Most traders understand that trading can be influenced by their emotions. To stay calm and directed throughout the trading day, professionals use well-recognized techniques to keep calm and make decisions based on reason, not their gut. Trading is speculating on an underlying asset’s market price movement without owning it. So, trading means that you’re only predicting whether a financial asset’s price will rise or fall.

crypto trading

Akash A hmad

how to control your mind in crypto trading

Here are 10 tips from the pros to manage your emotions while trading: follow 10 tips and make money control your emotions

When you’re angry, hold out, wait until reason takes hold. There is no worse trade than a “revenge” trade, in which a trader follows up a loss by jumping right back in to recoup. Consult your trading journal to get back on track.

It’s easy for a trader to get stubborn, and to hold on to a trade just because he ‘hopes’ it will turn around. Close down a bad business as soon as possible, take your loss, and move on. Your trading journal will suggest the next move.

Trading goes on at a rapid pace, so don’t get caught up in the action. Take a moment to think about something else, then come back and deliberate. Now look at your trading journal to get the next idea.

After three, four, five, or whatever number you choose, stop for a good long break. It’s when one trade follows another that most mistakes happen. Consult your trading journal and review your strategy.

Doing the math on your earnings will only get your emotions working. Concentrate on your trading strategy, and review your trading journal to develop it. Then, at the end of the trading day, you can check out how well or poorly you did.

Don’t let the results of a few trades change your overall strategy and approach. Stick to what you have learned and what you have planned – use your trading journal to develop your next moves.

You want to trade prudently, using logic and reason. This may make you hold off on a trade. But make sure that prudence, and not fear, is behind your decision. Fear can wreck your trading by keeping you from making a trade. Use your trading journal to see if the trade makes sense, follows previous wins, or if the trade just doesn’t make sense.

Greed can make you stay in a trade when you had planned to exit, hoping to milk it for a little more profit. Such trades risk turning out badly, just when you thought you were winning. Use your trading journal to judge the best exit points based on past behavior.

A cautious approach to stops and limits will keep you from making rash decisions. It hurts to get a trade stopped, but over time you will save money on losses. Your trading journal can give you useful comparisons on levels for stops.

 There comes a point in every trader’s life when it just doesn’t seem worth it anymore. Don’t let yourself be intimidated. Trading is tough, but you can win.

In each case we discuss here, the trading journal is our best friend. No trader should be without one. Especially when that lousy feeling takes over

 will remind you of all the things you’ve done well.

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