Almost all crypto investors know that the opportunity to make money comes with the risk of losing it. You may even be obsessed with charts, even in your dreams because cryptocurrency trading will never rest.
Intraday traders may endure stress from 9:30 am to 4 pm, Monday through Friday, but then they will "have to" relax when the market closes. Meanwhile, cryptocurrency transactions always happen every second of every minute.
Sometimes a nap at 2 a.m. can make you miss out on a 10x profit.
Coindesk offers a number of skills and methods necessary to help investors protect their crypto investments and their mental health.
Tips to help crypto investors reduce stress during trading
1. Set trading hours
Cryptocurrency trading hours setting is how you organize your investing according to the rules.
Cryptocurrency exchanges are open 24/7 but that doesn't mean investors need to keep track of it all the time. It is best to consider your investment as a business, from there, set up a trading time, maybe set a time from 9am to 5pm, then have dinner, take your children sleep and live like most normal people.
2. Make and comply with the plan
Every crypto trader in particular and investors in general emphasize discipline. The cryptocurrency market is volatile, so to minimize your risk, make regular notes about relevant issues, from risks to opportunities, limits of losses you can tolerate, etc.
Then, you will limit your decision making based on your feelings. Charts, notes are the investment situation, actual transactions are accurately identified, so it is more reliable than "feeling".
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3. Tame greed
Experts say the biggest problems in cryptocurrency trading are arrogance, fear, and greed. As an investor, practice keeping your emotions neutral. You need to focus on the methodology, the framework of the transaction, the cold logic of the percentages instead of complacent about the profits you made or feeling too successful.
4. See loss as an opportunity to learn
Every investment loss can teach you something about cryptocurrency trading. Try to overcome the feeling of failure, do not let it become the trigger of anger, despair or poor self-esteem, but base on it to motivate yourself to develop. .
Your best bet is to be alert to analyze the situation: where do you lose money? If it is simply because you are unlucky, go ahead and if there is specific cause, find a way to fix the mistake, or at least not make the same mistake.
5. Don't create too great financial pressure when trading cryptocurrencies
Cryptocurrency transactions become more difficult when your entire livelihood depends on the outcome of that transaction. The financial pressure is so great that it is easy for you to be swallowed up by worry and that can even lead to mistakes.
6. Control your emotions
Finally, it is extremely important for crypto investors to avoid stress that you have to really know how to control your emotions while trading. The best way to develop emotional control is to practice and repeat, learn from, get used to success and failure, and stay alert to find financial performance.