You're quite right about the emotions, I know the theory, but to do it in practise is another matter. I get anxious just reading your example of a green candle racing up towards your sell point! I'm a terrible short term trader, far too emotional.
Indeed. I reckon you can learn some sort of TA and a strategy within 6 months, but the mental side of things could take years. Most won't even get there
It's funny. I can handle the long term hits (my crypto portfolio is dropped to about 25% of its January value), it's just the short term trades that really stress me!
the problem is expectancy. If you have a system that wins 30% of the time but wins really big when it does, that could mean losing money for 8 months in a row and then winning for 3 months (and still be in good profit).
people just can't hack the long losing periods so they give up, or start gambling, breaking all the rules. They just need to tough it out and follow the plan.
Absolutely. Swapping systems at low points in them is the quickest way to incur a loss. When I started crypto trading I dumped coins left, right and centre every time they dropped in value. It took a few months to realise how the cycles worked (and how much profit I had been throwing away).
Haha, I wonder how many actually take what I say on board!
dunno, it's probably a round whole number below 1 though
I find it very interesting. Keep 'em coming.
You're quite right about the emotions, I know the theory, but to do it in practise is another matter. I get anxious just reading your example of a green candle racing up towards your sell point! I'm a terrible short term trader, far too emotional.
Indeed. I reckon you can learn some sort of TA and a strategy within 6 months, but the mental side of things could take years. Most won't even get there
I can believe that. I don't even try any more. I now use strategies that play better to my strengths.
I think the mental side is what kills most people, they just can't stand the losing cycles, goes completely against human nature.
It's funny. I can handle the long term hits (my crypto portfolio is dropped to about 25% of its January value), it's just the short term trades that really stress me!
the problem is expectancy. If you have a system that wins 30% of the time but wins really big when it does, that could mean losing money for 8 months in a row and then winning for 3 months (and still be in good profit).
people just can't hack the long losing periods so they give up, or start gambling, breaking all the rules. They just need to tough it out and follow the plan.
Absolutely. Swapping systems at low points in them is the quickest way to incur a loss. When I started crypto trading I dumped coins left, right and centre every time they dropped in value. It took a few months to realise how the cycles worked (and how much profit I had been throwing away).