COMMON PSYCHOLOGICAL MISTAKES EVERY TRADE MAKE AND HOW TO COUNTER THEM FOR HIGHER CHANCES OF SURVIVABILITY AND PROFITABILITY IN THE MARKET
You never knew you needed to read this, until you've realized you kept on repeating the same mistakes over and over again.
Let's talk about it.
There are simple and complex mistakes that you have been committing within the crypto market and you might have never understood the cause or you fully understand the cause but you don't have any idea on how to improve the situation. To start with the simple mistakes, you see the color 'green' as a positive and you never expect things to go against your way. Every time you open your crypto exchange application, you see green as a, "Yes, this is a good one!" factor in your mind. The percentages, buy option, bullish candlesticks, etc. Most of the time, what is registered in your mind is the fact that these green factors are already 'good' to you. Not until these green turns into red, just like the scenario where you enter a buy position with a fully green market and you aren't expecting any reversal to happen.
The truth is, it's easy to counter this but you're not putting much effort.
To counter this, you just have to think of 'green' as 'too good to be true' and 'red' as 'another opportunity'. Putting this into your mind will keep you from committing the same mistakes all over again. The mistake of buying a token that's already surging highly or even thinking of bullish candlesticks as a sign of, "This will never go down, for sure." You have to counter this with your own viewpoint, be different.
Now, let's talk about the complex mistakes.
Yes, you're already someone who knows how to navigate the market, you might even know how to check coins that might possibly pump both short-term or long-term. Although, you're still stuck with the preconception that it's okay to lose. We've been told that losing is part of our journey to success and it is pivotal to learning from our mistakes BUT that's where the complex mistake comes in. Everyone experiences losses and we're bound to have many failures as we venture in the trading world with a lot of curiosity. This is a fact. However, the harsh reality is, if you're poor, you don't have room to lose and if you're rich, you're not allowed to lose. So, it will never be okay to lose. The trade you've executed yesterday was a losing trade? Blame yourself. Tell yourself that you have to do better next time. Never blame anyone else or even the market, you just have to do it better next time. Why is it not okay to lose? It makes you comfortable with losing. As more and more reasons come up because of losses, you will eventually be bound to the chains of the comfort of losing. Don't get tired of executing trades that will eventually make you successful and don't let the losses make you too comfortable. That's the key.
These posts are for educational purposes. To guide the people who might still be struggling within the crypto market, those who are new to the environment and volatility and everyone else who needs it.
Stay wise, trade cautiously.