When youve just entered a trade and see the price move slightly against you, you start to panic and wander through 10 different chat groups looking for consensus.
🔹 Seeking comfort
If you are going long, your eyes will automatically ignore bearish analyses and only focus on bullish ones.
This is confirmation bias to soothe your fear.
It doesnt help your trade turn green again; it only makes you hold onto losses in a delusion.
🔸 Giving up too soon on your decisions
In the morning you decided to trade based on SMC, at noon you hear a friend say the RSI is oversold so you should buy at the bottom, in the afternoon you hear another group say the macroeconomic situation is bad so you should short sell.
You are confused and your account is eroded by constant stop loss orders due to your constantly changing opinions.
🔹 Independence is strength
A professional trader may listen to everyone, but when they press the button, they only listen to their own system.
If they are wrong, they correct it. If you listen to others and are wrong, you'll learn nothing but blame.
Are you looking for profit or someone to blame when you lose? Click here to get a refund on your transaction fees with web3 wallet!
This article is for reference only, this is not investment advice. Please read and consider carefully before making a decision.