Congratulations you’re part of the cryptocurrency world, in 20 years’ time you’re going be that guy or girl who made the right decision! You don’t want to be that estranged relative who never shuts the F*#K up about how they nearly invested in Google and Apple in the 90s!
Anyway trading’s going well. You’ve an extra bounce in your step, even petting your horrid neighbor's evil cat named medusa on the way into your house. You make a hot mug of coffee, open up your laptop, say a prayer to Satoshi Nakamoto……. only to find out the value of your shares done a triple back flip into a swimming pool with no water and its red everywhere “should I sell, should I hold?!”
You didn’t think it would be that easy did you? Trading isn’t just about money/stock/tokens or whatever. You’ll find yourself trading your mental health and sanity 90% of the time!
My advice on making decisions & copping with Trading Anxiety in the crypto universe.
Okay so here we go!
1 ONLY BUY INTO WHAT YOU BELIEVE IN!
When I first started trading I was kind of just winging it I found the idea of sweating over my laptop making fast cash and faster trades exhilarating. But too little success. Do your research, 90% research 10% trading not the other way around. If you buy into a coin that actually has a future road map and credible team you won’t have to watch it as much and you’ll actually be able to sleep at night!
2 HODL or HOLD IN CRYPTO CRASHES!
If you missed the sale period just wait (Providing you followed rule number one). If you’re brand new to the crypto-universe your first crash or correction can be utterly terrifying but you’ll start to realize it’s just another day at the office and not to worry, if you take a big hit like 60% which I have before you have no real gain in selling off. That’s what THEY want you to do. Generally you’ll see a full recovery of your account in a week or so, most of the time you’re up even more than you were in the first place!
3 AVOID MARGIN TRADING
Margin trading……. Yes you can win big, but to be honest don’t hold your breath. Might just be me? myself and margin trading have never got along. The volatility of the market is the beauty of it! The difference is if the market goes the wrong way when you own your coins you still have the same amount just the dollar evaluation changes. When it goes wrong in a margin trade you actually lose coins and tokens for your account and you’ll be down after the recovery. Although I like the thoughts of shorting coins we are only in the early days of crypto and besides the odd temporary crash we are riding a bull to the moon haha!
4 GIVE YOURSELF A BREAK, BE PATIENT
Especially during corrections if all your capital is tied up and you can’t buy anything take a day off! Dwelling over the fact you could of pulled out earlier will do nothing for you but make you angry. As long as its recovering and you don’t need to urgently remove your funds do something else for the day! Clear your mind, in fact that’s what I’m doing right now writing this article. The mental tax trading put on you can be overwhelming. Patience is key!
5 TAKE PEOPLE ON SOCIAL MEDIA WITH A “PINCH OF SALT”
There’s a lot of good guys on YouTube & STEEMIT pushing out great quality content, but I find if you’re involved in some of the larger groups on Facebook, Reddit or Twitter, yes it’s a very important source of info and yes read the posts and comments but don’t let random people push ideas on you that will lead to bad decisions there’s a lot of biased people and coin haters in these groups pushing FUD and Fake news. If you buy into the hype you could start doubting yourself! There’s a lot of good information to be found on twitter and in Facebook groups just filter through it. Research there points to see what’s what before making up your mind!
Note: Mainstream media is not the best source of advice either cough cough……
6 MAKING DECISIONS “PULL THE TRIGGER”
Go with your gut, if you’re feeling anxious maybe your right you should sell and secure your profits. Just do it! this market is all about speculation and hoping your right more times than not. I’m a big fan of holding but I’ll be the first to say I’d be moving a lot quicker if I pulled the trigger more often, if you’re in profit don’t be annoyed at yourself if you came out earlier, more often than not if you wait any longer you’ll be less well of. Same goes for buying if you think it’s going to blow and you’ve credible sources suggest it will, go for it!
7 REMEMBER WE’RE “THE EARLY ADOPTERS”
Okay you’re probably asking what I mean by this. The early adopters bought Bitcoin and Ethereum years ago? Yes and no, yes there is guys who are millionaires from getting in super early, but we’re still in the early stages the whole cryptocurrency market is valued around 110 billion USD, this is pippins compared to many large businesses and we could be looking at replacing all fiat currencies completely. Global GDP stands at 75 trillion USD ++. So the next time your account drops down and your hanging over toilet crying on the phone to your ex about bad decisions you’ve made in remember we’ve a long way to go before we’re out for the count!
Conclusion, Play it cool, become a wolf not a sheep !
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See you on the moon, Rob.
