Emotions of an individual are the greatest enemy in trading and also in another way around, a group of emotional people is the nemesis of the market. We call it FUD (Fear, Uncertainty, and Doubt).
A FUD is generally a strategy to influence perception by disseminating negative and dubious or false information and the manifestation of the appeal of fear.
FUD is nothing new especially in cryptocurrency where the market is emotionally driven and is very volatile. In fact, it happens many times that it looks like it's the common strategy the higher-ups used to drop the price and buy at the bottom.
This time, it all started with Elon Musk's tweet of Tesla's suspension of using Bitcoin as payment because of how environmental-unfriendly it is. And then China didn't miss this perfect opportunity to add fuel on the fire and for nth time release the news of banning cryptocurrency to its country that had resulted in the markets bloodbath.
But the one to be blamed for your loss is not them but yourself. Because you let yourself get played in on their hands and were overcome with your emotion resulting in selling all of your coins at a loss.
But there's no helping on it, are we? After all, were just humans we are so vulnerable in terms of emotions and could easily lose our composure with such negativity around, especially that most of the affected people or the FUD participants were just beginners in crypto trading.
So here is the trick, the secret to Diamond Hands–Buy and Forget. People with Diamond Hands will stay HODLING to their coins no matter what happens because they set their minds for long-term success. They're the type of people who won't get shaken by short-term downfalls because they think it's pretty normal for the price to go down temporarily for it to go up in the long run.
Choosing a Coin
Don't just buy any coin just because your friend is investing in it, or a celebrity is promoting for it, and more importantly, don't buy a coin because of hype (it will eventually go down). Always do your own research (DYOR) for you to see if the said coin has its potential growth. You can use the Fundamental Analysis and check its Projects to ensure the future of the coin.
Let's say you've already chosen a coin that you think it will grow in the future.
Place it in a Trusted Wallet
Always remember "Not your keys, not your coins." Make sure to send your coins only in a trusted wallet that will provide you full control with your coins, especially that you're HODLING them for the long term. Because there's a possibility that your coins might be lost forever if the exchange where you put your coins got attacked by hackers. And make sure you write those 12 words phrase in your notebook and keep them safe because they will serve as your keys.
Forget and Focus on your Life
Forget about cryptocurrencies, delete your wallet (Note: It's okay to delete your wallet as long as you have your keys), and other exchanges. Live your life like how you do it before you've known about cryptocurrency. Make yourself busy with other things like studies, bonding with your friends and family. Go, have fun and enjoy your life to the fullest.
And after a year or two go back to cryptocurrency, install your wallet again and import your wallet using the seed phrase. And see how rich you are, easy 20x turn if your fundamental analysis were right on the money.
Conclusion
Trading is one of the most stressful courses of all. This is not only a battle of probabilities and strategies but also an intense battle of our rational mind and emotional heart. So, if you think you can't handle the psychological impact of the crypto market, you might as well take the path of being a HODLER and equip the hands of a diamond.
Disclaimer: This is not financial advice, always do your own research and make the right decisions on your own.
