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Crypto trading: Why does one need to have days to avoid the market totally?

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King Belieal

King Belieal

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They say that as a crypto trader, you should have days in a week that you avoid the crypto market totally. Why should a daily crypto trader have days to avoid the crypto market totally? Is it to control emotions?
 
King Belieal said:
Is it to control emotions?
Click to expand...
Pretty much; in some ways, crypto trading is akin to trading stocks and other securities. You have to have a cool head so that you don't panic at the first sign of trouble. Sometimes that means avoiding the markets; that, though, depends on the individual.
 
Although the crypto market is open 24/7, a crypto day trader also needs entertainment, family interests and other activities, so they do not work 24/7 but they choose the right time to rest, besides during working hours the gas costs will be higher than on holidays. Often day traders also follow forex market trading sessions, to ensure higher volume and volatility. An experienced and professional day trader no longer needs to learn to control emotions like a novice trader.
 
Every job needs to have its days of rest; being operational every day does not mean you will operate better. Additionally, not every day is the market favorable for making a trade. Uncertainty and extreme volatility can be reasons to be cautious on some days. Like in all jobs, burnout is present, and trading every day could cause such a problem.
 
The crypto market is not stable, there are days where it might go well, and they are days it won't. It's better understand how the market works, and know when to avoid it.
 
Nomad said:
and also when the market is falling
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In those cases you have to be careful and not let emotion drive your sells.
Same philosophy as in any other financial market - don't let your emotions drive your decisions.
 
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