Fear and Uncertainty in Crypto.
[ did you think I have forgotten about DOUBT?!]
With BTC rising and alts going down, the famous FUD can really start to manifest itself. Panic sells, despair "fuckitall" actions, irrationality are side effects that can and will happen. Please, don't fall pray to it.
To help you navigate these hard time I have wrote a little summary of these common suspects that in the long run will only bring LOSS.
FEAR
Your worst nightmares coming to life.
Losing everything.
Making a fool of yourself.
Being a fool for real.
UNCERTAINTY
Should I sell or buy.
Hold this or that.
Invest or wait for a better time.
Is this good or bad?!
DOUBT
I don't think what I'm doing is the right thing.
I don't know what I should be doing.
Is this gonna crash on me soon?
I don't know...
I just...
Just look at all this negativity. It will spin you like crazy into the wrong direction and who knows whatever the hell that will do to your portfolio? Take a second, hell take an hour or more to breath and think.
--> I know, I woke up today and looked at BTC huge again! I knew the alts will be down. I panicked for a second. I panicked HARD. I confess my mind went into frenzy and regret and self-incrimination. But then....I took a deep breath <----
Now, that you did stop, breath and back in control. You can ACT.
You can, of course,"DO NOTHING". I mean, if you have a good long term - inclined portfolio, do nothing must be exactly what you should. Why care about the market's up and downs, you are in it for the long haul, right?
Or, you can make some moves, buy on the dips or sell the absolute losers. I don't know, all I know is that if you are as rational as possible it's going to be OK. Have a reason for everything you will do and when the market stabilize a bit, be happy and proud of your choices.
Look, FUD is like a siren-call. FUD wants you to think that's music, but that's all there is: NOISE. Don't let FUD be your master by dancing as it sings but make FUD your....[ cough, cough ]...SERVANT with a rational approach. When push comes to fold that's the only good response to instability.
So, what are your plans, how do you deal with FUD?
Help me and others out by sharing your experience in the comments!
Most coins I have FUD sold in the past have bounced back. It's always worth that deep breath!!!
I have seen the same with my choices...
Guess I should hold awhile longer next time.
Patience pays!
It does and that's what I try to do now!!
what?! no!!! i never though you're one to lose your cool in teh middle of fuding! :(
Sorry, man. But trust me. hodling in the middle of this is no fun either...
It's a fine line to walk!! In the end it's all about learning though eh!!
Good to see you here again :)
How deal with it? You don't have to spend it all at once. I like playing it save, but also don't mind to invest a little bit in adventure. My way of thinking? It's not about the losses you made, but about the tiny benefits that go you places. Yes, maybe you could've gotten more profit but in the end the selling price might be higher than for how much you invested. Don't be greedy and make sure it stays fun. 'Play' with what you can afford to lose.
sjennon!! yeah indeed. playing with too much it's gonna end up burning you :(
But you have a good philosophy. I see your trading chops are up to par with the market :))
Exactly! How do you handle it?
tears...
I just scream, shout, and destroy my computer. No computer = no trading. The market is usually back to normal when I get myself a new computer again.
On a serious note, constantly remind yourself what is your plan truly helps. I try to set stop/limit to control my losses and decide at what price I want to sell. And then I just wait.
Of course, sometimes it is wise to adapt to the market, but it must be done without emotions. When emotions come to play - the losses are inevitable. So just don't trade if you are not calm. Just don't.
Emotions are, unfortunately, almost inevitable. But you need to stay calm. If nothing works...indeed: destroy computer. hide phone. don't trade!!
I don't have much experience trading, but I used to bet on sports a lot. The emotional aspect of it felt the same. I could lose all my money on one game just because I refused to see the reality and went into "fack it, I don't care anymore" mode.
I lost like $500 in a second after Polo crashed and STR got dumped. I couldn't control my emotions, but I made sure not to make any trades anymore. What's lost is lost. We have a saying in Lithuanian, "A father punished his son not for gambling but for trying to win it all back."
very interesting.
As a pokerplayer i can relate :) But letting your emotion take control is clearly noob move. Once you realize that and force yourself to be a professional i think it will go much better :)
Look for "sunk cost fallacy" on google.
Yup, sunk cost fallacy is a biatch.
Yeah, tilting while playing poker is the worst thing you can do. It is def noob move; however, sometimes even the best players do that. The good thing about emotions is that we can learn how to control them. Some people find it harder to do, but everyone can learn. I see a huge improvement in my emotional stability while trading/playing poker/betting. It's like any other skill; we need to practice to perfect it.
The worst part is that it sometimes only takes one minute of an emotional wreck to lose it all.
Totally. I rarely tilt these days but I used to break mouses on a rage river :))
Trading still mindfks me hard though...
Especially when prices are doubling and stuff. Crypto market is way too odd to be real. In real life, you are happy with 1 percent change, but here 10-20 sometimes seems like not enough. I guess we are just spoiled.
holy fk so true.
From last few days the growth of bitcoins is inversely proportionate to the growth of other ALT coins... We need to look few days more....
that's true. but what do you think it's gonna happen in a fw days?
As we can see the bitcoin is raising to new heights every day the other coins may face bit challenge, but as you see the market is slowley becoming stable.
one can only hope!!
Spray it as you can then when....
Panic.
Wait don't panic...
Like you say "Why care about the market's up and downs, you are in it for the long haul, right?".
Keep on steemin!
:)) ah the old quoting me back to me :)) good move, man!
Mostly I am in for the long term. Only recently I decided, wrongly, that I needed a 7 day quadruple challenge. And at first it went great, nice profit, after that it went more and more pearshaped. (Although still plus, it is going bad fast.)
They way I deal with all those symptoms, the FUD induced stress, is mainly by changing scenery, doing something completely different. (And by the way I am feeling right now I can state that I already should have stepped away from the screen and keyboard a few hours ago.)
So strolling for an hour or more, biking for a longer time. Just being somewhere in nature helps. And during that not even looking at the screen of my mobile, to see if something happened on Steem or that kind of thing.
Mainly doing my best to get into the here and now, being fully aware. And sometimes, I have the luck to meet some peacefull creatures, like Mrs. and Mr. Roe.
Lovely couple, the Roes
photo cc-by-sa @oaldamster