Keep your emotions balanced especially regarding Bitcoin - page 3.

Zlantann

legendary

Activity: 854

Merit: 1009

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.

The unpredictability of Bitcoin makes it very difficult to trade. You can't just pinpoint a reason for the fall or rise in price. I have had some losses in this past bearish run and I am hoping that it would be able to recover all I have lost. Selling my Bitcoin and profiting from the sales would be a decision I have to take with my wife because she has been encouraging me to keep hodling regardless of the price. Within these few months her confidence in Bitcoin rose to a large margin. I am not emotional because Bitcoin have made me to be patient and disciplined. I believe the price might rise above $20,000 this month. For now, all my critics are silent because their predictions failed.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

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

This is something which takes time to get used to because even if you had experience in other markets bitcoin moves way faster than them, as an example lets suppose that you ride the most extreme roller coaster you can find, at first every single movement will put you on alert and produce all kind of emotions in you, however if you were to ride that roller coaster hundreds of times then eventually you will get less sensitive and only the biggest movements will have any effect on you, I see bitcoin in the same way, and the current positive movement is a great way to see how this is true, newbies are going crazy about the current positive movement of bitcoin, while experimented investors just look at it and while happy they do not think too much about it.

Ultegra134

hero member

Activity: 1582

Merit: 758

Honestly, I don't care at all; I'm well beyond that point with Bitcoin. I used to get so emotional and frustrated in the past that I've stopped being bothered by volatility. I'm not planning to sell anytime soon. Certainly, if Bitcoin surpassed $50.000 tomorrow, I'd be pleasantly surprised, but chances are that I wouldn't sell nor proceed to change anything with my planning. Personally, I just fancy accumulating as much Bitcoin as possible without being distracted by the market's fluctuations.

I used to get emotional in the past, which only resulted in me making stupid and repetitive mistakes.

Leviathan.007

hero member

Activity: 1582

Merit: 722

Leading Crypto Sports Betting & Casino Platform

Controlling self-emotions is the key for whoever enters any financial market and this market can be bitcoin and cryptocurrencies or other markets still controlling emotions is an important element for everyone. But whenever are talking about bitcoin and cryptocurrencies, since compared to other markets this market is much riskier and this risk can grant reward for people, the market can be much more dangerous for people who start doing emotional movements such as panic selling or greed buying if you can control your emotions bitcoin can be heaven for you.

Rruchi man

legendary

Activity: 1246

Merit: 1071

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

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.

I will not blame people who freak out easily whenever the price of bitcoin changes, they are mostly inexperienced or built that way. Learning to control your emotions and not letting them affect your decision making is a skill to master because our emotions are always tested by almost every situation.

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

How do you guys emotionally balance Bitcoin?

Before making a decision always double check to know if emotions are involved.

Finestream

hero member

Activity: 3010

Merit: 604

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.

Yes. When you are a long term hodler of bitcoin and you have witnessed already its highs and lows, you won’t be thrilled anymore with price changes and monitoring the price often will never be your thing anymore. Instead, when the price drops rapidly and heavily, you may consider buying but the moment it goes up again, you won’t even care selling it, unless if it reaches its new ATH.

The Cryptovator

legendary

Activity: 2240

Merit: 2174

Need PR/CMC & CG? TG @The_Cryptovator

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.

Dr.Bitcoin_Strange

hero member

Activity: 532

Merit: 508

Leading Crypto Sports Betting & Casino Platform

OP, I think your words are encouraging to those who find it difficult to balance their emotions for most of the events in their lives. The nature of man varies. There are some people who find it difficult to balance their emotions over certain things they do. for example, in the casino, some will play and win consecutively, but at a point if luck runs against them, they begin to have some mixed feelings, trying to bring their emotions into the game, which can trigger them to gamble off everything they win earlier on trying to recover their loss. @OP, I can attest to how happy someone I know was when Bitcoin hit $65k in 2021. The neighborhood heard his voice, but he was heartbroken during the downturn of the market in 2022.

I often checks the market condition, but I don't get my mind worked off with 24h PNL, and that's because I am in to hold for a long term and I have other sources of income, so I am not too bothered.

kryptqnick

legendary

Activity: 3094

Merit: 1385

Join the world-leading crypto sportsbook NOW!

I used to be concerned with the price in 2018 because back then I didn't expect such a long bear market and while I generally believed Bitcoin will get through this, it was hard to convince myself of that. But the bear market was so long that I kind of got used to it, and then nothing seemed impossible when Bitcoin finally recovered. So now I don't have strong emotions about the price, especially if we're talking about minor changes (below 15% within a week). I think the idea that helps me stay calm is 'this, too, shall pass' (whether it's good or bad, it's temporary, and that's the way of life). Another thing that helps is not having the amount in BTC that you can't afford to lose.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Traders need to be prepared mentally especially when trading volatile coins like bitcoin since if they are not. Provably they will got huge disappointment because market moves unpredictably. We need to be mentally prepared and to have this a better crypto education is needed before investing so that we are armed with knowledge which we can use on multiple scenarios in the market and earn profits with this.

bittraffic

hero member

Activity: 2870

Merit: 612

Can't help myself celebrating as well when BTC goes up, I would even gamble more when my money increased its value. It gets me motivated but may also spend more. Happens probably too many investors also.

Emotions are hard to control when something happens that is to be happy or sad. This is why emotion is among to discuss in the trading tutorials. Today as BTC move more than $19k, my plans multiply also. Cheesy

Yatsan

legendary

Activity: 2422

Merit: 1232

Leading Crypto Sports Betting & Casino Platform

In any form of investment, you should separate your emotions from your action especially with this blockchain wherein the market price is changing from time to time. If you'd be eaten by your emotions whenever the market price moves, you'd end up with huge loss. This market is unpredictable in the first place so expect that things won't be easy. There will be times you will need to set aside frustrations perhaps, to avoid making your losses bigger. There will be times you need to calm down and be patient. Also, times you have to accept that things won't always come in accordance to your own liking. That's just how this market works. Those who will be eaten by emotions will push their way to earn profit. Since things are not certain, attempts of creating profit might become a way to lose more.

Dickiy

sr. member

Activity: 826

Merit: 460

Quote from: TimtheYoutuber on January 12, 2023, 08:09:59 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 think your explanation is a common occurrence for investors and that in my opinion is a natural thing because basically the orientation of an investor will be happy because whatever profit the price increases, vice versa, they will feel upset or disappointed when the price decreases, the emotion will always be present within.
But basically we have to be able to regulate our emotions towards rising and falling prices so that it doesn't become excessive panic and uncontrollable excitement.

I think your view is more directed towards measured investors who are new to investing in bitcoin because those who are experienced in investing in bitcoin will not be overly exaggerated in any situation.

Findingnemo

hero member

Activity: 2310

Merit: 757

Bitcoin = Financial freedom

You have to be balanced no matter what and if you can't then you won't be a successful investor for long time period. Personally I don't take anything too personally because its a loss of money not the end of this world and we know money can be earn later and we did it already so just take it easy and be cautious all the time while making investment choices.

Venik

newbie

Activity: 89

Merit: 0

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

mk4

legendary

Activity: 2716

Merit: 3817

Paldo.io 🤖

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.

Osama Maaz

jr. member

Activity: 322

Merit: 1

Bitcoin the future of finance

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

How do you guys emotionally balance Bitcoin?

Mate, you are completely correct,
First thing is we don't set this crypto field as our primary source of income because of high volatility ,
second thing is patience and patience ,in both buying and selling ,
Dont know fundamentals first learn then invest .

Welsh

staff

Activity: 3248

Merit: 4110

I just use it. Whether that be to trade something or to store my wealth off of banks. Whatever, you choose to use Bitcoin for, embrace it for that rather than it's current price. If you aren't purchasing or selling things for Bitcoin that's even more true. Don't look at the price. I don't tend to look at the price often, and I've gone years without checking it myself. Usually, get the price from threads on here. However, recently I've just been enjoying the ride, and speculating (horribly) on what the price might turn out to be. Although, I have nothing really riding on those predictions as I have a relatively positive medium to long term outlook.

As long as you understand why Bitcoin was created, and why it's considered revolutionary by some; you probably won't have to worry about it increasing in price in the future. Also, the fact that it's designed to be deflationary too.

TimtheYoutuber

full member

Activity: 1708

Merit: 125

www.positivebetting.com

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.

Topic: Keep your emotions balanced especially regarding Bitcoin - page 3. (Read 314 times)