Becoming Numb to Bitcoin

If there is one thing you should know before investing in Bitcoin, it is that it will be one of the most stressful experiences you’ll ever go through. The will be great days when you feel like the king of the world. That your life is on the verge of being changed forever. But, then there will be many more days when the price of Bitcoin seems to do nothing but drop. Continuing to go down much further than you ever imagined possible. The scary thing is this lasts throughout the entire bear market, which is often about 2 years.
During this time period, you will often see Bitcoin drop by 70% or more. Last year Bitcoin went from $69k all the way down to $15k. If you were investing in altcoins, it was even worse. With many altcoins down 90% or more. During this time people can fall into a deep depression, and even find it difficult to get out of bed. The most important thing during this time is surviving the market until the market begins recovering and the next bull market comes.
To do this, you must become numb to Bitcoin.
This means that you will need to become almost emotionless to the market. The euphoria of the market going parabolic will no longer affect you. And the months of seeing the value of your portfolio will no longer affect you as well. You will begin to realize that the price of Bitcoin, and the value of your portfolio are simply numbers on a screen. They are paper gains or losses. You have gained anything if you haven’t sold, but you also haven’t lost if you have sold.
This is much easier said than done and is the area where most people fail. They’ll panic when seeing the value of their portfolio drop causing them to sell at a loss. Fulfilling the meme of buying high and selling low. But, it also happens when prices are rising and people FOMO into the market. When there is FOMO, that likely means the local top is near or has already been reached. Which means we would just be buying at the top.
There are two things that will help you to remain emotionless in the market.
The first is following the golden rule of never investing more than you can afford to lose. If you are betting with all of your money, with funds that are needed for necessities. This will cause you to be much more stressed and reliant on the market performance. With how volatile the Bitcoin market is, this will cause you stress, anxiety, many sleepless nights, and could even affect your health. It will eventually cause you to exit the market early.
The second thing you can do is simply to be in the market for an extended amount of time. The longer you have been investing in Bitcoin and have actually experienced multiple full cycles. That is when you will begin to understand how this market works. How there are both bullish and bearish days. How the price will often go much higher than you expected, but also much lower. It will make you feel like you’re about to become wealthy, and also that you’re about to lose everything. The good times don’t last forever, and the bad times don’t as well. You’ll remember that Bitcoin is strong, and always recovers.
These are the two keys for you to keep calm to the market volatility and even become numb to the pain that the Bitcoin market can cause you. Learning to handle your emotions and the stress of the market is the key to not only your success but your survival as well.
How about you? How do you become numb to Bitcoin pain?
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Cryptocurrency Bitcoin (BTC) Ethereum (ETH) Investing Money