrency market, there is nothing as safe leverage to use. In the latest massacre, with any leverage, your leveraged trading position was liquidated for sure with such crash effects and failure of filling your orders from centralized exchanges.

If traders want to be safe completely, only trade with Spot trading market and don't use Margin trading market or Futures trading market.

Using stop loss order is mandatory but with leverages, it can fail to save your position and trading capital.
One of best weapons in trading.