In the past few years, retail investors have become more interested in investing and trading in cryptocurrencies, and compulsive betting on the crypto market has become more of a problem around the world.
Traders all over the world are becoming mood-altering, ADD, and sometimes frustrated as a result of skyrocketing highs and devastating lows.
But, to be clear, there is nothing wrong with investing or trading in Bitcoin, Ethereum, or any other coin, just as there is nothing wrong with investing in stocks or commodities, but the problem arises when any of these things cause immediate frustration or relief in your mood. Then it is possible that you are developing an addiction to it.
Many things can be used to check it, such as,
- People typically trade with a strategy in hand, but if you are trading or investing with little or no strategy at all, or if you are constantly looking for some excitement or thrill,
- You are too busy or feel like you have to check the price of cryptocurrency more than once a day.
- If you are losing interest in previously pleasurable social activities in favor of trading, or if you are trading for an adrenaline rush or to induce pleasure rather than your family,
- If you are facing or experiencing unwanted and unhealthy mental health symptoms such as anxiety, nervousness, a low mood, irritation, restlessness, wrath, or other such symptoms,
- Theft, taking out loans, selling assets, or utilizing the money that ought to be used for paying bills or other obligations in order to make trades are all examples of addictive trading practices.
Now, the general advice is to limit spending and reduce the time involved. But crypto addiction, as with any other addiction, is almost always a symptom of a deeper physical problem.
But still, you can control it to some extent by following certain rules. Such as:
I don’t know, don’t invest
Look, when it comes to making money through investments, there is nothing more important than educating oneself. Before deciding on any course of action regarding investments, you should carry out the essential study and analysis. If you don’t know, don’t invest. Also, never invest money you can’t afford to lose.
Make a strategy
This is another must-do thing because nobody is more familiar with you and your circumstances than you are; all you need is some help, so read some books, and blogs, and make a good strategy for yourself.
Set your schedule
After making a strategy, another thing is setting up your schedule. After waking up, you make a cup of coffee, make your breakfast, and cook some eggs—or something. Then you watch the morning news, read some newspapers, or surf the internet, depending on your routine. Then you do showering, shaving, feeding the dog, and other activities. Just like that, set out your schedule of trading and put it into your daily routine.
After doing all this, you should, however, be able to find more time in your schedule to do the things that you enjoy doing if you give it a little bit of attention.
The market is difficult to forecast, but there is one thing that can be said with absolute certainty: it will be volatile. The road to becoming a successful investor is a long one that must be taken step by step. There will be moments when the market will show you that you were wrong. Recognize that fact, and use it to motivate yourself to improve.
So these are some of the things you should remember before investing in the crypto market.