Today I was watching the markets and feeling that rush of FOMO and FUD that I mentioned in a previous post and it is one of those heavy emotional states you just have to get used to if you spend any time in the cryptocurrency space. I write about it to remind you that even though I have been in this space going on almost 8 years I still feel it, it just doesn't have the same power over me that it used to.
I let my mind play all its tricks and feel that rush of emotion flood through me like a dam breaking in an earthquake, but I try to act as rationally as possible with the choices and “investment” decisions that I make. It is certainly not always easy.
It can be like trying to fight through the pain of a hard workout. Only after pushing yourself do you know what you are capable of, and only by looking the pain and the suffering square in the face without budging can you rise above it and finish strong.
I don’t care who you are, if you have been around the block for any period of time you will have war stories.
It is all part of the game, and if you want to survive and thrive in crypto you have to be prepared for the emotional roller coaster of it all. You cannot win all the time. On the flip side, you cannot lose all the time either.
So how do you win?
By being longsuffering.
By following your curiosity.
By being disciplined with your risk management.
By taking a profit. And by cutting losses.
One of my favorite quotes is by trader “Big Cheds”:
I paraphrase —
“A big loss was once just a smaller loss you were not willing to accept.”
It is a quote I try to live by, along with trying to stay mentally sound as much as possible.
Narratives shift.
What is hot one week or one cycle might change tomorrow.
You have to be agile, and not get attached to your “bags” as the saying goes.
There is more that can be said about all this, but it has been a really long day at work and I’m at the end of my intellectual rope.
Thanks for reading.