Knowing When To Stop As A Crypto Trader

Credit

The ability to control yourself, your emotions and feelings is one of the most fundamental. It may be unbelievably hard to achieve success, when you cannot control yourself. Speaking of control - you should always know when to stop an activity. Especially in trading, most traders incur massive losses because they did not stop.

You may assume that you should stop only when you're losing or only when you winning. But the fact is that, you should know when to stop in both cases. Sometimes, as a trader you experience a series of wins, and you start feeling unstoppable. It has been said that traders record their biggest losses after a series of wins.

This is because, when you win many trades in a row, you throw caution to the wind, and you start to trade bigger sizes, having the false believe that you can't lose. In such moments, if you experience one or two losses after several wins, your best move is to stop trading, and come back later.

But most traders don't stop. They instead get angry that they lost one trade after about 6 successful trades. They want to get back that lost money - and this triggers a series a bigger losses. Before long, you'll see that such a trader has lost all his capital. Hence, your ability to stop is priceless.

Basically, the reason for crypto trading is winning. Thus, you should trade carefully when you're winning, and stop when you reach your target profit. Immediately you notice that you've started losing more than you're winning, just stop for a while. Usually the emotional strength of stopping when the market isn't going your way - is the main difference between successful traders and unsuccessful traders.