How to begin trading without allowing fear to control you

[snowpega]

Personally I only trade what I can afford to lose. I don't risk trading with large amounts but perhaps one of my biggest mistakes is that I don't use stop loss orders because I think the coin might recover and regain its price.

My last loss was quite large and the main reason was that I did not use a stop loss. If I had used a stop loss I might have at least reduced my loss by 70% or more. I thought that the coin would rise again but unfortunately it continued to fall.

It's always better to risk only those funds that you don't care to lose. And in your case, it is the perfect example: every mistake left a lesson for you to improve yourself, only if you are the kind of person who learns from mistakes rather than repeating them again, haha, right? By the way, what kind of trade was that in which you lost your major funds? Spot or future? If that was in the futures section, then you have lost your funds permanently, but if it was in the spot section and the project was good, then it is better, which is a sign you still have chnaces you gain back your lost funds in that trade. DYOR!

I also made a similar mistake in the past, and that left a big lesson for me from which I learnt well haha. The good thing was that I took the trade in the spot section, and it turned into a loss, and right now I am still in a loss and hoping for a recovery haha. I have been holding it for months. That is why I never trade in the future section.

[yhiaali3]

Personally I only trade what I can afford to lose. I don't risk trading with large amounts but perhaps one of my biggest mistakes is that I don't use stop loss orders because I think the coin might recover and regain its price.

My last loss was quite large and the main reason was that I did not use a stop loss. If I had used a stop loss I might have at least reduced my loss by 70% or more. I thought that the coin would rise again but unfortunately it continued to fall.

It's always better to risk only those funds that you don't care to lose. And in your case, it is the perfect example: every mistake left a lesson for you to improve yourself, only if you are the kind of person who learns from mistakes rather than repeating them again, haha, right? By the way, what kind of trade was that in which you lost your major funds? Spot or future? If that was in the futures section, then you have lost your funds permanently, but if it was in the spot section and the project was good, then it is better, which is a sign you still have chnaces you gain back your lost funds in that trade. DYOR!

Fortunately the coin I lost was in spot trading, so there is still hope of recovering at least some of the losses, given that DEXE has a strong project in the first place (focusing on building a sophisticated infrastructure for Decentralized Autonomous Organizations (DAOs) and Web3 governance) but it has been manipulated by whales.

Therefore I hope that with time and the market recovers the coin team will be able to restore its price.

[Cheema02]

OP, I read your post. What you say is beneficial but it won't allow you to trade without fear controlling you. There is a fear and there will always be a fear of losing money. You trade to gain profit, not to lose money, so, when you see numbers in red on your opened position, you definitely automatically activate fear in your mind. What happens when you see a lion? You experience fear, doesn't matter what. Fear is the part of our emotion and there is nothing can be done to deactivate it and honestly, it's necessary too, even in trading.
If you want to profit in trading, you have to HODL and focus on long-term gains over short-term ones. There will always be fear but when you hold long-term and don't check the price every day, you automatically relax, especially when you know that Bitcoin adoption increases every day and long-term, the price will increase almost guaranteed.

There is no doubt that a person cannot stop their emotions from occurring, but there is a difference between your emotions appearing and them controlling you. A human has multiple emotions, and they come out at different occassions as per the requirements of the situation, but people who are mentally very strong, they don't let their emotions control them and make them do things that they shouldn't actually do.

What you said at the end is basically the same thing. When you know that the market is going red, and your trade is in loss at the moment, and that will surely make you a bit fearful because you will think about the possible scenarios that could occur, and losing is one of them. However, if you don't let your fear control you and make your decisions, and you decide that you are not going to overthink about it, and you start focusing on other things instead, that's basically you controlling your emotions, which is one of the most important things when it comes to trading.

[kawetsriyanto]

Fortunately the coin I lost was in spot trading, so there is still hope of recovering at least some of the losses, given that DEXE has a strong project in the first place (focusing on building a sophisticated infrastructure for Decentralized Autonomous Organizations (DAOs) and Web3 governance) but it has been manipulated by whales.

If you still keep the coins in spot wallet, it means you still don't get loss.
Well, if you refer to DEXE https://coinmarketcap.com/currencies/dexe/, it just skyrocketed in the previous month. Don't you sell your DEXE? If you mean you buy DEXE last month, it is actually not a wise idea because it has increased quite a lot (comparing to previous months). When a coin is skyrocketing, the best way is selling it. Even if we have a plan to buy again, just wait for the big decline. There must be a huge decline after skyrocketing. I'm sure you must realize it!

Therefore I hope that with time and the market recovers the coin team will be able to restore its price.

You must be aware, there is no guarantee about it. Moreover if the price gap is too significant. Altcoin price is very difficult to predict.
However, I hope you still can get back your funds at least.

[Mpamaegbu]

I don’t really fancy Demo accounts and as a newbie in trading, if you’re using a demo account to trade, don’t use it for too long because it’ll affect your psychology more when you move to start trading with real account.

True.

It still baffles me with those who've live account and they till trade demo account alongside it. I don't know why they do that or what they think they stand to gain from doing it.

On the whole, I believe trading is better when one has something else that fetches one money to sort out bills while starting out  instead of one depending on trading alone. It puts pressure on one.

[knowngunman]

2. Open a Demo account:It’s better to practice trading with fake money first, learn different strategies, and gain confidence before you start using real funds. I can say you should try it for about 2 to 3 weeks, then later switch to real funds. Start with the little money you can afford to use. Don’t let anyone confuse you. Always follow your rules and only put in funds you can afford to lose 100%.

This Demo of a thing does not really help in controlling emotion. It doesn't work for many as expected. People mostly use it to know how to set up their trade and not for emotional control or risk management. On Demo, you can get your account liquidated and feel nothing at all. You care less about risk management because you're not actually risking anything and you don't get punished for your mistakes.

Haven't you seen people doing well with Demo accounts but liquidate real account immediately they start? It looks easy on Demo because everything is fake and there's no emotion. It's a whole different story with your real money. Demo is only helpful for learning about set up but to control your fear and emotions, you need real money. Risking what you can afford to lose is the best idea.

[yhiaali3]

Therefore I hope that with time and the market recovers the coin team will be able to restore its price.

You must be aware, there is no guarantee about it. Moreover if the price gap is too significant. Altcoin price is very difficult to predict.
However, I hope you still can get back your funds at least.

Yes, my friend, I am fully aware of that.
I was trading DEXE in the $17-$23 price range and remained within this range for a long time. It was stable and its movement was good, and I made good profits from it.

Then the whales manipulated it, raising its price to about $49, then they dumped it, causing it to plummet to about $2.50 currently. Fortunately, I bought at multiple levels and did not buy close to the peak, so the losses are lighter.

Now I will wait for it for a while, hoping that it will rise again so that I can reduce my losses or recover my capital.

[PERtua]

OP, I read your post. What you say is beneficial but it won't allow you to trade without fear controlling you. There is a fear and there will always be a fear of losing money. You trade to gain profit, not to lose money, so, when you see numbers in red on your opened position, you definitely automatically activate fear in your mind. What happens when you see a lion? You experience fear, doesn't matter what. Fear is the part of our emotion and there is nothing can be done to deactivate it and honestly, it's necessary too, even in trading.
If you want to profit in trading, you have to HODL and focus on long-term gains over short-term ones. There will always be fear but when you hold long-term and don't check the price every day, you automatically relax, especially when you know that Bitcoin adoption increases every day and long-term, the price will increase almost guaranteed.

There is no doubt that a person cannot stop their emotions from occurring, but there is a difference between your emotions appearing and them controlling you. A human has multiple emotions, and they come out at different occassions as per the requirements of the situation, but people who are mentally very strong, they don't let their emotions control them and make them do things that they shouldn't actually do.

What you said at the end is basically the same thing. When you know that the market is going red, and your trade is in loss at the moment, and that will surely make you a bit fearful because you will think about the possible scenarios that could occur, and losing is one of them. However, if you don't let your fear control you and make your decisions, and you decide that you are not going to overthink about it, and you start focusing on other things instead, that's basically you controlling your emotions, which is one of the most important things when it comes to trading.

I don't have any problems with fear in trading, and that you can't do without it altogether is correct. What is really important is to know how to not let fear drive the decision making. Losses can be better managed with a clear strategy, risk management and an exit plan, which have been outlined. I also believe that, in the long term, emotional pressure can be minimized but not guaranteed profits. Markets can be volatile and not know any bounds. The bottom line is that emotional discipline is as important as technical analysis because many times, we avoid taking unnecessary mistakes by keeping our emotions in check.

[Peanutswar]

If we can do all of this, it will help you reduce fear in trading.

1.Trade with your trading budget :We should always try to trade with an amount we can afford to lose without feeling worried about it. Many traders risk money they can’t afford to lose, thinking they can get profit when they use huge amounts. We need to always control ourselves and not trade with emotions, but follow our rules. It’s better that way. Fear won’t occur because we’re doing what’s best for us.

ive seen tons of trader right now treating trading as a form of gambling others seek for loans just to get back their losses from trading and ended up the same result, they burn most of their money, most of them carried aware with their emotions and instead getting logical they get into their subjective that the market will take back their losses if they make another deposit and open a trades.

2. Open a Demo account:It’s better to practice trading with fake money first, learn different strategies, and gain confidence before you start using real funds. I can say you should try it for about 2 to 3 weeks, then later switch to real funds. Start with the little money you can afford to use. Don’t let anyone confuse you. Always follow your rules and only put in funds you can afford to lose 100%.

Personally id like to use a demo trading when it comes for verifying the new strategy ive got by this I will treat its like an actual trades others do not take this seriously instead they didnt feel the thrill of the market, reason why they jump immediately in actual trading then losing most of their money.