Trading is such an activity when you should always be cold-blooded ... You should never give in to emotions, especially in this case

Some wise people just said in this case that if you want to be a winner, you need to win the war of emotions while in a decision making scenario. So yes emotions are of the vital role that can make your decision a good one and a bad one too.
No need to go for emotions. Try to avoid any such situation where emotions can overcome you. Trading has this situation many times so be vigilant.