You may have seen that I posted on social media a link to an article about how Crypto is affecting the mental health of those engaged in the space. If not here it is again:
The particular thing that I struggle with in this space is getting it right! By that, I mean the ability not to leave money on the table. Cognitively I can perfectly well accept that it’s impossible to pick the perfect buy in point or sell point, but nevertheless it’s stressful.
I suspect that other people have different strategies to cope with this, for example some people seem to work predominantly in BTC value rather than fiat. It seems perhaps better in some way to miss out on 0.01 BTC rather than a more tangible £100 which you know you could have done something with. Ultimately though, it’s all an illusion. It’s never possible to get it bang on without an element of luck, so you have to try and internalise that and accept that you will have missed out on a few percent at the bottom and a few at the top, but that in then end if you keep making good decisions based on logic and analysis (and frankly sometimes a bit of gut feeling) then you will come out ok.
Of course the other thing is that if you really can’t cope with losing the money, then you shouldn’t be doing it, but that’s a very hard thing to get your head round, because no matter how much you’ve put in originally, once it’s gone up, it’s very hard to see it go down again as it inevitably will! There will always be that feeling of If and But and Maybe! 🙂
Try and keep sane, and enjoy the learning exercise, and don’t beat yourself up when it inevitably goes wrong. Learn the lesson and have another try, and practice decent risk management (i.e. don’t risk too much on any one endeavour).