The Constant Need to Know
It's happened before, and it's happening again. The bulls are back in town and cryptocurrencies are going through a tremendous period of growth. For those who have been around a long time and for those who are new to the scene, it's an exciting time to be involved.
Although exciting, it is easy to become almost too excited - and too involved. The constant urge to pick up your phone and open Blockfolio, or whichever app you are using is hard to resist. I don't know about you, but for me, and going on comments from reddit and other forums - it can be problematic.
Days when you see your portfolio has got 5% growth are quite common right now for many people, and the feeling when you see that green number can leave you content for the day. So long as you keep checking it's still green of course.
The days when it's 10% in the red however are a different story. A feeling of general depression can occur. We all know you shouldn't have an emotional attachment, but losing money feels bad - even if we are up on the week or the month - for some of us it's not easy to turn that attachment off.
It's Not Easy to Follow the Advice!
For those who have been here a while, and for anyone who has spent time on cryptocurrency forums of subreddits. We know the general advice. Firstly, don't invest more than you can afford to lose. Obviously, this is relative to each person - however just because you can afford to lose it, doesn't mean that it won't make you depressed or sad when you do.
The other advice is that you shouldn't be emotional with investments. Most of us have probably made the mistake at some point, be it in 2013, 2017, or even now - the fear of missing out (FOMO), is something that we can get caught up in. You watch one of your investments underperform compared to others and you jump ship despite your research into your original investment. More often than not, this only leads to more significant loss.
COVID-19 and the Bull Run
Although many people are talking about what makes this bull run different to 2017, it seems that no one is talking about the fact that a lot of the world is in various states of lockdown right now. Working from home, curfews, stay at home orders, and other rules and regulations are forcing people to be inside. Of course, this does seem to be slowing the virus, but it does have a profound effect on the mental health of a lot of people - myself included.
Portfolio watching is something that although I did in 2017, I didn't do it to the level I am now. I find myself picking up my phone, having livecoinwatch or coinmarketcap open on my laptop. I know it's not healthy, but with the current situation I find that it keeps me occupied - but it has too much of a control on my mood and I am aware of that.
I speak for myself when I say that I need to be less emotionally involved and attached to my portfolio, but I know that I am not alone with this issue. It's like an addiction of sorts, a thrill to see the green - but a depression from the red.
Awareness is Key
Lets face it, we are not going to stop looking at our portfolios during a bull run. Whether its daily, hourly, or every 2 minutes. What we can do is slow ourselves down, try to be aware of what is too much - and when it does get you down what often helps is to zoom out - look at the monthly picture and maybe you'll be able to change your mood. This is hard time for everyone across the globe right now, lets make sure blockchain and cryptocurrency make it easier on us both financially and mentally - and not cause us more problems.
