Don't start your day by checking the price of bitcoin in the morning.

[pawanjain]

Many investors get addicted to checking the price of bitcoin first thing in the morning whether it be they're semi-holders or HODLERS (aiming to hodl for a very long time) . I read somewhere in respect to the stock market stating that, 'many investors day is determine by the price of his/her investment, leading to a great start if the price is up and bad start if price is down", because they checked the price of their investment first thing in the morning.
Although this information was based on the stock market, I know it also occurs in the Crypto market therefore I decided to give this advice here to benefit members of this forum, "avoid checking the price of bitcoin immediately you wake up in the morning, by so doing you're subconsciously programing your brain to response based on the price of bitcoin daily and these isn't good for your health. there's no gain in having wealth without health because health is wealth.
Question for viewers, if an investor is struggling with this addiction (checking the price of bitcoin daily), what steps do you suggest he uses to overcomes it.


Edited: this is an advise to investors not day traders, findings have shown that day traders don't live long and majority of them develop High blood pressure over time.

Like seriously ? I know the fact that sometimes checking the price daily might lead to anxiety and blood pressure but the statement you made "day traders don't live long" is a very bold one. Not all day traders develop this habit and not all day traders develop blood pressure or so.

I am not a day trader yet I keep checking bitcoin's price first thing in the morning but I don't take it so seriously because I know that these fluctuations happen on a daily basis and even if I am in a loss, I will definitely get a chance to recover it.

[Kprawn]

The thing with this impulsive behaviour to constantly check the price, stems from the consequences from last years spike in

the price. A lot of people are anticipating a repeat of last years performance, so they constantly have to check the price to

see when the push will come. My advice is to accept that Bitcoin is unpredictable and that it does not follow a specific price

history and once you accept that, then you will not constantly have to check what the price is. (Once a day, will be enough)

[Zooplus]

I am not fully agree with you. I check price of my Bitcoin and other coins  regularly or 2-3 days later from coinmarketcap. This haven't any impact on my daily life but it helps me to think and find out new idea about my investment.

If checking the price helps you think and find out new ideas about your investment then it has impacted in your daily life but in the positive way. Don't forget all humans aren't the same so majority are affected negatively by so doing

Yes.I think it's our own choice if we want to monitor the btc price as often as we can but since the market is not doing definitely good at this moment,so we have to be responsible too to control our emotions not to be totally affected by the negative price.At the end,we still do what we are comfortable of doing.

[bangkecol]

Actually, it's not very good if investors see that the price movements every day will affect the psychological trading and management of the investor itself, but there are 3 classes in the trading session which must be considered, this might represent the investor.

1. Short Term
in this category, the short term is classified as only using trading with a fairly short term, usually classified in just a few hours.

2. Intraday
in this category, traders will usually use trading hold up to 1 day or a fairly long period of 1-3 days and it will take time to see the analysis every day.

3. Long Term
in this category, traders are not recommended to see every day, usually in this condition, traders are more likely to HODL until the deadline for profit has been determined in a long time

[EdenHazard]

It's been a few months I decided to hold bitcoin, and I haven't intend to trade. I only invested for long term investment and it was grateful because I bought bitcoin at a price of $6000. Therefore, I am not dependent on seeing the price of bitcoin every day, even more with what you said 'seeing the price of bitcoin after waking up' it will not give an effect to change investments and choose trading.

[Crafts12]

Personally I check the price from time to time especially at the end of the day. In the morning I tend to see lower price. Of course this depends from the geographical location of the user but if you are just holding for the long run then simply check the price biweekly.

I think it is okay and normal to check the status of the price of the bitcoin particularly if you are holding some and just waiting for it to exchange or sell. Looking at the price first thing in the morning will mitivate you or not. It will be your motivator to continue to work hard and pursue some. Being aware to the current price is a good thing because you now when is the right time to act.

[Sam San]

Personally I check the price from time to time especially at the end of the day. In the morning I tend to see lower price. Of course this depends from the geographical location of the user but if you are just holding for the long run then simply check the price biweekly.

I always check in the morning, usually the price is stable rather than early in the morning because the server may have to update it on time, I am honest, I check it at 5 am at dawn and the results must be stable, in my opinion

if there is a constant trade on the stock exchange, it is naturally necessary to track positions and place orders depending on the market situation. if you just frozen on the wallet, you can not check.

[johnwest]

Nothing like that, I start my day with checking the prices of selected coins where I have invested and may invest in future. It may depress, sometimes, but most of the time I will be having a plan about what to concentrate in the day.

[Anish02]

If you're starting your day by checking the price of bitcoin and sometimes the price of it has decreases then it will make you unhappy and depressed. So you have to change this habit and check it at the end of the day if it is an investment, not the part of day trading.

[Mandarava]

This problem concerns a very large number of people. My morning also begins with the fact that I open my laptop and check the value of my assets. I do it even if I want to go to the toilet. First, I look into my laptop and then allow myself to do my other business. I think this is not quite normal. This is a definite addiction.

[bitcoindusts]

I personally believe that there is nothing wrong should a person start his day checking out the price of bitcoin, i think it is fairly normal, there's no addiction truth to that. I think addiction will be indicated by a constant checking of prices several times a day with frequency ranging in a matter of minutes only.

Additionally, the price of bitcoin only affects you so much if your maturity turns out to be sour and not fully ripe regarding the volatility of bitcoin's price. Otherwise, there's really nothing to worry much, you simply wanted to check how bitcoin is doing as you start your day and i find that cool. It's nearly the same as checking the weather forecast , you check it not because you hate the rain but to be smart enough to bring your umbrella with you when advisable to do so.

[tiktak89]

If you are a long term investor, then you really don't need to watch the value every day. The best advice I've heard - just buy bitcoin and forget about it, remember only a few years. Constant monitoring of the price only makes you nervous.

[aray80]

Reduce activities that trigger anxiety and make you stress, and adapt to market movements to strengthen confidence in investments that have been targeted for a period of time.

[clonely]

I was always on the phone last year. I was always following the prices. I'm more comfortable now. I set my stop loss and sales targets and set up alarms via blockfolio.

[Jahmal32]

Many investors get addicted to checking the price of bitcoin first thing in the morning whether it be they're semi-holders or HODLERS (aiming to hodl for a very long time) . I read somewhere in respect to the stock market stating that, 'many investors day is determine by the price of his/her investment, leading to a great start if the price is up and bad start if price is down", because they checked the price of their investment first thing in the morning.
Although this information was based on the stock market, I know it also occurs in the Crypto market therefore I decided to give this advice here to benefit members of this forum, "avoid checking the price of bitcoin immediately you wake up in the morning, by so doing you're subconsciously programing your brain to response based on the price of bitcoin daily and these isn't good for your health. there's no gain in having wealth without health because health is wealth.

Question for viewers, if an investor is struggling with this addiction (checking the price of bitcoin daily), what steps do you suggest he uses to overcomes it.


Edited: this is an advise to investors not day traders, findings have shown that day traders don't live long and majority of them develop High blood pressure over time.

Edited: advise is for bitcoin not some shitcoin wanna be bitcoin, if you invest in any of those, please check them every 5mins for that big pump so you dump lol

I'm checking the price, but I'm not nervous. Because I don't have bitcoin. But there are tokens which in case of falling will be closed automatically by stop order. So everybody relax.

[BCTalkaccountforsale]

A good and useful advice for everyone. When investing in Bitcoin you should not regularly see its value daily as it will make your psychological instability. It's hard to avoid the bull market, but if you do not have confidence in the penny you invest in, it's likely to cause you to lose a lot.

[42K]

Checking the price of BTC in the morning doesn't mean it will reduce the price further buddy but to know whether the market is moving or not. I think its never a bad idea check the market early in the morning and even before you go to bed.   

[magnat7691]

It makes no sense to look at the price every morning, if you hold and can not influence the course of events.

[Phan Long]

For some people, checking Bitcoin prices every morning is a routine and important task every day, otherwise they will be upset. This may affect your psychology as Bitcoin prices go up or down.

[SunGod-1]

Research to the point of being comfortable in what you have put your money into, this will give you peace of mind to some degree.
Never use money that you cannot afford to lose.
Always think long term and the key word here is patience.
Delete all tabs, apps etc that waste time offering you current market fluctuations and portfolio updates. No amount of staring at price daily will do anything but give you “induced bipolar”.