Question for bitcoin traders !!!

[teosanru]

"The hardest thing in life is not about how much money you can make, but how to keep your mind calm and live the rest of your life in a simple and carefree way". This is a quote that I think can inspire us as people who spend almost all of their time trying to make as much money as possible by trading or other jobs else online or offline. The above quote is from the famous actor Chow-yun-fat that I found online.

We know that the price of bitcoin is never stable and very volatile. When we are involved in the market and have invested most of the money, it is almost impossible for us to just leave it without paying attention to the price on a regular basis. Bitcoin price fluctuation affect trader more or less psychologically, so it is true that there is an unknown mind burden in it that make it difficult for us not to stare at the monitor, especially when price are dump.

What will you do so as not to burden your mind with bitcoin price fluctuation? We all know that currently the price of bitcoin has fallen by as much as 47% from ATH.

I always advise a few things to newbie traders or traders who are unable to find the right path in their trading. Actually, the truth is that most of the traders are directionless they don't know why are they in the market. The simple answer of "making money" isn't really a valid answer. What you should actually have with you is a plan. A plan on how will you grow your wealth in trading and how much you want to grow it? The moment you set your expectation from the market and then you start to trade you will know that what is the peace point for you. Just make that much and let the market burn or fly to peak you don't care. This is the only way to be peaceful in trading. Also, be ready to take a loss too and define this loss percentage too. Just like any other business this business too, comes with certain inherent risks. Accept the risk and be ready to face a loss.

1. Make sure you define what you are ready to lose which will not disturb your mental peace.
2. Make sure you know how much is the maximum you want to earn, Remember there is no endpoint to your greed so set a realistic expectation.
3. Get out of the market for a certain period immediately after you either make it or lose it.

These are secret mantras that can help anyone stay peaceful along with trading too. Also if someone is still holding a position from 47% ATH until now, he isn't really a trader he is just a person who thought he is a trader but now he is a long-term investor.

[1714862920]

1714862920

[TheUltraElite]

What will you do so as not to burden your mind with bitcoin price fluctuation? We all know that currently the price of bitcoin has fallen by as much as 47% from ATH.

Firstly those people who tend to check prices every few seconds, should stop trading because it is not for them, simply put.

Secondly, there are a few steps one can take to both prevent and approach such situations.

Preventive measures are :
1. Not putting all your money into crypto. Keep dividing your investments into fiat markets and crypto markets. That way when one falls you can still rely on the other to be able to be in profit.
2. Understand the concept and bull and bear cycles and accept them as part of the game.
3. Crypto is a wild west, unregulated by anybody. So it will swing like crazy over time. Stop putting in altcoins.

How to approach seeing a low price?
Simple, dont see it. You can either have bought at all time high or sold at low - either of which will lead to despair. If you have not done either, then you dont have anything to worry about. What this means is that for hodlers prices swings dont matter much. For newbies who are FOMO into price, they will suffer more.

[tvplus006]

...What will you do so as not to burden your mind with bitcoin price fluctuation? We all know that currently the price of bitcoin has fallen by as much as 47% from ATH.

The psychology of most people is similar, so if you did not sell your coins at a high price, you will always remember the lost profit that you lost. Obviously, when a trader becomes more experienced and responds to market changes in time, he will not make such mistakes that lead to a decrease in the deposit.

[Sterbens]

"The hardest thing in life is not about how much money you can make, but how to keep your mind calm and live the rest of your life in a simple and carefree way". This is a quote that I think can inspire us as people who spend almost all of their time trying to make as much money as possible by trading or other jobs else online or offline. The above quote is from the famous actor Chow-yun-fat that I found online.

and it will be even simpler, only one answer is "just live it as it is, when you try and it doesn't match your expectations, then come back to realize the level of ability you have" all experience ups and downs, indeed and lose, loss and gain. run in its cycle, and let it flow like water.
if you compare Chow-yun-fat philosophical thinking, then I think the perfect match is the TAO point of view.

[taufik123]

...What will you do so as not to burden your mind with bitcoin price fluctuation? We all know that currently the price of bitcoin has fallen by as much as 47% from ATH.

The psychology of most people is similar, so if you did not sell your coins at a high price, you will always remember the lost profit that you lost. Obviously, when a trader becomes more experienced and responds to market changes in time, he will not make such mistakes that lead to a decrease in the deposit.

Lost profits will always be calculated when selling at prices that are not on target. But it is better to reduce profits than losses. Psychology will be very played when prices fluctuate.
The most important thing is to stay profitable and satisfied with the profits. Do it repeatedly even though the profit is small.

[skarais]

After I tried to read your answers one by one in the thread, then I can conclude that traders do not need to always think about the price so that it can make his mind confused. It is also not always not to panic when the price become a dump while we expect a profit from the investment. I've gotten a few post that I find useful enough for a trader to consider keeping his mindset in trading to send him merit. Maybe we can teach the best to others, while we ourselves are quite difficult to handle on our own. So thanks to everyone who has provided the best information and advice.

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