CryptoTrading 101: Control Your Emotions Before Trading Cryptos

Hello Trader,

So you really wanna trade crypto? Urrrm Okay! No problems...but I must warn you. Cryptotrading is not for the lily-livered. Its for those who have mastered their emotions like a YOGA Master! Its absolutely for those who have attained some level of inner peace.

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If you still got those trigger fingers that is prone to make big mistakes, you are gonna lose alot of money. You are going to get too agitated/excited as the case maybe. So you lose money when you take actions in those states of mind. Let's explore what emotions you must control...shall we?

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The commonest emotions I have noticed are "anger, greed, fear, overexcitement, regret".

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FOMO:

• Yesterday, we talked a little bit about FOMO. It simply mean "Fear of Missing Out".
• In simpler terms, it implies that you did not get in on time in the crypto trends
• So because you see others making profits, or some form of crowd mentality or peer pressure... you rush into the trend.
• But after you rush in, the rest is history because the trend has already reached its peak.
• Prices drop. And you cry. You just lost some money bro/sis.

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CONSEQUENCES:

• Now there are 2 things your emotions will tell you to do;
  1- CUT LOSSES & SELL
  2- HODL

• Anger will make you take the more aggressive stance which is to sell at a loss. Depending on the % of drop and the size of your portfolio, that could be huge.

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HOW CONTROL YOUR EMOTIONS

• Think about this critically. If its a shitcoin then you definitely have to cut your losses. You shouldn't be trading shit coins anyway. On a good day, I will discuss HOW TO KNOW SHITCOINS & AVOID TRADING IT.
• But if its a RealCoin, HODL! The prices will definitely come back up. AND you will recover your losses and even make profit. You really have to keep an eye out for the prices. I will teach you "An Easy Way To Monitor Prices Of Your Portfolios"

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FUD

• In simple terms this is Fear, Uncertainty & Despair
• This is a form of Mind-Control carried out by the market maker to make you sell your portfolio.
• When you sell en masse, prices drop and the market-maker then buys up your cryptos and prices go back up.
• You were just flushed out of a good market position.
• For example, this happened Bitcoin Crypto when the CEO of JP Morgan Banks, said that "Bitcoin is a fraud; a bubble".

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CONSEQUENCES:

• You lose your position in a trade. Now you have got to buy higher after selling at a loss.
• You get angry. Sometimes other emotions like regrets may creep in.

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HOW TO CONTROL YOUR EMOTIONS

• In Cryptotrading, you have got to realize that what's done is done already.
• You shouldn't dwell too much on your losses. What matters is picking up a lesson from that error and never repeating it again.
• Do you know that? Even the professionals still make losses. Yeah they do. But their net gain always overtakes the net losses. Remember the market is very volatile.
• However, watch out as I show you low risk, high yield methods to make profits.

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We have to stop here. Coz I don't want to make it too complex for you.

If you didn't read this, check it out GLOSSARY OF CRYPTO TERMS

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I remain me, my mouth & eye @nairadaddy aka SteemDaddy. My aim is to leave you better than I find you everyday.

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