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Ten Ways to be an Emotional, Unsuccessful Crypto Trader

Ten Ways to be an Emotional, Unsuccessful Crypto Trader

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Want to lose your money, pride, reputation, friends, family and home? Just follow these simple rules.

 

In a Bull Market, everyone’s happy. There was a time last year when no one who had bought and held bitcoin had lost money. When the price makes ATHs on a weekly basis, it’s all good.

 

Then came the Bear. Nine months into the crypto winter, holders and traders are feeling the pinch. Many have bailed already, nursing burned fingers and wounded pride. Others are wary of further falls, terrified the market might plummet and wipe them out.

 

These are the times that test a person. Fortunes and futures are forged in a bear market like this one. But it’s almost impossible to hold your nerve and make good decisions. The markets are driven by emotion, and it’s human nature to get caught up in that. Staying objective can feel almost impossible.

 

What not to do

Rather than give you advice about how to act under this pressure, we thought it would be easier to describe the behaviours that will lead to loss of funds, pride, reputation, and possibly – if you really take them to heart – your friends, family and home.

 

So if you really want to look back in five years and know that things could have been very, very different, follow these ten easy rules:

 

  1. Trust your instincts. Your feelings never lie, right? That creaking noise downstairs really was an axe murderer; that brief eye contact with the girl at the coffee shop definitely means she loves you; and if it just kind of feels like time to sell, it is.
  2. Follow the herd. There’s safety in numbers. If you’re uncertain which way the market’s going, just do what everyone else is doing.
  3. Listen to the experts – people like Warren Buffett, Jamie Dimon and Agustin Carstens. These guys have extensive experience in investment and banking in the conventional financial sector, so they are ideally placed to comment on completely new technological and economic paradigms that lie far outside of their comfort zones and threaten their vested interests.
  4. Learn to read charts properly. If it’s going up, that logically means it’s going to continue going up. If it’s going down, it’s going to keep going down. Just like when you look out of the window and it’s raining, it means it’s going to keep raining for ever.
  5. CNBC is a better source of informed opinion about the crypto markets than anyone else. They’ve been doing this for literally months.
  6. Some guy you’ve never met on Twitter has your best interests at heart. If he tells you now is the time to buy a coin, it’s because he wants you to be rich. If he speaks with authority, it’s because he’s getting his information from reliable crypto insiders.
  7. Margin trading is an excellent way for newcomers to make enormous gains. Leveraging your position also amplifies your emotional attunement to the crypto markets, making them easier to read – kind of like tightrope walking without a safety net heightens your sense of balance.
  8. Forget HODLing. Those who can, trade. Look at it this way: if you have 10 BTC and you HODL, in ten years you’ll have 10 BTC. But if you trade, it could be 1,000 BTC. Only fools HODL.
  9. Bear markets are NOT an opportunity. No one ever succeeded by buying low, selling high.
  10. You don’t have time for due diligence, and it will be fine anyway. ICO issuers are by nature competent, honest and hardworking people who have a robust and unique business plan to disrupt billion-dollar markets. Invest or miss out.

Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.

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