Keep your emotions balanced especially regarding Bitcoin

ethereumhunter

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Quote from: TitanGEL on January 16, 2023, 07:20:52 AM

Quote from: wiss19 on January 16, 2023, 02:11:22 AM

One of the key ways to balance emotions when it comes to Bitcoin or any other investment is to have a clear investment strategy in place. This means setting clear goals and objectives for your investment, and having a plan to achieve those goals. For example, if your goal is to hold Bitcoin for the long-term, then you should be prepared for short-term fluctuations in price and not let them affect your investment decisions. Another important aspect to consider is diversification.

Diversifying your investments across different asset classes, such as stocks, bonds, and real estate, can help mitigate the risk of any one investment performing poorly. This can also help balance emotions, as you will not be as affected by the fluctuations in any one investment.

Emotions are essential when it comes to investing because it can be our strength for us to have a successful investment plan or it can be our downfall if we don't give a care to it. When emotions are controlled and managed, it allows us to make a good financial decision.
Being able to control our emotions can help us to build a plan to achieve our financial goals. This will build a strong foundation for us to reach our goals and make us more confident in ourselves. I also want to agree when it comes to diversification because it is one of the risk managements that works very well with me and help me to play a long game in this kind of financial market. I usually divide my portfolio in 4th parts:
1st - real estate
2nd - crypto market
3rd - stock market (local and international)
4th - in my drop shippings services.

As long as we can still manage our emotions well, we can think calmly and overcome all problems that may arise in our business. But it's not easy because managing these emotions takes time and continuous training so that we can control them properly. And that's also what we have to do if we want to invest in bitcoin and maybe spreading the type of investment can provide us more profit.

Your portfolio in 4 sections can be profitable, but you must be careful with the stock market because it will move fast like the crypto market. For real estate, it takes a lot of money to get started and so does your drop shipping service.

TimeTeller

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Quote from: uneng on January 15, 2023, 07:05:25 PM

I guess there is no problem if you are happy when Bitcoin rises a little bit. It's actually normal to have emotions based on the circumstances and events of daily life. It would be strange to not have any reactions at all. And to throw a party when Bitcoin is doing well doesn't mean the investor is going to get rid of all his coins if BTC drops a little. Of course he will be upset, but it doesn't change his long term goals and expectations regards Bitcoin. I understand OP's concern, and I understand that could be a helpful mindset for people who are too impulsive, but I believe we have to celebrate when good things, like a Bitcoin pump, happen.

Maybe, you can celebrate but not to the point of throwing a party.
A cup of coffee enjoying the morning view or a good dinner with your family is more than enough to acknowledge that you did something right.
But if you happen to lose a lil bit, don't get too hard on yourself. Look on the brighter side, at some point, you can also recover your losses, especially if you don't sell off.
But we can't deny the fact that most of btc holders already experienced so many ups and downs throughout the years, and it was the experience that mold them how to react with an open mind.

TitanGEL

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Quote from: wiss19 on January 16, 2023, 02:11:22 AM

One of the key ways to balance emotions when it comes to Bitcoin or any other investment is to have a clear investment strategy in place. This means setting clear goals and objectives for your investment, and having a plan to achieve those goals. For example, if your goal is to hold Bitcoin for the long-term, then you should be prepared for short-term fluctuations in price and not let them affect your investment decisions. Another important aspect to consider is diversification.

Diversifying your investments across different asset classes, such as stocks, bonds, and real estate, can help mitigate the risk of any one investment performing poorly. This can also help balance emotions, as you will not be as affected by the fluctuations in any one investment.

Emotions are essential when it comes to investing because it can be our strength for us to have a successful investment plan or it can be our downfall if we don't give a care to it. When emotions are controlled and managed, it allows us to make a good financial decision.
Being able to control our emotions can help us to build a plan to achieve our financial goals. This will build a strong foundation for us to reach our goals and make us more confident in ourselves. I also want to agree when it comes to diversification because it is one of the risk managements that works very well with me and help me to play a long game in this kind of financial market. I usually divide my portfolio in 4th parts:
1st - real estate
2nd - crypto market
3rd - stock market (local and international)
4th - in my drop shippings services.

wiss19

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One of the key ways to balance emotions when it comes to Bitcoin or any other investment is to have a clear investment strategy in place. This means setting clear goals and objectives for your investment, and having a plan to achieve those goals. For example, if your goal is to hold Bitcoin for the long-term, then you should be prepared for short-term fluctuations in price and not let them affect your investment decisions. Another important aspect to consider is diversification.

Diversifying your investments across different asset classes, such as stocks, bonds, and real estate, can help mitigate the risk of any one investment performing poorly. This can also help balance emotions, as you will not be as affected by the fluctuations in any one investment.

uneng

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I guess there is no problem if you are happy when Bitcoin rises a little bit. It's actually normal to have emotions based on the circumstances and events of daily life. It would be strange to not have any reactions at all. And to throw a party when Bitcoin is doing well doesn't mean the investor is going to get rid of all his coins if BTC drops a little. Of course he will be upset, but it doesn't change his long term goals and expectations regards Bitcoin. I understand OP's concern, and I understand that could be a helpful mindset for people who are too impulsive, but I believe we have to celebrate when good things, like a Bitcoin pump, happen.

AmoreJaz

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Quote from: Cryptomultiplier on January 15, 2023, 05:57:39 PM

Quote from: lalabotax on January 15, 2023, 05:44:16 PM

That is why emotional management is one of the keys that we must have if we want to invest in cryptocurrency. This is exactly very important moreover for newbies who are still very new in this crypto world.

With the plenty mess happening around and with how it is now more likely to meet people daily who can have an influence on our state of mind, maintaining and keeping a balanced emotion is now more of a task than before. To keep your emotions balanced, you have to be in control of activities around you and for the activities beyond for your control, you have to accept the fact that you cannot control those activities so it should be allowed to affect your emotions to the extent that it forces you to make bad investment decisions concerning your cryptocurrency. Also, if you are know that you have lost control and balance in your emotions, avoid making any investment decisions.

i guess this kind of emotional management is not only true with crypto investments but all the other investments that we need to make in our lifetime. you should not follow your emotions when you are in rush as more then likely you are not thinking logically. you may have been influenced by sudden movement in the market and you feel you are getting left out. think why such movement happens. can it sustain long-term? what i am saying is, be more objective with your decisions. at least think why such situation is happening and do you think you can gain from such situation?

Cryptomultiplier

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Quote from: lalabotax on January 15, 2023, 05:44:16 PM

That is why emotional management is one of the keys that we must have if we want to invest in cryptocurrency. This is exactly very important moreover for newbies who are still very new in this crypto world.

With the plenty mess happening around and with how it is now more likely to meet people daily who can have an influence on our state of mind, maintaining and keeping a balanced emotion is now more of a task than before. To keep your emotions balanced, you have to be in control of activities around you and for the activities beyond for your control, you have to accept the fact that you cannot control those activities so it should be allowed to affect your emotions to the extent that it forces you to make bad investment decisions concerning your cryptocurrency. Also, if you are know that you have lost control and balance in your emotions, avoid making any investment decisions.

lalabotax

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Quote from: TimtheYoutuber on January 12, 2023, 08:09:59 PM

Lets say Bitcoin is $19,000. If it goes up 3% then do you throw a party? Then don't be upset when it drops 3%.
If Bitcoin doubles, I wouldn't throw a party especially since it was at $60k+ at one point. So if it cuts in half and goes to $9k I will treat it the same.
.....
Not financial advice, but lots of people freak out over the price of Bitcoin or anything for that matter but don't have real logical reasons.

Indeed, not all people are aware of this emotion management. Many will be out of mind to be very happy when the price of Bitcoin is increasing more than 3%. But they will be more stressed again when the market goes down even only -1%. Their imbalance of emotion management will probably drive them to be easily not controlled. This will deliver their emotion to be up and down easily, making them frustrated condition, sad and happy again. And what's worse is that they may panic when the market is going down and then selling of Bitcoin even under the rate because they are too afraid that the price will keep decreasing.

That is why emotional management is one of the keys that we must have if we want to invest in cryptocurrency. This is exactly very important moreover for newbies who are still very new in this crypto world.

mvdheuvel1983

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The price is not so much of a concern to me as I stopped being bothered by it sometime ago. I focus my energy and emotions on some other profitable stuff going on in the crypto world.
I saw that there has been a pump in price. This is good but I am still indifferent to it. Because once you do, you become a pawn in their invisible game.

I_Anime

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When you understand Technical analysis, Fundamental analysis, On-chain analysis and risk management, you don't really need worry about your emotions

Ultegra134

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Quote from: davis196 on January 15, 2023, 03:25:24 AM

Giving sh*t about a 3% Bitcoin price movement is something only the noobs do.
After dealing with the Bitcoin volatility for several years, you just develop a different mindset. It sucks to see the BTC price dropping severely, but this is the nature of volatile assets. They just go up and down. When the price is down, that doesn't mean that it will stay there forever.
The same thing applies to the price being at a high level. I don't think that Bitcoin would be able stay at a 60K USD level for months and years.
I have faith in the concept of Bitcoin and the Bitcoin Core blockchain. I just don't think that 99% of the altcoins/tokens will exist after 3 years.

A 3% increase is a petty increase after seeing what Bitcoin is capable of. It does feel good to suddenly see your BTC being worth more, but certainly not to freak out. I've accepted that cryptocurrencies are volatile, but this is actually their beauty. The crash of Bitcoin is now seen as an opportunity rather than a failure.

Personally, I've accumulated so much more Bitcoin during the bear market that I've stopped bothering about the market's condition. I used to get extremely frustrated with myself that it was getting the best of me, but I feel a lot better now after fully trusting my money on Bitcoin.

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Quote from: The Cryptovator on January 13, 2023, 02:17:21 PM

In crypto, there is no space available for emotion. Crypto, teach me the meaning of patience. I was too panicked and emotional when I first started using cryptocurrency. But as I mature, I keep my emotions separate from crypto. Now it doesn't matter what the price is. I held out until I made a profit. I'm not in a hurry to make money these days. If I notice an uncertain pump, I sell it immediately, but I buy it back when the dump begins. Because I've noticed for a long time that Bitcoin drops after every uncertain pump.

At the first start we did feel panic and emotional because there was no hope at that time but after walking for a long time we have understood how we have been in crypto for many years in this space of course everything becomes a meaningful experience and changes the pattern for the better.

Balance is always needed because it involves our emotions, so far the price of bitcoin has risen 23% for one week I am still holding on this is not a profit to take because I am not going to rush it even takes patience to enjoy bigger returns so enough to last until the next few years.

I'm sure from this increase there must be someone who has sold it and even feasted on the results, but that's not a good way for me even I will continue to buy bitcoin even if the price is above $ 21k.

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Quote from: Roggeredek on January 15, 2023, 05:57:02 AM

This price continues to rise due to the ups and downs of bitcoin there is nothing to be disappointed about, you can't invest if you can't control your emotions. That's why you need to keep a balance of emotions regarding bitcoin going forward. It is better to invest long term and hold bitcoin without checking its price major business organizations in the world are considering cryptocurrency as one of the most important assets. Crypto market is bullish for bitcoin.

Even though the crypto market is bullish for bitcoin, those who haven't had time to invest in bitcoin can still take the opportunity to buy bitcoin right now or wait for the price to correct. But it's true that they don't need to get emotional seeing the price starting to climb because maybe yesterday they didn't consider this to be the case. It's a valuable lesson in investing in bitcoin: when the price is down, it's a good time to start buying bitcoins and holding them for a while.

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Quote from: TimtheYoutuber on January 12, 2023, 08:09:59 PM

(.....)
If Bitcoin doubles, I wouldn't throw a party especially since it was at $60k+ at one point. So if it cuts in half and goes to $9k I will treat it the same.

This act is common for OGs or those people who are already in the market for a long time, people who experienced multiple ups and downs in the Bitcoin market.
But there are some people, especially new people coming and first time to experience such volatile, they are intended just like this and we can't blame this because I can say, I experienced it before too.

Roggeredek

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This price continues to rise due to the ups and downs of bitcoin there is nothing to be disappointed about, you can't invest if you can't control your emotions. That's why you need to keep a balance of emotions regarding bitcoin going forward. It is better to invest long term and hold bitcoin without checking its price major business organizations in the world are considering cryptocurrency as one of the most important assets. Crypto market is bullish for bitcoin.

Smartprofit

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Quote from: mk4 on January 13, 2023, 04:17:15 AM

Quote from: TimtheYoutuber on January 12, 2023, 08:09:59 PM

How do you guys emotionally balance Bitcoin?

At some point you simply just get tired of refreshing your portfolio that you just ignore most price movements. Though I'll admit that in extra-volatile times, I still refresh CoinGecko a lot — but I don't make impulsive buy/sell decisions.

All experienced holders know that 1 BTC = 1 BTC.

The price of a bitcoin, expressed in fiat currency, does not matter much. The price of Bitcoin can go down or up, but this does not affect the value of the first cryptocurrency.

Bitcoin is a deflationary asset. This means that in the long run, in terms of any fiat currency, Bitcoin will always rise in price. This is a natural process, since the modern financial system is based on interest on loans and annual inflation.

Therefore, I am absolutely calm about the future of Bitcoin. Changes in the price of bitcoin do not bother me at all and do not affect my mood!

xSkylarx

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Before I tend to panic when the price is dropping like if I am losing 10 - 20% I cant sleep and thinking of negative thoughts, that is my first time holding bitcoin. There are times I sold it but then I regret it. Right now I tend to have neutral feelings but I don't do checking the prices of bitcoin on a daily basis as this can trigger my emotions I tend to see it on weekly basis and also I keep in my mind that I need to buy more if the price is dropping

davis196

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Giving sh*t about a 3% Bitcoin price movement is something only the noobs do.
After dealing with the Bitcoin volatility for several years, you just develop a different mindset. It sucks to see the BTC price dropping severely, but this is the nature of volatile assets. They just go up and down. When the price is down, that doesn't mean that it will stay there forever.
The same thing applies to the price being at a high level. I don't think that Bitcoin would be able stay at a 60K USD level for months and years.
I have faith in the concept of Bitcoin and the Bitcoin Core blockchain. I just don't think that 99% of the altcoins/tokens will exist after 3 years.

Sakanwa

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When getting into bitcoin trade you need to calm yourself down and focus on your trade, don't be move by what is going on around you and by what you are facing why doing your bitcoin trading investment.
When I first went into trading on Drive Go trading app i was moved by my emotions and I lost everything I had in it,this is as a result of me been so eager to make alot of profit and not lost so I end up losing everything because of my feelings to make huge profit with out getting to know about how to control my emotions,so we shouldn't let our emotional state make us loss or lost our way why get involve it bitcoin trading.

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Quote from: TimtheYoutuber on January 12, 2023, 08:09:59 PM

How do you guys emotionally balance Bitcoin?

accept all the consequences that arise from the movement of the value of btc itself, and because before we enter into investing btc we should already know the worst thing we will face, namely if btc experiences a decline

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