Topic: Some Tips To Stop Feeling Overwhelmed In Crypto (Read 183 times)

People in the market now are very easily to spend money for investment. They rely on big capitals, ventures and IDO launchpads for their investment. Such belief help tokens have investment from big institutional investors, capital, ventures or launches on good IDO launchpads will have significant increases after launch and listing on exchanges.

20x, 50x is very easy to see but if you can not buy those tokens in launchpads, you should not join. It's not a party if you join too late. If you did not know those tokens and only know about them after exchange listing, ok let's wait a couple of weeks or months to enter.

When whales finish their dumps and accumulate tokens again, you can join at bottom price and don't have to wait a couple of months with stress from price falls.

I think any newbie will be a little excited about not being able to cover and understand everything that cryptocurrency involves.
But as in any business, you need to leave the vanity. I liked the OP's post. It is well said there that you should not be distracted and take too much information. It's right. Just take some time for yourself, then ask yourself: what is not clear to me? Do not move on until you realize that you have passed the first step. It's like a snowball, understanding will grow. But as soon as you feel that conversations, news, everything related to noise begin to bother you, then it's time to rest.
I also adhere to the rules, do not check the rise or fall of bitcoin at all. This can be annoying. Therefore, the rule "do not fuss", I think, can also be added for the successful acquisition of knowledge.

The social media thing is one thing that doesn't sound or go so well with me. Yeah, social media can be distracting for sure but, that's in terms of the pages you subscribe to, friends and the notifications from sites and platforms you choose not to disable. Cryptos is digital and boycotting social media for a paper way of doing things doesn't seem like doing it completely right. Though, when it comes to reading, printed books offer more as per concentration as well as putting onces self on the part of understanding but, not all books are printed are there! So, one could really build themselves around the digital means of doing a thing and succeed.

I stopped using Facebook since it's been a one-up game from the start.

Really makes a lot of difference.

Am I the only who thinks that this feeling of being overwhelmed in crypto is very much normal for a beginner? I mean, the crypto market is not your typical market. The moment you get yourself immersed in it, you will more or less be overwhelmed with it; the extreme price fluctuations, the hype, the FUD, the volatility, the crazy trends and fads, the pump and dump, the very sudden rise and fall of projects and tokens, and so on.

I don't know with others but when I got into crypto I was also overwhelmed. But this initial feeling will eventually die down. The wild wild west and strange characteristics of the market will gradually become normal to you. Sooner or later, you will enjoy it. So I guess it is all right if a newbie is overwhelmed at the start.

Seriously, if you believe in Bitcoin, and you don't want to continuously start doubting it whenever it hits a few snags in terms of its current price, then don't look at the price. I can't remember how long I went without checking the price of Bitcoin, it must have been years. I used to avoid the economics/speculation sections like the plague, and at the time I hadn't withdrawn in a long time. The only time I would see it is when I was purchasing or taking some out temporarily.

In fact, I think checking the price too often is one of the leading causes of reactionary selling, and therefore losses. Look at it this way, if you invested 5 years ago, you would have went on a roller coaster of a ride because there's been multiple "bubble" bursts according to the news, and there's also been several times Bitcoin has hit snags, which at the time seemed quite big, but in the long term were pretty irrelevant.

Obviously, this goes without saying that there could be drawbacks to not checking the price frequently, but personally I think people get sucked in too much on its current price, rather than its actual value.

I meant it in price pov, it would take a while for BTC to double looking at current price while for smaller coins they would do few x sooner, yes you take risk - I ain't denying that.

Of course you can give chance to other cryptocurrencies but you have to accept that the risks gets considerable higher with coins lower in the rankings and there is no fool proof template to choosing an asset to invest in.
Also, how do you determine currencies which has more upside than Bitcoin?

The deflationary mechanism in Bitcoin as I understand it is due to its finite supply which means there can be no supply shock and the supply gradually thins out in production. Ethereum is not exactly designed that way.

I want to add one more point which is avoid any project without giving any shit about it when you see it is promoted as next Bitcoin or ethereum because copycats won't survive if they don't bring anything new then they are not going to stay here, probably with the hype they may last for few weeks or months and not more than that.

Quite so but you can still give chance to other cryptos which has low chance to disappear and yet having more upside than bitcoin, example, ethereum with it's deflationary mechanism.

This was said when Bitcoin was $20k, but yet, there was still so much room for growth, $60k is not the top and there is still room for growth.
Also, profits of 20, 50 or 100% is considered very good in business, Bitcoin and some other cryptocurrencies have grown far beyond that over the years, but it's not the current standard, and if we chase very huge gains, we'll take lots of risk and end up losing out.

I think it depends, how much profit can you expect from a coin that's already $60k?

I would also add that you can replace some communication on social media with a lively discussion with people who also deal with cryptocurrencies. Then you feel a greater reality and it is easier for you to perceive information. Plus, you understand that these are the same living people who also learn and make mistakes, and not some enlightened gurus with millions of subscribers who know absolutely everything, while you feel as if you will never get this stream of information that washes you away and will not ever grow to their level.

Cryptocurrency discussions can be quite difficult to follow on social media as they happen quickly and most of then are not relevant, but cryptocurrency is only a small aspect of a person and you do not have to stop it completely, you can rather customize it so, your feed o my included what you want it to.

Also, do not fall into the trap of discovering the next Bitcoin. You would lose a lot of money on shitcoins along the way. You could simply buy bitcoin.

Yeah these are direct to the point pointers. I normally found some of your suggestion correct. Crypto is quite broad and if you didn't get the hang of it you'll started to get overwhelm.

There are also time that I tend to this kind of feeling but of course crypto will always make us think of crazy stuff.

Depends but if you are doing IDO on alts. It's quite impossible not to earn or gain back your capital especially if you are joining high tier platform.

The social media one makes sense, or at least get a secondary account you can add people you regularly contact to.

I'd say on the books one, this could probably be an age-dependent quite thing as there's a lot of info (and many times more accurate) on some sites like Wikipedia (books only have a few authors and editors normally).

Also with 4, initial offerings for most things are often risky and overhyped, chances are if you buy something once it's proven to work and proven to have a good market demand then you'll be taking a lot less of a risk.

1) Stop social media

Foremost because it makes a huge difference.

It's endless sea of garbage, you feel overwhelmed while you learn nothing worthy.

2) If you want to learn something (Investing, Trading, etc) - Get a paperback

You will be much better concentrated than reading it on digital device/internet. Books smell good too.

3) Sign up for newsletters

If there is project/ecosystem you want be up to date with, sign up for newsletters. Some are daily, some are weekly, you will know what you need to know. If there are emails that add no value, unsubscribe.

4) 'Missing the boat'

New coins/tokens come daily, just keep trying for next one, you will eventually succeed. Make sure to learn from past failures, so chances of success increase.

5) 'Read later' trap

Read it now, or don't bother.

6) To do list

If you are doing something and keep getting distracted then have a to-do list app or note near you. Write down your thoughts and go back to whatever you were doing.

Come back later and you will be surprised to see how many of those 'important thoughts' that you thought didn't even matter.

6) Read relevant

If you don't know what you want, you end up with a lot you don't.

— Chuck Palahniuk

7) News tab in your browser

Just disable it. It distracts you.

8 ) Disable notifications

Disable notifications on Discord/telegram/emails, and check them once a day.

9) Ignore clickbaits

'This coin going to moon '
'Huge event incoming'
'Coin mainnet leaked '
'This is what happens to bitcoin next'

Just ignore. Rather check for events on coinmarketcal or if you find some project interesting - directly subscribe to their newsletter or other official channel.

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Now, get off Internet, it helps.