One reason why people trade by emotions (blind) is because of influence which also comes from a blind trader... There's a saying that "Empty Vessels Makes the Loudest Noise"..
I lost alot in trading as a novice all because of the influence I got from a fellow novice trader. It all happened that this trader was much into giving testimonies about people's trade as he base his trading on fundamental analysis (news) which isn't as effective as a skilled trader...
And as a newbie and a novice, I was sorting for a way of making steady income not knowing that trading is not for those that has just an idea.. I started my emotional trading journey and it was profitable at the start with little capital... So I had to add more funds (The bigger your capital, the bigger your profit). The beginner's luck was coming and it was profitable, but I never knew I truly don't know what was going on. That period the market was bullish and very interesting...
I didn't withdraw profits oo, I was thinking that's how the market is going to continue... So I don't even know when to buy, I enter the market undermining the condition... Until the Red Candles have to come in...
Then I noticed I had already purchased at the top (This was all in Spot trading). The remaining story was all about the red candles and my Trading Account was reducing and reducing that I was wondering if the market has an eye or it was watching my trade..
The panic of not loosing all, made me sell everything and jump out of trading to prevent some other impact on myself...
In conclusion, I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed... It's an area of technicality and understanding alot of things...
I had to learn from my own experience and I don't think I could possibly get carried away or get influenced with what people because they would always declare the half side of the picture.
It's always better to DYOR.
I lost alot in trading as a novice all because of the influence I got from a fellow novice trader. It all happened that this trader was much into giving testimonies about people's trade as he base his trading on fundamental analysis (news) which isn't as effective as a skilled trader...
And as a newbie and a novice, I was sorting for a way of making steady income not knowing that trading is not for those that has just an idea.. I started my emotional trading journey and it was profitable at the start with little capital... So I had to add more funds (The bigger your capital, the bigger your profit). The beginner's luck was coming and it was profitable, but I never knew I truly don't know what was going on. That period the market was bullish and very interesting...
I didn't withdraw profits oo, I was thinking that's how the market is going to continue... So I don't even know when to buy, I enter the market undermining the condition... Until the Red Candles have to come in...
Then I noticed I had already purchased at the top (This was all in Spot trading). The remaining story was all about the red candles and my Trading Account was reducing and reducing that I was wondering if the market has an eye or it was watching my trade..
The panic of not loosing all, made me sell everything and jump out of trading to prevent some other impact on myself...
In conclusion, I then noticed that trading is not all about the testimonies people give neither is it about feeling relaxed... It's an area of technicality and understanding alot of things...
I had to learn from my own experience and I don't think I could possibly get carried away or get influenced with what people because they would always declare the half side of the picture.
It's always better to DYOR.