Stay away from crypto trading if you have any of these types of emotions.

Cryptocurrency trading is a game of calculated risks. And among the factors worth of calculation (to be considered) before delving into it, is what this article entails. If you really don't want to fall victim, read this to the end.

The hypocrisy of social media is that it shows only the results, but not the processes. Only the output, and hide the contents. That's why a lot of us are being swayed by the results posted on these social media platforms by crypto traders, thinking we also can make such profits overnight if we are into crypto business.

You have to get it right this time around, but only possible when you understand what cryptocurrency is.

What's cryptocurrency trading?

Cryptocurrency trading is the gradual tracking of the cryptocurrency price through a CFD trading account.

In simple terms, it's the buying and selling of coins like BTC, ETH, or any Alt coins through exchange.

There are two systems involve in trading cryptocurrency, namely; The fundamental analysis and the technical analysis.

The fundamental analysis studies the value of certain cryptocurrency to know how it can yield money. Whereas, the technical analysis track down to the historical values of certain cryptocurrency, then use the information gathered to interpret its future value.

With this simple definition, even a layman will understand that technical analysis is much harder than fundamental analysis. Whereby the 80 out of 100% self-acclaimed gurus on social media knows only about the fundamental and not the technical.

Just like psychotherapist will let you know that you need more than drugs to maintain a healthy Life, technical analyst will let you understand that you need more than your money when going into crypto world. A crypto trader expert, Olah Cash says: Emotion controls 70% of trading. In addition, he highlighted 3 types of Emotional beings who should stay away from crypto trading and these people are as follows:

Imposter syndrome

In today's world, people with hardworking personality are becoming more successful compare to people with talents. The problem lies in the fact that the former are like cosmopolitans who can survive anywhere in the world, due to their relentless efforts to get rid of fear, uncertainty, and doubt. While the latter let these three things control them due to too much reliance on talents which allow them not to change with time and follow the trends. You may be a Genius at a particular field, but with the emotion imposter syndrome, you will lack the confidence, competence, and boldness to excel in that field. It's true crypto trading has some uncertainty in it, but with zero fear and doubt, the uncertainty level will reduce to fairest minimum.

The emotion of Greed.

Without Greediness, there will be no successful people in the world. In the same vein, too much greediness without moderation can reduce the world to ashes. When you are ready for the day's trade, beware of FOMO emotion. FOMO simply means fear of missing out.

Here's how FOMO occurs:

You see a coin with higher value, then greediness sets in without conducting due diligence should such coin worth trading or not. You ignore to ask question like is it SHORT coin? SHORT in this sense means a coin that will fall in the future. You go ahead to place a trade on this, and eventually, it resulted to SHORT which makes you lose all your money eventually.

The emotion of indiscipline

Crypto trading is a game of total concentration. Often times I heard people saying you don't have to worry as a trader, all you need is just open your trade in the morning and come back in the evening to take your profit.

Haehae….. I laughed.

This can only be possible for two sects of people, and these are ; people who are investors, and people who trade using Ai.

As for someone who really want to trade by himself, understand how trading works and a crypto technicality, this isn't for you.

When it's time for your trading, make sure to put your total concentration, and should you be doing other things do make sure to check at least every single hour or else you may be a BAG HOLDER.

BAG HOLDER means a trader who bought the coin at higher rate and missed an opportunity to sell, making the coin a worthless one.

Conclusion

There are numerous ways to make money with cryptocurrency, and they include: investing, staking, and lending, mining, Airdrops, and trading. The article here focus only on trading, and not as a result of disrupting others but there are emotional, financial and mental rewards in trading such as knowledge, making money for yourself and at the same time being hired by firms for trading purpose, compare to others. You can also be a writer educating people with your crypto knowledge on blogs, social media, websites, and host of platforms like mine.