4 Ways To Avoid Stress and Anxiety When You Are Trading Cryptocurrencies
Have you been checking prices regularly and constantly to the point of losing sleep? Do you check your portfolio every minute and every second of the day? These are just some of the symptoms of stress and anxiety when trading according to an article by Ryan Herron.
I myself had to go through these when I started trading. The driving factor was mainly due to two main reasons (1) the fear of losing your capital and (2) the the lack of confidence in trading.
Over the years I practice these 4 ways to avoid stress and anxiety:
1. Schedule and Market Selection
When I started trading, I used to just stare on my screen to watch candlesticks go up and down 24/7 (well almost). It took so much of my time that I neglected I still have life outside trading. The more I do this the more I get so anxious about my positions and the more stress I get especially when I can't see green candles.
Time Management is the key here but the key thing to consider is Market Selection.
When is the right time to trade?
For me personally, I found 3 Markets that I am interested in - US, Euro and the Asian Market. Now these markets have specific time slots (based on my observations), so I schedule my trading times accordingly. This now gives me a smarter way of time management, I can now schedule time for doing fundamentals while I'm not trading, do chores, do life etc.
The best thing is I know what time I have to check for my trade positions...certainly not every time!
2. Develop a Trading System and Self-Confidence
You fear what you don't know
As with all investments, there are risks in crypto-trading (even higher) and unless you are trading only for fun, you cannot afford to lose your capital. You may find yourself questioning about your trades: "Did I make a good call?" "Is it going to hit my target?" "What to buy now?" "When do I sell?"
Now, these questions aren't helping you at all and the more you ask them the more you lose self-confidence in trading and the more stressed out and the more anxious you become. So, how then can we go about it ?
Identify your strengths and weaknesses then build up your trading strategy. There are a lot out there but only choose one that you are most comfortable with and the one you are most knowledgeable. Start making the calls on your own and as much as possible avoid relying on other's trading calls (They could just be promoting a coin for all we know). I outline some of my strategies here but my main tool is the Bollinger Band and the trend lines for my Technical Analysis. I have also a few list (up to 3) sources of information to aide my fundamental analysis.
3. Eat Well and Stay Healthy
Your body is your greatest asset!
As cliche as it may be, it stands true if you want a successful trading career. A sharper mind makes sharp trade calls. Your overall health affects your state of mind. Therefore, this goes without saying that your success depends on how you take care of your body. Here are some recommended activities to keep yourself in a good shape:
- Exercise regularly
- Do sports
- Take good rests daily
- Get a massage
Don't make a decision when you are hungry
When you do a trade call, make sure you are in a sound state and not thinking about food! Saying this, make sure also that you choose the right foods you eat. I take a good bite on a dark chocolate every now and then - it's a food for your brain. You might want to consider these superfoods as well => https://draxe.com/15-brain-foods-to-boost-focus-and-memory/
4. Reward Yourself
You just made a good call on a tough day! why not give yourself a pat on the back? It doesn't have to be a grand reward or a black mustang or a fancy cruise trip (but hey why not ?) ... start from small rewards and tell yourself you are better and will even be better next time ..take the time off and enjoy!
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indeed stress and anxiety really affects our mood upon doing things we want. Its important to have practiceses and doings in order for us to sustain a healthy a habit avoiding things which can brought us through stress or anxiety..Thankyou for the knowledge @precise keep us sharing for us newbie in steemit world. Have a nice day ahead 😊😚
Yes indeed! the danger of stress and anxiety is that these two aren't really dealt with accordingly for so many reasons, among others is - DENIAL
@morbyjohn - Totally agreed on what you said.
sound advice!
::looks at prices halfway through post::
checking out your strategy link now.
hahaha stop looking at them prices!
Las inversiones en las criptomonedas, debemos verla como una inversión a largo plazo, en el camino el precio siempre va a fluctuar, pero debemos tener paciencia cuando los precio bajen y saber que tarde o temprano se recuperan, y generalmente lo hacen muy bien tengamos paciencia y fe, y saber que todo va a estar bien.
Estoy de acuerdo. Lo importante es que, siempre que hayamos establecido nuestros objetivos de antemano, conozcamos nuestros objetivos y nuestras limitaciones, luego aplicaremos nuestras estrategias comerciales, entonces no habrá pánico cuando el mercado esté bajando. Hay tanto tiempo de calidad para gastar fuera de la negociación :)
Así es amigo, muchas gracias.
de nada mi amigo :)
Yeah you're right , you must reward yourself through the hardwork you've done.
Great post. Keep steeming hope i can read more blogs of you.
Thank You. I'll be posting more for sure! you can follow me to get the latest of my posts or vote me as a witness to support my endeavors in this platform.
Yes . It will be more interesting to witness of your blogs. Yes sure i will follow you , hope you will follow me too.
definitely the 4th one is a must! bought some cool shoes yesterday MS574OF :)
mine is a simple massage every good trade :)
Nice blog @precise, very useful to me and to everyone that deals a lot of stress everyday! Stress is like an ordinary/normal part of life...
Thanks. that's the scary part of having stress ...it seems normal in our daily life that we don't act on it as a serious problem. And based on studies, most diseases and illnesses and our vulnerability to these are amplified or somehow caused by stress. If we are aiming to profit from trading, this is something we should take priority in managing because at the end of the day we can't enjoy the returns of our investments when we are lying on hospital beds.
Been there with all the results of stress. Seems like 3 succeeding years been to hospital for days and it eats all my savings. And now I am trying to avoid stress though most of the time jts hard to deal with. Thank you so much for yiur kindness. Keep on inspiring me and others
certainly agree! and also I am stressed on how to make blog that will trend ! LOL
#Following
Find a gym and a trade buddy. Works well for the author.
I heard this really does work well ^_^
Hahahaha
you spilled the beans!
@precise - Your post is a great list of how to handle stress and anxiety while trading any cryptocurrencies. But more important than that is How to Control Your Greedy.
And please do not trade or invest in any amount that you can afford the lose.
Have a great day and thanks for sharing./Cheers
Thanks.
I agree with Control Your Greed, in fact I covered that on this post
Yes :-)
Hahaha.. It's funny that I am one of those who is getting this stress. That I almost forgot that I still have 9-5 job. I spent too much time monitoring candle sticks, but not anymore. I just decided to hodl and wait for a couple of months.
Just want to add some advice. Have a break from time to time and smoke to relieve stress. lol. just kidding, you may find other outlet to relieve stress. 👍