As much as the crypto markets are a speculators paradise there are some positive life skills and attributes aside from all the speculation that need to be developed. If not developed we may find ourselves coming up short.

There is a saying that the markets are where money is passed from weak hands to strong hands. This is very true as one watches the swings between the euphoria of a bull run and the depression of a bear slump. The ebbs and flows of fear and greed, euphemistically referred to as "market sentiment".

It would seem that one of the major antidotes to both the fear and the greed of the markets is patience... to take a longer view of things... to step back and develop a perspective that smooths out some of the gory details of the incessant ups and downs of the market roller-coaster.

This is where patience comes in.

If we want what we want and we want it now! we will have difficulty stepping back and will find ourselves in emotional turmoil as we watch every move of the market and try to force it or even simply will it in the direction we want it to go.

This constant fretting and heightened emotional state is not good for our health long term and is not a great place for us to be in when making important decisions. Emotion is an important aspect in decision making but is by far not the most important aspect. Without emotion we would not be able to make decisions where the outcome is not purely logical or slightly uncertain. Emotion is what tips the balance for us and makes us human and capable of decision making in complex environments where outcomes are uncertain. The ultimate option we chose may not be the most optimal but emotion allows us to make the choices when outcomes are fuzzy. This is what separates us from machines.

But...

We should not be ruled by emotion, emotion is a poor teacher and pure emotion is very definitely a poor decision maker. Purely emotional decision making can lead to decisions based simply on impulse and poor impulse control often does not result in very positive outcomes.

Poor impulse control or lack of patience has been linked or correlated to poor performance in many areas, whereas those who can wait tend to be more positive, more motivated and do better in many areas.

Some scientific studies involving 4 year old children and marshmallows have become landmark studies that suggest that the ability to wait - to be patient - may be a key character trait to predicting success later in life.

This is also true in crypto markets where we can't all be successful day traders.

Taking a step back, taking a longer view, excising patience can often lead to very reasonable returns without all the stress of constantly watching the candles.

Trying to predict the markets every move in these manipulated and highly speculative conditions is highly improbable and we are likely to give ourselves ulcers or worse incessantly trying.

Patience is also more than just hoping and waiting, but we can get into that detail another time.