How mentally prepared are you?

[Falconer]

When I was a newbie especially at trading, then I really wasn't ready when the market turned down. My main reason is because the funds I use are funds that I still need for other needs, so that every time the feeling of panic decreases, it's always there.

But over time, my mindset changed and my trading strategy changed so I can say I'm ready for any consequences. This is not really available to users who are just learning to trade and invest, but the experience of a failure has taught us to have a good knowledge of self-control. Not by borrowing money for trading, it can increase the risk of failure in the end.

[1714226241]

1714226241

[blockman]

But over time, my mindset changed and my trading strategy changed so I can say I'm ready for any consequences. This is not really available to users who are just learning to trade and invest, but the experience of a failure has taught us to have a good knowledge of self-control. Not by borrowing money for trading, it can increase the risk of failure in the end.

As time goes by, the newbies would have to bear with what they're dealing with and it's going to be an enjoying journey for them. They're already in and they have to keep going, that's what their mindsets will be. No backing out anymore because they're already in.
Some newbies may quit along with their journeys but for the new ones that have seen the greatness of the market and the bumpy ride, this would be easy for them as soon as they've understood how the market goes and how they can profit from it.

[Chilwell]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment.

I am a newbie, I just join the forum not quite long, a friend of mine introduced it to me for me to know more about bitcoin which I already had an idea of it. I am fully prepared, mentally, physically for the bitcoin investment.

[Ultegra134]

Cryptocurrency success stories have become extremely popular in the past year or two, especially during the bull market where even random altcoins were pumped, resulting in people believing that they were a get-rich-quick scheme. A decent example is Dogecoin. Thanks to Elon Musk, it was excessively pumped, surpassing $0.50, which was outstanding for a meme coin. Personally, I know a few friends and acquaintances of mine who thought it was the deal of their lifetime to purchase Doge during its rally, and guess what, they were screwed over, losing almost all their capital.

As someone who has gone through multiple waves of bear markets, I now feel more prepared than ever. I suppose if I was more knowledgeable and more prepared, I wouldn't have abandoned Bitcoin twice, once in 2014 and once in 2018, and chances are that now I would be swimming in money. Unfortunately, in 2014, I had no idea how Bitcoin worked and was disappointed that I couldn't easily obtain it, whereas in 2018, I was heartbroken after its crash and left the scene until 2021. 

[Welsh]

That's the thing about newbies, they are both more brave when they shouldn't and end up getting lucky, or they should be happy to join in and they do not because they do not know what they are doing.

It's not an easy decision because it does get to a point where you can't make a decision just yet, it's going to be something like bitcoin going up and you should join and veterans would be careful about a bull trap, whereas people who are newbies would join anyway, and if the price actually does go up, newbie would be right, but in the long run veteran would make more profit after a few years. That's why it's not always a guaranteed way of trading, and mentally it's important to be ready for the long term.

Yeah, well I think I might've been the opposite. I was much less brave as you put it, when I was at the start of my Bitcoin journey. Whereas, I'm a lot more nonchalant about the short term price of Bitcoin. It really does depend on your goals though. If you don't need the money you've invested into Bitcoin in the short to medium term, it's much easier to be calm about it all. Especially, if you've got the knowledge, and belief that it's features, and principles will mean it'll increase in the future, you've basically got a winning formula.

Although, I can understand why newbies would be reluctant. I mean, we're in unprecedented times with a rather large scale war, recovering from a global pandemic unlike anything else in the last fifty years, and finally the recession which I believe is now showing its ugly head globally. Bitcoin was built in response to the last bank bailouts, and therefore I expect we'd need to get mid way through some struggle, i.e midway through the recession to see the results, since people will be looking for alternatives once we start to see the light at the tunnel.

That's not to say we'll be anywhere near out of the recession though. I believe we haven't recovered from the recessions before this, so we'll likely be feeling the effects of this one for a while, especially since it'll be compounded from the past recessions. So, I can completely understand why newbies aren't jumping in right now, it requires a certain mindset to actually invest in these times.

[Hamphser]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment.

I am a newbie, I just join the forum not quite long, a friend of mine introduced it to me for me to know more about bitcoin which I already had an idea of it. I am fully prepared, mentally, physically for the bitcoin investment.

Tell those things when you do able to have experience for a year at least.If you do speak off these things when you arent just a month old learner then it wouldnt really be that precised that you are that prepared.

There's soo much things which you do need to experience before you could really make or mold up yourself as a better investor or trader out of this market.This do really involved unpredictable movement of price,
lots of sentiments floating around,FUD,shills and everything.

If you do lack knowledge and experience you would easily getting dragged along with your emotions and made up bad decisions.

[Kelvinid]

Cryptocurrency success stories have become extremely popular in the past year or two, especially during the bull market where even random altcoins were pumped, resulting in people believing that they were a get-rich-quick scheme. A decent example is Dogecoin. Thanks to Elon Musk, it was excessively pumped, surpassing $0.50, which was outstanding for a meme coin. Personally, I know a few friends and acquaintances of mine who thought it was the deal of their lifetime to purchase Doge during its rally, and guess what, they were screwed over, losing almost all their capital.

As someone who has gone through multiple waves of bear markets, I now feel more prepared than ever. I suppose if I was more knowledgeable and more prepared, I wouldn't have abandoned Bitcoin twice, once in 2014 and once in 2018, and chances are that now I would be swimming in money. Unfortunately, in 2014, I had no idea how Bitcoin worked and was disappointed that I couldn't easily obtain it, whereas in 2018, I was heartbroken after its crash and left the scene until 2021. 

We never thought before that this will happen to Bitcoin, many people are in regret neglecting not to buy more of it and holding long. Because we thought this won't last long but just only have a short life span. It is to assess that we are not totally prepared enough, though we believe and trust Bitcoin but deep inside, we still carry the doubts and thinking that one day this will die.

In fact, what happened to Dogecoin is certainly unbelievable and surprising, and I know those who rejected purchasing this project are certainly disappointed. But, that was the case, it is actually hard when we are not mentally prepared, negatives still circulating in our mind.

[nurilham]

It should be the first thing to have
Should be good enough in managing our emotions to lead a good mentality. The mentality in crypto should not be only about mental health to avoid any stress and depression. but also how prepared we are in all things related to the crypto situation.
It starts with our preparation for the learning process, our metal and emotion during the crypto market condition (for bearish and also bullish era at once), and our mental when our investment is suddenly lost much.
Better mental preparation and emotional management will make better actions in the crypto activities, which will lower the risks of lost and stress. m
But, although we can easily speak about it, in fact, this is not easy ti prepare our mental and emotion very well. there must be many obstacles that soemtimes can break up our preparation

[GreatArkansas]

How prepared are you mentally as a newbie when the market is on uptrend or down trending?
(....)

I already experienced a bear market, especially after the parabolic run in 2017-2018. So for me, what happened earlier and now which the dump is really too hard, it became normal for me or before I am expecting this after we hit the all-time-high around $69,000. I am expecting a pullback and my thoughts is the Bitcoin Block Halving event, which this event I believe the reason why we will start to recover.

[len01]

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

there are so many newbies who come to this forum just because of the huge profits from investing in bitcoin. they (newbie) think if investing in bitcoin will get big profits quickly in bitcoin. they have such thoughts because they learn about bitcoin only by advertising or someone who tells about big profits in bitcoin without giving basic knowledge about investing.
there are so many beginners who venture without any experience borrowing money in a bank just to buy bitcoins and after that only get big losses and just give up without learning from the loss and making their mentally stronger.
but things like that i understand and maybe by losing from that investment they can learn from their mistakes and make their mentally stronger

[LogitechMouse]

How prepared are you mentally as a newbie when the market is on uptrend or down trending?

I started my crypto journey September of 2017 and a few months after that, I already saw the 2018 bear market where all of the coins are free falling. Prices going down, investors slowly losing their money, newbies who invested at the peak are already panicking and I don't know but maybe there are some who feel depressed and regretted their own decisions.

As for me, I'm not mentally prepared when I was a newbie but luckily, I didn't invest at that time, and I focused on learning the basics. Newbies aren't ready mentally for sure but as the days pass by and they continue to learn, they will see how the market moves and how to be calm when people are already panicking etc.

How mentally prepared are you to be able to survive the market situation by holding onto your coins and not selling them at a loss? Being patient is key since, no matter the market situation, 1 BTC is still 1 BTC.

I don't know if I'm mentally prepared already but now that we are in a bear market, I'm patient and calm enough to not make unnecessary decisions that might make me lose money. I'm just holding all of my coins and some of them are already staking but at the same time, I'm accumulating more coins for the incoming bull run.

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

Most of the users here might agree with this one but it depends on the situation.

This is based on my experience. I made a challenge to myself where I will borrow a specific amount of money to invest into Bitcoin. Of course, I have an income source so that I can still pay the debt. To cut the story short, I already paid the whole money that I borrowed including the interest and it turns out that I also got profit from the Bitcoins that I bought thru that money that I borrowed. Overall, I got some profits although it isn't that much but still profit is profit and it's a bit risky.

[goldkingcoiner]

I really do not think that anyone comes into the sphere of Bitcoin ready. Who was ready when they first started out with Bitcoin? Nobody. We just tried it and started learning more and more and also making one mistake after another. I think the newbies need to travel the same path and find out what Bitcoin is and what it stands for. Saying something like "how mentally prepared are you?" might make it all seem like a hard-to-do thing and that alone might discourage newbies from becoming coiners.

The only real mental preparation you need is understanding how increasingly worthless fiat is becoming and why the reason is for that. Thats the core motivation to start wanting to keep your money safe. Especially from becoming worthless.

[gunhell16]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment. If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.
First and foremost, before investing in Bitcoin, beginners should learn more about privacy; beginners should start by learning how to secure their files and personal details on the Internet because not knowing or learning about privacy can be a very big risk for them because in Bitcoin investment, you can lose everything with just one single mistake.

After learning enough about online privacy Here, we move on to Bitcoin investment and study how to protect our private keys and seed phrase Here.

How prepared are you mentally as a newbie when the market is on uptrend or down trending?

How mentally prepared are you to be able to survive the market situation by holding onto your coins and not selling them at a loss? Being patient is key since, no matter the market situation, 1 BTC is still 1 BTC.

Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme; this is not the case. Before you begin investing in Bitcoin, you must first learn about the market by observing, analyzing, and examining it.
Be patient enough to study the market so you can know when to buy, hold, and sell based on your investment strategy.

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

In short, what you want to convey to everyone who is planning to own or invest in Bitcoin is to first learn to analyze and research this matter.
Apart from this, you also want to make it clear that as bitcoin holders we should know and learn when to buy and when is the right time to sell our bitcoin.

I remembered that the year 2016-2018, was the time when the exploitative scammers entered the cryptocurrency industry, they used bitcoin as a front to prey on investors and they were cheated and got a lot of funds due to the lack of knowledge of the masses. investors. And because of these events, many people have learned and are now more cautious when it comes to investing when it comes to Bitcoin.

[Jeger.Kiting]

They should start by reading certain important concepts such as risk, investment and profit and loss. Understanding that investing is not an easy way to make money and developing the intrinsic ability to accept losses and refrain from selling at a loss is very important. I've always believed in the philosophy of enjoying every moment as long as it lasts. You should be able to hold Bitcoin at a reasonable price, but this is not the time to give in to temptation. There may come a time when having all the big money isn't as fun as it is today.

[so98nn]

I will never get disturbed with bitcoin and it's investment because I have set my limits and the time that I spend thinking about bitcoin. Literally bitcoin is normal part of my life now just like fiat or gold or any stock that I may buy and play around. If you focus too much on it then you start to give extra ordinary importance to it and when things do not pan out the way you want, it could go over your head and we start doing the mistakes in the process. Mistake of over spending money, getting hurt with the losses they may happen and much more reasons to blame on oneself with badly managed finances.

Peeps are making it full time business and that is all fine. However, there needs to be meaning for the same and enough revenue needs to be earned to survive over it. Otherwise its very easy to call it ponzi scheme later.

[BeeIforai]

There's this saying that experience is the best teacher. I learnt that the hard way. Let people experience, not necessarily from their POV but also from others'. It's all about the experience.

[Adbitco]

From my understanding we have few people who are only coming for quick gain without having patient to hold till finite, while some are only here for short term investment, same as those who came for long term investment. lemme use myself as a case study, when i heard of bitcoin i never pays much attention to it and was playing since no much knowledge was impact to me less till i was introduced to this forum that was when i began to learn most things concerning bitcoin, also knowing how valuable it.

Few people are just here to scalping whereby they makes little gain from the change of market either by downtrend or uptrend of the market, such people can not be advised to keep holding while they are here for the gain. Talking of privacy, is for those who wants to hold for long term maybe 3 to 10 years such people can be advised to get the best secured wallet for long term investment., So involved to those on short term investment they mostly leave their currencies on CEX where they could easily convert to fiat or stable coin.
The Whales goes for the best wallet to secure their investment.

I don't really get disturbed over the market, since i know its a natural thing that occurs almost all season and time. i wonder anyone who have spend years here could keep panicking over little changes. Those who knows very well don't get moved about the market anymore.

[salad daging]

When I was a newbie especially at trading, then I really wasn't ready when the market turned down. My main reason is because the funds I use are funds that I still need for other needs, so that every time the feeling of panic decreases, it's always there.

But over time, my mindset changed and my trading strategy changed so I can say I'm ready for any consequences. This is not really available to users who are just learning to trade and invest, but the experience of a failure has taught us to have a good knowledge of self-control. Not by borrowing money for trading, it can increase the risk of failure in the end.

This is a common thing when newbies come in not ready with any mentality, similarly I also had bad luck because I started without learning more about bitcoin and others, when problems came in the sense that the market was going down, FOMO, FUD we were consumed by it so this became my trap has to lose a lot of money because of ignorance and also don't have much experience, therefore indeed bad things can be used as examples and also change my mindset so that it doesn't happen again I continue to change my own mindset how this doesn't happen again in the sense that I have to know more about bitcoin, real investment trading.

For now mentally ready to face any trials, and still will not panic when you see a longer downtrend which is called prolonged bearish.
Long term investment is one of my consistency to keep hoarding more Bitcoin from downtrend market by doing some strategies that I understand and doing DCA or buy dips as an easy practice.
Not only that I have to be strong in facing future obstacles when everything goes well, I will try to accumulate my Bitcoins in the future.

This picture illustrates our journey will not be as easy as imagined but we can achieve the goal.

[Minor Miner]

I really do not think that anyone comes into the sphere of Bitcoin ready. Who was ready when they first started out with Bitcoin? Nobody. We just tried it and started learning more and more and also making one mistake after another. I think the newbies need to travel the same path and find out what Bitcoin is and what it stands for. Saying something like "how mentally prepared are you?" might make it all seem like a hard-to-do thing and that alone might discourage newbies from becoming coiners.

I agree with you on this thought, as a beginner to the market, everything is very new to them, they will not know what to prepare. Once they get in, they start to make mistakes and find a way to fix them, everything will form from there. The key to being an investor is experience, they need to go through everything during the bull season and during the bear season so they can prepare for what's to come in the future.

Those who failed in 2018 and left the market, when they come back to the market, it is their experience and experience that tells them what to prepare for this bear season, those who continue to exist until now are those who have experienced the bear season before.

[tjtonmoy]

when i heard about BTC one thing they used to say with it and that is mining. So when i first looked up on the internet how does mining works, then i found out what BTC works and what it does. That build up my interest in BTC. But people are well known to that fact by now. So their first thought is how to make money from investing in BTC.
This is the reason why people are willing to invest without doing their own research. This is leading to the newbie being panic sellers. They don't understand the concept and try to make money from it.
everyone should learn what they are doing before joining the crypto world, as OP mentioned