A simple trick to keep your emotions out of the game! for BITSTAMP:BTCUSD by Eldal

Do you have trouble with FOMO or sticking with your plan?

One of the most simple tricks to help take your emotions out of the game and stick with logic is to change your candle colors. Yes, it really makes a difference! Psychologically we are hard wired to react to red and green as STOP and GO reactions. This is actually the opposite of what you want when trading from a smart money perspective. Unless you are a ‘breakout’ trader or something of the sort, most times you want to be buying when things are red and selling when things are green. When we see red and green on the charts and can cause us to jump in impulsively to the wrong direction. So in short, find some neutral colors that for you still provide you the necessary information and contrast, but do not evoke a strong emotional response. In my case I’m sticking with blue up and yellow down, but have also experimented with greens and grays, etc.

At any rate, this is a super basic post, but I think it is extremely important and also often disregarded as red/green are default. At the very least, give it a try and see how you react emotionally to the bars going forward.

I’ve also requested that tradingview gives us color customization options for the watchlist. As opening this first thing in the morning and seeing everything red or green can be very jarring and lead you to respond emotionally and jump right in.

Hope it helps somebody!

Most Related Links :
honestcolumnist Governmental News Finance News

Source link

Back to top button