1. Stop thinking every market pump is “it”. Try not to allow feelings of excitement run away and inspire further excitement. Look at things objectively.
Thinking you’re going to be a millionaire because you see the market increase slightly, is like thinking you’re going to get married because you matched with someone on a dating app.
2. Don’t check the markets every 5 minutes. The novelty will soon turn into anxiety. Daily checks are fine, but try to be disciplined and minimise screen time looking at constant numbers and patterns. It’s the easiest way to become obsessive. If you’re holding with those diamond hands, checking constantly will only make you consider liquidating. (Day trading is different)
3. Catch a vibe but don’t get sucked into the hype. A lot of the people in crypto communities such as Reddit/Telegram groups and social media outlets in general, posting and saying things like “buying the dip” are NOT buying anything. They’re trying to create hype (not necessarily a bad thing, but don’t let it influence you into making unaffordable decisions)
Community is very important. But try not to allow loyalty towards community become groupthink. Just because everybody else seems to be doing something (buying, selling, burning, signing up to websites) does not mean you automatically should.
4. Don’t invest more than you can afford, and accept you have already lost what you have invested.
This way it will be less of an emotional rollercoaster when prices fluctuate as much as they do. Meaning you are less likely to panic and liquidate your coin.
5. Don’t appeal to authoritative figures. The crypto world is passionately decentralised. If every decision is influenced by what a celebrity tweets, that creates a very centralised dynamic to your crypto experience.
Hold onto your power. Hold onto your coin. Hold onto your convictions.
“Intelligence becomes obsolete when the emotions take sway” - Daniel Goleman, Emotional Intelligence.
