Mental Health While Trading Crypto

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3 years ago

When it comes to trading crypto, there are good days and there are bad ones. The intensity of which can be about as volatile as the market itself.

A successful day can be a high like no other, making you feel like you can take on the world and get rich almost overnight if you keep it up. Then a bad day comes quicker than you could expect. Everything seems fine, then out of nowhere sales start to go off like an abusive step dad. Not wanting to take a loss, you tell yourself "don't worry, it will go back up." You continue hodling as it drops 2%, 3%, 5%, then just as you think it's over, BOOM another 10% drop. Now you're in too deep, you can't pull out now! BAM another 10% drop. At this point you're panicking and have most likely decided to sell before it gets any worse. Then just as you click the sell button, the price shoots back up and stabilizes at a much higher price than you sold for. These are the days that can really mess with you.

It is important to understand that not every trade will be a winner, and there will be a lot of bad days. They will make you want to crawl in to bed and never get out, and if you tend to struggle with depression, you might not for a while. When you are down in the dumps about trading, and kicking yourself for losing most, all or more than your profits, sometimes the best thing to do is take a step back. If you let it overwhelm you it can be very detrimental to your mental health. It can also have you making even more bad trades because you aren't currently in the right head space for trading. So if you are feeling this way, take a break! You will be better off for it.

Remember, no matter what happens, you are only human! Everyone makes mistakes and it's okay. Mental health is much more important than money, so take care of yourself before taking care of your wallet.

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