For those deeply entrenched in the crypto space the last year has been brutal not only on our portfolios but quite possibly also

For those deeply entrenched in the crypto space the last year has been brutal not only on our portfolios but quite possibly also on our mental well being. Here are the steps I am taking to try to keep a balance.

Read crypto news but do not become fixated on charts. Constantly monitoring charts will not change our paper losses but it could instead lead to emotional decision making that will most likely be regretted when the market begins to reverse.

Keep your crypto keys in a cold wallet. The recent bankruptcy woes going on in the crypto industry are reason enough to be proactive and protect your assets by using a hardware wallet. Are you willing to roll the dice and gamble that your crypto is safe on an exchange ?

Dollar cost average. DCA is a tried and proven strategy. Making smaller incremental asset purchases on a schedule regularly helps to reduce your level of risk and also helps to minimize chart watching and making emotional choices. Some exchanges will provide automated dollar cost averaging.

Exercise patience . Crypto winter can last longer than expected and mentally test even the most steadfast believers. Understand that the market could drop even further or trade sideways for another two years or more.

Take time to reflect and plan for the next bull run. Will you take profits regularly with sell limit orders ? Will you HODL ? Will you be diversifying your portfolio ? What are the tax implications of crypto strategy ? All these questions should be a part of your decision making process prior to the next bull run.

Take care of your self. There’s no better time than a crypto winter to step away and find a new hobby , take a road trip or get together with friends . Let’s face it , the fact that crypto trades 24/7/365 can be mentally exhausting at times and you need to give yourself a break.