Keep your emotions balanced especially regarding Bitcoin - page 2.

glendall

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 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

Casdinyard

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 PM

The way I have always tackled anything in life especially Bitcoin is to have balanced emotions.

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.

If it goes up 3% and you would be happy or neutral, then you can be bummed if it goes down 3% but don't sell based on that.

How do you guys emotionally balance Bitcoin?

Not financial advice, this thought could be applied anywhere.

This is a postulate and a common sense at this point but as common sense is, it's not really that common. Anyways, it's always important to keep a calm and collected attitude whenever you're trading as slight changes in mood and emotions may render you falling into your own heuristics and biases which itself is not good. So just like you said, don't celebrate, and most of all don't let it get to you as well when bitcoin goes down in value. After all the cryptocurrency is cyclical in nature and there will come a time in the foreseeable future when it will bounce back and reach another ATH like always. I think this suggestion is the most important thing you can impart to newbies as a seasoned crypto trader.

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Quote from: Wakate on January 14, 2023, 02:14:05 PM

Quote from: Raflesia on January 13, 2023, 04:10:06 PM

Actually, in this case, we may be happy, but we also shouldn't cross the line in any case.
Regardless of what the current state of affairs governing emotions is important I wouldn't say trading on this but on the other hand it's clear the current state of affairs is still a bit tricky and it's too early to be happy with the upside now after quite a dip.

We really need to bring our mind down and not be overwhelmed about the current state of the crypto market especially for those that had large holdings of Bitcoin and the worth of there portfolio had reduced drastically. This is how the market moves and we all need to be calm and not take a stupid decisions that will make us sell our holdings making us to lost drastically.

There are some newbies who still do not understand the market and are still confused while the crypto market is highly bear this season when we all expected the market price to return to the upward direction.

In this condition, control over oneself is very important.
But this condition doesn't always have to be able to be done because sometimes there are a lot of things that are very difficult to avoid when a fall like this happens so it's not too strange actually to see a lot of people giving up and I don't blame it for that even though I thought their actions were very careless.
On the other hand, now an increase has occurred, but this is only a percentage of the number of declines, so we still have to be patient, whatever is happening now, hold on and focus on your assets for the future.

Ultegra134

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Quote from: Piesel on January 14, 2023, 01:37:26 PM

Quote from: Venik on January 13, 2023, 03:59:15 AM

That applies to all investments in general. You can't be emotional or you're gonna make mistakes.

It may depend on your motive because as a trader one still needs to keep in touch with the market price to know when to take the next action, bit of one have a long-term investment plan then one can easily look away from the bitcoin price.

Bitcoin price may be very frustrating if not viewed in the right sense and frame of mind, and going by that one should only check price when exchanging bitcoin to the dollar.

Well, it depends on how you decide to look at Bitcoin's price. Traders, for instance, see market volatility as an opportunity and will continue trading no matter how much Bitcoin is worth. Holders like myself, on the other hand, aren't bothered by the market condition and simply stick to accumulating Bitcoin. That doesn't mean that I'm not monitoring its price or that I don't check how much my balance is worth, especially after this minor bull run, which spikes up your interest. Having said that, I'm not closely monitoring my money, but I haven't left it on autopilot either.

Wakate

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Quote from: Raflesia on January 13, 2023, 04:10:06 PM

Actually, in this case, we may be happy, but we also shouldn't cross the line in any case.
Regardless of what the current state of affairs governing emotions is important I wouldn't say trading on this but on the other hand it's clear the current state of affairs is still a bit tricky and it's too early to be happy with the upside now after quite a dip.

We really need to bring our mind down and not be overwhelmed about the current state of the crypto market especially for those that had large holdings of Bitcoin and the worth of there portfolio had reduced drastically. This is how the market moves and we all need to be calm and not take a stupid decisions that will make us sell our holdings making us to lost drastically.

There are some newbies who still do not understand the market and are still confused while the crypto market is highly bear this season when we all expected the market price to return to the upward direction.

Piesel

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Quote from: Venik on January 13, 2023, 03:59:15 AM

That applies to all investments in general. You can't be emotional or you're gonna make mistakes.

It may depend on your motive because as a trader one still needs to keep in touch with the market price to know when to take the next action, bit of one have a long-term investment plan then one can easily look away from the bitcoin price.

Bitcoin price may be very frustrating if not viewed in the right sense and frame of mind, and going by that one should only check price when exchanging bitcoin to the dollar.

molsewid

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 PM

The way I have always tackled anything in life especially Bitcoin is to have balanced emotions.

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.

If it goes up 3% and you would be happy or neutral, then you can be bummed if it goes down 3% but don't sell based on that.

How do you guys emotionally balance Bitcoin?

Not financial advice, this thought could be applied anywhere.

Hmmm I think I'm used to it, I am not too much anxious about it especially if I know that it really happens just like what we are having right now in our chart where bear market came in last year, a lot of projects goes down. I really like when bitcoin goes up but it doesn't make me too much happier I mean maybe when it will reach $50k or $60k maybe it will start to affect my emotion again. I just need to have a good mental fortitude so that when we will experience some dumps again before halving next year, it will not be painful for me and it will not make me sell my assets because of panic.

klidex

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Quote from: Rockstarguy on January 14, 2023, 04:51:42 AM

Such is life , people always want to be in the receiving side always. Like it is always said if you don't deserve the the bearish market you don't also deserve the bull market. The problem people normally have with bitcoin market is the lack of patience, most people just want profit so fast but find it difficult to invest, wait till the investment becomes profitable. I believe in the market and their is time for everything, as far as their is time for the bear market, their is time for the bull market which definitely come. Everything is just a matter of time which people needs to understand.

For an investor to have patience and be able to control an emotion is an obligation if they want success in investing, because investing is an act of sowing or storing an asset for a long time or you can say long term with the aim that the assets stored can be multiplied. thereby making a profit.
However, if you want to get profits quickly, someone can trade by buying an asset and then selling it after the price has increased. The buying and selling strategy only takes a short or certain time and the profits are not that big.
But a trader can get more profit if you do it consistently.

Crypt0Gore

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I have emotions just as other humans like me but when it comes to crypto I've learned to control my emotion, the last time I was so on the edge of my sit after buying Bitcoin was in 2017 and I bought at a high price, the lesson I learned was to never buy Bitcoin at a very high price again.

Now I bought at 17,000$ and also 15,000$ and still sitting my ass on some stable coins just in case we see 10,000$, my emotions are zero now, maybe when 2025 is here and Bitcoin starts surging over 69,000$.

5% or 10% gains on my BTC does nothing to me, not even 50%.

Lucius

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 PM

~snip~
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.

You are quite wrong here, because most people who have invested in Bitcoin or are just planning to do so have no other reason than to earn as much money as possible. If we take into account that a large percentage comes from countries where the standard of living is quite low and that Bitcoin serves them as a kind of lifeboat, and that they do not even have basic knowledge about investing and the risks associated with it - then I I'm not surprised that they behave in exactly the way that seems illogical to you.

I don't know if it's just plain ignoring or a low IQ, but in the last few days at least twenty threads have been opened with the question "why is the price of BTC rising", and everyone who asks that question has not read a single article about the economy or maybe sometimes watched the most ordinary news on TV. I can understand that, but it is not clear to me that someone invests in Bitcoin and has no idea what is happening in the world around him - Bitcoin is not some isolated island but part of the world markets.

Rockstarguy

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Such is life , people always want to be in the receiving side always. Like it is always said if you don't deserve the the bearish market you don't also deserve the bull market. The problem people normally have with bitcoin market is the lack of patience, most people just want profit so fast but find it difficult to invest, wait till the investment becomes profitable. I believe in the market and their is time for everything, as far as their is time for the bear market, their is time for the bull market which definitely come. Everything is just a matter of time which people needs to understand.

el kaka22

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It is not as easy as it looks, it takes time before you could do something like this and it's understandable, but at the end of the day it is going to be a pretty big part of your life if you are going to keep focusing on what is happening.

I believe that the best thing to do would be limiting your emotions, getting rid of them is not easy but you could at least limit them. Like for example locking your money would mean that you can't use it even if you want to and that is why I tend to lock them when I can, it allows me to not look at them for a while. Too many people end up with a bit of a problem when they end up with emotions during a bear market.

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 PM

The way I have always tackled anything in life especially Bitcoin is to have balanced emotions.

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.

If it goes up 3% and you would be happy or neutral, then you can be bummed if it goes down 3% but don't sell based on that.

How do you guys emotionally balance Bitcoin?

Not financial advice, this thought could be applied anywhere.

If there's one thing I've learned with bitcoin it's that you shouldn't look at the price at all. It's ridiculous to try to put a value on Bitcoin, because it's still not quite clear that 1BTC=1BTC and yet apparently we still look at the price too much. So answering your question, I have no emotions when BTC goes up or when it goes down, I'm still the same.

BitcoinPanther

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It is a given advice by many successful traders and investors that one of the key for a successful venture is to have a balanced emotion or controlled emotion. We can be happy, angry or whatever but as long as we don't make these emotion affect our judgement in our investment venture, we are good to go.

Relying on emotion or being affected by emotion often makes our rationality vague, missing important details and information that can resulted in failing to think wisely and have a good and unbiased decision toward our next action.

kawetsriyanto

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Quote from: Quidat on January 13, 2023, 02:47:37 PM

When you do see your portfolio is dropping even on small percentage then you would really get stressed and would be happy even if you do see some small percentage gain.

If you invest in Bitcoin for the long term, it is not necessary to check it very often.
Just keep it in your wallet and only check it when you think it is needed. Too often checking it will lead to stress and feeling emotional. It is such a waste to do, you won't sell the Bitcoin very soon. I believe people who are experienced in Bitcoin investment, rarely check their Bitcoin value if they invest for the long term. Only people who trade Bitcoin need to check the Bitcoin value every day.

Raflesia

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Actually, in this case, we may be happy, but we also shouldn't cross the line in any case.
Regardless of what the current state of affairs governing emotions is important I wouldn't say trading on this but on the other hand it's clear the current state of affairs is still a bit tricky and it's too early to be happy with the upside now after quite a dip.

tjtonmoy

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When I feel like I am getting emotional on trading, I simply just divert my brain on to doing something else. Could be anything! I have a bad habit of smoking cigarettes, so I take a break and smoke one in order to think a bit more and clear my thoughts. I am not referring to anyone to smoke.
But as an example, I think it fits well.
And to get emotional, you need to have a fear of losing. That's why it's always said that, 'Don't invest what you can't lose'. So keeping that in mind, if you have no worries then it is more likely to not get much emotional over that. But emotional decision could still come by greed. Also, there are other things that need to be address as well.
But it's so simple to divert your mind from it and focus on other thing.

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Being emotional is the true nature of the people. When the same have got something connected to finance people easily turn emotional. People need to know well about the volatile market scenario. This will keep the common people's mind prepared for the best. When the portfolio value drops, people always look for maintaining it through some other means. This have landed people into gambling and other much riskier ways of moneymaking.

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 PM

The way I have always tackled anything in life especially Bitcoin is to have balanced emotions.

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.

If it goes up 3% and you would be happy or neutral, then you can be bummed if it goes down 3% but don't sell based on that.

How do you guys emotionally balance Bitcoin?

Not financial advice, this thought could be applied anywhere.

I just think it’s a very volatile investment and that monitoring its price movement will never be helpful at all. That way, I can avoid my emotions to burst out especially when my portfolio is filled more with bitcoin than altcoins. And I always have come to accept that bitcoin never guarantees profits all the time, we can be profitable today but we might also lose the following day so bitcoin will always be uncertain and unpredictable. That’s why if we can protect our emotions as much as we can, then we should stay neutral and accept that bitcoin is all about winning and losing.

Quidat

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Quote from: TimtheYoutuber on January 12, 2023, 07:09:59 PM

How do you guys emotionally balance Bitcoin?

Not financial advice, this thought could be applied anywhere.

You cant blame out someone on having this kind of approach or reaction when it comes to price since its been a while which we didnt able to see this kind of movement specially on gaining side
where it would really be a common approach and reaction into that particular situation.We are just humans which we are really that emotional into something that involves money.
When you do see your portfolio is dropping even on small percentage then you would really get stressed and would be happy even if you do see some small percentage gain.
Just deal up according into your emotion and the important thing is that you are aware on what you are doing which is they key into this.

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