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RE: Fear and Uncertainty in Crypto.
I just scream, shout, and destroy my computer. No computer = no trading. The market is usually back to normal when I get myself a new computer again.
On a serious note, constantly remind yourself what is your plan truly helps. I try to set stop/limit to control my losses and decide at what price I want to sell. And then I just wait.
Of course, sometimes it is wise to adapt to the market, but it must be done without emotions. When emotions come to play - the losses are inevitable. So just don't trade if you are not calm. Just don't.
Emotions are, unfortunately, almost inevitable. But you need to stay calm. If nothing works...indeed: destroy computer. hide phone. don't trade!!
I don't have much experience trading, but I used to bet on sports a lot. The emotional aspect of it felt the same. I could lose all my money on one game just because I refused to see the reality and went into "fack it, I don't care anymore" mode.
I lost like $500 in a second after Polo crashed and STR got dumped. I couldn't control my emotions, but I made sure not to make any trades anymore. What's lost is lost. We have a saying in Lithuanian, "A father punished his son not for gambling but for trying to win it all back."
very interesting.
As a pokerplayer i can relate :) But letting your emotion take control is clearly noob move. Once you realize that and force yourself to be a professional i think it will go much better :)
Look for "sunk cost fallacy" on google.
Yup, sunk cost fallacy is a biatch.
Yeah, tilting while playing poker is the worst thing you can do. It is def noob move; however, sometimes even the best players do that. The good thing about emotions is that we can learn how to control them. Some people find it harder to do, but everyone can learn. I see a huge improvement in my emotional stability while trading/playing poker/betting. It's like any other skill; we need to practice to perfect it.
The worst part is that it sometimes only takes one minute of an emotional wreck to lose it all.
Totally. I rarely tilt these days but I used to break mouses on a rage river :))
Trading still mindfks me hard though...
Especially when prices are doubling and stuff. Crypto market is way too odd to be real. In real life, you are happy with 1 percent change, but here 10-20 sometimes seems like not enough. I guess we are just spoiled.
holy fk so true.