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Trading Psychology: Improve your Trading Mindset
Beginners are only concerned with making money. They celebrate their victories while ignoring their defeats. To become a competent trader, you must first comprehend where and why you lost money. Emotions often impact our actions, which is why you must understand how to keep gains and have a long-term career as a trader.
You must learn to remain calm throughout deals and avoid emotional blunders. The bitcoin market does not have emotions, but you do, and you must recognize that they will influence your trading decisions.
Let’s take a look at a few examples of instances in which we typically overreact.
1. Greed
I am confident that everyone reading this article has made a profitable trade. I’m referring to a circumstance in which you enter a transaction that goes in your favor and stick with it because you want to make more money. No matter how excellent the trade is, it will not go “UP ONLY,” and the trend will eventually reverse, and you will lose money.
Greed is a bit*h that is difficult to overcome; you are constantly thinking in the back of your mind, “I can be better,” “I can make more money from this transaction.” Successful traders know when they are greedy and devise a strategy based on logic.
“DON’T BE GREEDY IN LIFE…