Understanding how the crypto market works means that one must immerse himself/herself into a sea of business trends, technical analysis, and opinions. It can be daunting stuff in the beginning, the mere understanding of the business jargon is just the tip of the iceberg. It is vital you learn from an early stage to have patience in this constantly changing environment.
Most traders are eager to jump in and trade whenever any opportunity arises. This is probably due to our human nature and the eagerness to make a “quick buck”. But if there is one thing that ensures a high probability of winning, it is having the patience to grasp all the necessary information before you trade. Remember that a single transaction might resonate in a series of future losses if executed at the wrong moment. A hasty attitude is highly likely to lead us into a losing streak. A businessman follows a clean business plan. A trader must do the same- follow a strategy not your gut feeling.
When I am feeling that I am acting on a gut feeling instead of strictly following my trading rules, I go out for a walk. If I don’t tick all of the boxes of a trading setup, I just don’t take a trade. There are a few other things that help me stay away from making emotional trading decisions: eat healthy, do sports and travel the world. Don’t be fooled that money can buy you happiness. Sometimes the really simple things in life will do the trick.