Veteran crypto trader gives tips on how investors can manage emotions in bull markets
Charlie Burton shared his experience on how to handle the trading activities and how to control the emotions in the bull market of crypto.
Charlie Burton is crypto veteran trader and also Co-founder of Ezeetrader said that it became very important to know when a trader became sticky towards his emotions especially in the crypto market then tat that point we have to think more forcely because we are all fallible, flawed human beings, especially in front of the markets.”
“We are naturally influenced by greed or fear to one propensity or another. So we absolutely need to have some simple rules, but I would also say a lot of visualization is good”
So, According to Charlie, we should be simple with the rules according to the situation and we should not be greedy.
Also Charlie added that these simple rules are the percentage or maximum percentage of stop loss, which helps to decide the stop loss point.
Further he added
“What is important is a lot of self-talk. ‘If I take this trade now, and it doesn’t work out, will I be upset with myself?’ This is a great line to help stop me from jumping into trades that I just shouldn’t be in.”
So with a particular trade, we should talk with ourselves whether if the trade ends up with a loss result then will i get upset and lose money? Or just jump into the next trade. Actually such decision before the jump in the next trade helps a trader to understand and visualise the possible risks associated with the trade ( refrence of entry point & exit point).