I don't think only newbies make this mistake, but even seasoned market participants and professionals will find it difficult to control their emotions. It can be said that emotions are the most difficult thing to control, difficult to control it according to the plan that we have set. Whether our plans or strategies succeed is almost entirely determined by our emotions. For me, emotions are the most important thing in investing and trade because if left unchecked, it will lead to wrong actions.
Controlling emotions in trading is not as easy as it seems, even though they say it is. The failure of a trader to control their emotions will only make it difficult for them to make the best decisions when trading, it will also make them tend to lose because they are too hasty in making decisions.
It is true that traders should also be quite able to control their emotions when they realize that crypto trading is a very risky trade. The slightest mistake that is ignored will allow them to get a loss which they later regret. Emotional control is important, it is also included in the trading psychology chapter.
Its never been easy and we all surely have experience this stuff on which our emotions are the main things which would really play out on the time that we are dealing on something which we dont even know or we are really that fully aware on what it is.Even though you do have that theory or good on paper or learning those stuffs but on actual situation then it wouldnt really be that simple.
Emotion would be always that main culprit on why you would really be changing up your minds and decisions in regarding of your analysis specially if you do see that the price isnt really going on what
you had anticipated or you have seen others analysis on which you are really convincing up yourself that it is viable than yours on which this is really mainly the reason on why it would really be having
that kind of alterations when it comes to our trading decisions. You would really able to realize this when you do see negative results along the way.