I have a compulsive habit, and I know many other people do as well, it's the constant checking of the cryptocurrency prices. Every 30 minutes I'm looking at GDAX or Blockfolio to see what's happening and it's not healthy.
Continually checking these prices will begin to affect your mood both negatively and positively. There have been days where the prices have dropped 20%, and I get in a funk the rest of day as a result. Something I have zero control over shouldn't have that big of an impact on me.
Crypto isn't the same market or space it was last year. Right now we see fantastic news about cryptocurrency and blockchain every day, but the price isn't following. There were a lot of people that got burned at the start of the year, and they haven't jumped back in yet.
Of course, it hurts when you see your balance drop but, you only lose when you sell. Having a few losers or longshots in your portfolio isn't that bad, you might want to offset those gains come tax time.
Many people in the space (including me), have little reason to check the prices so often. I'm not day trading or looking to sell at the moment. I have learned now over the last year that I should take profits if I see the opportunity but otherwise chill and believe in the technology. I've said before that I'm in it for the tech and not the lambos. Of course, I'd also be thrilled if we see all these coins go to the moon.
If you can limit yourself to checking once or twice a day, I feel like that is a healthier level than the almost hourly obsession many people have. That's how I treated stocks, check in the morning or maybe the end of the day. There was nothing you can do about the swings but be aware of jumping when the time is right. The crypto market is acting 24 / 7, so it's hard not to take a peak more often.
A couple of tips,
Take Your Money Out
- If seeing the price go up and down often negatively effects you, well maybe this isn't the type of market for you. And you're likely over-invested.
Delete The Apps From Your Phone
- Take block folio off your phone, not having that icon there can do wonders for limiting your use. I've seen this work pretty well for friends who want to get off Facebook.
Learn More About The Technology
- If you're that worried about the price of Litecoin every day you should dive into more of what is happening under the hood. Take a look at what the projects you invested in are doing. Join the community around them and see why people love the project.
Take A Vacation
- Going out of town or even a trip overseas where you have limited access to the internet is a great way to force yourself to stop looking. Hard to care about the price when you're enjoying a great beer on the beach.
To wean yourself off checking so much begin by no longer looking right before you go to bed. It's by far the worst habit, being upset or getting excited can affect your sleep.
Find what works for you. Believe in the technology, and we can only hope the price will follow soon.