Checking prices too frequently?
The next time you want to check crypto prices, don't do it and use the time for a more important task: determine what you will do with the price information.
Define Your Strategy and Your Limits
There is little use in knowing the insert your crypto price as long as you do not have a plan of action depending on the price.
The last time I checked Bitcoin was changing hands for around 3,500 USD and I didn't make a move. So what is the point in checking again unless I know how I would react. Before checking again I should answer the following questions:
- Do I hodl to zero (in which case I don't need to check prices)
- At what price will I buy more? (set an altert)
- At what price will I sell some? (set an altert)
- etc... (will I convert some crypto into another crypto? how much and why?)
Set Your Limits For The Other End of The Cycle
It is very hard to think about the next boom phase when we are in a bear market for so long. However, I found it much easier to make my selling resolutions in a bear market.
Perhaps you are thinking: "I should have sold some Bitcoin when they were 10,000$". Well you can't change the past. But you can define your sales targets for the next bull run. For example: "I will sell some of my Bitcoins at 10,000$". Also write down why you now think you want to do this because chances are your thoughts are going to be very different when we reach 10k again. Then you might think "well tomorrow it will be 11'000 $ soon so I better hodl.
Now is the time to think about your selling strategy. Likewise, once we reach the next all time high you might think "I should have bought more Bitcoin when price was 3,500$". Had you taken such a note six 10 ago perhaps now you would buy.
After a bit of practice you will also find there is almost always something more important to do than checking the price again.
Sometimes I just buy out of a gut feeling, the course goes down, the course goes up and the emotional roller coaster starts. Then it becomes difficult to decide.
So, I'm working on my discipline - because with a clean or long term trade it's like you've already written, it takes less time and don't strain the nerves.
And, I've deleted "I wish I had..." from my vocabulary - theoretically :-)
Thanks for the good ideas!
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Good advice, it is right to have a strategy and it is also important to find a middle ground, it seems to me that in two years the next growth will occur as in 2017 and the growth will be greater, the cryptocurrency market goes through a phase period, I intuitively think so)
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Congratulations @mariusfebruary!
You raised your level and are now an Orca!
You are absolutely right. Most of us are kinda obsessed with prices. As if we keep looking at the prices will change anything...
Motivation at its finest
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STOPThat's right.
but there seems a gap between making a decision and executing it.
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