So did my weekly DCA over the last 24hrs. Went in pretty emotionless. Set my limit order on binance with no obvious emotions. And then after an hour I checked and noticed my limit orders hadn’t triggered, a hint of anxiety appeared and I adjusted the limit. Went to bed and in the morning I checked again. The price had gone up and of course my limit had to be increased too. Another 24hrs the price was up 40% from the time I set my first limit and I FOMO’ed in… Lesson - when DCA’ing just buy the coin at that price at that time unless the RSI indicates it as over bought.
At first I felt all these emotions but for my last trade, I really didn’t. I bought ADA. I did both TA and researched different reports. The TA showed that it was going to drop so I calculated my entry point then set my purchase order. My emotion was more impatience than anything, I wanted it to drop faster. I also noticed that I started to 2nd guess myself on if I made a good decision or not. I ended up having to leave the comp and go mow my lawn. Sure enough, when I was done mowing, it was bought at the entry point I set and the market started moving back up.
Mastering the management of my own emotions!
All wining professionals know the enormous importance of psychology of trading!
All losing amateurs ignore it!
No more amateur and emotional trading decisions!
I use a lot of gut feeling in trading. I am going to say gut feeling is still emotion. An example of what I mean is I look at coinpuffs today and I see ETC is trading under $9 at 8.98, my gut says it is a phenomenal long term buy at that price. Short-medium term LiteCoin at 49.09 is a great buy. Super short term, I’m looking at Pirl, LiteCoin Gold, and EqualCoin, but be ready to dump any time during the day-week, chance for a 20x or more with the right execution. That is my gut feeling though, the main emotion controlling my trades besides research.
Conaidering the movements of the Bear Markets right now, for a lot of people, this is a perfect refresher.
Not going to lye, I’m always wishing I could buy lower no matter how well a trade goes. I just cheaper buys but when they come it hurts as the portfolio is bleeding and I don’t always have fiat to reload the good bags. Tis the life of making it to the tippy top.
I’m pretty unemotional with trading. Probably because I don’t trade. Just buy that precious beetcoin. I think time in the market matures you. It has me anyway. When I buy something now, I don’t buy it to trade. I buy for long term investments.
My self deception from the very beginning, was connected to limited funds to invest.
Many times I have been playing with my bread money because there wasn’t anything to invest, so, unfortunately, I build a strong urge that I will achieve my gains by trading.
Still, sometimes I catch myself on that.
With DCA and setting that limited amount of money I am way calmer. I have been looking at the prices of Bitcoin and on the days I am to enter my trade I am not as worried if I got in to early or late I just place an order a little below the current price on the Bitcoin pro sight. Not sure if that is the way to go but I have less anxiety than have in the past and feel that this is not as stressful sense my primary focus is on getting my first bitcoin.