psychology for binary and crypto trader ( very important)

The illusion of control is one of the psychological deviations due to excessive self-confidence associated with trading.
The illusion of control is a very interesting deviation due to the fact that people believe in the ability to control random events, that their decisions can affect unforeseen outcomes. Ellen Langer in her study "Illusion of control" gives an example of an experiment in which one group of subjects were given lottery tickets, the second group was asked to choose the lottery tickets themselves. After that, everyone was invited to sell their tickets before the draw. It turned out that those who chose the tickets themselves, nominated a higher price of ransom than those who did not take an active part in it. The participants of the experiment, who selected the ticket themselves, judged the chance of winning higher. Thus, people mistakenly believe that internal concentration helps them to win.
Let's take an honest look at our work in the financial markets. How often, after you make a deal, you hang in front of the monitor, trying somehow to hypnotize the schedule. You expect that the internal concentration, already after the
transaction is concluded, will lead to a higher trading efficiency.
The mistake of control illusion is a heart-balm for supporters of the random walks theory, which asserts that the market does not obey any rules. Simon Vayn in his book "Investments and Trading" gives an example: "Investors think that it is possible to find a method that predicts random phenomena, with which the market abounds. In technical analysis, we are searching for reliable configurations on historical price charts, and in the fundamental analysis we are looking for reliable business models. Ultimately, in both cases, we realize that no configuration or model is repeated, but the tendency to look for patterns, where there are none, does not give us peace."
Vayn does not say that it is impossible to predict market behavior in principle, as do followers of the random walks theory, but only speculate about individual random events. In any case, people make decisions about the purchase and sale of an asset, often using the same technical or fundamental analysis.
In order to minimize losses associated with the illusion of control, it is necessary to be aware of the reasons for the position being opened before the process is started and understand that it is absolutely impossible to hypnotize the market or even a separate asset.