#EMOTIONS are KILLING YOUR ACCOUNT and MONEY...
We have all been victim of emotions during our early stage of investing.. BUYING HIGH in FOMO and selling low in PANIC, and holding a loosing trade out of HOPE.
I have seen my hard earned money go deep in ocean just like TITANIC, never returned due to emotional stupidy, because we all are emotional creatures.
Last time I buy the dip of
#NEIRO and had decided earlier that if I hit 25% profit, I will wait not trade for a week, and next what happened I buy from 0.00031 and price reached to 0.00041 I was in hefty profit of 25%, but greed took over me. Next day price dropped to 0.00033. There are chances that NEIRO will go up but I broke my discipline rule.
Out of FOMO, GREED, and HOPE. Iost ti.ely profits.
What the EMOTIONS DO
1. FEAR MAKES YOU EXIT TO EARLY.
2. FOMO MAKES YOU ENTER TOO LATE.
3. HOPE MAKES YOU GREEDY PERSON.
HOW TO AVOID IT.
1. Never use the money that you need the most in near time, only use the additional money, like money saved after paying bills and utilities or the money you have earned by doing part time job.
2. Always decide your weekly or monthly profit margins like ( 17%, 25%, 33% ). Because personally I donot believe there are looses, we loose because of our stupidity and emotions.
3. Do exactly the opposite of emotions, when you are in FOMO ( shut the mobile and play games ). When you are HOPEFUL ( Take your profits and buy something real ). When everybody in FEAR ( Hold on and DCA ).
4. There is no such things as profit and looses but only NET PROFITS. Learn this concept of net profit otherwise you will always be in looses.