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I've learnt this biggest lesson in my crypto journey while I was completely away from the market from days.
Market has flipped the tables way too quick when I wasn't watching the charts and there's a lesson in there.
I've developed a phycological behavior that triggers everytime while trading and it cost big profit or a blunder in loss. Let's dive deep to find out what's this single thing about crypto market keeping people away from making fortunes.
The off Time from Crypto Market
I once read a advice from a known and OG person in crypto that I avoided at first because it wasn't possible.. that advice was; it's an attention driven market, you click buttons (buy/sell), you see charts after every 30 mins or an hour or two.
Image by Sergei Tokmakov from Pixabay
There's 99% chances of you making absolute bad move that doesn't make any sense if you see the same chart after a month later.
At first, I was like this advice doesn't make any sense.. if a person is spending more time in market, than he might be making twice more money but the truth is something else.
The more you're spending Time in Market, More you're exposed
This adrenaline rush in mind kicks in everytime we see that little profit and it is enough to convince you for taking more and more trades thinking your chances of winning and making money is higher
But infact you're just feeding market the dopamine, you get overexposed eventually starts to stop using stop loss, more risks without caution and comfortable with position.
This is when you're officially overexposed to market and it dumps like 4% and you lose around 40% of the portfolio because of the leverage.
The Moment You Become a Ghost in Crypto
In recent time I've been a ghost like haven't checked charts after every 30 mins, haven't clicked on buy/sell buttons or the long/shorts.
In my absence market kept moving higher and the Altcoins as well. Previously because I used to be active the entire day everytime when a coin make 10-20% move.. I used to sell the entire thing thinking it's enough and than after a week later the same coin goes around 100%-300% and this is how I used to fumble generational wealth.
Image by Stefan Keller from Pixabay
Now apply being a Ghost, imagine you bought Bitcoin back in 2022 december when it was at $16,500 and you never checked a chart from that day till today
And on the other side there's another person who bought Bitcoin at same time, same price but he is actively updated with prices and all the activity.
There's 99% probability one who was ghost will outperform one who's actively in crypto everyday and doing trading.
Wrapping Up...
I believe it is better to master market psychology to have more confident and control in both certain and uncertain situations. Instead of chasing two rabbits, rather stick to one
and that is simplest yet hardest thing which is not doing anything and let the market do it's thing.
In the end I'd love to know what do you think about this perspective and have you ever encountered such thing. Do share your thoughts about it in the comments.
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