This article will probably be a little bit different to my other ones. It will still cover the Finance/ Investing/ Crypto Sector. But this time from a slightly different angle and can be also applied on other sectors of life. This time I want to talk about the psychology and how to behave during losses. I will divide this article in a few parts. The beginning will cover the state of the loss and how it feels like followed by the part what people should do about it. With this being said, keep in mind that I am far away of being a psychologist or a finance expert so everything that I am saying is purely out of my own experience.
The Feeling of Loss
I am very certain that everybody already felt this feeling. Whether it has been a failed test, a failed interview for a job or just a lost sports game or even a stock or crypto that is not performing the way you imagined. The feeling of losing or failing can be very down pulling. For me it is this feeling that makes you numb and puts you basically down to earth. Self-doubt and emptiness are going through the mind and you wonder why you failed.
For me there are a few phases which I go through when I am feeling this way. I think these phases are very well known but I feel like I should still mention them. The first one is always Denial. In this phase you can not believe what you are seeing and try to change the outcome. In soccer games it is bargaining with the referee and in the markets it is reloading the screen because you just can not believe it. The second stage is anger. Very commonly people are starting to get angry, whether it is at his own performance or at a third party. I always tent to search for the mistakes in my own actions but I often catch myself asking whether the third party could have done something better or different. After this anger and analysis phase, I tend to be often very sad. This is called the stage of depression. Depending on the case and the person this stage can take a long time. As for me it is also very different but most of the time it is at the longer spectrum. After this phase is done the phase of acceptance comes in. This is the most important stage because this is where you set yourself up for success or failure.
Stand Up Again
I like to say that everybody should stand up again. It is a very common thing for people to just stay on the ground and never recover from a Loss or a Failure. This should not be the case. True winners are always getting up and are stronger now because trough this failure they gained experience. If people are hesitating to continue doing something it is also very bad because if you don’t shoot for something you will always miss and never achieve the goal.
With this being said, translated onto the finance sector: If I chose a stock a crypto project thar turned out to be a scam, I like to reevaluate my actions in the last stage of Acceptance. I always write down, what I think went wrong and how I felt. One example would be: I felt FOMO and this was the reason buying a scam coin. This is a very common mistake and I think almost everybody did this mistake. I think that everybody is allowed to do this mistake. With this in mind, this mistake should not be repeated multiple times afterwards. Furthermore, I like to make myself a plan for my upcoming events or projects that I am interested in and include my now newly gained experience into these next projects. Am I feeling the same FOMO as before? Am I sure I checked the indicators correctly this time? All of these new questions should always be evaluated once you jump into the next projects.
Conclusion
To conclude this article, I want to say that I am writing this after experiencing one of the mentioned losses. I must say that this feeling I described in the first section is not nice and I really don’t wish anybody to feel this way. Unfortunately, humans are not perfect and tend to make mistakes of any kind. But this is why I am saying that, I will try to not make the same mistake again and learn from this past experience. It makes us more certain in the things that we are doing. To close this article I really want to repeat myself: “True Winners Always Get Up Again”.
Published by ga38jem on
LeoFinance|Steemit|read.cash
On 1st December 2021