So, this post is about my opinion on crypto and the mental pressure you have when it comes to swings. But why could my opinion help you. Well, I have been to tons of pressure when it comes to swings in money. Why? Because I was living as a semi professional poker player for four years until I had a burn out. I learned my lesson the hard way…
Lesson #1: Spread your chips!
One thing is sure. Statistically you have less swings when you spread your chips. But what is more important when it comes to the mental game, ALL IN will give you tons of pressure because everything depends on that one play. So don´t be greedy and think about what will play out best for you: moneywise AND mentally! It is common sense that you can´t be destroyed by one move of your enemy when you have different positions.
Lesson #2: Don´t aim on numbers!
If you set yourself a target of 1.000$/week by trading what will be the result? My opinion is 1st: you reach your target and as human nature plays out, you will set a new target of 2k$ sooner or later. 3k$, 4k$...until you won´t reach it. Don´t get me wrong, it is great to have targets and it is good to set new ones to become better. But: you get under pressure! As crypto is an up and down there will be weeks where you have 1k$ profit and there will be weeks where you have 1k$ losses…or more.
So there is 2nd: you don´t reach your target on a regular basis (because it is just not possible in crypto). This will lead to questioning your strategy (patience is key...), what is essential if you want to become better. But also, it will lead to depression and what else? Pressure!
"So what now, I want to earn 1k$ a week!" What you should do is set targets that are not connected to value directly. Of course learn your lessons, reflect what you did wrong and become a better trader but don´t set targets like "This week I will earn x$“! Dream big but keep distance to feel good. Your targets should be something like: "I review my bad plays on a regular basis to become better.“ Or, "I don´t get angry on losses and take a walk BEFORE I get emotional." "I understand that this is a game of ups and downs." "I learn to meditate to stand the heat and I will be good at that." "I start sports to release pressure.“ Etc… But please don´t say something like: "I will earn 1.000$ a week.“ You will feel good for a second and set a higher target until you (if not already) don´t reach that number and I promise: you will feel bad sooner or later!
Lesson #3: Relax and keep distance
I learned that "money in play" is just a value and nothing I have in my pocket to buy myself a new car or whatever. It is just something I need to play the game. It is there but it is not in my soul. Also (lucky me), my life does not depend on it, I have a few other incomes, what means a lot, too. So the more distance you get to that roller coster of numbers, the better you will feel. The more serious you get the more it will touch you, but: “Man suffers only because he takes seriously what the gods made for fun.” (Alan W. Watts) Think about it as a game, not your life! If you take it personal, you are lost...
What helped me a lot is meditation, breathing and don´t get to close to the numbers.
If you are serious about trading and know what I talk about, relax! Don´t think crypto 24/7 and do something good for your soul. Yoga, meditation, sports, friends, drugs…of course you should not do drugs because this will boost that roller coster (trust me)...
My advice if you want to try something modern: Primed mind! (http://primedmind.com) UPGRADE YOUR MIND, LEVEL UP YOUR LIFE! I don´t have anything by telling you that, but if someone would have told me about that 10 years ago, I think my life would have taken a whole other direction. You should think about that app as a game too and play it to the very end. You wont regret it, promise!
All I can say in the end: take care of your soul, because what it needs is calmness, not money!
Good luck to all of you!!!