Veteran trader Charlie Burton has spoken in his most recent comment about how he manages his emotions in an uptrend and the importance of adhering to trading rules.
Coin Telegraph in Report He recently referred to the astonishing performance of the Bitcoin price and wrote that this performance caused many opponents and critics to keep their mouths shut. In addition to bitcoin reaching $ 64,863, we have seen the rise of the Decentralized Finance Market (DeFi) and NFT tokens.
In such markets, due to severe market fluctuations, it is possible that in just a few hours, users’ funds will be lost or trends will change.
Charlie Burton, co-founder of Ezeetrader, believes that every trader should develop and adhere to a set of rules. In justifying this claim, he says:
We must abide by these rules when it comes to emotions; Because we all make mistakes and human beings are fallible creatures, especially when the bullish market is in front of our eyes.
He added in another part of his speech:
We [آدمها] In the face of different situations, we are inherently affected by our fear and greed; That’s why we need happy rules and frameworks. Illustration of these rules will also be very helpful.
According to him, in these rules, we can mention such things as the percentage of loss in the form of stop loss (Stop Loss), the maximum profit of the investment portfolio in each transaction or the creation of sales orders. Burton continued:
It is very important to talk to yourself. [بگویید] What if I make this deal now and it doesn’t turn out the way I want it to? Asking this question prevents me from entering into a deal that I should not do.
According to him, when such rules help the trader to make the right decisions to exit the market, and this issue makes him choose the best time to exit and withdraw his profit.