My usual advice for people who are getting scared is to wait (if they are negative) or immediately sell until they break even. Fear is the reason why people lose money trading. They get caught up in a sunk cost fallacy, especially because must of us have an emotional attachment to the cryptos we invest in, we believe in the tech. You can observe this by seeing how frowned upon it is to invest in projects that are not what the crypto community deems a righteous enough coin (like ripple and ETC), but these may still be great financial investments.
If you're investing, not trading, then keep money in coins that you believe in outside of the price. For me, that's SONM, gridcoin, and Storj. I don't sweat a bit when these dip because my belief is stronger than any temporary fear.
If you're getting into trading, you have to move that belief to yourself. The best way to trust your trading and avoid fear, panic, and eventually losing money & your health is to have a trustworthy record. Start trading with $100, or even with nothing and just keep a log. Give it a few dozen trades, maybe even a few hundred, and go back to see if what you're doing is working. Keep a trading journal where you record your thoughts on days where you make trades. Discipline is what eleminates fear and creates good traders.
I'll be the first to admiy that my emotions have caused some very bad trades. I force discipline on myself by using an algorithm I wrote do 95% of my trades. Code doesn't get weak hands :)
I think that, with some practice, you could be a great trader. You're clearly competent enough to understand all of the TA tools and patterns, so you just need to develope a strategy that you have tested and believe in. Always set your stop-limits, and keep track of how it's effecting you mentally and emotionally. Be ready to give up on it if you need to, even if it's just for a day or two. It's easy to become a very unhealthy and poor trader quickly if you don't keep yourseld disciplined.
Anyway, rambling over, looking forward to future updates!
Good to hear an update!
If I may throw my 2 cents in..
My usual advice for people who are getting scared is to wait (if they are negative) or immediately sell until they break even. Fear is the reason why people lose money trading. They get caught up in a sunk cost fallacy, especially because must of us have an emotional attachment to the cryptos we invest in, we believe in the tech. You can observe this by seeing how frowned upon it is to invest in projects that are not what the crypto community deems a righteous enough coin (like ripple and ETC), but these may still be great financial investments.
If you're investing, not trading, then keep money in coins that you believe in outside of the price. For me, that's SONM, gridcoin, and Storj. I don't sweat a bit when these dip because my belief is stronger than any temporary fear.
If you're getting into trading, you have to move that belief to yourself. The best way to trust your trading and avoid fear, panic, and eventually losing money & your health is to have a trustworthy record. Start trading with $100, or even with nothing and just keep a log. Give it a few dozen trades, maybe even a few hundred, and go back to see if what you're doing is working. Keep a trading journal where you record your thoughts on days where you make trades. Discipline is what eleminates fear and creates good traders.
I'll be the first to admiy that my emotions have caused some very bad trades. I force discipline on myself by using an algorithm I wrote do 95% of my trades. Code doesn't get weak hands :)
I think that, with some practice, you could be a great trader. You're clearly competent enough to understand all of the TA tools and patterns, so you just need to develope a strategy that you have tested and believe in. Always set your stop-limits, and keep track of how it's effecting you mentally and emotionally. Be ready to give up on it if you need to, even if it's just for a day or two. It's easy to become a very unhealthy and poor trader quickly if you don't keep yourseld disciplined.
Anyway, rambling over, looking forward to future updates!
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basically the crypto market right now lol, i like one punch man as well, followed
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