Because my emotions still mess me up when day trading, I decided to get back and have more practice without risking any of my real assets. Thanks to SanR for making that possible. I was on to it before and was enjoying the experience but due to certain commitments, I had to pause it for over a month and only went back to it a week ago.
The funny thing (not so) is that whilst I am aware that I'm not going to lose any real funds while doing the trades on SanR, there are still times when I feel attached to my trades. That is glaring evidence that I'm nowhere near emotional maturity when it comes to the market.
Controlling emotions when trading is a tough job
We often hear or read the widely accepted belief that to be able to succeed when trading, we should have the ability to take out or control our emotions. That of course is easier said than done.
Per my personal experience, it is one thing that I still struggle to apply. I understand that we do need to have a strong conviction of what we are trying to achieve when trading, set our targets, stick with them within a reasonable timeframe, and not pay attention to FOMO or FUD, whatever they may be. But then, we also need a decisive attitude to take appropriate actions in certain market conditions or circumstances to mitigate losses or when to take profits.
Here on-chain, I tend to not have that fear or nervousness when buying $HIVE. For some reason, it feels safer here compared to trading off-chain which is a lot different, at least that's how it is for me. In simple words, buying HIVE here doesn't make me think twice like it does when I'm doing it for example on Binance. Perhaps, I'm just too attached to Hive to the point that it makes me miss the opportunities that the internal market is presenting me with. I know some people here who are making good trades by simply buying and selling on-chain assets like HIVE.
Working on my patience
Back to SanR, I opened a signal (RUNE-BTC pair) on the 9th of November with a 5x leverage. 3 hours later, I closed it prematurely with a meager imaginary profit of 1.66% or a leveraged performance of over 8%. From a really conservative standpoint, that is still good but then, I'm not trading with real assets so why not wait a bit longer to see some real price action?
Well, that was just me being impatient and scared too, lol! That's another aspect that I definitely need to work on.
A few days later, I decided to open another San.rise signal with the same pair (RUNE-BTC) because I believed RUNE was going to hit higher prices. I was to close the signal on the 12th but constrained myself from doing so because I was still confident that the price was going to rise further.
I was quite excited when it went up to $5.35 on Binance and after a careful observation of my own emotions, I finally set a target close price before heading to bed.
This was probably one of those imaginary trades that I've done quite well. That 'yay' feeling to have finally executed a good trade with just the right amount of excitement and conviction, resulting in nice profits (although not real), emotions in check, and enough patience.
The irony was that whilst I did that on SanR, I did not apply it to my trade on Binance, missing out on real profits. Although I've already decided that $RUNE is a long-term HODL for me, I don't feel sour.
Whilst there have been good trades made in the past, I still have a long way to go before I can confidently say that I've really worked on the very basics of my emotions (and patience). So yes, the trading practice will continue.
If you haven't tried SanR yet, I invite you to check it out and let's learn to trade better. You may even win some SAN tokens when you top the leaderboards.
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Thank you lots :)
Great work. You're really doing great job. I'll appreciate your work. Have a nice day. 😍😋
Hmm, thank you for your kind words. Enjoy your day as well. !PIZZA
My pleasure
Patience really does work in everything, it's good you decided to work on it in this case and good that you succeeded, soon I hope you can also make real profit woth the trading. Best wishes!
That's true and I recognize it as one of my biggest weaknesses :) Thank you Madilyn. Hope you're having a great day.
!LADY
!LUV
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I almost forgot about SanR and your post reminded me about it. In trading emoting is your enemy in most cases and controlling emotions is very important. In my case, I don't care about emotion while trading. Maybe it's because of my robotic-type mentality🤣. But still, I need to work in case of making strategies. Best of luck to you and improve your trading skills.
!PIZZA
Haha, you're emotionless, lol! That means you passed the hardest challenge.
Thank you and all the best to you too as you learn more strategies in your trading.
!PIZZA
Hehe. Bear market gave me many lessons 🙂.
Ngayon ko lang narinig ang SanR. Matry nga. Usually sa Binance, Polo, and Coinex lang ako. Hehe
Try mo baka magustuhan mo hehe. Ngayon ko din lang narinig yung Polo.
!LOLZ
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Ayy, Poloniex. Hehe
Haha, okay. Kala ko bago. Speaking of, need to check account ko sa exchange na yon, parang may ETH ako don. Or bka sa Mercatox. Buhay pa ba yon haha
One of the most important thing to learn in trading is how to deal with emotions and psychology. I think it's very difficult to master, and it's something you only master over a period of experience.
Thank you for sharing your experience. You're doing great 👍
That's very true. Hope consistent practice will cut it :)
!PIZZA
Have you given Forex trading a chance before
Not really :)
!PIZZA
Thank you for patiently working it out.
Good work, perfectly delivered
Thanks as well for your remarks. My apologies for this late reply xD
Of course it's not easy when a person gets hurt, heart breaks, then a person leaves it, it's good that you are starting again, it increases a person's knowledge a lot.
That's right. We learn through our experiences, more so when they hurt 😅
Yeah you are right.
I’m always good with demo trading. But the moment I invest real money, I let my emotions rule and that just never ends well. I hope this helps you keep your emotion in check
That's the challenge most of us face I think :) Thank you and I'll keep working on my fears and emotions to hopefully be able to execute trades better :)
!PIZZA
Our emotions can indeed be challenging to control in the market, sometimes we gets lucky while we try and sometimes we are not but it's good you are still trying and not investing your assets yet. This is a nice recommendation friend.
Indeed. It's a tough thing to deal with. I do make real trades on the CEX but only occasional when I feel my emotions won't compromise my trades, lol!
Lol that's a good one. Sometimes our emotions ruins many things. That's why when we aren't in a good state of mind, I won't advise we do anything delicate so not to regret
This is why I did not try trading because I know how my emotions can easily be affected. Although I want to learn this but there's a part of me telling me that I should just focus on making blogs because trading requires a lot of understanding in terms of the blockchain and I'm not highly knowledgeable about that yet. Anyway, I wish you success in your trading journey and hope you'll make more good decisions and, of course, profits.
It can be a good opportunity but yes, it requires work and understanding too so we won't lose capital when trading.
Thank you lots, Sydney for your good wishes.
!LUV
Amazing post. Lovely to see SanR is being used. I have been thinking of learning how to trade crypto and seeing you talk about it just lit my face. Emotions are a problem I equally have hard to navigate although I have begun concluding, I need to learn how to trade and a lot of that will go away.
Thanks for sharing.
Give it a try and it might help you work on your emotions too :) Best of luck and hope we get to learn how to not let our emotions get in the way when trading.
!PIZZA
Due to the volatile nature of Cryptocurrency emotions will always rise because no one can actually predict the market fully.
That's true so I'm impressed by those who do not let their emotions impact their trading decisions.
!LUV
Wishing you the best in your trade.
Thank you, Amie. Happy Tuesday to you mi !LADY
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