Bitcoin can play tricks on your mind - page 3.

blockman

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Quote from: doctor877 on March 29, 2021, 05:40:59 PM

It happens

And very normal.

Quote from: doctor877 on March 29, 2021, 05:40:59 PM

first thing a trader or investor should have in mind is a plan on how and when to remove your capital, profits. This will guide you on any mind tricks.

Right, you have your plan when to buy or sell and whenever you're going to sell you won't do the same thing as overthinking. You just have to play with your mind and accept whatever you'll decide to go for.

doctor877

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It happens, first thing a trader or investor should have in mind is a plan on how and when to remove your capital, profits. This will guide you on any mind tricks.

Review Master

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Quote from: bobyhodob on March 29, 2021, 09:46:41 AM

I also feel that sometimes whether I take 10-20% profit from buying and selling Bitcoin is enough or I want to hold it, I always worry about it but I end up taking profits little by little rather than my assets being lost

That's a great strategy which is obviously good for both of our portfolio and mental heath. If anyone's doing day trading, than it's best to profit out initial captial within 10% profit and wait rest of the amount until hitting the desired target for more profits. But bitcoin is the best one for long term purpose as it's never disappointed any investors whenever they took entry on it. BTW, bull and bear market would always happen side by side. Wink

Reosta_

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Quote from: tinopener on January 30, 2021, 04:37:25 PM

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

I'll give you that about Bitcoin being really tricky. I'm sure that everyone thinks about similar scenarios on their mind. In the end, Bitcoin is a very volatile crypto like others so it is totally normal to think like that. But I think still that HODLing is the best thing to do in the end. Even if Bitcoin price goes down sharply, you don't need to worry about it as you are HODLing. Let's say it seems like it will go down to zero, then you could still prevent yourself from losing all your money.

sapnu

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Bitcoin is indeed tricky, its value has been changing a lot lately and most of the investors are having a hard time upon deciding what to do. If they would buy or sell at this moment, it's very confusing cause maybe on the next month, bitcoin's value will rise high again or go down low. Regardless of the confusion and gamble you will be taking, the best way to know what to do is through monitoring the price movement of bitcoin each and everyday. Through this, you will know or you will notice where will the bitcoin's price go on the next few days and it will surely benefit your investment later on.

noorman0

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At each price level there is a risk of loss that will not exceed 100%, and the potential for profit is unlimited. The higher the price level is reached, the higher the volatility level. You will run the same risk no matter where you start or have already been, and such thoughts will always be there.

bobyhodob

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I also feel that sometimes whether I take 10-20% profit from buying and selling Bitcoin is enough or I want to hold it, I always worry about it but I end up taking profits little by little rather than my assets being lost

Anonylz

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Why some people always have this believe that btc will crash to 'zero' has btc given us the reason to think this way because I have been hearing this not just recently and it doesn't make sense for anyone to think this will happen in the future (even though no one can tell what the future holds)
Btc is a store of value and form of money which is the reason why many people are drawn to it, use it in place of fiat to stay anonymous and so on, if btc is seen as an alternative to fiat how then can it go to zero!

There is no need to worry too much if you are thinking long term between you can always remove your initial investment and let the rest ride on.

Silberman

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Quote from: Kittygalore on March 24, 2021, 11:38:53 PM

Bitcoin isn't playing tricks on your mind, it is you that is playing those tricks on your own mind. That is what you call anxiety or paranoia at worst, the only way to solve that is to take a deep breath and not think about anything related to what you are doing, try not to make up scenarios in your mind about this kind of thing. In my opinion, in this kind of situation you are your own worst enemy. Bitcoin is not a sentient object or such, you are which means that those thoughts are just you blaming bitcoin, and you wouldn't really be anxious about it when you know more about bitcoin and you trust that it will grow in long term.

I agree, to think that bitcoin is playing tricks on our minds will require that bitcoin moves depending on our movements, but things do not work like that, the market does not care about us and whether we are invested in it or not, we are the ones that play tricks with our own minds as we are anxious about whether or not we took the right decision when we invested in bitcoin, and the only way to avoid this is to be completely convinced about the potential bitcoin has to change the way the world economy works, once you internalize this you do not get anxiety over being invested in bitcoin anymore.

wendy sy

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As a currency long-term holders, don't think the currency will fall to zero in this matter, even if it is not possible, at that time the movements are normal, everyone may have experienced a boom collapsed the mood of the roller coaster, but anyway, the currency can really make the person, you just need to believe this.

uelque

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I think almost everyone will have that kind of stuff in their head if they are just simply putting money in bitcoin without making a simple analysis on how they think the market would move. Bitcoin doesn't play tricks in your mind, it is just you who is not much pretty sure of your investment. One thing you should follow when investing is to always know when to exit and enter, analyze the market just like trading, there's a lot of market tools that can help you, and by that you can avoid big losses.

Also, bitcoin at the same time is assumed to have price increase as time pass. So you don't need to worry much if you're planning a long term investment.

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Personally, I never think about Bitcoin crashing to Zero. If it is going to happen, it really needs a very huge number of reasons why it should be.
However so far, in relation to what is in our mind, I think that it is really your playing mind at all. Sometimes, we are watching and feeling good enough because of some news. And what makes our thought seems not to be calm is because so we don't trust Bitcoin so much and we still have the doubt of it. Personally, I trust Bitcoin at all and we must be also the best investment so far that I am entering.

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At my first stages of being into Bitcoin learning and understanding how it is working, I have also been into that state wherein I find it really frustrating to decide whether I will take hold or better grab the opportunity to just claim my reward for the work that I have done with Bitcoin to secure that whenever it crashes, my profit is safe with me. But upon understanding Bitcoin and have already got through many ups and downs, I have manage to not to make things complicated on how things will be because I trust Bitcoin and such tricks playing into one's mind will be mostly upon the newbies or those who are just starting their journey with Bitcoin.

oktana

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To me these scenarios aren't for people who really believe in Bitcoin being a huge thing. I think you're contemplating because you don't really trust Bitcoin's movement. The only similar scenario that plays in my head is the one where you're thinking of how long it could take to get up if it fell. But you sound like you don't even trust it's coming up. However, it's absolutely okay to be cautious of your investment. And its okay to feel insecure depend on how you got the funds, but sometimes, it doesn't really end very well (like when you sell while avoiding the dump and then, the price starts going back up). Above all, follow your mind... If it tells you to pull out, do that, and never blame yourself for any loss... It's normal with life.

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Quote from: tinopener on January 30, 2021, 04:37:25 PM

Does anyone else play these scenarios out in their head?

Yes, of course. That is a common behavior for investors who aren't in a confortable financial situation, so they try to act most perfectly as possible to maximize earnings and decrease loss chances. I just think we shouldn't play too much with our head, because we are in an unpredictable market, so all these thoughts are a waste of time and energy in end.

Try to set goals at the beginning of the investment, and don't change your plans once you achieve them.

tinopener

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Just as a follow up to my OP.

I did end up taking profit a couple of weeks ago to get my investment back and spent it accordingly:

-50% on stocks (trackers that hold value stocks - because of reflation and the move away from tech growth etc.)
-25% on more bitcoin during the dip this week
-13% on Ethereum (gambling on Proof of Stake and environment impact in the media)
-12% on DeFi altcoins such as Filecoin, which I'm now starting to understand a bit more.

I've also a got a little ready to buy government bonds... as now might be the time.

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Quote from: tinopener on January 30, 2021, 04:37:25 PM

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

too much overthinking, I guess your zodiac is pisces Grin

actually, it's good too because you saw it from some perspectives.
I had that in my mind too, but it happened only when my portfolio does not balance (I mean proportional, based on my preferences).
my comfort zone is when I have enough amount of fiat so I can buy the dip and bounce back instantly.
In this situation, my mind will also think, that at least I already have that amount of money.

Amejoaquim

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I think it not just bitcoin but it will happen in almost every investment especially on crypto or stocks maybe.

Thats why the experience and TA is very important to minimize the risk to be loss.

XZERO1

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That's not exactly Bitcoin that is playing tricks on you, but they're just market makers that are playing with the price and they often do that in a way that is the least predictable for retailers to see the next move which means they could end up with more profit at the end.

That's why 90-95% of traders lose in long-term, and that's exactly why you should not try to be a trader if you studied it and tested it out for 1-2 years and it didn't work which means you're not one of the 5% or less that are somehow better in trading, investment is the better option for most people and all you need to do is find some good assets that you are optimistic about and buy them at a decent price(preferably dollar cost averaging it if it went down more) and be willing to hold it for a few years if you have to.

captjo

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when the markets fall dont Panic sell. Hold on to your BTC and sit still. Next month it will be higher than ever.

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